# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-25-011070
**Filing Date:** 2025-11
**Character Count:** 32886
**Document Hash:** a5548929ee9f07ae5c57057394b7dffc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011070.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011070

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 251529588

**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

### Brandes U.S. Value ETF (Series ID: S000081644)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000244571 | Brandes U.S. Value ETF | BUSA            |

## Nport-Ex

#### Brandes

#### U.S.

#### Value

#### ETF

#### Schedule

#### of

#### Investments
September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks

#### –

#### 98.3%

#### Communication

#### Services

#### –

#### 5.7%
Alphabet,

Inc.,

Class

C

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

22,138

$

5,391,710

Comcast

Corp.,

Class

A

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

160,492

5,042,659

Omnicom

Group,

Inc.

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

49,049

3,998,965

14,433,334

#### Consumer

#### Discretionary

#### –

#### 3.3%
AutoZone,

Inc.\*

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

591

2,535,532

LKQ

Corp.

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

100,427

3,067,040

Mohawk

Industries,

Inc.\*

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

20,949

2,700,745

8,303,317

#### Consumer

#### Staples

#### –

#### 4.6%
Ingredion,

Inc.

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

21,109

2,577,620

Kenvue

,

Inc.

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

134,650

2,185,370

Sysco

Corp.

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

50,242

4,136,926

Target

Corp.

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

28,983

2,599,775

11,499,691

#### Energy

#### –

#### 6.5%
Chevron

Corp.

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

43,359

6,733,219

Halliburton

Co.

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

163,180

4,014,228

Schlumberger

NV

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

95,724

3,290,034

World

Kinect

Corp.

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

92,264

2,394,251

16,431,732

#### Financials

#### –

#### 25.7%
American

International

Group,

Inc.

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

42,605

3,346,197

Arch

Capital

Group

Ltd.

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

53,907

4,890,982

Bank

of

America

Corp.

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

130,966

6,756,536

Bank

of

New

York

Mellon

Corp.

(The)

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

30,223

3,293,098

Citigroup,

Inc.

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

66,819

6,782,128

Fiserv,

Inc.\*

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

39,807

5,132,317

JPMorgan

Chase

&

Co.

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

13,148

4,147,274

OneMain

Holdings,

Inc.

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

44,296

2,500,952

PNC

Financial

Services

Group,

Inc.

(The)

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

26,605

5,345,743

State

Street

Corp.

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

30,308

3,516,031

Truist

Financial

Corp.

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

54,814

2,506,096

W

R

Berkley

Corp.

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

59,383

4,549,925

Wells

Fargo

&

Co.

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

77,498

6,495,882

Willis

Towers

Watson

PLC

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

15,849

5,475,037

64,738,198

#### Health

#### Care

#### –

#### 24.6%
Becton

Dickinson

&

Co.

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

30,424

5,694,460

Cardinal

Health,

Inc.

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

31,256

4,905,942

Cigna

Group

(The)

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

18,731

5,399,211

CVS

Health

Corp.

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

54,219

4,087,570

HCA

Healthcare,

Inc.

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

11,817

5,036,405

ICON

PLC\*

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

24,745

4,330,375

Johnson

&

Johnson

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

27,296

5,061,224

Labcorp

Holdings,

Inc.

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

14,810

4,251,359

McKesson

Corp.

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

3,723

2,876,166

Merck

&

Co.,

Inc.

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

81,037

6,801,435

#### Brandes

#### U.S.

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks
(continued)

#### Health

#### Care
(continued)

Pfizer,

Inc.

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

228,849

$

5,831,073

Sanofi

SA,

ADR

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

101,608

4,795,898

UnitedHealth

Group,

Inc.

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

8,126

2,805,908

61,877,026

#### Industrials

#### –

#### 12.4%
CAE,

Inc.\*

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

68,391

2,027,109

Emerson

Electric

Co.

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

36,861

4,835,426

FedEx

Corp.

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

18,036

4,253,069

Gates

Industrial

Corp.

PLC\*

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

73,778

1,831,170

Hexcel

Corp.

