THE ALGER ETF TRUST

QUARTERLY REPORT

March 31, 2022

THE ALGER ETF TRUST	ALGER 35 ETF
Schedule of Investments March 31, 2022 (Unaudited)

COMMON STOCKS—96.4%	SHARES		VALUE
AEROSPACE & DEFENSE—5.1%
HEICO Corp.		3,621	$	555,968
APPLICATION SOFTWARE—2.1%
Datadog, Inc., Cl. A*		1,527		231,295
BIOTECHNOLOGY—3.4%
AbbVie, Inc.		913		148,006
Natera, Inc.*		5,541		225,408
				373,414
CASINOS & GAMING—2.4%
MGM Resorts International		6,090		255,415
CONSUMER FINANCE—0.9%
Upstart Holdings, Inc.*		909		99,163
DATA PROCESSING & OUTSOURCED SERVICES—3.3%
Block, Inc., Cl. A*		1,947		264,013
Marqeta, Inc., Cl. A*		8,705		96,103
				360,116
FINANCIAL EXCHANGES & DATA—2.9%
S&P Global, Inc.		772		316,659
HEALTHCARE EQUIPMENT—5.3%
Dexcom, Inc.*		446		228,174
Intuitive Surgical, Inc.*		1,159		349,647
				577,821
HEALTHCARE TECHNOLOGY—2.3%
Veeva Systems, Inc., Cl. A*		1,172		249,003
HYPERMARKETS & SUPER CENTERS—2.1%
Costco Wholesale Corp.		386		222,278
INTERACTIVE MEDIA & SERVICES—4.7%
Alphabet, Inc., Cl. C*		183		511,117
INTERNET & DIRECT MARKETING RETAIL—5.2%
Amazon.com, Inc.*		172		560,711
INTERNET SERVICES & INFRASTRUCTURE—3.8%
MongoDB, Inc., Cl. A*		382		169,451
Shopify, Inc., Cl. A*		353		238,614
				408,065
LEISURE FACILITIES—2.0%
Vail Resorts, Inc.		849		220,969
LIFE SCIENCES TOOLS & SERVICES—3.1%
Bio-Techne Corp.		781		338,204
MOVIES & ENTERTAINMENT—4.3%
Live Nation Entertainment, Inc.*		1,813		213,281
Netflix, Inc.*		287		107,507
The Walt Disney Co.*		1,071		146,899
				467,687
OIL & GAS EQUIPMENT & SERVICES—1.5%
ChampionX Corp.*		6,404		156,770
OIL & GAS EXPLORATION & PRODUCTION—4.6%
Diamondback Energy, Inc.		3,631		497,738
PHARMACEUTICALS—2.1%
Catalent, Inc.*		2,035		225,682

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THE ALGER ETF TRUST	ALGER 35 ETF
Schedule of Investments March 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.4% (CONT.)	SHARES			VALUE
REAL ESTATE SERVICES—2.4%
FirstService Corp.		1,789		$	259,190
REGIONAL BANKS—3.4%
Signature Bank		1,251			367,156
SEMICONDUCTOR EQUIPMENT—7.6%
Applied Materials, Inc.		3,882			511,647
SolarEdge Technologies, Inc.*		978			315,278
					826,925
SEMICONDUCTORS—5.9%
Advanced Micro Devices, Inc.*		3,782			413,524
NVIDIA Corp.		821			224,018
					637,542
SYSTEMS SOFTWARE—8.9%
Crowdstrike Holdings, Inc., Cl. A*		1,017			230,941
Microsoft Corp.		2,391			737,169
					968,110
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.1%
Apple, Inc.		4,427			772,999
TOTAL COMMON STOCKS
(Cost $10,444,517)					10,459,997
REAL ESTATE INVESTMENT TRUST—2.2%	SHARES			VALUE
SPECIALIZED—2.2%
Crown Castle International Corp.		1,285			237,211
(Cost $254,728)					237,211
Total Investments
(Cost $10,699,245)		98.6	%	$	10,697,208
Unaffiliated Securities (Cost $10,699,245)					10,697,208
Other Assets in Excess of Liabilities		1.4	%		148,180
NET ASSETS		100.0	%	$	10,845,388

* Non-income producing security.

See Notes to Financial Statements.

