Lazard Emerging Markets Opportunities ETF

NYSE Arca: EMKT

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard Emerging Markets Opportunities ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Lazard Emerging Markets Opportunities ETF	$119	1.04%

How did the Portfolio perform last year and what affected its performance?

TSMC, a Taiwanese semiconductor foundry, continued to benefit from strong demand for AI-related chips.
Samsung Electronics, a Korea technology company, and Hynix, a Korean memory manufacturer, both rose along with rising memory pricing.
SK Hynix, a Korean manufacturer of semiconductors, is benefitting from an improvement in memory supply-demand including NAND flash.
Shares of Alibaba traded higher after the China-based e-commerce giant reported that it was seeing stability in its core business and growth in its AI Cloud services.
We exited Chinese video-game maker, Tencent, following a period of prolonged outperformance, as we believe potential upside is reduced.
Kosmos Energy, an oil and gas company with operations in Africa and Latin America, was negatively impacted by the OPEC+ decision to increase output as well as global trade war-related slowing growth .
Supreme Industries, an Indian plastics and piping products manufacturer, underperformed due to softer demand and increased raw material costs pressuring earnings and margins.
Lodha Developers, an Indian real estate developer, underperformed due to weaker investor sentiment and profit taking after earnings, despite posting strong year-on-year profit growth.

Portfolio Performance

	Lazard Emerging Markets Opportunities ETF	MSCI Emerging Markets Index
12/15	$10,000	$10,000
1/16	$9,407	$9,351
2/16	$9,151	$9,336
3/16	$9,977	$10,571
4/16	$9,930	$10,629
5/16	$9,802	$10,232
6/16	$10,198	$10,641
7/16	$10,512	$11,177
8/16	$10,779	$11,455
9/16	$10,977	$11,602
10/16	$10,802	$11,630
11/16	$10,267	$11,094
12/16	$10,347	$11,119
1/17	$11,015	$11,727
2/17	$11,190	$12,086
3/17	$11,600	$12,391
4/17	$11,929	$12,662
5/17	$12,233	$13,037
6/17	$12,421	$13,168
7/17	$13,218	$13,953
8/17	$13,571	$14,264
9/17	$13,724	$14,208
10/17	$14,063	$14,706
11/17	$14,122	$14,735
12/17	$14,521	$15,264
1/18	$15,607	$16,536
2/18	$14,840	$15,774
3/18	$14,639	$15,480
4/18	$14,261	$15,412
5/18	$13,707	$14,866
6/18	$13,305	$14,248
7/18	$13,636	$14,561
8/18	$13,060	$14,167
9/18	$12,906	$14,092
10/18	$11,879	$12,865
11/18	$12,351	$13,395
12/18	$11,890	$13,040
1/19	$13,080	$14,182
2/19	$13,032	$14,214
3/19	$13,176	$14,333
4/19	$13,477	$14,635
5/19	$12,539	$13,573
6/19	$13,357	$14,420
7/19	$13,164	$14,244
8/19	$12,515	$13,549
9/19	$12,876	$13,808
10/19	$13,345	$14,390
11/19	$13,405	$14,370
12/19	$14,457	$15,443
1/20	$13,648	$14,723
2/20	$12,973	$13,946
3/20	$10,460	$11,798
4/20	$11,293	$12,879
5/20	$11,551	$12,978
6/20	$12,311	$13,932
7/20	$13,452	$15,176
8/20	$13,706	$15,512
9/20	$13,472	$15,263
10/20	$13,718	$15,578
11/20	$15,055	$17,018
12/20	$16,188	$18,269
1/21	$16,595	$18,829
2/21	$16,867	$18,974
3/21	$16,497	$18,687
4/21	$16,595	$19,152
5/21	$16,793	$19,596
6/21	$16,756	$19,630
7/21	$15,658	$18,309
8/21	$15,636	$18,788
9/21	$14,858	$18,042
10/21	$15,093	$18,220
11/21	$14,278	$17,477
12/21	$14,374	$17,805
1/22	$14,224	$17,468
2/22	$13,292	$16,946
3/22	$12,968	$16,563
4/22	$12,086	$15,642
5/22	$12,235	$15,711
6/22	$11,265	$14,667
7/22	$11,501	$14,631
8/22	$11,429	$14,692
9/22	$10,111	$12,969
10/22	$10,186	$12,567
11/22	$11,678	$14,431
12/22	$11,265	$14,228
1/23	$12,446	$15,351
2/23	$11,659	$14,356
3/23	$12,154	$14,791
4/23	$12,002	$14,623
5/23	$11,798	$14,377
6/23	$12,306	$14,923
7/23	$12,941	$15,852
8/23	$12,051	$14,876
9/23	$11,695	$14,487
10/23	$11,402	$13,924
11/23	$12,191	$15,038
12/23	$12,649	$15,626
1/24	$12,211	$14,901
2/24	$12,778	$15,609
3/24	$13,126	$15,996
4/24	$13,100	$16,068
5/24	$13,332	$16,159
6/24	$13,784	$16,796
7/24	$13,706	$16,846
8/24	$13,858	$17,118
9/24	$14,607	$18,261
10/24	$13,922	$17,449
11/24	$13,625	$16,822
12/24	$13,567	$16,799
1/25	$13,842	$17,099
2/25	$13,829	$17,182
3/25	$13,933	$17,291
4/25	$14,064	$17,518
5/25	$14,730	$18,265
6/25	$15,565	$19,363
7/25	$15,813	$19,741
8/25	$16,051	$19,994
9/25	$17,028	$21,424
10/25	$17,619	$22,319
11/25	$17,208	$21,786
12/25	$17,570	$22,437

Average Annual Total Returns (%)

Fund	1 Year	5 Years	10 Years
Lazard Emerging Markets Opportunities ETF	29.50%	1.65%	5.80%
MSCI Emerging Markets Index	33.57%	4.20%	8.42%

The performance quoted represents past performance. Past performance does not guarantee future results. The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs.

Key Portfolio Statistics

Total Net Assets	$122,418,969
# of Portfolio Holdings	71
Portfolio Turnover Rate	71%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$1,078,694

Top 10 Holdings (% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.	7.3%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	6.7%
Tencent Holdings Ltd.	5.8%
Samsung Electronics Co. Ltd. GDR	5.7%
Alibaba Group Holding Ltd.	4.2%
China Merchants Bank Co. Ltd., Class H	3.8%
HDFC Bank Ltd. ADR	2.3%
Shinhan Financial Group Co. Ltd. ADR	2.2%
SK hynix, Inc. GDR	2.2%
Contemporary Amperex Technology Co. Ltd., Class A	2.0%

Sector Allocation (% of Net Assets)

Information Technology	29.8%
Financials	21.5%
Consumer Discretionary	12.8%
Industrials	11.4%
Communication Services	7.7%
Energy	4.3%
Consumer Staples	4.2%
Materials	3.3%
Real Estate	3.0%
Other (includes short-term investments)	2.0%

Material Portfolio Changes

This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio’s next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or [email protected].

On October 24, 2025, the assets of a predecessor mutual fund, Lazard Emerging Markets Core Equity Portfolio were transferred to the Portfolio in a tax-free reorganization. The Portfolio has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund.

Additional Information

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#documents.

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42

Householding

A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

Lazard Equity Megatrends ETF

NASDAQ: THMZ

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard Equity Megatrends ETF for the period of April 7, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Equity Megatrends ETF	$43	0.51%

Footnote	Description
Footnote¹	Annualized

How did the Portfolio perform last year and what affected its performance?

Since inception, artificial intelligence (AI) capex continued to drive outperformance across the semiconductor space, with the Bits of Chips theme performing strongly.
The Smart Capex theme also performed positively, boosted by factory automation demand tailwinds and a recovery in European industrial activity.
An improving backdrop amid attractive valuation saw the healthcare space return to strength, with the Future Health theme also contributing positively.
On the other hand, continued concerns for disruption from AI represented a negative backdrop for software- and data-focused businesses, resulting in the Software Apps & Agents and Data & AI themes lagging.

Portfolio Performance

	Lazard Equity Megatrends ETF	MSCI ACWI Index
03/25	$10,000	$10,000
04/25	$11,092	$10,000
05/25	$11,664	$10,575
06/25	$12,139	$11,050
07/25	$12,272	$11,199
08/25	$12,292	$11,476
09/25	$12,689	$11,892
10/25	$13,042	$12,158
11/25	$12,994	$12,157
12/25	$13,064	$12,283

Average Annual Total Returns (%)

Fund	Since Inception 4/7/25
Lazard Equity Megatrends ETF	30.64%
MSCI ACWI Index	34.14%

Key Portfolio Statistics

Total Net Assets	$46,377,957
# of Portfolio Holdings	61
Portfolio Turnover Rate	5%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$140,452

Top 10 Holdings (% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd. ADR	4.3%
Microsoft Corp.	3.6%
Amazon.com, Inc.	3.5%
Alphabet, Inc., Class A	3.2%
Hexagon AB, B Shares	2.3%
Mitsubishi Electric Corp.	2.3%
FANUC Corp.	2.2%
Applied Materials, Inc.	2.2%
NVIDIA Corp.	2.2%
Siemens AG	2.1%

Sector Allocation (% of Net Assets)

Information Technology	39.2%
Industrials	17.7%
Health Care	16.7%
Financials	10.1%
Consumer Discretionary	7.3%
Communication Services	5.9%
Other (includes short-term investments)	3.1%

Additional Information

Householding

Lazard International Dynamic Equity ETF

NYSE Arca: IDEQ

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard International Dynamic Equity ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Lazard International Dynamic Equity ETF	$49	0.42%

How did the Portfolio perform last year and what affected its performance?

