# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001004726-25-000224
**Filing Date:** 2025-9
**Character Count:** 118133
**Document Hash:** 097a313398a5ee1005bdf863b0591644
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-000224.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001004726-25-000224

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 2023 ETF Series Trust
- **CENTRAL INDEX KEY:** 0001969674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 251295520

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

## Series and Classes Contracts Data

### Pacific NoS Global EM Equity Active ETF (Series ID: S000088737)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255106 | Pacific NoS Global EM Equity Active ETF | GEME            |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-23883

The 2023 ETF Series Trust

234 West Florida Street, Suite 203, Milwaukee, WI 53204

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

Registrant's telephone number, including area code: <u>1-262-267-4589</u>

Date of fiscal year end: <u>December 31, 2025</u>

Date of reporting period: <u>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Pacific NoS Global EM Equity Active ETF

#### GEME \| Nasdaq

#### Semi-Annual Shareholder Report — June 30, 2025
![Image](ic134f3358691cfab3b27681f.jpg)

This Semi-annual shareholder report contains important information about the Pacific NoS Global EM Equity Active ETF (the "Fund") for the period of January 23, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.pacificam.co.uk/geme-etf/. You can also request this information by contacting us at 844-745-5220.

# What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| Pacific NoS Global EM Equity Active ETF | $34 | 0.75% |

---

(a) Annualized.

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $45642011 |
| Number of Portfolio Holdings | 50 |
| Investment Advisory Fees | $96953 |
| Portfolio Turnover Rate | 40% |

---

# What did the Fund invest in?
as of (6/30/2025)

# **Sector Allocation** 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Percentage of Total Investments** |
| Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 25.5% |
| Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 22.4% |
| Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.4% |
| Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.3% |
| Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.7% |
| Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.0% |
| Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.9% |
| Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5% |
| Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.3% |

---

# **Ten Largest Holdings** 

---

| | |
|:---|:---|
|  | **Percentage of Total Investments** |
| Taiwan Semiconductor Manufacturing Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 7.5% |
| Alibaba Group Holding, Ltd. - ADR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.4% |
| MediaTek, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0% |
| Samsung Electronics Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.1% |
| JD.com, Inc. - ADR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.3% |
| Eurobank Ergasias Services and Holdings SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1% |
| Emaar Properties PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.9% |
| SK Square Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.9% |
| Full Truck Alliance Co., Ltd. - ADR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8% |
| Samsung Fire & Marine Insurance Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.8% |

---

#### Country Diversification

---

| | |
|:---|:---|
|  | **Percentage of Total Investments** |
| China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 26.0% |
| Korea, Republic of........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 19.1% |
| Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.3% |
| United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.9% |
| Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.4% |
| South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.7% |
| Greece........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4% |
| Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4% |
| Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0% |
| Argentina........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6% |
| Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5% |
| Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.3% |
| Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2% |
| Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2% |

---

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](ic134f3358691cfab3b27681f.jpg)

Pacific NoS Global EM Equity Active ETF

Semi-Annual Shareholder Report — June 30, 2025

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, 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, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) June

30,

2025

The

2023

ETF

Series

Trust

Semi-Annual

Financial

Statements

and

Other

Information

(Unaudited)

Pacific

NoS

Global

EM

Equity

Active

ETF

(GEME)

Pacific

NoS

Global

EM

Equity

Active

ETF

Table

of

Contents

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Approval

of

Advisory

and

Sub-Advisory

Agreements

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

June

30,

2025

(Unaudited)

See

notes

to

financial

statements.

Shares

Value

Common

Stocks

-

96.8%

Argentina

-

1.5%

#### a
YPF

SA

-

ADR

(a) .....................................................................................

22,154

$

696,743

Brazil

-

6.2%

Banco

do

Brasil

SA

...................................................................................

178,760

723,510

Embraer

SA

-

ADR

...................................................................................

2,400

136,584

PRIO

SA

(a) .........................................................................................

109,145

847,907

Telefonica

Brasil

SA

..................................................................................

195,400

1,105,913

2,813,914

Canada

-

1.3%

Pan

American

Silver

Corp.

..............................................................................

21,000

596,400

China

-

25.1%

Alibaba

Group

Holding,

Ltd.

-

ADR

.......................................................................

21,027

2,384,672

Baidu,

Inc.

-

ADR

(a) ...................................................................................

8,323

713,781

China

Construction

Bank

Corp.

-

Class

H

...................................................................

792,000

799,062

Contemporary

Amperex

Technology

Co.,

Ltd.

-

Class

A

.........................................................

16,400

577,267

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

.......................................................................

106,220

1,254,458

Haidilao

International

Holding,

Ltd.

(b) ......................................................................

448,000

850,344

JD.com,

Inc.

-

ADR

...................................................................................

44,019

1,436,780

Kuaishou

Technology

-

Class

W

(a),(b)

.......................................................................

68,600

553,169

PICC

Property

&

Casualty

Co.,

Ltd.

-

Class

H

................................................................

284,000

549,911

Sinotruk

Hong

Kong,

Ltd.

..............................................................................

281,000

819,733

Tongcheng

Travel

Holdings,

Ltd.

.........................................................................

170,400

425,023

Vipshop

Holdings,

Ltd.

-

ADR

...........................................................................

36,123

543,651

Yutong

Bus

Co.,

Ltd.

-

Class

A

...........................................................................

155,800

540,533

11,448,384

Greece

-

4.4%

Eurobank

Ergasias

Services

and

Holdings

SA

................................................................

394,110

1,349,014

National

Bank

of

Greece

SA

............................................................................

48,576

617,535

1,966,549

Indonesia

-

2.0%

Bank

Mandiri

Persero

TBK

PT

..........................................................................

3,009,929

904,740

Korea,

Republic

of

-

18.4%

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.,

Ltd.

.......................................................

2,055

557,298

Hyundai

Glovis

Co.,

Ltd.

...............................................................................

7,129

712,055

Kia

Corp.

..........................................................................................

15,313

1,099,459

KT

Corp.

-

ADR

.....................................................................................

46,793

972,358

Samsung

Electronics

Co.,

Ltd.

...........................................................................

40,739

1,805,122

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

.................................................................

3,794

1,220,062

SK

Square

Co.,

Ltd.

(a) .................................................................................