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THE ALGER ETF TRUST	ALGER MID CAP 40 ETF
Schedule of Investments March 31, 2022 (Unaudited)

COMMON STOCKS—91.0%	SHARES		VALUE
AEROSPACE & DEFENSE—7.6%
HEICO Corp., Cl. A		10,702	$	1,357,335
Mercury Systems, Inc.*		15,233		981,767
				2,339,102
AIR FREIGHT & LOGISTICS—1.9%
GXO Logistics, Inc.*		8,272		590,124
APPLICATION SOFTWARE—7.1%
Atlassian Corp. PLC, Cl. A*		1,894		556,514
Datadog, Inc., Cl. A*		5,345		809,607
Everbridge, Inc.*		13,020		568,193
nCino, Inc.*		5,901		241,823
				2,176,137
AUTOMOTIVE RETAIL—2.9%
O'Reilly Automotive, Inc.*		1,284		879,489
CASINOS & GAMING—3.9%
MGM Resorts International		28,248		1,184,721
CONSTRUCTION & ENGINEERING—3.2%
Ameresco, Inc., Cl. A*		12,478		992,001
CONSUMER FINANCE—1.5%
Upstart Holdings, Inc.*		4,259		464,614
DATA PROCESSING & OUTSOURCED SERVICES—1.7%
TaskUS, Inc., Cl. A*		13,172		506,595
ELECTRICAL COMPONENTS & EQUIPMENT—3.8%
ChargePoint Holdings, Inc.*		19,210		381,895
Generac Holdings, Inc.*		2,670		793,684
				1,175,579
ENVIRONMENTAL & FACILITIES SERVICES—2.0%
Casella Waste Systems, Inc., Cl. A*		7,141		625,909
FOOD DISTRIBUTORS—2.5%
US Foods Holding Corp.*		20,240		761,631
HOMEFURNISHING RETAIL—0.6%
RH*		521		169,893
HOTELS RESORTS & CRUISE LINES—3.3%
Airbnb, Inc., Cl. A*		4,532		778,416
Vacasa, Inc., Cl. A*		28,079		232,214
				1,010,630
INDUSTRIAL MACHINERY—1.1%
Helios Technologies, Inc.		4,196		336,729
INTERACTIVE MEDIA & SERVICES—2.7%
ZoomInfo Technologies, Inc., Cl. A*		14,097		842,155
INTERNET & DIRECT MARKETING RETAIL—1.2%
Overstock.com, Inc.*		8,608		378,795
INTERNET SERVICES & INFRASTRUCTURE—2.2%
VeriSign, Inc.*		3,102		690,071
LIFE SCIENCES TOOLS & SERVICES—5.4%
Bio-Techne Corp.		2,076		898,991
Quanterix Corp.*		11,859		346,164
SomaLogic, Inc.*		51,492		412,966
				1,658,121

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THE ALGER ETF TRUST	ALGER MID CAP 40 ETF
Schedule of Investments March 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—91.0% (CONT.)	SHARES			VALUE
MOVIES & ENTERTAINMENT—2.5%
Live Nation Entertainment, Inc.*		6,544		$	769,836
OIL & GAS EQUIPMENT & SERVICES—2.7%
Baker Hughes Co., Cl. A		22,788			829,711
OIL & GAS EXPLORATION & PRODUCTION—4.1%
Diamondback Energy, Inc.		9,184			1,258,943
REGIONAL BANKS—3.9%
Signature Bank		4,066			1,193,330
SEMICONDUCTOR EQUIPMENT—4.6%
Azenta, Inc.		9,406			779,569
SolarEdge Technologies, Inc.*		1,964			633,135
					1,412,704
SEMICONDUCTORS—6.2%
Advanced Micro Devices, Inc.*		5,985			654,400
Marvell Technology, Inc.		9,692			695,013
Universal Display Corp.		3,352			559,617
					1,909,030
SPECIALTY STORES—2.6%
Petco Health & Wellness Co., Inc., Cl. A*		40,991			802,194
SYSTEMS SOFTWARE—4.4%
Crowdstrike Holdings, Inc., Cl. A*		3,009			683,284
Palo Alto Networks, Inc.*		1,085			675,423
					1,358,707
TRADING COMPANIES & DISTRIBUTORS—3.5%
Herc Holdings, Inc.		6,413			1,071,548
TRUCKING—1.9%
XPO Logistics, Inc.*		8,048			585,894
TOTAL COMMON STOCKS
(Cost $27,141,221)					27,974,193
Total Investments
(Cost $27,141,221)		91.0	%	$	27,974,193
Unaffiliated Securities (Cost $27,141,221)					27,974,193
Other Assets in Excess of Liabilities		9.0	%		2,758,781
NET ASSETS		100.0	%	$	30,732,974

* Non-income producing security.