Stock selection was favorable in financials and materials; consumer discretionary and information technology lagged.
Stock selection was strong in the UK and Japan; Israel and Netherlands detracted.
Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, and NatWest Group, a British banking and financial services company, were significant contributors to the excess return.
Wolters Kluwer, a global leader in professional information, software solutions, and consulting services and Nice Ltd., an American technology company specializing in customer relations management software, artificial intelligence, and digital and workforce engagement management, detracted.
Alpha was favorable for the year as all four return drivers (growth potential, valuation, market sentiment, and financial quality) added to excess return led by sentiment and value measures.

Portfolio Performance

	Lazard International Dynamic Equity ETF	MSCI ACWI ex USA Index	MSCI EAFE/ACWI ex US Linked Index
12/15	$10,000	$10,000	$10,000
01/16	$9,359	$9,320	$9,277
02/16	$9,045	$9,213	$9,107
03/16	$9,620	$9,962	$9,699
04/16	$9,729	$10,225	$9,980
05/16	$9,848	$10,052	$9,890
06/16	$9,381	$9,898	$9,558
07/16	$9,859	$10,388	$10,042
08/16	$9,799	$10,453	$10,049
09/16	$9,952	$10,582	$10,173
10/16	$9,777	$10,430	$9,965
11/16	$9,592	$10,189	$9,766
12/16	$9,887	$10,450	$10,100
01/17	$10,253	$10,820	$10,393
02/17	$10,353	$10,992	$10,542
03/17	$10,708	$11,271	$10,832
04/17	$11,019	$11,512	$11,107
05/17	$11,308	$11,886	$11,515
06/17	$11,330	$11,923	$11,495
07/17	$11,629	$12,362	$11,826
08/17	$11,685	$12,427	$11,822
09/17	$11,973	$12,657	$12,116
10/17	$12,195	$12,896	$12,300
11/17	$12,240	$13,000	$12,429
12/17	$12,357	$13,291	$12,628
01/18	$13,013	$14,031	$13,262
02/18	$12,311	$13,370	$12,663
03/18	$12,198	$13,134	$12,435
04/18	$12,368	$13,343	$12,719
05/18	$12,085	$13,035	$12,433
06/18	$11,859	$12,790	$12,281
07/18	$12,187	$13,096	$12,584
08/18	$11,860	$12,822	$12,340
09/18	$11,928	$12,881	$12,448
10/18	$10,994	$11,833	$11,457
11/18	$10,891	$11,945	$11,442
12/18	$10,347	$11,404	$10,887
01/19	$11,132	$12,266	$11,602
02/19	$11,322	$12,506	$11,898
03/19	$11,417	$12,580	$11,973
04/19	$11,631	$12,912	$12,310
05/19	$10,954	$12,219	$11,719
06/19	$11,536	$12,955	$12,414
07/19	$11,203	$12,798	$12,256
08/19	$10,906	$12,403	$11,939
09/19	$11,215	$12,722	$12,281
10/19	$11,584	$13,166	$12,722
11/19	$11,715	$13,282	$12,866
12/19	$12,144	$13,857	$13,284
01/20	$11,901	$13,485	$13,006
02/20	$10,965	$12,419	$11,830
03/20	$9,458	$10,621	$10,251
04/20	$10,005	$11,426	$10,914
05/20	$10,418	$11,800	$11,389
06/20	$10,685	$12,333	$11,777
07/20	$10,855	$12,883	$12,051
08/20	$11,331	$13,434	$12,671
09/20	$11,100	$13,104	$12,342
10/20	$10,699	$12,822	$11,849
11/20	$12,121	$14,547	$13,685
12/20	$12,801	$15,334	$14,322
01/21	$12,664	$15,367	$14,169
02/21	$13,061	$15,671	$14,487
03/21	$13,520	$15,869	$14,820
04/21	$13,942	$16,336	$15,266
05/21	$14,513	$16,847	$15,764
06/21	$14,327	$16,738	$15,586
07/21	$14,525	$16,462	$15,704
08/21	$14,738	$16,775	$15,981
09/21	$14,068	$16,238	$15,517
10/21	$14,490	$16,626	$15,899
11/21	$13,845	$15,877	$15,159
12/21	$14,585	$16,533	$15,935
01/22	$14,220	$15,924	$15,165
02/22	$13,673	$15,609	$14,897
03/22	$13,621	$15,634	$14,993
04/22	$12,708	$14,652	$14,023
05/22	$13,125	$14,757	$14,128
06/22	$11,926	$13,488	$12,817
07/22	$12,500	$13,949	$13,455
08/22	$11,777	$13,501	$12,816
09/22	$10,661	$12,152	$11,617
10/22	$11,318	$12,515	$12,242
11/22	$12,814	$13,992	$13,621
12/22	$12,623	$13,887	$13,632
01/23	$13,691	$15,014	$14,736
02/23	$13,407	$14,487	$14,428
03/23	$13,718	$14,841	$14,786
04/23	$13,988	$15,099	$15,204
05/23	$13,434	$14,550	$14,651
06/23	$14,137	$15,203	$15,308
07/23	$14,650	$15,821	$15,930
08/23	$14,087	$15,106	$15,211
09/23	$13,749	$14,629	$14,731
10/23	$13,343	$14,026	$14,123
11/23	$14,479	$15,288	$15,394
12/23	$15,125	$16,056	$16,167
01/24	$15,070	$15,897	$16,007
02/24	$15,723	$16,299	$16,412
03/24	$16,254	$16,809	$16,925
04/24	$15,941	$16,507	$16,621
05/24	$16,825	$16,986	$17,104
06/24	$16,757	$16,970	$17,087
07/24	$17,165	$17,363	$17,483
08/24	$17,516	$17,857	$17,981
09/24	$17,815	$18,338	$18,465
10/24	$17,216	$17,438	$17,559
11/24	$17,257	$17,280	$17,400
12/24	$16,891	$16,945	$17,062
01/25	$17,650	$17,627	$17,750
02/25	$18,194	$17,872	$17,996
03/25	$18,337	$17,832	$17,955
04/25	$18,840	$18,475	$18,603
05/25	$19,790	$19,322	$19,456
06/25	$20,496	$19,977	$20,116
07/25	$20,450	$19,920	$20,058
08/25	$21,092	$20,611	$20,754
09/25	$22,068	$21,354	$21,502
10/25	$22,409	$21,785	$21,936
11/25	$22,773	$21,780	$21,931
12/25	$23,660	$22,433	$22,588

Average Annual Total Returns (%)

Fund	1 Year	5 Years	10 Years
Lazard International Dynamic Equity ETF	40.07%	13.07%	8.99%
MSCI ACWI ex USA Index	32.39%	7.91%	8.41%
MSCI EAFE/ACWI ex US Linked Index	32.39%	9.54%	8.49%

Key Portfolio Statistics

Total Net Assets	$511,557,173
# of Portfolio Holdings	231
Portfolio Turnover Rate	88%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$868,173

Top 10 Holdings (% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.	3.3%
Novartis AG	2.1%
BNP Paribas SA	2.1%
Samsung Electronics Co. Ltd.	2.0%
GSK PLC	1.8%
Loblaw Cos. Ltd.	1.8%
ASML Holding NV	1.7%
Tencent Holdings Ltd.	1.7%
Mitsubishi Electric Corp.	1.6%
Roche Holding AG	1.6%

Sector Allocation (% of Net Assets)

Financials	25.6%
Industrials	14.8%
Information Technology	14.8%
Consumer Discretionary	9.8%
Health Care	8.5%
Materials	6.9%
Consumer Staples	6.0%
Communication Services	5.6%
Energy	3.7%
Utilities	2.8%
Other (includes short-term investments)	1.5%

Material Portfolio Changes

On May 9, 2025, the assets of a predecessor mutual fund, Lazard International Equity Advantage Portfolio were transferred to the Portfolio in a tax-free reorganization. The Portfolio has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund.

Additional Information

Householding

Lazard Japanese Equity ETF

NASDAQ: JPY

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard Japanese Equity ETF for the period of April 7, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Japanese Equity ETF	$52	0.61%

Footnote	Description
Footnote¹	Annualized

How did the Portfolio perform last year and what affected its performance?

SoftBank Group, a leading venture investment firm, rose strongly until October amid optimism that its business will benefit from the advance of Artificial Intelligence.
Shimizu, a leading general contractor, advanced due to strong orders and earnings margin improvement in its core construction business and improvement in its civil engineering business.
Mizuho, one of Japan’s megabanks, outperformed on expectations that Bank of Japan interest rate hikes and share buybacks would lead to improved earnings per share.
Tokyo Electron, a leading semiconductor capital equipment manufacturer, outperformed due to expectations that AI-related investment will continue to drive profitability.
Yakult, a leading pro-biotic drink manufacturer, underperformed due to continued stagnation in its domestic business leading to downgrades in earnings guidance.
Nitori, Japan’s largest furniture retailer, underperformed as results and guidance were lower than expectations in part due to a continued weak JPY exchange rate.
Takeda, a major pharmaceutical company, underperformed due to a key drug going off-patent.