9,509

1,289,380

Woori

Financial

Group,

Inc.

.............................................................................

46,787

778,281

8,434,015

Malaysia

-

1.1%

Malayan

Banking

BHD

................................................................................

224,900

518,117

Mexico

-

1.4%

Wal-Mart

de

Mexico

SAB

de

CV

.........................................................................

197,300

649,068

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

—

continued

June

30,

2025

(Unaudited)

Shares

Value

Common

Stocks

-

96.8%

(continued)

Poland

-

2.4%

Powszechny

Zaklad

Ubezpieczen

SA

......................................................................

61,966

$

1,080,279

Saudi

Arabia

-

1.2%

Saudi

Awwal

Bank

...................................................................................

61,445

552,112

South

Africa

-

5.5%

Absa

Group,

Ltd.

....................................................................................

107,547

1,065,106

Naspers,

Ltd.

-

Class

N

................................................................................

3,105

963,650

Vodacom

Group,

Ltd.

.................................................................................

62,601

481,540

2,510,296

Taiwan

-

17.8%

ASE

Technology

Holding

Co.,

Ltd.

.......................................................................

175,893

888,135

Lotes

Co.,

Ltd.

......................................................................................

13,397

619,127

MediaTek,

Inc.

......................................................................................

51,748

2,214,330

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

..............................................................

90,781

3,294,121

United

Microelectronics

Corp.

...........................................................................

719,015

1,087,925

8,103,638

United

Arab

Emirates

-

8.5%

ADNOC

Drilling

Co.

PJSC

.............................................................................

551,168

855,373

Adnoc

Gas

PLC

.....................................................................................

748,912

697,355

Dubai

Islamic

Bank

PJSC

..............................................................................

433,074

1,069,464

Emaar

Properties

PJSC

................................................................................

350,358

1,297,322

3,919,514

Total

Common

Stocks

(Cost

$41,193,608)

44,193,769

Total

Investments

-

96.8%

(Cost

$41,193,608)

44,193,769

Other

Assets

in

Excess

of

Liabilities

-

3.2%

1,448,242

Net

Assets

-

100%

$

45,642,011

(a) Non-income

producing

(b) Rule

144A,

Section

4(2),

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

This

security

has

been

deemed

liquid

based

upon

the

Fund's

Liquidity

Guidelines.

The

liquidity

determination

is

unaudited.

As

of

June

30,

2025,

the

aggregate

value

of

these

securities

was

$1,403,513

which

represented

3.1%

of

the

net

assets

of

the

Fund.

ADR

-

American

Depositary

Receipt

PLC

-

Public

Limited

Company

SA

-

Special

Assessment

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

—

continued

June

30,

2025

(Unaudited)

Forward

Currency

Contracts

At

June

30,

2025,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Foreign

Exchange

Appreciation

(Depreciation)

U.S.

Dollar

4,000,000

Taiwanese

Dollar

127,520,000

Citigroup

3/6/26

$

(448,720)

U.S.

Dollar

1,900,000

Taiwanese

Dollar

59,375,000

Citigroup

4/21/26

$

(178,126)

Taiwanese

Dollar

25,560,000

U.S.

Dollar

900,000

Citigroup

5/5/26

$

(4,516)

$

(631,362)

U.S.

Dollar

400,000

Taiwanese

Dollar

10,760,000

Citigroup

5/5/26

$

23,028

Total

Net

Forward

Currency

Contracts

$

(608,334)

Summary

of

Investment

Type

Sector

Percentage

of

Net

Assets

Financials

......................................................................................................

24.6%

Information

Technology

............................................................................................

21.8%

Consumer

Discretionary

............................................................................................

16.8%

Industrials

......................................................................................................

12.8%

Communication

Services

...........................................................................................

8.4%

Energy

........................................................................................................

6.9%

Real

Estate

.....................................................................................................

2.8%

Other\*

.........................................................................................................

2.7%

Other

Assets

in

Excess

of

Liabilities

...................................................................................

3.2%

100.0%

\*

Other

includes

the

remaining

asset

classes

which

are

each

under

2%

of

the

net

assets

of

the

Fund.

Statement

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

ASSETS

Investments,

at

value

(Cost

$41,193,608)

.......................................................................

$

44,193,769

Collateral

for

forward

foreign

currency

exchange

contracts

..........................................................

1,020,000

Cash

.................................................................................................

1,379,035

Foreign

currency,

at

value

(Cost

$13,843)

.......................................................................

13,843

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

................................................

23,028

Receivables:

Investments

sold

.......................................................................................

107,505

Dividends

............................................................................................

126,381

Total

assets

.........................................................................................

46,863,561

LIABILITIES

Accrued

expenses

and

other

liabilities

–

Investment

advisory

fees

.................................................................................

27,391

Payables:

Investments

purchased

..................................................................................

562,797

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

................................................

631,362

Total

liabilities

......................................................................................

1,221,550

NET

ASSETS

..........................................................................................

$

45,642,011

NET

ASSETS

CONSIST

OF

Paid-in

capital

..........................................................................................

$

42,278,818

Total

distributable

earnings

(loss)

............................................................................

3,363,193

NET

ASSETS

..........................................................................................

$

45,642,011

NET

ASSET

VALUE

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

.......................................................

1,650,000

Net

asset

value

per

share:

..................................................................................

$

27.66 Statement

of

Operations

(Unaudited)

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

For

the

period

January

23,

2025

(a) to

June

30,

2025

INVESTMENT

INCOME

Dividends

...........................................................................................

$

919,484

Foreign

taxes

withheld

..................................................................................

(87,752)

Total

investment

income

................................................................................

831,732

EXPENSES

Investment

advisory

fees

.................................................................................

96,953

Total

expenses

.......................................................................................

96,953

Net

investment

income

....................................................................................

734,779

—

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investment

securities

sold

and

foreign

currency

transactions

......................................................

186,681

Swap

agreements

.....................................................................................

7,559

In-kind

redemptions

...................................................................................

41,666

235,906

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

and

foreign

currency

translations

..........................................................

3,000,842

Forward

foreign

currency

exchange

contracts

.................................................................

(608,334)

2,392,508

Net

realized

and

unrealized

gain

(loss)

on

investments

..............................................................

2,628,414

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....................................