See Notes to Financial Statements.

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THE ALGER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:

The Alger ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and organized as a business trust under the laws of the Commonwealth of Massachusetts on March 24, 2020. The Alger 35 ETF and the Alger Mid Cap 40 ETF are each separate non-diversified series of the Trust (each, a “Fund” and together,  the  “Funds”).  The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946-Financial Services – Investment Companies. Each Fund’s investment objective is to seek long-term capital appreciation. Under normal circumstances, each Fund invests primarily in equity securities. Shares of each Fund are listed for trading on the NYSE Arca, Inc.

NOTE 2 — Significant Accounting Policies:

(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Trust’s Board of Trustees (the “Board”). Investments held by the Funds are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of  the close of  the NYSE (normally 4:00 p.m. Eastern Time).

Investments in money market funds and short-term securities held by the Funds with maturities of 60 days or less are valued at their amortized cost which does not take into account unrealized capital gains or losses and approximates market value.

Equity securities are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

Securities for which market quotations are not readily available are valued at fair value pursuant to procedures approved by the Board and described further herein.

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC  820”) defines fair value as the price that the Funds would receive upon selling      an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs  that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

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THE ALGER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The Funds’ valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets     to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

Valuation processes are determined by a Valuation Committee (“Committee”) authorized by the Board and comprised of representatives of the Trust’s investment adviser and officers of the Trust. The Committee reports its fair valuation determinations and related valuation information to the Board. The Board is responsible for approving the valuation policy and procedures.

While the meetings are held on an as-needed basis, the Committee generally meets quarterly to review and evaluate the effectiveness of the procedures for making fair value determinations. The Committee considers, among other things, pricing comparisons between primary and secondary price sources, the outcome of price challenges put to the Funds’ pricing vendor, and variances between transactional prices and the previous day’s price.

In December 2020, the Securities and Exchange Commission adopted Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, which is intended to address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 will permit the Funds’ Board to designate the Funds’ primary investment adviser to perform the Funds’ fair value determinations, which will be subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Compliance with Rule 2a-5 will not be required until September 2022. The Adviser continues to review Rule 2a-5 and its impact on the Adviser’s and the Funds’ valuation policies and related practices.

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(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars and overnight time deposits.

NOTE 3 — Fair Value Measurements:

The major categories of  securities and their respective fair value inputs are detailed in    the Funds’ Schedules of Investments. Based upon the nature, characteristics, and risks associated with their investments as of March 31, 2022, the Funds have determined that presenting them by security type and sector is appropriate.

Alger 35 ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	978,804	$	978,804	$	—	$	—
Consumer Discretionary		1,037,095		1,037,095		—		—
Consumer Staples		222,278		222,278		—		—
Energy		654,508		654,508		—		—
Financials		782,978		782,978		—		—
Healthcare		1,764,124		1,764,124		—		—
Industrials		555,968		555,968		—		—
Information Technology		4,205,052		4,205,052		—		—
Real Estate		259,190		259,190		—		—
TOTAL COMMON STOCKS	$	10,459,997	$	10,459,997	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		237,211		237,211		—		—
TOTAL INVESTMENTS IN SECURITIES	$	10,697,208	$	10,697,208	$	—	$	—

Alger Mid Cap 40 ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		1,611,991		1,611,991		—		—
Consumer Discretionary		4,425,722		4,425,722		—		—
Consumer Staples		761,631		761,631		—		—
Energy		2,088,654		2,088,654		—		—
Financials		1,657,944		1,657,944		—		—
Healthcare		1,658,121		1,658,121		—		—
Industrials		7,716,886		7,716,886		—		—
Information Technology		8,053,244		8,053,244		—		—
TOTAL COMMON STOCKS	$	27,974,193	$	27,974,193	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	27,974,193	$	27,974,193	$	—	$	—

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statements purposes. As of March 31, 2022, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

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THE ALGER ETF TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

		TOTAL FUND		LEVEL 1		LEVEL 2		LEVEL 3
Cash, Foreign cash and Cash equivalents:
Alger 35 ETF	$	144,519	$	—	$	144,519	$	—
Alger Mid Cap 40 ETF		2,571,331		—		2,571,331		—

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