Portfolio Performance

	Lazard Japanese Equity ETF	TOPIX Net Total Return Index
03/25	$10,000	$10,000
04/25	$11,008	$10,000
05/25	$11,488	$10,389
06/25	$11,727	$10,579
07/25	$11,601	$10,476
08/25	$12,470	$11,222
09/25	$12,911	$11,473
10/25	$13,058	$11,680
11/25	$13,086	$11,694
12/25	$13,082	$11,791

Average Annual Total Returns (%)

Fund	Since Inception 4/7/25
Lazard Japanese Equity ETF	30.82%
TOPIX Net Total Return Index	29.29%

Key Portfolio Statistics

Total Net Assets	$65,298,519
# of Portfolio Holdings	58
Portfolio Turnover Rate	8%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$216,871

Top 10 Holdings (% of Net Assets)

Mitsubishi UFJ Financial Group, Inc.	4.8%
Sumitomo Mitsui Financial Group, Inc.	4.2%
Sony Group Corp.	3.8%
Mizuho Financial Group, Inc.	3.7%
Hitachi Ltd.	3.0%
Mitsubishi Corp.	2.9%
SoftBank Group Corp.	2.8%
Tokio Marine Holdings, Inc.	2.6%
Takeda Pharmaceutical Co. Ltd.	2.6%
Tokyo Electron Ltd.	2.5%

Sector Allocation (% of Net Assets)

Industrials	25.7%
Financials	20.2%
Consumer Discretionary	12.7%
Information Technology	10.9%
Materials	7.6%
Communication Services	5.9%
Consumer Staples	5.2%
Health Care	4.3%
Real Estate	2.6%
Other (includes short-term investments)	4.9%

Additional Information

Householding

Lazard Listed Infrastructure ETF

NYSE Arca: GLIX

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard Listed Infrastructure ETF for the period of October 6, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Listed Infrastructure ETF	$23	0.96%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

	Lazard Listed Infrastructure ETF	MSCI World Index	MSCI World Core Infrastructure (USD) Index
09/25	$10,000	$10,000	$10,000
10/25	$10,008	$10,000	$10,000
11/25	$10,276	$10,028	$10,308
12/25	$10,070	$10,109	$10,140

Average Annual Total Returns (%)

Fund	Since Inception 10/6/25
Lazard Listed Infrastructure ETF	0.70%
MSCI World Index	2.03%
MSCI World Core Infrastructure (USD) Index	0.25%

Key Portfolio Statistics

Total Net Assets	$18,635,118
# of Portfolio Holdings	27
Portfolio Turnover Rate	3%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$37,050

Top 10 Holdings (% of Net Assets)

Vinci SA	8.0%
Canadian National Railway Co.	8.0%
National Grid PLC	8.0%
Transurban Group	4.6%
Pinnacle West Capital Corp.	4.5%
Portland General Electric Co.	4.5%
CSX Corp.	4.5%
OGE Energy Corp.	4.4%
Norfolk Southern Corp.	4.3%
Aena SME SA	4.2%

Sector Allocation (% of Net Assets)

Utilities	49.0%
Industrials	38.7%
Real Estate	8.3%
Communication Services	2.9%
Other (includes short-term investments)	1.1%

Additional Information

Householding

Lazard Next Gen Technologies ETF

NASDAQ: TEKY

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard Next Gen Technologies ETF for the period of April 7, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Lazard Next Gen Technologies ETF	$47	0.51%

Footnote	Description
Footnote¹	Annualized

How did the Portfolio perform last year and what affected its performance?

Advantest, a leading manufacturer of semiconductor testing equipment, saw demand for its high-end testing equipment increase, fueled by the global AI chip boom. This led management to consistently beat-and-raise its profit outlook throughout the year.
SK Hynix, a supplier of memory chips, reported record-breaking annual revenue and operating profits, fueled by its leadership in HBM4 production and the growing demand for memory chips driven by AI.
NVIDIA, a designer of graphical processing units (GPUs), saw demand for its advanced GPU chips continue to grow, driven by AI data center expansion.
Fiserv, a global leader in financial technology and payments, missed third quarter earnings expectations, significantly lowered full-year guidance, and reported slowing growth in its core payments and merchant business.
Xiaomi, a designer and manufacturer of electronics and smart devices, suffered a series of high-profile incidents involving the SU7 electric sedan stoking significant consumer and investor concerns regarding vehicle safety, while memory chip shortages pressured margins.
Doximity, a leading digital platform and professional network for US healthcare professionals, saw investor concern grow around healthcare policy changes and intensifying competition creating uncertainty around clients' annual budgets for its product and potentially slowing revenue growth.

Portfolio Performance

	Lazard Next Gen Technologies ETF	MSCI World Index
03/25	$10,000	$10,000
04/25	$11,500	$10,000
05/25	$12,648	$10,592
06/25	$13,716	$11,049
07/25	$14,060	$11,191
08/25	$14,180	$11,483
09/25	$15,204	$11,852
10/25	$16,457	$12,090
11/25	$15,168	$12,124
12/25	$14,992	$12,222

Average Annual Total Returns (%)

Fund	Since Inception 4/7/25
Lazard Next Gen Technologies ETF	49.92%
MSCI World Index	34.48%

Key Portfolio Statistics

Total Net Assets	$48,696,993
# of Portfolio Holdings	52
Portfolio Turnover Rate	11%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$160,380

Top 10 Holdings (% of Net Assets)

NVIDIA Corp.	5.2%
Microsoft Corp.	3.6%
Amazon.com, Inc.	3.5%
SK Hynix, Inc.	3.4%
Amphenol Corp., Class A	3.0%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	3.0%
Alphabet, Inc., Class A	2.9%
Advantest Corp.	2.9%
Palo Alto Networks, Inc.	2.7%
Broadcom, Inc.	2.6%

Sector Allocation (% of Net Assets)

Information Technology	73.3%
Industrials	7.8%
Communication Services	7.4%
Consumer Discretionary	5.3%
Financials	3.5%
Other (includes short-term investments)	2.7%

Additional Information

Householding

Lazard US Systematic Small Cap Equity ETF

NASDAQ: SYZ

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs#tsr. You can also request this information by contacting us at [email protected] or (800) 823-6300.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Lazard US Systematic Small Cap Equity ETF	$83	0.81%

How did the Portfolio perform last year and what affected its performance?

Coherent, a developer of advanced materials, laser systems, and optical components, climbed on strong revenue and profitability growth. The company also benefited from continued AI optimism.
Wildan, a provider of energy, engineering, and sustainability consulting services, delivered record results and raised full‑year targets, supported by strong infrastructure demand including data centers.
TTM Technologies, a manufacturer of components used in electronic devices and communication systems, rose as the company posted better‑than‑expected results and solid guidance, due to defense and AI‑related computing demand.
Ceragon Networks, a supplier of wireless networking equipment for telecom providers, declined due to sharp revenue contraction, weaker profitability and deteriorating cash levels.
Abercrombie & Fitch, a retailer of apparel, personal care products, and accessories, declined as softer brand sales, elevated inventories, and a sizable tariff‑related cost weighed on margins.
Veracyte, a developer of diagnostic tests for the medical field, declined as revenue guidance reset, product development delays, and higher R&D spending weighed on sentiment.

Portfolio Performance

	Lazard US Systematic Small Cap Equity ETF	Russell 3000 Index	Russell 2000 Index
10/21	$10,000	$10,000	$10,000
11/21	$9,800	$10,000	$10,000
12/21	$10,283	$10,394	$10,223
1/22	$9,371	$9,782	$9,239
2/22	$9,421	$9,536	$9,338
3/22	$9,471	$9,845	$9,454
4/22	$8,719	$8,962	$8,517
5/22	$8,860	$8,950	$8,530
6/22	$8,158	$8,201	$7,828
7/22	$9,090	$8,970	$8,646
8/22	$8,763	$8,636	$8,469
9/22	$7,951	$7,835	$7,657
10/22	$8,753	$8,477	$8,500
11/22	$9,114	$8,920	$8,699
12/22	$8,603	$8,397	$8,134
1/23	$9,371	$8,976	$8,927
2/23	$9,240	$8,766	$8,776
3/23	$9,017	$9,000	$8,357
4/23	$8,765	$9,096	$8,207
5/23	$8,846	$9,132	$8,131
6/23	$9,613	$9,755	$8,792
7/23	$10,078	$10,105	$9,329
8/23	$9,704	$9,910	$8,863
9/23	$9,219	$9,438	$8,341
10/23	$8,624	$9,188	$7,772
11/23	$9,351	$10,044	$8,476
12/23	$10,307	$10,577	$9,511
1/24	$10,104	$10,694	$9,141
2/24	$10,631	$11,273	$9,658
3/24	$10,935	$11,637	$10,004
4/24	$10,266	$11,125	$9,300
5/24	$10,732	$11,651	$9,766
6/24	$10,611	$12,011	$9,676
7/24	$11,411	$12,234	$10,659
8/24	$11,381	$12,501	$10,500
9/24	$11,492	$12,759	$10,573
10/24	$11,259	$12,666	$10,420
11/24	$12,293	$13,508	$11,563
12/24	$11,639	$13,095	$10,608
1/25	$11,994	$13,509	$10,887
2/25	$11,357	$13,250	$10,304
3/25	$10,678	$12,477	$9,603
4/25	$10,428	$12,393	$9,381
5/25	$10,939	$13,179	$9,882
6/25	$11,367	$13,848	$10,419
7/25	$11,252	$14,153	$10,600
8/25	$12,102	$14,481	$11,357
9/25	$12,189	$14,981	$11,711
10/25	$11,907	$15,302	$11,922
11/25	$12,131	$15,344	$12,037
12/25	$12,311	$15,341	$11,967

Average Annual Total Returns (%)

Fund	1 year	Since Inception 10/29/21
Lazard US Systematic Small Cap Equity ETF	5.78%	5.12%
Russell 3000 Index	17.15%	10.41%
Russell 2000 Index	12.81%	3.34%

Key Portfolio Statistics

Total Net Assets	$55,292,588
# of Portfolio Holdings	391
Portfolio Turnover Rate	156%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$221,271

Top 10 Holdings (% of Net Assets)

Mueller Industries, Inc.	1.0%
Coherent Corp.	0.9%
Rambus, Inc.	0.9%
Onto Innovation, Inc.	0.8%
Globus Medical, Inc., Class A	0.8%
OPENLANE, Inc.	0.7%
Interface, Inc.	0.7%
Deckers Outdoor Corp.	0.7%
BioMarin Pharmaceutical, Inc.	0.7%
Huron Consulting Group, Inc.	0.7%

Sector Allocation (% of Net Assets)

Industrials	25.3%
Information Technology	20.9%
Health Care	12.5%
Consumer Discretionary	10.5%
Financials	10.1%
Real Estate	5.1%
Communication Services	3.8%
Energy	3.8%
Materials	3.1%
Consumer Staples	2.7%
Other (includes short-term investments)	2.2%

Material Portfolio Changes

On September 12, 2025, the assets of a predecessor mutual fund, Lazard US Systematic Small Cap Equity Portfolio were transferred to the Portfolio in a tax-free reorganization. The Portfolio has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund.