$

3,363,193

(a) Commencement

of

operations.

Statement

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

For

the

period

from

January

23,

2025

(a) to

June

30,

2025

(Unaudited)

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

.............................................................................

$

734,779

Net

realized

gain

(loss)

from

investment

securities

sold,

foreign

currency

transactions,

swap

agreements

,

and

in

kind

redemptions

......

235,906

Net

change

in

unrealized

appreciation

(depreciation)

on

investment

securities,

foreign

currency

translations

and

forward

foreign

currency

exchange

contracts

...................................................................................

2,392,508

Net

change

in

net

assets

resulting

from

operations

.................................................................

3,363,193

CAPITAL

TRANSACTIONS

Proceeds

from

shares

issued

................................................................................

43,560,187

Cost

of

shares

redeemed

...................................................................................

(1,281,369)

Change

in

net

assets

resulting

from

capital

transactions

.............................................................

42,278,818

NET

ASSETS

–

Beginning

of

period

......................................................................................

—

End

of

period

...........................................................................................

$

45,642,011

SHARE

TRANSACTIONS

Issued

................................................................................................

1,700,000

Redeemed

.............................................................................................

(50,000)

Change

in

Shares

........................................................................................

1,650,000

(a) Commencement

of

operations.

See

notes

to

financial

statements.

Financial

Highlights

(Unaudited)

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

Net

investment

income

(loss)

(a) Net

gain

(loss)

on

securities

(realized

and

unrealized)

Total

from

investment

operations

Net

asset

value,

end

of

period

Total

return

at

NAV

(b)(c) Gross

expense

ratio

(d) Net

expense

ratio

(d) Net

investment

income

(loss)

ratio

(d) Net

assets,

end

of

period

(000's)

Portfolio

turnover

rate

(c)(e) Pacific

NoS

Global

EM

Equity

Active

ETF

January

23,

2025

(f) to

June

30,

2025

$

24.99 0.64 2.03 2.67 $27.66

10.65%

0.75 %

0.75 %

5.63 %

$

45,642

40%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

shares

method.

(b) Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period,

if

any,

and

redemption

on

the

last

day

of

the

period

at

net

asset

value. This

percentage

is

not

an

indication

of

the

performance

of

a

shareholder's

investment

in

the

Fund

based

on

market

value

due

to

differences

between

the

market

price

of

the

shares

and

the

net

asset

value

per

share

of

the

Fund.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Annualized

for

periods

less

than

one

year.

(e) Excludes

impact

of

in-kind

transactions.

(f) Commencement

of

operations.

Notes

to

Financial

Statements

June

30,

2025

(Unaudited)

(1) Organization

The

2023

ETF

Series

Trust

(the

"Trust")

is

an

open-end

management

investment

company

consisting

of

multiple

investment

series.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

was

established

by

a

Declaration

of

Trust

dated

January

23,

2023. The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act")

as

an

open-end

management

investment

company

and

thus

is

determined

to

be

an

investment

company

for

accounting

purposes.

The

Trust

is

comprised

of

several

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares

of

beneficial

interest

("Shares")

in

one

or

more

series

representing

interests

in

separate

portfolios

of

securities.

The

accompanying

financial

statements

are

those

of Pacific

NoS

Global

EM

Equity

Active

ETF (the

"Fund").

The

Fund

is

a

non-diversified

actively-managed

exchange-traded

fund.

The

Fund's

prospectus

provides

a

description

of

the

Fund's

investment

objectives,

policies,

and

strategies.

The

assets

of

the

Fund

are

segregated

and

a

shareholder's

interest

is

limited

to

the

Fund

in

which

shares

are

held. The

Fund commenced

operations

on

January

23,

2025. Under

the

Trust's

organizational

documents,

its

officers

and

Board

of

Trustees

(the

"Board")

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Trust

may

enter

into

contracts

with

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

that

risk

of

loss

to

be

remote.

(2) Significant

Accounting

Policies

Shares

of

the

Fund

are

listed

and

traded

on the

Nasdaq

Stock

Market,

LLC

("Nasdaq").

Market

prices

for

the

Shares

may

be

different

from

their

net

asset

value

("NAV").

The

Fund

issues

and

redeems

Shares

on

a

continuous

basis

at

NAV

only

in

large

blocks

of

Shares

called

"Creation

Units".

Creation

Units

are

issued

and

redeemed

principally

in-kind

for

securities

included

in

a

specified

universe.

Once

created,

Shares

generally

trade

in

the

secondary

market

at

market

prices

that

change

throughout

the

day

in

amounts

less

than

a

Creation

Unit.

Shares

of

the

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

("Authorized

Participants").

An

Authorized

Participant

is

either

(i) a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation

or

(ii) a

DTC

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

Paralel

Distributors

LLC

(the

"Distributor").

Most

retail

investors

do

not

qualify

as

Authorized

Participants

nor

have

the

resources

to

buy

and

sell

whole

Creation

Units.

Therefore,

they

are

unable

to

purchase

or

redeem

the

shares

directly

from

the

Fund.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

These

policies

are

in

conformity

with

generally

accepted accounting

principles

in

the

United

States

of

America

("GAAP").

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

A. Investment

Valuations

The

Fund

holds

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

expected

to

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

below.

Security

values

are

ordinarily

obtained

through

the

use

of

independent

pricing

services

in

accordance with

Rule

2a-5

under

the

1940

Act

pursuant

to

procedures

adopted

by

the

Board.

Pursuant

to

these

procedures,

the

Fund

may

use

a

pricing

service,

bank,

or

broker-dealer

experienced

in

such

matters

to

value

the

Fund's

securities.

If

market

quotations

are

not

readily

available,

securities

will

be valued

at

their

fair

market

as

determined

using

the

fair

value

procedures

approved

by

the

Board.

The

Board

has

delegated

the

execution

of

these

procedures

to

the

Advisor

as

fair

value

designee.

The

fair

valuation

process

is

designed

to

value

the

subject

security

at

the

price

the

Fund

would

reasonably

expect

to

receive

upon

its

current

sale.

Additional

consideration

is

given

to

securities

that

have

experienced

a

decrease

in

the

volume

or

level

of

activity

or

to

circumstances

that

indicate

that

a

transaction

is

not

orderly.

The Trust

uses

a

three-tier

fair

value

hierarchy

that

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

• Level

—

Quoted

prices

in

active

markets

for

identical

assets

that

the

Fund

has

the

ability

to

access.

• Level

2 —

Other

observable

pricing

inputs

at

the

measurement

date

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

• Level

3 —

Significant

unobservable

pricing

inputs

at

the

measurement

date

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Common

stocks

and

exchange-traded

funds

("ETFs")

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's

last

traded

price

or

official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

The

Fund

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

price.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

The

prices

of

securities

traded

in

foreign

currencies

will

be

expressed

in

U.S.

dollars

by

using

the

mid-rate

prices

for

the

U.S.

dollar

as

quoted

by

generally

recognized

reliable

sources

at

p.m.

London

time.

The

Fund

owns

securities

that

are

primarily

listed

on

foreign

exchanges

which

may

trade

on

days

when

the

Fund

does

not

price

its

shares;

therefore

the

value

of

securities

held

by

the

Fund

may

change

on

days

when

the

shareholders

will

not

be

able

to

purchase

or

redeem

shares.

Derivative

Instruments:

Forward

currency

contracts

are

valued

using

the

sum

of

the

spot

rate,

the

available

forward

point

quotation

nearest

and

prior

to

settlement

date,

and

the

linear

interpolation

of

the

available

forward

point

quotations

nearest

to,

before

and

after

the

settlement

date.

Futures

contracts

are

valued

using

the

settlement

price

established

each

day

on

the

exchange

on

which

they

are

traded.

The

value

of

such

futures

contracts

held

by

the

Fund

is

determined

each

day

as

of

such

exchanges

close.

The

Fund

did

not

hold

any

Level

investments

as

of

June

30,

2025. The

following

table

summarizes

the

Fund's

investments,

based

on

their

valuation

inputs,

as

of

June

30,

2025, while

the

breakdown,

by

category,

of

investments

is

disclosed

in

the

Portfolio

of

Investments

for

the

Fund:

B. Security

Transactions

and

Related

Income

Investment

transactions

are

accounted

for

no

later

than

the

first

calculation

of

the

NAV

on

the

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

security

transactions

are

accounted

for

on

the

trade

date

on

the

last

business

day

of

the

reporting

period.

Securities'

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

and

expenses

are

accrued

daily.

Dividends

and

dividend

expense,

less

foreign

tax

withholding,

if

any,

are

recorded

on

the

ex-dividend

date.

Investment

income

from

non-U.S.

sources

received

by the

Fund

is

generally

subject

to

non-U.S.

withholding

taxes

at

rates

ranging

up

to

30%.

Such

withholding

taxes

may

Pacific

NoS

Global

EM

Equity

Active

ETF

Level

Level

Level

Total

Assets

Common

Stocks

(a) $44,193,769

$—

$—

$44,193,769

Total

Investments

$44,193,769

$—

$—

$44,193,769

Financial

Instruments

Liabilities

Forward

Foreign

Currency

Contracts

(b) —

(608,334)

—

(608,334)

Total

Other

Financial

Instruments

$—

$(608,334)

$—

$(608,334)

(a) Please

see

the

Portfolio

of

Investments

for

industry

classifications.

(b) Valued

at

the

unrealized

appreciation

(depreciation)

of

the

investment.

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties.

The

Fund

may

be

subject

to

foreign

taxes

on

gains

in

investments

or

currency

repatriation.

The

Fund

accrues

such

taxes,

as

applicable,

based

on its

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which it

invests.

The

Fund

may

own

shares

of

ETFs

that

may

invest

in

real

estate

investments

trusts

("REITs")

and

master

limited

partnerships

("MLPs")

which

report

information

on

the

source

of

their

distributions

annually.

Distributions

received

from

investments

are

recorded

as

realized

gain

and/or

as

a

reduction

to

the

cost

of

the

ETF.

C. Dividends

and

Distributions

to

Shareholders

Distributions

are

recorded

on

the

ex-dividend

date.

The

Fund

intends

to

distribute

to

its

shareholders

net

investment

income

and

net

realized

capital

gains,

if

any,

at

least

annually.

The

amount

of

dividends

from

net

investment

income

and

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from GAAP.

These

"book/tax"

differences

are

considered

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

distributions

and

income

received

from

pass-through

investments),

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

Fund

may

utilize

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

D. Foreign

Currency

Translations

The

accounting

records

of the

Fund

are

maintained

in

U.S.

dollars.

Financial

instruments

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency,

if

any,

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

financial

instruments,

income

receipts

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rate

on

the

date

of

the

transaction. The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

values

to

financial

instruments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

or

losses

from

investments.

Realized

foreign

exchange

gains

or

losses

arise

from

transactions

in

financial

instruments

and

foreign

currencies,

currency

exchange

fluctuations

between

the

trade

and

settlement

date

of

such

transactions,

and

the

difference

between

the

amount

of

assets

and

liabilities

recorded

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

financial

instruments,

resulting

from

changes

in

currency

exchange

rates. The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

(a

portion

of

which

may

be

reclaimable).

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which the

Fund

invests.

E. Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund's

Schedule

of

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposure

related

to

each

instrument

type.

The

Fund's

derivative

contracts

are

not

accounted

for

as

hedging

instruments

under

GAAP.

1. Forward

Currency

Contracts

The

Fund

may

enter

into

foreign

currency

exchange

transactions,

including

foreign

currency

forward

contracts,

in

connection

with

the

settlement

of

foreign

securities

or

to

transfer

cash

balances

from

one

currency

to

another

currency.

The

decision

to

hedge

a

Fund's

currency

exposure

with

respect

to

a

foreign

market

will

be

based

primarily

on

the

Fund's

existing

exposure

to

a

given

foreign

currency.

Each

contract

is

valued

daily

and

the

change

in

value

is

recorded

by

a

Fund

as

an

unrealized

gain

or

loss,

which

is

presented

in

the

Fund's

Statements

of

Operations

as

the

"Net

change

in

unrealized

appreciation

(depreciation)

on:

Foreign

forward

currency

exchange

contracts".

When

the

contract

is

closed

or

offset

with

the

same

counterparty,

a

Fund

records

a

realized

gain

or

loss

equal

to

the

change

in

the

value

of

the

contract

when

it

was

opened

and

the

value

at

the

time

it

was

closed

or

offset.