Additional Information

Householding

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the “CEO/CFO Code of Ethics”). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.

The Registrant’s Board of Directors (the “Board”) has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Mr. Solmson and Ms. Eckl are “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $0 in 2024 and $147,000 in 2025 (plus expenses in each case).

(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant’s investment manager (“Lazard”) and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant (“Service Affiliates”) that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $1,294,787 in 2024 and $1,504,598 in 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in 2024 and $43,855 in 2025. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax

planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $0 in 2024 and $0 in 2025.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.

There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.

(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures (the “Policy”) for pre-approval of the Auditor’s engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant’s Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor’s engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor’s independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $472,450 in 2024 and $488,256 in 2025.

(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor’s independence.

The Registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about Lazard Active ETF Trust (the “Fund”), you may obtain a prospectus or the Portfolio’s summary prospectus by calling 800-823-6300, or online, at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/etfs. Read the Portfolio’s summary prospectus or prospectus carefully before you invest. The summary prospectus and prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.

The Lazard Active ETF Trust (the “Fund”) was organized in Delaware on October 29, 2024 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of December 31, 2025, the Fund was comprised of seven portfolios (each referred to as a “Portfolio”).

During the year ended December 31, 2025, certain predecessor Portfolios (“Target Portfolios”) were reorganized into International Dynamic Equity, US Systematic Small Cap Equity and Emerging Markets Opportunities. The Target Portfolios were the accounting survivors in each reorganization, and, as such, the financial statements and financial highlights of the Portfolios reflect the financial information of the Target Portfolios through May 9, 2025, September 12, 2025 and October 24, 2025, respectively (see Note 12).

Emerging Markets Opportunities, International Dynamic Equity, Listed Infrastructure and US Systematic Small Cap are operated as “diversified” funds, as defined in the 1940 Act. The other Portfolios, are operated as “non-diversified” funds, as defined in the 1940 Act.

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for U.S. listed equity securities) or the closing price (for non-U.S. listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the

Nasdaq Official Closing Price. If there is no available closing price for a non-U.S. listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

Trading on certain non-U.S. securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-U.S. countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

The Board of Trustees (the “Board”) has designated Lazard Asset Management LLC (the “Investment Manager”) to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of its Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the

ex-dividend date except for certain dividends from non-U.S. securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily.

A Portfolio may be subject to taxes imposed by non-U.S. countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statements of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio’s NAV per share.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios’ accounting records and the U.S. dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended December 31, 2025, Listed Infrastructure traded in forward currency contracts.

(d) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2025, the following Portfolios had unused realized capital loss carryovers which, for federal income tax

purposes, could be used to offset future realized capital gains with no expiration date as follows:

During the year ended December 31, 2025, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

Post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2025, the following Portfolios elected to defer such losses as follows:

For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(e) Dividends and Distributions—For Emerging Markets Opportunities, International Dynamic Equity and Japanese Equity, income dividends, if any, are anticipated to be paid semi-annually. For all other Portfolios, income dividends, if any, are anticipated to be paid quarterly. Net capital gains, if any, are normally distributed annually but may be distributed more frequently.

Each Portfolio intends to elect on its tax returns to treat a portion of redemption proceeds paid to redeeming shareholders as a distribution of net investment income and net capital gain. This portion represents the redeeming shareholders’ share of the Portfolio’s undistributed investment company taxable income and net capital gain. This practice, known as equalization accounting, reduces the amount of income and gains that the Portfolio would otherwise need to distribute as dividends in order to avoid federal income and excise taxes. As a result, fewer distributions are required to be made to non-redeeming shareholders, and those shareholders may defer recognition of taxable income. Because any undistributed income is reflected in the Portfolio’s share value, the total return on a shareholder’s investment is not affected by the use of equalization accounting.

Real estate investment trust (“REIT”) distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT capital. However, as the actual character of such distributions received are not known until after the calendar year end, distributions made by a Portfolio during

the year are subject to re-characterization that may result in some portion of the distributions being reclassified as a return of capital distribution to Portfolio shareholders.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency gains and losses, wash sales, merger activity, passive foreign investment companies, expiring capital loss carryovers, forward currency mark to market, net operating loss, certain expenses, foreign capital gains taxes, non-deductible organization expenses, REIT basis adjustments, distribution in excess of current earnings, equalization accounting (as described above), non-REIT non-taxable dividend adjustment to income, distributions redesignations, return of capital distributions, receivable from tax reclaim and distributions from real estate investment trusts and partnerships.

The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

At December 31, 2025, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

(f) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

(g) Net Asset Value—The NAV per share of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE.

(h) In-kind Redemptions—For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Portfolios. Because such gains or losses are not taxable to the Portfolios and are not distributed to existing Portfolio shareholders, the gains or losses are reclassified from distributable earnings (accumulated loss) to paid-in capital at the end of the Portfolios’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

(i) Offering Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class of a Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. The Investment Manager will generally pay for any offering costs incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period.

3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment

Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

The Investment Manager will pay all expenses of each Portfolio, except for the fee payment under the Management Agreement, fees and expenses of “Acquired Funds” (as defined in Form N-1A), interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Investment Manager has agreed to pay a portion of each Portfolio’s offering costs during the Portfolio’s first year of operations so that offering costs borne by each Portfolio do not amount to .01% of its average net assets.

With respect to Equity Megatrends and Next Gen Technologies, the Investment Manager has voluntarily agreed to waive a portion of its management fee payable by each Portfolio in the amount of .10% of the respective Portfolio’s average daily net assets. This fee waiver arrangement will continue until at least April 7, 2026 and prior to such date the Investment Manager may not terminate the arrangement without the approval of the Board.

During the year/period ended December 31, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

State Street Bank and Trust Company (“State Street”) serves as the Fund’s custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Foreside Fund Services, LLC (the “Distributor”), a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), to serve as the distributor for shares of each Portfolio. The Distributor bears, among other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

Pursuant to the Management Agreement described in Note 3, the Investment Manager pays the fees and expenses of the Independent Trustees’ of the Portfolios (an “Independent Trustee” is a Trustee who is not an “interested person” as defined in the 1940 Act). Certain Trustees of the Fund are officers of the Investment Manager, and such “interested persons” of the Fund are not compensated by the Portfolios. Trustees do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

Purchases and sales of portfolio securities (excluding in-kind transactions and short-term investments) for the year/period ended December 31, 2025 were as follows:

In-kind transactions associated with creation and redemptions for the year/period ended December 31, 2025, were as follows:

For the year ended December 31, 2025, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

At December 31, 2025, the Investment Manager owned of record the following percentages of the outstanding shares of each Portfolio:

A summary of the Fund’s transactions in Lazard mutual funds for the year ended December 31, 2025 is as follows:

On November 21, 2025, the Fund and The Lazard Funds, Inc. entered into an amendment to a $100 million committed line of credit (the “Line of Credit”) with State Street, primarily for temporary or emergency purposes.

Interest on borrowings is payable at 1.00% plus the “Applicable Rate,” which is defined as the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the terms of the Line of Credit, the Trust has agreed to pay a 0.20% per annum fee on the unused portion of the commitment, payable quarterly in arrears. The Trust also paid an upfront fee of 0.05% of the committed line amount. Costs for the unused portion of the commitment and the upfront fee are allocated among the participating Lazard funds and their respective portfolios primarily on the basis of relative net assets.

During the year/period ended December 31, 2025, the following Portfolio had borrowings under the Line of Credit as follows:

Management believes that the fair value of the liabilities under the Agreement is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with the Applicable Rate. A Portfolio’s outstanding balance under the Agreement, if any, would be categorized as Level 2.

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) Market Risk—The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency

rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

(b) Non-U.S. Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-U.S. securities may be subject to economic sanctions or other similar governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, or problems related to share registration, trade settlement or asset custody, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

(c) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than

more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(d) Foreign Currency Risk—Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.

(e) Forward Currency Contracts and Currency Hedging Risk—Forward currency contracts, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on a Portfolio’s performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging

activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause a Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

(f) Country Risk—When a significant portion of a Portfolio’s assets are invested in a particular country, such as Japan, the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.