This

is

presented

in

the

Statements

of

Operations

as

a

"Net

realized

gain

(loss)

from:

Forward

foreign

currency

exchange

contracts".

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

contracts

and

from

unanticipated

movements

in

the

value

of

foreign

currency

relative

to

the

U.S.

dollar.

2. Swap

Agreements

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

The

Fund

may

enter

into

swap

agreements

("swaps")

for

purposes

of

attempting

to

gain

exposure

to

the

securities

making

up

an

index

without

actually

purchasing

those

instruments,

to

hedge

a

position

or

to

gain

exposure

to

a

particular

instrument

or

currency.

A

swap

is

a

two-party

contract

entered

into

for

periods

ranging

from

one

day

to

more

than

one

year.

In

a

standard

swap

transaction,

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

predetermined

investments

or

instruments.

The

gross

returns

to

be

exchanged

or

"swapped"

between

the

parties

are

calculated

with

respect

to

a

"notional

amount,"

i.e.,

the

return

on

or

increase

in

value

of

a

particular

dollar

amount

invested

in

a

"basket"

of

securities

representing

a

particular

index.

Swaps

are

marked

to

market

daily

based

upon

valuations

as

determined

from

the

underlying

contract

or

in

accordance

with

the

requirements

of

the

clearing

organization.

Changes

in

market

value,

if

any,

are

reflected

as

a

component

of

net

change

in

appreciation

or

depreciation

on

swap

agreements

on

the

Statement

of

Operations

and

daily

changes

in

valuation

of

centrally

cleared

swaps,

if

any,

are

recorded

as

variation

margin

on

swap

agreements

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

may

enter

into

total

return

swaps

to

gain

or

mitigate

exposure

to

the

underlying

securities

or

indices.

In

"long"

total

return

swaps,

the

counterparty

will

generally

agree

to

pay

the

Fund

the

amount,

if

any,

by

which

the

notional

amount

of

the

swaps

would

have

increased

in

value

had

it

been

invested

in

the

particular

instruments,

plus

an

amount

equal

to

any

dividends

or

interest

that

would

have

been

received

on

those

instruments.

The

Fund

will

agree

to

pay

to

the

counterparty

an

amount

equal

to

a

fixed

or

floating

rate

of

interest

on

the

notional

amount

of

the

swaps

plus

the

amount,

if

any,

by

which

the

notional

amount

would

have

decreased

in

value

had

it

been

invested

in

such

instruments

plus,

in

certain

instances,

commissions

or

trading

spreads

on

the

notional

amount.

Total

return

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

instruments.

The

net

amount

of

the

excess,

if

any,

of

the

Fund's

obligations

over

its

entitlements

with

respect

to

each

swap

is

accrued

on

a

daily

basis

and

an

amount

of

cash

or

liquid

assets,

having

an

aggregate

value

at

least

equal

to

such

accrued

excess,

is

maintained

at

the

broker-dealer

or

the

Fund's

custodian.

Until

a

total

return

swap

is

settled

in

cash,

the

gain

or

loss

on

the

notional

amount

is

recorded

as

"net

change

in

unrealized

appreciation

(depreciation)

on

swap

agreements"

and,

when

cash

is

exchanged,

the

gain

or

loss

realized

is

recorded

as

"net

realized

gain

(loss)

from

swap

agreements

The

average

volume

(based

on

the

open

positions

at

each

fiscal

month-end)

of

derivative

activity

for

the

period

ended

June

30,

2025

was

as

follows:

(a) Average

amount

of

Currency

Purchased/Sold

in

USD.

The

following

is

a

summary

of

the

fair

value

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025:

(a) Presented

on

Statement

of

Assets

and

Liabilities

as

Unrealized

Appreciation

on:

Forward

Foreign

Currency

Exchange

Contracts.

(b) Presented

on

Statement

of

Assets

and

Liabilities

as

Unrealized

Depreciation

on:

Forward

Foreign

Currency

Exchange

Contracts.

The

following

is

a

summary

of

the

realized

and

change

in

unrealized

gains

and

losses

from

the

Fund's

derivative

instrument

holdings

categorized

by

primary

risk

exposure

for

the period ended

June

30,

2025. Total

Return

Swaps

Forward

Currency

Contracts

(a) Pacific

NoS

Global

EM

Equity

Active

ETF

$255

$2,025,000

Assets

Liabilities

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

(a)

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

(b)

Currency

Rate

Risk

Exposure:

Pacific

NoS

Global

EM

Equity

Active

ETF

$23,028

$631,362

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

(a)

Presented

on

the

Statement

of

Operations

as

Net

Realized

Gain

(Loss)

from:

Swap

Agreements.

(b) Presented

on

the

Statement

of

Operations

as

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives:

Forward

Foreign

Currency

Exchange

Contracts.

Offsetting

of

Derivative

Assets

and

Derivative

Liabilities:

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

mitigate

counterparty

risk,

the

Fund

has

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

a

similar

agreement

with

certain

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

over-the-counter

("OTC")

derivatives

and

forward

currency

contracts

and

typically

contains,

among

other

things,

provisions

in

the

event

of

a

default

and/or

termination

event

and

may

also

include

collateral

posting

items.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments'

payables

and/or

receivables

with

collateral

held

and/or

posted,

if

any,

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out),

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

financial

reporting

purposes,

a

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statements

of

Assets

and

Liabilities.

As

of

June

30,

2025,

the

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

as

of

June

30,

2025

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Realized

Gain

(Loss)

from:

Swap

Agreements

(a) Equity

Risk

Exposure:

Pacific

NoS

Global

EM

Equity

Active

ETF

$7,559

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Forward

Currency

Contracts

(b) Currency

Risk

Exposure:

Pacific

NoS

Global

EM

Equity

Active

ETF

$(608,334)

Pacific

NoS

Global

EM

Equity

Active

ETF

Assets

Liabilities

Derivative

Financial

Instruments

:

Forward

currency

contracts

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$23,028

$631,362

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

.

.

.

.

.

.

.

$23,028

$631,362

Derivative

asset

s

and

liabilities

not

subject

to

a

master

netting

agree

ment

or

similar

agreement

("

MNA

")

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$—

$—

Total

assets

and

liabilities

subject

to

an

MNA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$23,028

$631,362

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

(a) The

actual

collateral

received

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statements

of

Assets

and

Liabilities.

(b) The

actual

collateral

pledged

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statements

of

Assets

and

Liabilities.

F. Federal

Income

Tax

It

is

the

policy

of the

Fund

to

qualify

and

continue

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986

(the

"Code")

and

to

distribute

substantially

all

of

its

net

investment

income

and

capital

gains,

if

any,

to

its

shareholders.

Therefore,

no

federal

income

tax

provision

is

required

as

long

as the

Fund

qualifies

as

a

regulated

investment

company.

Management

of the

Fund

has

evaluated

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing the

Fund's

tax

returns

to

determine

whether

it

is

more-likely-than-not

(i.e.,

greater

than

50%)

that the

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

A

tax

position

that

meets

the

more-likely-than-not

recognition

threshold

is

measured

to

determine

the

amount

of

benefit

to

recognize

in

the

financial

statements.

Differences

between

tax

positions

taken

in

a

tax

return

and

amounts

recognized

in

the

financial

statements

will

generally

result

in

an

increase

in

a

liability

for

taxes

payable

(or

a

reduction

of

a

tax

refund

receivable),

including

the

recognition

of

any

related

interest

and

penalties

as

an

operating

expense.

In

general,

tax

positions

taken

in

previous

tax

years

remain

subject

to

examination

by

tax

authorities

(generally

three

years

for

federal

income

tax

purposes).

The

determination

has

been

made

that

there

are

not

any

uncertain

tax

positions

that

would

require the

Fund

to

record

a

tax

liability

and,

therefore,

there

is

no

impact

to

the

Fund's

financial

statements. The

Fund's

policy

is

to

classify

interest

and

penalties

associated

with

underpayment

of

federal

and

state

income

taxes,

if

any,

as

income

tax

expense

on

its

Statement

of

Operations.

As

of

June

30,

2025, the

Fund

did

not

have

any

interest

or

penalties

associated

with

the

underpayment

of

any

income

taxes.

(3) Investment

Advisory

and

Other

Contractual

Services

A. Investment

Advisory

Fees

Pacific

Capital

Partners

Limited

(the

"Advisor")

serves

as

the

investment

advisor

to

the

Fund

pursuant

to

an

investment

advisory

agreement.

Subject

at

all

times

to

the oversight

and

approval

of

the

Board,

the

Advisor

is

responsible

for

the

overall

management

of

the

Fund.

The

Fund

pays

the

Advisor

a

management

fee

of

0.75%

of

its

average

daily

net

assets,

calculated

daily

and

paid

monthly.

North

of

South

Capital

LLP

serves

as

the

sub-advisor

(the

"Sub-Advisor")

to

the

Fund.

In

addition,

Foreside

Fund

Services,

LLC

(the

"Distributor")

serves

as

the

Fund's

distributor,

and

Citibank,

N.A.

(the

"Transfer

Agent")

serves

as

the

Fund's

transfer

agent

and

custodian

and

also

provides

administrative

services

to

the

Fund.

The

Adviser

has

agreed

to

pay

all

expenses

incurred

by

the

Fund

except

for

the

advisory

fee

and

any

value-added-tax

or

other

sales

tax

calculated

on

such

fee;

interest

charges

on

any

borrowings,

taxes,

brokerage

commissions,

and

other

expenses

incurred

in

placing

orders

for

the

purchase

and

sale

of

securities

and

other

investment

instruments;

fees

and

expense

related

to

the

provision

of

securities

lending

services;

acquired

fund

fees

and

expenses;

accrued

deferred

tax

liability;

legal

fees

or

expenses

in

connection

with

any

arbitration,

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Noncash

Collateral

Received

(a) Cash

Collateral

Received

(a) Net

Amount

of

Derivative

Assets

Citibank

.......................................

$23,028

$(23,028)

$—

$—

$—

$23,028

$(23,028)

$—

$—

$—

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Noncash

Collateral

Pledged

(b) Cash

Collateral

Pledged

(b) Net

Amount

of

Derivative

Liabilities

Citibank

.......................................

$631,362

$(23,028)

$—

$608,334

$—

$631,362

$(23,028)

$—

$608,334

$—

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

litigation

or

pending

or

threatened

arbitration

or

litigation,

including

any

settlements

in

connection

therewith;

extraordinary

expenses

(as

determined

by

the

Board);

and

distribution

fees

and

expenses

paid

by

the

Trust

under

any

distribution

plan

adopted

pursuant

to

Rule

12b-1

under

the

1940

Act.

B. Administration,

Custodian, Transfer

Agent

and

Accounting

Services

Citi

Fund

Services

Ohio,

Inc.

("Citi")

serves

as

administrator

and

dividend

disbursing

agent

for

the

Fund

pursuant

to

a

Services

Agreement.

Citibank,

N.A.

serves

as

the

custodian

and

transfer

agent

of

the

Fund

pursuant

to

a

Global

Custodial

and

Agency

Services

Agreement.

North

of

South

Capital,

LLP

serves

as

the

sub-advisor

(the

"Sub-Advisor")

to

the

Fund

and

receives

50%

of

the

Advisory

Fee.

C. Distribution

Foreside

Fund

Services,

LLC

is

the

principal

underwriter

and

distributor

for

the

Fund's

Shares.

The

Distributor

is

compensated

by

the

Advisor

in

accordance

with

an

ETF Distribution

Agreement

between

the

Advisor

and

the

Distributor.

(4) Investment

Transactions

Purchases

and

sales

of

investments,

excluding

in-kind

transactions

and

short-term

investments,

for

the period

ended

June

30,

2025 were

as

follows:

Purchases

and

sales

of

in-kind

transactions

for

the period

ended

June

30,

2025

were

as

follows:

There

were

no

purchases

or

sales

of

U.S.

government

securities

during

the period

ended

June

30,

2025. (5) Capital

Share

Transactions

Shares

are

issued

and

redeemed

by

the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Transactions

in

shares

for

the

Fund

are

disclosed

in

detail

on

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of

a

Fund

generally

consists

of

the

in-kind

deposit

of

a

designated

basket

of

securities,

which

constitutes

an

optimized

representation

of

the

securities

of

that

Fund's

specified

universe,

and

an

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

be

charged

a

transaction

fee

to

cover

the

transfer

and

other

transactional

costs

the

Fund

incurs

to

issue

or

redeem

Creation

Units.