(g) Sector Concentration Risk—Listed Infrastructure and Next Gen Technologies concentrate their investments in specific industries or groups of industries in particular (i.e., more than 25% of the value of the Portfolio’s assets) in securities of issuers having their principal business activities in sectors, and such Portfolio would be expected to be affected by developments in those sectors.

(h) Other Equity Securities Risk—Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire investment.

(i) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.

(j) REIT Risk—A Portfolio’s investments in Real Estate Investments (as defined in the prospectus), could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of Real Estate Investments may be determined to a great extent by the current status of the real estate industry in general, or by other factors that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets. The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.

Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

(k) Non-Diversification and Focused Investing Risk—Certain Portfolios’ net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolios’ investments consisted of securities issued by a larger number of issuers.

(l) Quantitative Model Risk—The success of certain Portfolios’ investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model,

such as the risk and other models used by the Investment Manager for certain Portfolios requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors, including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.

(m) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to the Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with the Portfolio’s ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Portfolio invests; counterparties with which the Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s

maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

Changes in valuation methodology or inputs may result in transfers into or out of the current assigned level within the hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2025:

Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of the investment or if a price is not available through a pricing source in the Fund’s pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Fund’s Valuation and Liquidity Committee, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

Listed Infrastructure uses forward currency contracts primarily for hedging purposes.

During the period ended December 31, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025:

The effect of derivative instruments on the Statement of Operations for the period ended December 31, 2025 was:

None of the other Portfolios traded in derivative instruments during the year ended December 31, 2025.

As of December 31, 2025, Listed Infrastructure held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of December 31, 2025:

Each Portfolio issues and redeems shares at NAV only with certain Authorized Participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities and/or cash to a Portfolio. Redemption proceeds are paid with a basket of securities from a Portfolio’s holdings, along with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A Portfolio’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized Participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a Portfolio. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units. Such variable charges, if any, are included in Net proceeds from sale of shares in the Statements of Changes in Net Assets.

At meetings held on January 9, 2025, May 20, 2025 and June 24, 2025 the Board approved the respective reorganizations of Lazard International Equity Advantage Portfolio, Lazard US Systematic Small Cap Equity Portfolio and Lazard Emerging Markets Core Equity Portfolio (each, a “Target Portfolio”), series of The Lazard Funds, Inc., into International Dynamic Equity, Lazard US Systematic Small Cap Equity and Lazard Emerging Markets Opportunities (each, an “Acquiring Portfolio”), respectively, newly organized series of the Fund (each, a “Reorganization”). The Reorganization was completed for International Dynamic Equity on May 9, 2025, US Systematic Small Cap Equity on September 12, 2025 and Emerging Markets Opportunities on October 24, 2025. Each Reorganization was accomplished by a tax-free exchange of shares (with the exception of cash paid to the shareholders of the Target Portfolios in lieu of fractional shares of the Acquiring Portfolios) of the Acquiring Portfolios for Institutional Shares of the Target Portfolios of equivalent aggregate net asset value. The other share classes of the Target Portfolios were converted into the Institutional Shares prior to the

respective Reorganization date. Pursuant to the Agreement and Plan of Reorganization, the Target Portfolios reorganized into the Acquiring Portfolios on the respective Reorganization date. The Acquiring Portfolios had no investment operations or performance history prior to the respective Reorganization date. The Acquiring Portfolios are the surviving legal entities, but have adopted the performance and financial history of the Target Portfolios, which is included in these financial statements. Historical share transactions and per-share information for the Target Portfolios were retroactively adjusted to reflect the change in capital structure due to the Reorganizations. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolios were recorded at fair value; however, the cost basis of the investments received from the Target Portfolios was carried forward to align ongoing reporting of the Acquiring Portfolios’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The table below shows a summary of investments, unrealized appreciation/(depreciation), net assets, shares exchanged and shares exchanged ratio before and after the Reorganizations.

Assuming the reorganizations had been completed on January 1, 2025, the beginning of the reporting period, pro forma results of operations for the period ended December 31, 2025 were as follows:

Because the investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Portfolios that have been included in the respective Acquiring Portfolio’s Statement of Operations since the respective Reorganization date.

During the period ended June 30, 2025, the Fund adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker (“CODM”) for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund’s prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment’s financial statements.

During the year ended December 31, 2025, the Portfolios adopted FASB ASU 2023-09 Income Taxes (Topic 740) “Improvements to Income Tax Disclosures (“ASU 2023-09”), which was intended to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The adoption of ASU 2023-09 did not result in any changes to the Portfolios’ financial statements or disclosures.

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

We have audited the accompanying statements of assets and liabilities of Lazard Active ETF Trust comprising Lazard Emerging Markets Opportunities ETF, Lazard Equity Megatrends ETF, Lazard International Dynamic Equity ETF, Lazard Japanese Equity ETF, Lazard Listed Infrastructure ETF, Lazard Next Gen Technologies ETF, and Lazard US Systematic Small Cap Equity ETF (the “Portfolios”), including the portfolios of investments, as of December 31, 2025, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the portfolios listed above constituting Lazard Active ETF Trust as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2025.

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

Of the dividends paid by the Portfolios, the corresponding percentage represents the amount of each dividend that qualifies for the dividends received deduction available to corporate shareholders.

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to U.S. nonresident shareholders.

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.

The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

The Fund files the complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)

At meetings of the Board held on May 20, 2025 (the “May Meeting”) and June 24, 2025 (the “June Meeting”), the Board considered the approval of the Management Agreement between Lazard Active ETF Trust (“LAE”), on behalf of Lazard Listed Infrastructure ETF (“GLIX”) and Lazard US Systematic Small Cap Equity ETF (“SYZ”) (each, a “Portfolio” and together, the “Portfolios”), and the Investment Manager, with the Board considering the approval of the Management Agreement with respect to SYZ at the May Meeting only. The Independent Trustees were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Trustees in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings relating to the organization of the Portfolios. Certain information was provided by reference to information presented by the Investment Manager in connection with (i) the organizational Board meeting for LAE held on December 3, 2024 and (ii) the Board’s consideration of the renewal of the Management Agreement between The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. (together, the “Lazard Mutual Funds”) on behalf of their existing Portfolios, and the Investment Manager at the May Meeting and the June Meeting.

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to each Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 29 active funds comprised approximately $18 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2025).The Board also received presentations at the May Meeting on the investment strategy to be employed for each Portfolio.

The Board considered the various services to be provided by the Investment Manager, including the Investment Manager’s research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager’s representatives stated that the Investment Manager believes that each Portfolio and its respective shareholders would be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the funds in the Lazard Funds complex and the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of funds in the Lazard Funds complex, which would include the Portfolios; and the Investment Manager’s financial condition. The Board accepted the assertion of representatives of the Investment Manager that each Portfolio would be expected to benefit from

the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $18 billion fund complex not managed by a large, global firm such as the Investment Manager.

ISS Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. (“ISS”), an independent provider of investment company data, including, among other information, each Portfolio’s proposed contractual advisory fee (i.e., without giving effect to any fee waivers), compared to those of groups of funds not advised by the Investment Manager selected by ISS as comparable, for expense comparison purposes, with respect to each Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by ISS (the “Expense Peer Groups”¹). The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board considered the terms of, and scope of services that the Investment Manager would provide under, the Management Agreement, including, where applicable, (i) the Investment Manager’s agreement to pay all of the direct expenses of each Portfolio (except for the fee payment under the Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses); and (ii) the Investment Manager’s agreement to pay a portion of each Portfolio’s offering costs during the Portfolio’s first year of operations to prevent offering costs borne by each Portfolio from exceeding agreed upon limits.

The results of the ISS comparisons showed that the advisory fee and net expense ratio of each Portfolio were generally competitive within each Portfolio’s respective Expense Peer Group.

Other Accounts Advisory Fee Comparison. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”).The Investment Manager reported to the Board that it did not manage any other funds or accounts that utilize the same investment strategy as GLIX. Consequently, there was no advisory fee or performance of such funds or accounts for the Board to consider.

Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios, as applicable. At the request of the Board and in connection with the Board’s approval of management agreements with regard to the Lazard Mutual Funds advised by the Investment Manager, representatives of the Investment Manager discussed the differences in the competitive markets for ETFs and mutual funds; the relatively recent growth of the ETF industry as compared to the mutual fund industry; the differences in the services provided to ETF and mutual fund shareholders, including with respect to portfolio management services; and the differences in the investment teams, processes, strategies and/or policies, as applicable, between certain ETFs and mutual funds managed by the Investment Manager.The Board considered the relevance of the fee information provided for Other Accounts and ETFs, in light of the Investment Manager’s discussion of the significant differences in services provided and/or different competitive markets and other factors, to evaluate the advisory fees of the relevant Portfolios.

Representatives of the Investment Manager noted that because each Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of each Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to each Portfolio and the estimated profitability percentage of the

Management Agreement with LAE, on behalf of each Portfolio, to the Investment Manager and its affiliates from their relationships with each Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on each Portfolio initially, noting the Investment Manager’s agreement to pay a portion of each Portfolio’s offering costs during each Portfolio’s first year of operations. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager’s brokerage and soft dollar practices. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the Portfolios other than the benefit of soft dollar commissions in connection with managing the Portfolios. The representatives of the Investment Manager stated that the Investment Manager intends to pay for each Portfolio’s distribution expenses out of its resources under the unitary fee structure.