The

transaction

fees

for

the

Fund,

regardless

of

the

number

of

Creation

Units

issued

or

redeemed,

are

listed

below:

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind transactions

are

reflected

as

a

receivable

or

a

payable

on

the

Statement

of

Assets

and

Liabilities.

As

of

June

30,

2025,

there

were

no unsettled

in-kind

capital

transactions.

Purchases

Sales

Pacific

NoS

Global

EM

Equity

Active

ETF

$

34,988,193

$

9,273,340

Purchases

Sales

Pacific

NoS

Global

EM

Equity

Active

ETF

$

15,639,604

$

491,054

Fee

for

In-Kind

and

Cash

Purchases

and

Sales

Pacific

NoS

Global

EM

Equity

Active

ETF

$500

Notes

to

Financial

Statements

(continued)

June

30,

2025

(Unaudited)

(6) Segment

Reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07").

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

ASU

2023-07

is,

through

improved

segment

disclosures,

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows.

The

President

and

Chief

Executive

Officer

acts

as

the

Fund's

chief

operating

decision

maker

(CODM)

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund's

Schedule

of

Investments,

Statement

of

Changes

in

Net

Assets

and

Financial

Highlights.

(7) Risk

Factors

With

all

ETFs,

shareholders

of

the

Fund

are

subject

to

the

risk

that

their

investment

could

lose

money.

The

Fund

is

subject

to

the

principal

risks,

any

of

which

may

adversely

affect

the

Fund's

NAV,

trading

price,

yield,

total

return

and

ability

to

meet

its

investment

objectives.

A

description

of

principal

risks

is

included

in

the

fund's

prospectus

under

the

heading

"Principal

Risks

of

Investing

in

the

Fund".

(8) Subsequent

Events

Management

of

the

Fund

has

evaluated

the

need

for

disclosures

and/or

adjustments

resulting

from

subsequent

events

through

the

date

these

financial

statements

were

issued.

Based

upon

this

evaluation,

no

additional

disclosures

or

adjustments

were

required

to

the

financial

statements

as

of June

30,

2025. Pacific

NoS

Global

EM

Equity

Active

ETF

Approval

of

Advisory

and

Sub-Advisory

Agreements

See

notes

to

financial

statements.

At

a

meeting

held

on

August

19-20,

2024

(the

"Meeting"),

the

Board

of

Trustees

(the

"Board")

of

The

2023

ETF

Series

Trust

("Trust")

considered

and

approved,

for

an

initial

two

year

term,

the

following

agreements

(the

"Agreements")

with

respect

to

the

Pacific

NoS

Global

EM

Equity

Active

ETF

(the

"Fund"),

a

new

series

of

the

Trust:

the

Investment

Advisory

Agreement

between

the

Trust

and

Pacific

Capital

Partners

Limited

("Pacific"),

pursuant

to

which

Pacific

will

provide

advisory

services

to

the

Fund;

and

the

Investment

Sub-Advisory

Agreement

between

Pacific

and

North

of

South

Capital

LLP

("NoS")

pursuant

to

which

NoS

will

provide

sub-advisory

services

to

the

Fund.

The

Board,

which

is

comprised

solely

of

Trustees

who

are

not

"interested

persons"

of

the

Trust

within

the

meaning

of

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

were

advised

by

legal

counsel

throughout

the

process.

To

evaluate

the

Agreements,

the

Board

requested,

and

Pacific

and

NoS,

the

Fund's

investment

adviser

and

sub-adviser,

respectively,

provided

such

materials

as

the

Board,

with

the

advice

of

counsel,

deemed

reasonably

necessary.

The

Board

also

met

with

representatives

of

Pacific

and

NoS

at

the

Meeting,

during

which

the

Independent

Trustees

and

the

Pacific

and

NoS

representatives

discussed

the

materials

that

had

been

provided

as

well

as

other

related

matters

concerning

the

Fund.

In

determining

whether

to

approve

the

Agreements,

the

Board

considered

various

factors,

including

(i) the

nature,

extent

and

quality

of

services

to

be

provided

by

Pacific

and

NoS

to

the

Fund;

(ii) the

investment

objective

and

strategy

for

the

Fund

and,

because

the

Fund

is

new

and

therefore

has

no

performance

record,

how

the

Fund's

strategy

might

be

expected

to

perform

in

the

future;

(iii) the

profits

anticipated

to

be

realized

by

Pacific

and

NoS

from

providing

advisory

and

sub-advisory

services

to

the

Fund;

(iv) fees

charged

to

comparable

funds;

(v) the

extent

to

which

economies

of

scale

would

be

shared

as

the

Fund

grows;

and

(vi) other

factors

the

Board

deemed

to

be

relevant.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

nature,

extent

and

quality

of

services

to

be

provided

by

Pacific

and

NoS,

which

the

Board

noted

are

affiliates

through

Pacific's

ownership

interest

in

NoS.

The

Board

reviewed

the

Agreements

and

both

Pacific's

and

NoS's

anticipated

responsibilities

with

respect

to

providing

investment

advisory

and

sub-advisory

services

to

the

Fund.

The

Board

noted

that

(i) Pacific's

responsibilities

include

providing

a

continuous

investment

program

for

the

Fund,

overseeing

the

activities

of

NoS,

including

regular

review

of

NoS's

performance,

overseeing

general

portfolio

compliance

with

relevant

law,

monitoring

compliance

with

various

policies

and

procedures

and

applicable

securities

regulations,

periodic

reporting

to

the

Board,

and

implementing

Board

directives

as

they

relate

to

the

Fund;

and

(ii) NoS's

responsibilities

include

portfolio

management,

including

evaluating

and

selecting

investments

for

the

Fund,

trading

portfolio

securities

and

other

investment

instruments

on

behalf

of

the

Fund,

and

selecting

broker-dealers

to

execute

purchase

and

sale

transactions,

subject

to

the

supervision

of

Pacific

and

oversight

of

the

Board.