At the conclusion of the discussions at the May Meeting, with respect to SYZ, and at the June Meeting with respect to GLIX, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LAE, on behalf of the Portfolios. In evaluating the Management Agreement with LAE, on behalf of the Portfolios, the Board relied on the information described above as well as other information provided by the Investment Manager.The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided by the Investment Manager to funds overseen by the Board in the Lazard Funds complex. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement with LAE, on behalf of the Portfolios. In deciding whether to vote to approve the Management Agreement with LAE, on behalf of the Portfolios, each Trustee may have accorded different weights to different factors so that each Trustee may have had a different basis for his or her decision.

30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com

Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300

State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641

Description	Shares		Fair Value

Lazard Emerging Markets Opportunities ETF

Common Stocks \| 99.2%

Argentina \| 0.8%
Grupo Financiero Galicia SA ADR		18,826	$	1,015,474

Brazil \| 5.5%
Banco BTG Pactual SA		164,007		1,573,701
Itau Unibanco Holding SA ADR		220,896		1,581,615
MercadoLibre, Inc. (*)		623		1,254,884
NU Holdings Ltd., Class A (*)		65,088		1,089,573
TOTVS SA		156,686		1,203,221
				6,702,994

China \| 26.5%
Alibaba Group Holding Ltd.		281,100		5,157,202
Atour Lifestyle Holdings Ltd. ADR		23,287		917,508
BYD Co. Ltd., Class H		91,000		1,114,775
China Merchants Bank Co. Ltd., Class H		678,500		4,602,659
Contemporary Amperex Technology Co. Ltd., Class A		46,000		2,417,515
Full Truck Alliance Co. Ltd. ADR		92,933		997,171
Innovent Biologics, Inc. (#), (*)		79,000		773,913
Lenovo Group Ltd.		1,348,000		1,603,710
Shenzhen Inovance Technology Co. Ltd., Class A		139,699		1,505,910
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		26,700		727,663
Tencent Holdings Ltd.		92,092		7,087,185
Trip.com Group Ltd.		20,600		1,466,230
Weichai Power Co. Ltd., Class H		552,000		1,336,828
Xiaomi Corp., Class B (#), (*)		309,000		1,560,185
Yum China Holdings, Inc.		24,950		1,181,547
				32,450,001

Greece \| 3.1%
GEK Terna SA		49,123		1,466,544
Jumbo SA		24,069		788,673
National Bank of Greece SA		102,852		1,570,330
				3,825,547

Description	Shares		Fair Value

Lazard Emerging Markets Opportunities ETF (continued)

Hong Kong \| 0.7%
Techtronic Industries Co. Ltd.		74,000	$	854,705

India \| 16.0%
Amber Enterprises India Ltd. (*)		6,426		456,644
Bharti Airtel Ltd.		98,545		2,308,609
HDFC Bank Ltd. ADR		76,658		2,801,083
Hindalco Industries Ltd. GDR (#)		122,309		1,204,744
ICICI Bank Ltd. ADR		68,268		2,034,386
Infosys Ltd. ADR		52,195		930,115
InterGlobe Aviation Ltd. (#)		14,558		819,500
ITC Ltd.		192,431		862,819
Larsen & Toubro Ltd. GDR		20,907		934,543
Lodha Developers Ltd. (#)		100,294		1,184,276
MakeMyTrip Ltd. (*)		9,819		806,336
Polycab India Ltd.		10,675		904,911
Reliance Industries Ltd. GDR (#)		31,452		2,201,640
Supreme Industries Ltd.		18,697		697,668
Thermax Ltd.		24,479		823,217
Welspun Living Ltd.		417,085		605,910
				19,576,401

Indonesia \| 0.9%
Bank Central Asia Tbk. PT		2,342,000		1,134,132

Mexico \| 3.5%
Arca Continental SAB de CV		101,005		1,094,794
Corp. Inmobiliaria Vesta SAB de CV ADR		28,464		867,867
Grupo Financiero Banorte SAB de CV, Class O		144,291		1,339,745
Kimberly-Clark de Mexico SAB de CV, Class A		463,501		989,930
				4,292,336

Peru \| 1.2%
Credicorp Ltd.		4,896		1,405,152

Description	Shares		Fair Value

Lazard Emerging Markets Opportunities ETF (continued)

Philippines \| 1.4%
BDO Unibank, Inc.		324,431	$	742,250
International Container Terminal Services, Inc.		104,150		1,003,749
				1,745,999

Portugal \| 0.8%
Jeronimo Martins SGPS SA		41,380		984,611

Russia \| 0.0%
Mobile TeleSystems PJSC ADR (*), (¢)		45,259		0
Sberbank of Russia PJSC (*), (¢)		213,889		0
				0

Saudi Arabia \| 2.4%
Saudi Arabian Oil Co. (#)		254,558		1,617,286
Saudi National Bank		131,976		1,332,849
				2,950,135

Singapore \| 0.6%
Sea Ltd. ADR (*)		5,662		722,301

South Africa \| 4.5%
Anglo American PLC		50,715		2,104,408
Bidvest Group Ltd.		60,615		868,766
Capitec Bank Holdings Ltd.		5,518		1,383,929
Shoprite Holdings Ltd.		71,025		1,158,303
				5,515,406

South Korea \| 11.2%
Kia Corp.		14,905		1,260,233
Samsung Electronics Co. Ltd. GDR		3,393		7,009,938
Shinhan Financial Group Co. Ltd. ADR		50,826		2,725,799
SK hynix, Inc. GDR (#)		5,838		2,638,776
				13,634,746

Description	Shares		Fair Value

Lazard Emerging Markets Opportunities ETF (concluded)

Taiwan \| 17.6%
Accton Technology Corp.		30,000	$	1,131,427
ASE Technology Holding Co. Ltd.		162,000		1,291,546
MediaTek, Inc.		41,000		1,865,979
Taiwan Semiconductor Manufacturing Co. Ltd.		182,000		8,978,215
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		27,070		8,226,302
				21,493,469

United Arab Emirates \| 2.5%
Adnoc Gas PLC		1,505,754		1,455,370
Emaar Properties PJSC		426,618		1,631,948
				3,087,318

Total Common Stocks (Cost $86,720,161)				121,390,727

Short-Term Investments \| 0.9%
Lazard Government Money Market Portfolio, 3.59% (7 day yield) (a) (Cost $1,099,706)		1,099,706		1,099,706

Total Investments \| 100.1% (Cost $87,819,867)			$	122,490,433

Liabilities in Excess of Cash and Other Assets \| (0.1)%				(71,464	)

Net Assets \| 100.0%			$	122,418,969

(*)	Non-income producing security.
(#)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 9.8% of net assets of the Portfolio.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(a)	Affiliated investment.

2		Portfolios of Investments (N-CSR Item 7)
2		Lazard Emerging Markets Opportunities ETF
6		Lazard Equity Megatrends ETF
10		Lazard International Dynamic Equity ETF
21		Lazard Japanese Equity ETF
26		Lazard Listed Infrastructure ETF
29		Lazard Next Gen Technologies ETF
32		Lazard US Systematic Small Cap Equity ETF
50		Abbreviations (N-CSR Item 7)
52		Statements of Assets and Liabilities (N-CSR Item 7)
54		Statements of Operations (N-CSR Item 7)
58		Statements of Changes in Net Assets (N-CSR Item 7)
66		Financial Highlights (N-CSR Item 7)
73		Notes to Financial Statements (N-CSR Item 7)
103		Report of Independent Registered Public Accounting Firm
105		Tax and Other Information (unaudited)
107		Additional Information (unaudited) (N-CSR Item 8-11)

(*)	Non-income producing security.
(#)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 1.6% of net assets of the Portfolio.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 9 in the Notes to Financial Statements.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(a)	Affiliated investment.

(#)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 7.1% of net assets of the Portfolio.
(a)	Affiliated investment.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Lazard Listed Infrastructure ETF (concluded)

Asset Class/Sector	Allocation

Equity
Communication Services		2.9	%
Industrials		38.7
Real Estate		8.3
Utilities		49.0
Other (includes short-term investments)		1.1
Total		100.0	%


Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		42,444	AUD		63,942		MSC	03/26/26		$	—		$	230
USD		88,469	AUD		132,135		RBC	03/26/26			285			—
USD		736,344	AUD		1,109,918		SSB	03/26/26			—			4,396
USD		149,226	CAD		203,235		RBC	03/26/26			624			—
USD		1,345,024	CAD		1,841,825		SSB	03/26/26			—			1,690
USD		403,990	EUR		341,942		RBC	03/26/26			639			—
USD		3,444,540	EUR		2,910,515		SSB	03/26/26			11,328			—
USD		109,251	GBP		81,439		MSC	03/26/26			—			501
USD		148,935	GBP		110,360		RBC	03/26/26			207			—
USD		1,312,971	GBP		978,716		SSB	03/26/26			—			6,008
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$	13,083		$	12,825

Security Abbreviations:
ADR	— American Depositary Receipt
CVR	— Contingent Value Rights
GDR	— Global Depositary Receipt
NVDR	— Non-Voting Depository Receipt
PJSC	— Public Joint Stock Company
REITs	— Real Estate Investment Trust

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
EUR	— Euro
GBP	— British Pound Sterling
USD	— United States Dollar

Counterparty Abbreviations:
MSC	— Morgan Stanley & Co.
RBC	— Royal Bank of Canada
SSB	— State Street Bank & Trust Co.

December 31, 2025	Lazard Emerging Markets Opportunities ETF				Lazard Equity Megatrends ETF
ASSETS
Investments in securities, at fair value:
Unaffiliated issuers		$	121,390,727		$	45,930,648
Affiliated issuers (Note 5)			1,099,706			452,755
Cash			—			—
Foreign currency, at fair value			10,012			65
Receivables for:
Dividends and interest			102,626			16,447
Investments sold			—			—
Gross unrealized appreciation on forward currency contracts			—			—
Other assets			—			—
Total assets			122,603,071			46,399,915

LIABILITIES
Foreign currency due to custodian			65			—
Payables for:
Management fees			75,894			19,268
Accrued custodian fees			47,334			—
Accrued professional services			36,820			—
Accrued administration fees			16,267			—
Offering costs (Note 2(i))			2,206			2,690
Accrued directors’ fees			962			—
Accrued distribution fees			172			—
Foreign capital gains taxes			—			—
Accrued registration fees			—			—
Investments purchased			—			—
Gross unrealized depreciation on forward currency contracts			—			—
Other accrued expenses and payables			4,382			—
Total liabilities			184,102			21,958
Net assets		$	122,418,969		$	46,377,957

NET ASSETS
Paid in capital		$	141,867,902		$	38,888,073
Distributable earnings (Accumulated loss)			(19,448,933	)		7,489,884
Net assets		$	122,418,969		$	46,377,957

Net assets		$	122,418,969		$	46,377,957
Shares of capital stock outstanding			4,855,397			1,425,000
Net asset value, offering and redemption price per share		$	25.21		$	32.55

Cost of investments in securities		$	86,720,161		$	38,436,405
Cost of affiliated issuers		$	1,099,706		$	452,755
Cost of foreign currency		$	10,008		$	65

Lazard International Dynamic Equity ETF			Lazard Japanese Equity ETF			Lazard Listed Infrastructure ETF				Lazard Next Gen Technologies ETF			Lazard US Systematic Small Cap Equity ETF

	$	509,956,590		$	65,012,167		$	18,427,366			$	48,201,399		$	54,772,185
		1,484,079			587,220			166,703				507,765			582,485
		—			315			—				36			739
		86,705			—			44				903			—

		709,106			93,329			53,437				10,634			30,212
		—			—			10,008				—			150,898

		—			—			13,083				—			—
		31,168			—			—				—			—
		512,267,648			65,693,031			18,670,641				48,720,737			55,536,519

		—			357,639			—				—			—

		167,856			33,318			13,374				20,661			27,953
		15,061			—			—				—			38,303
		17,691			—			—				—			50,343
		378			—			—				—			8,253
		19,994			3,555			385				3,083			1,589
		438			—			—				—			3,192
		—			—			—				—			—
		304,010			—			—				—			—
		—			—			—				—			21,419
		185,047			—			8,939				—			86,874

		—			—			12,825				—			—
		—			—			—				—			6,005
		710,475			394,512			35,523				23,744			243,931
	$	511,557,173		$	65,298,519		$	18,635,118			$	48,696,993		$	55,292,588

	$	453,616,115		$	55,502,276		$	18,768,184			$	35,601,427		$	50,247,859
		57,941,058			9,796,243			(133,066	)			13,095,566			5,044,729
	$	511,557,173		$	65,298,519		$	18,635,118			$	48,696,993		$	55,292,588

	$	511,557,173		$	65,298,519		$	18,635,118			$	48,696,993		$	55,292,588
		16,842,753			2,050,000			750,000				1,300,000			2,187,690

	$	30.37		$	31.85		$	24.85			$	37.46		$	25.27

	$	449,696,911		$	54,772,254		$	18,431,222			$	34,883,510		$	48,764,658
	$	1,484,079		$	587,220		$	166,703			$	507,765		$	582,485
	$	79,098		$	—		$	44			$	905		$	—

For the Year Ended December 31, 2025	Lazard Emerging Markets Opportunities ETF (a)				Lazard Equity Megatrends ETF (b)

Investment Income
Dividends
Unaffiliated issuers*		$	3,126,085			$	265,026
Affiliated issuers (c)			6,241				6,375
Interest			—				1,692
Total investment income			3,132,326				273,093

Expenses
Management fees (Note 3)			1,197,426				168,845
Professional services			56,407				—
Registration fees			48,554				—
Custodian fees			42,872				—
Administration fees			27,093				—
Shareholders’ services			13,779				—
Shareholders’ reports			12,817				—
Directors’ fees and expenses			11,980				—
Distribution fees			4,500				—
Offering costs (Note 2(i))			2,206				2,784
Other^			13,403				—
Total gross expenses			1,431,037				171,629
Management fees waived and expenses reimbursed			(118,732	)			(28,393	)
Total net expenses			1,312,305				143,236
Net investment income (loss)			1,820,021				129,857

Lazard International Dynamic Equity ETF (d)				Lazard Japanese Equity ETF (b)				Lazard Listed Infrastructure ETF (e)				Lazard Next Gen Technologies ETF (b)				Lazard US Systematic Small Cap Equity ETF (f)

	$	4,988,251			$	810,215			$	131,644			$	142,367			$	736,138
		29,697				3,206				1,705				5,853				5,557
		5,995				469				—				73				—
		5,023,943				813,890				133,349				148,293				741,695

		903,564				216,997				37,115				192,722				346,843
		15,828				—				—				—				49,711
		11,931				—				—				—				34,926
		17,898				—				—				—				61,063
		7,681				—				—				—				16,655
		3,010				—				—				—				6,742
		1,027				—				—				—				15,035
		2,337				—				—				—				7,952
		4,583				—				—				—				158
		19,994				3,556				385				3,192				1,589
		2,109				—				—				—				6,199
		989,962				220,553				37,500				195,914				546,873
		(35,391	)			(126	)			(65	)			(32,342	)			(125,572	)
		954,571				220,427				37,435				163,572				421,301
		4,069,372				593,463				95,914				(15,279	)			320,394


(a)	On October 24, 2025, Lazard Emerging Markets Core Equity Portfolio (the “Target Portfolio”) was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on October 24, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.
(b)	The Portfolio commenced operations on April 7, 2025.
(c)	See Note 5 for information on affiliated issuers.

(d)	On May 9, 2025, Lazard International Equity Advantage Portfolio (the “Target Portfolio”) was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on May 9, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.
(e)	The Portfolio commenced operations on October 6, 2025.
(f)	On September 12, 2025, Lazard US Systematic Small Cap Equity Portfolio (the “Target Portfolio”) was converted from a mutual fund into an ETF. The amounts disclosed include those of the Target Portfolio until the conversion on September 12, 2025. Refer to Note 12 in the Notes to Financial Statements for additional information on the reorganization.

	Lazard Emerging Markets Opportunities ETF
	Year Ended December 31, 2025 (a)			Year Ended December 31, 2024

Increase (Decrease) in Net Assets From Operations
Net investment income (loss)	$	1,820,021		$	1,475,023
Net realized gain (loss)		17,885,988			4,269,392
Net change in unrealized appreciation (depreciation)		13,761,179			2,332,757
Net increase (decrease) in net assets resulting from operations		33,467,188			8,077,172
Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains
ETF Shares		—			—
Institutional Shares		(1,406,180	)		(1,406,797	)
Open Shares		(25,930	)		(21,851	)
R6 Shares		(19,303	)		(10,331	)
Net decrease in net assets resulting from distributions		(1,451,413	)		(1,438,979	)
Capital stock transactions
Net proceeds from sales
ETF Shares		1,263,836			—
Institutional Shares		27,489,750			15,054,618
Open Shares		1,222,052			1,646,816
R6 Shares		820,509			601,019
Net proceeds from reinvestment of distributions
ETF Shares		—			—
Institutional Shares		1,389,895			1,385,444
Open Shares		25,005			20,415
R6 Shares		19,303			10,331
Cost of shares redeemed
ETF Shares		(2,510,676	)		—
Institutional Shares		(45,695,979	)		(29,125,479	)
Open Shares		(3,855,723	)		(2,052,455	)
R6 Shares		(1,999,469	)		(19,086	)
Net increase (decrease) in net assets from capital stock transactions		(21,831,497	)		(12,478,377	)
Total increase (decrease) in net assets		10,184,278			(5,840,184	)
Net assets at beginning of period		112,234,691			118,074,875
Net assets at end of period	$	122,418,969		$	112,234,691

Lazard Equity Megatrends ETF			Lazard International Dynamic Equity ETF						Lazard Japanese Equity ETF
Period Ended December 31, 2025 (b)			Year Ended December 31, 2025 (c)			Year Ended December 31, 2024			Period Ended December 31, 2025 (b)

$	129,857		$	4,069,372		$	359,162		$	593,463
	1,603,379			5,136,795			1,160,396			640,742
	7,494,343			58,853,483			513,550			10,239,767

	9,227,579			68,059,650			2,033,108			11,473,972

	(120,090	)		(3,542,282	)		—			(1,148,239	)
	—			(539,960	)		(265,333	)		—
	—			—			(1,033,302	)		—
	—			—			—			—
	(120,090	)		(4,082,242	)		(1,298,635	)		(1,148,239	)

	44,352,185			469,613,005			—			58,252,245
	—			35,879,080			2,123,545			—
	—			19,725,672			6,539,952			—
	—			—			—			—

	—			—			—			—
	—			539,942			265,333			—
	—			—			1,033,302			—
	—			—			—			—

	(7,081,717	)		(50,154,259	)		—			(3,279,459	)
	—			(11,802,136	)		(145,668	)		—
	—			(43,515,596	)		(2,677,616	)		—
	—			—			—			—

	37,270,468			420,285,708			7,138,848			54,972,786
	46,377,957			484,263,116			7,873,321			65,298,519
	—			27,294,057			19,420,736			—
$	46,377,957		$	511,557,173		$	27,294,057		$	65,298,519