The

Board

considered

the

background,

sophistication

and

experience

of

Pacific's

and

NoS's

senior

management,

including

those

individuals

responsible

for

portfolio

management

and

regulatory

compliance

of

the

Fund.

The

Board

also

considered

Pacific's

and

NoS's

extensive

administrative

and

compliance

infrastructures.

The

Board

appreciated

the

fact

that

both

Pacific

and

NoS

have

deep

experience

and

expertise

serving

as

the

investment

adviser

or

sub-adviser

to

other

pooled

investment

vehicles.

The

Board

considered

Pacific's

and

NoS's

portfolio

management

resources,

structures

and

practices,

including

those

associated

with

monitoring

and

seeking

to

ensure

the

Fund's

compliance

with

its

investment

objective

and

policies

and

with

applicable

laws

and

regulations.

The

Board

also

considered

information

about

Pacific's

and

NoS's

overall

investment

management

businesses,

including

the

financial

resources

available

to

them

needed

to

deliver

high

quality

advisory

and

sub-advisory

services

to

the

Fund.

Investment

Performance

Because

the

Fund

is

new

and

had

not

yet

commenced

operations,

the

Board

noted

that

there

was

no

historical

performance

record

to

consider.

The

Board

discussed

with

representatives

of

Pacific

and

NoS

the

proposed

portfolio

management

team

and

the

investment

strategy

to

be

employed

in

the

management

of

the

Fund's

assets.

The

Board

considered

Pacific's

and

NoS's

reputations

and

experience,

including

their

experience

managing

other

accounts.

Fees

Charged

to

Comparable

Funds

The

Board

reviewed

the

advisory

fee

to

be

paid

by

the

Fund

to

Pacific

and

the

sub-advisory

fee

to

be

paid

by

Pacific

to

NoS

for

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

Approval

of

Advisory

and

Sub-Advisory

Agreements

—

continued

their

respective

services

to

be

provided

to

the

Fund

under

the

Agreements.

The

Board

reviewed

a

report

prepared

by

Broadridge,

an

independent

third-party,

comparing

the

Fund's

advisory

fee

to

those

paid

by

a

group

of

peer

funds.

The

Board

took

into

consideration

that

the

advisory

fee

for

the

Fund

is

a

"unitary

fee,"

meaning

that

the

Fund

pays

no

expenses

other

than

the

advisory

fee

and

certain

expenses

customarily

excluded

from

unitary

fee

arrangements,

such

as

brokerage

commissions,

taxes,

and

interest.

The

Board

noted

that,

under

the

Agreements,

Pacific

is

responsible

for

compensating

the

Fund's

other

service

providers,

including

NoS,

and

paying

the

Fund's

other

expenses

out

of

its

own

fee

and

resources.

Profitability

and

Economies

of

Scale

The

Board

considered

information

concerning

the

anticipated

profitability

of

Pacific

and

NoS

from

managing

the

Fund.

The

Board

appreciated

that,

because

the

Fund

is

new,

information

concerning

Pacific's

and

NoS's

profitability

with

respect

to

the

Fund

was

based

on

estimates

and

therefore,

to

a

large

degree,

speculative.

The

Board

noted

that

it

will

have

opportunities

in

the

future

to

consider

and

evaluate

each

of

Pacific's

and

NoS's

profitability

from

managing

the

Fund

after

the

Fund

commences

operations

and

Pacific

and

Nos

begin

receiving

their

respective

fees.

The

Board

also

considered

whether

economies

of

scale

or

other

efficiencies

might

result

as

the

Fund's

assets

grow.

As

the

Fund

had

not

yet

commenced

operations,

the

Board

observed

that

it

is

difficult

to

draw

any

meaningful

conclusions.

However,

the

Board

noted

the

commitment

being

made

by

Pacific

by

structuring

its

advisory

fee

as

a

unitary

fee,

which

effectively

acts

as

a

cap

on

the

Fund's

total

expense

ratio.

The

Board

noted

that

it

intends

to

monitor

for

the

existence

of

economies

of

scale

with

respect

to

the

management

of

the

Fund.

Other

Benefits

The

Board

considered

other

benefits

that

might

be

derived

by

Pacific

and

NoS

from

their

relationship

with

the

Fund.

The

Board

noted

that

NoS

has

the

ability

to

realize

soft

dollar

benefits

from

its

relationship

with

the

Fund.

The

Board

also

considered

the

potential

benefits

flowing

to

Pacific

and

NoS

from

sponsoring

for

the

first

time

an

exchange-traded

fund.

Conclusion

After

reviewing

these

and

other

factors,

the

Board

concluded,

in

the

context

of

its

overall

review

of

the

Agreements,

that

the

nature,

extent

and

quality

of

services

to

be

provided

supported

its

approval

of

the

Agreements

and

that

the

fee

to

be

charged

thereunder

was

reasonable.

In

the

Independent

Trustees'

deliberations,

each

Trustee

gave

specific

factors

the

weight

that

Trustee

thought

appropriate.

No

single

factor

was

determinative

of

the

Board's

decision

to

approve

the

Agreements

on

behalf

of

the

Fund;

rather,

the

Board

based

its

determination

on

the

total

mix

of

information

available

to

it.

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

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

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

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

Not Applicable.

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

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

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

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>The 2023 ETF Series Trust</u>

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Eric W. Falkeis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Eric W. Falkeis, President

Date________________________________________9/3/2025___________________________________ ____________________

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Eric W. Falkeis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Eric W. Falkeis, President

Date______________________________________________________9/3/2025_________________________________________

By (Signature and Title) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michael Minella&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Michael Minella, Treasurer

Date______________________________________________9/3/2025_________________________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-99.Cert

<u>Section 302-CERTIFICATIONS</u>

I, Eric Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>9/3/2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Eric Falkeis</u>_______________________

Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eric Falkeis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President (Principal Executive Officer)

<u>Section 302-CERTIFICATIONS</u>

I, Michael Minella, certify that:

1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>9/3/2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Michael Minella</u>_______________________

Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Minella

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer (Principal Financial Officer)

## Exhibit 99.906

<u>Section 906-CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of The 2023 ETF Series Trust (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>9/3/2025___________</u>_

Date

/s/ Eric Falkeis

Eric Falkeis

Principal Executive Officer

/s/ Michael Minella

Michael Minella

Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.