	Lazard Listed Infrastructure ETF				Lazard Next Gen Technologies ETF
	Period Ended December 31, 2025 (a)				Period Ended December 31, 2025 (b)

Increase (Decrease) in Net Assets From Operations
Net investment income (loss)		$	95,914		$	(15,279	)
Net realized gain (loss)			(17,497	)		1,715,346
Net change in unrealized appreciation (depreciation)			(3,102	)		13,317,927
Net increase (decrease) resulting from operations			75,315			15,017,994
Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains
ETF Shares			(210,555	)		(22,160	)
Institutional Shares			—			—
Open Shares			—			—
R6 Shares			—			—
Net decrease in net assets resulting from distributions			(210,555	)		(22,160	)
Capital stock transactions
Net proceeds from sales
ETF Shares			18,770,358			42,545,737
Institutional Shares			—			—
Open Shares			—			—
R6 Shares			—			—
Net proceeds from reinvestment of distributions
ETF Shares			—			—
Institutional Shares			—			—
Open Shares			—			—
R6 Shares			—			—
Cost of shares redeemed
ETF Shares			—			(8,844,578	)
Institutional Shares			—			—
Open Shares			—			—
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			18,770,358			33,701,159
Total increase (decrease) in net assets			18,635,118			48,696,993
Net assets at beginning of period			—			—
Net assets at end of period		$	18,635,118		$	48,696,993

Lazard US Systematic Small Cap Equity ETF
Year Ended December 31, 2025 (c)			Year Ended December 31, 2024

$	320,394		$	393,203
	4,039,775			3,866,193
	(1,838,083	)		1,235,789
	2,522,086			5,495,185

	—			—
	(3,036,962	)		(1,742,806	)
	—			(4,245	)
	—			(3,730	)

	(3,036,962	)		(1,750,781	)

	18,508,230			18,988,341
	6,365,176			2,500
	7,800			—
	—			—

	—			—
	3,036,962			1,742,806
	—			4,245
	—			3,730

	(16,586,467	)		—
	(14,830,182	)		(4,932,096	)
	(158,776	)		(698	)
	(118,723	)		—

	(3,775,980	)		15,808,828
	(4,290,856	)		19,553,232
	59,583,444			40,030,212
$	55,292,588		$	59,583,444

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/25*			12/31/24*			12/31/23*			12/31/22*			12/31/21*
Net asset value, beginning of period	$	19.67		$	18.58		$	16.80		$	21.89		$	24.84
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.32			0.25			0.32			0.32			0.15
Net realized and unrealized gain (loss)		5.47			1.09			1.74			(5.05	)		(2.93	)
Total from investment operations		5.79			1.34			2.06			(4.73	)		(2.78	)
Less distributions from:
Net investment income		(0.25	)		(0.25	)		(0.28	)		(0.36	)		(0.17	)
Total distributions		(0.25	)		(0.25	)		(0.28	)		(0.36	)		(0.17	)
Net asset value, end of period	$	25.21		$	19.67		$	18.58		$	16.80		$	21.89
Total Return (b)		29.50	%		7.26	%		12.29	%		-21.63	%		-11.21	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	122,419		$	109,428		$	115,633		$	92,730		$	156,284
Ratios to average net assets:
Net expenses		1.04	%		1.10	%		11.50	%		1.22	%		1.16	%
Gross expenses		1.13	%		1.24	%		12.70	%		12.30	%		11.60	%
Net investment income (loss)		1.44	%		1.27	%		1.82	%		1.75	%		0.64	%
Portfolio turnover rate		71	%^		39	%		74	%		28	%		31	%

*	Per share amounts have been adjusted to account for changes in the capital structure resulting from the merger.
^	Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any.

Selected data for a share of capital stock outstanding throughout each period	For the Period 4/7/25* to 12/31/25
Net asset value, beginning of period		$	25.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10
Net realized and unrealized gain (loss)			7.55
Total from investment operations			7.65
Less distributions from:
Net investment income			(0.10	)
Total distributions			(0.10	)
Net asset value, end of period		$	32.55
Total Return (b)			30.64	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	46,378
Ratios to average net assets (c):
Net expenses			0.51	%
Gross expenses			0.61	%
Net investment income (loss)			0.46	%
Portfolio turnover rate^			5	%

*	The Portfolio commenced operations on April 7, 2025.
^	Portfolio turnover rate is not annualized for the periods less than one year and does not include in-kind transactions, if applicable.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. The Investment Manager has voluntarily agreed to waive a portion of its management fee payable by the Portfolio in the amount of 0.10% of average daily net assets, without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

Selected data for a share of capital stock outstanding throughout each period	For the Period 10/6/25* to 12/31/25
Net asset value, beginning of period		$	25.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.15
Net realized and unrealized gain (loss)			0.02	(b)
Total from investment operations			0.17
Less distributions from:
Net investment income			(0.32	)
Total distributions			(0.32	)
Net asset value, end of period		$	24.85
Total Return (c)			0.70	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	18,635
Ratios to average net assets (d):
Net expenses			0.96	%
Gross expenses			0.96	%
Net investment income (loss)			2.48	%
Portfolio turnover rate^			3	%

Selected data for a share of capital stock	Year Ended												For the Period
outstanding throughout	12/31/25†			12/31/24†			12/31/23†			12/31/22†			10/29/21*
each period													to 12/31/21†
Net asset value, beginning of period	$	25.42		$	23.18		$	19.42		$	23.39		$	22.80
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.21			0.11			0.21			0.05
Net realized and unrealized gain (loss)		1.23			2.81			3.74			(4.04	)		0.59
Total from investment operations		1.38			3.02			3.85			(3.83	)		0.64
Less distributions from:
Net investment income		(0.14	)		(0.14	)		(0.09	)		(0.14	)		(0.05	)
Net realized gains		(1.39	)		(0.64	)		—			—			—
Total distributions		(1.53	)		(0.78	)		(0.09	)		(0.14	)		(0.05	)
Net asset value, end of period	$	25.27		$	25.42		$	23.18		$	19.42		$	23.39
Total Return (b)		5.78	%		12.92	%		19.80	%		-16.33	%		-2.83	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	55,293		$	59,298		$	39,779		$	24,786		$	3,983
Ratios to average net assets (c):
Net expenses		0.81	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		1.05	%		1.15	%		1.37	%		2.67	%		5.13	%
Net investment income (loss)		0.62	%		0.83	%		0.53	%		1.00	%		1.39	%
Portfolio turnover rate		156	%^		111	%		110	%		74	%		22	%

†	Per share amounts have been adjusted to account for changes in the capital structure resulting from the merger.
*	The Target Portfolio commenced operations on October 29, 2021.
^	Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any.
(c)	Annualized for a period of less than one year.

Portfolio	Short-Term	Long-Term
Emerging Markets Opportunities	$(17,279,599)	$(36,655,110)
International Dynamic Equity	(1,076,005)	—
Japanese Equity	(266,210)	—
Next Gen Technologies	(222,361)	—

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Listed Infrastructure	$	—	$	127,931
US Systematic Small Cap Equity		605,267		—

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Opportunities	$	87,986,258	$	38,382,612	$	3,878,437	$	34,504,175
Equity Megatrends		38,893,619		8,398,370		908,586		7,489,784
International Dynamic Equity		452,599,695		68,703,926		9,863,134		58,840,792
Japanese Equity		55,656,477		10,808,143		865,233		9,942,910
Listed Infrastructure		18,599,700		325,280		330,884		(5,604	)
Next Gen Technologies		35,391,275		13,755,716		437,827		13,317,889
US Systematic Small Cap Equity		49,704,674		7,489,803		1,839,807		5,649,996

Portfolio	Paid in Capital			Distributable Earnings (Accumulated Loss)
Emerging Markets Opportunities	$	125,323		$	(125,323	)
Equity Megatrends		1,617,605			(1,617,605	)
International Dynamic Equity		7,267,253			(7,267,253	)
Japanese Equity		529,490			(529,490	)
Listed Infrastructure		(2,174	)		2,174
Next Gen Technologies		1,900,268			(1,900,268	)
US Systematic Small Cap Equity		2,912,177			(2,912,177	)

	Ordinary Income				Long-Term Capital Gain
Portfolio	2025		2024		2025		2024
Emerging Markets Opportunities	$	1,451,413	$	1,438,979	$	—	$	—
Equity Megatrends		120,090		—		—		—
International Dynamic Equity		4,082,242		1,057,048		—		241,587
Japanese Equity		1,148,239		—		—		—
Listed Infrastructure		210,555		—		—		—
Next Gen Technologies		22,160		—		—		—
US Systematic Small Cap Equity		577,258		291,941		2,459,704		1,458,840

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)			Undistributed Long-Term Capital Gain (Deferred Capital Losses)			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Emerging Markets Opportunities	$	—		$	(53,934,709	)	$	34,485,776
Equity Megatrends		—			—			7,489,884
International Dynamic Equity		467,996			(1,076,005	)		58,549,067
Japanese Equity		119,689			(266,210	)		9,942,764
Listed Infrastructure		(127,931	)		—			(5,135	)
Next Gen Technologies		—			(222,361	)		13,317,927
US Systematic Small Cap Equity		—			(605,267	)		5,649,996

Portfolio	Annual Rate
Emerging Markets Opportunities (a)		0.74	%
Equity Megatrends		0.60
International Dynamic Equity (b)		0.40
Japanese Equity		0.60
Listed Infrastructure		0.96
Next Gen Technologies		0.60
US Systematic Small Cap Equity (c)		0.60