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

44,675

2,801,123

Knight-Swift

Transportation

Holdings,

Inc.

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

80,645

3,186,284

SS&C

Technologies

Holdings,

Inc.

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

65,225

5,789,371

Textron,

Inc.

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

76,962

6,502,519

31,226,071

#### Information

#### Technology

#### –

#### 9.3%
Amdocs

Ltd.

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

66,552

5,460,592

Cognizant

Technology

Solutions

Corp.,

Class

A

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

63,608

4,266,188

EPAM

Systems,

Inc.\*

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

24,582

3,706,720

Flex

Ltd.\*

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

57,634

3,341,043

Micron

Technology,

Inc.

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

20,199

3,379,697

Open

Text

Corp.

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

44,724

1,671,783

Qorvo

,

Inc.\*

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

17,675

1,609,839

23,435,862

#### Materials

#### –

#### 4.0%
Corteva

,

Inc.

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

65,561

4,433,890

International

Flavors

&

Fragrances,

Inc.

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

50,070

3,081,308

Westlake

Corp.

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

35,101

2,704,883

10,220,081

#### Utilities

#### –

#### 2.2%
Entergy

Corp.

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

28,800

2,683,872

Evergy

,

Inc.

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

38,284

2,910,350

5,594,222

Total

Common

Stocks

(Cost

$231,662,771)

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

247,759,534

#### Money

#### Market

#### Funds

#### –

#### 1.1%
JP

Morgan

US

Treasury

Plus

Money

Market

Fund,

4.01%(a)

(Cost

$2,682,052)

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

2,682,052

2,682,052

Total

Investments

–

99.4%

(Cost

$234,344,823)

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

$

250,441,586

Other

Assets

in

Excess

of

Liabilities

–

0.6%

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

1,495,896

#### Net

#### Assets

#### –

#### 100.0%

#### ..........................................................................

#### $

#### 251,937,482
\*

Non

Income

Producing

(a) Rate

shown

reflects

the

7-day

yield

as

of

September

30,

2025. #### Brandes

#### U.S.

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

ADR

:

American

Depositary

Receipt

PLC

:

Public

Limited

Company

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** 2023 ETF Series Trust

- **b. Investment Company Act file number:** 811-23883

- **c. CIK number of Registrant:** 0001969674

- **d. LEI of Registrant:** 5493000L2E3DBUPMOK03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 W. Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** (833)782-2211

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brandes U.S. Value ETF

- **b. EDGAR series identifier (if any):** S000081644

- **c. LEI of Series:** 5493000L3T6RZSLSQO40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $252113846.82

**Total Liabilities:** $176364.80

**Net Assets:** $251937482.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244571 | -1.01%               | 5.01%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1322747.33              | $-3952442.51                               |
| Month 2  | $1409848.69              | $9968314.86                                |
| Month 3  | $3263177.39              | $-1625685.50                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ICON PLC                                    | ICON PLC                                    | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     24745 | NS      | $4330375.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                       | Becton Dickinson & Co                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     30424 | NS      | $5694460.08   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | Open Text Corp                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     44724 | NS      | $1671783.12   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan US Treasury Plus Money Market Fund | JPMorgan US Treasury Plus Money Market Fund | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |   2682052 | NS      | $2682051.89   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                       | Micron Technology Inc                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     20199 | NS      | $3379696.68   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                    | Flex Ltd                                    | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |     57634 | NS      | $3341042.98   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                            | EPAM Systems Inc                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     24582 | NS      | $3706719.78   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                  | FedEx Corp                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     18036 | NS      | $4253069.16   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                             | Schlumberger NV                             | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     95724 | NS      | $3290033.88   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     30308 | NS      | $3516031.08   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                 | Textron Inc                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     76962 | NS      | $6502519.38   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I              | PNC Financial Services Group Inc/The        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     26605 | NS      | $5345742.65   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                               | McKesson Corp                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3723 | NS      | $2876166.42   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                        | OneMain Holdings Inc                        | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     44296 | NS      | $2500952.16   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                 | Corteva Inc                                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     65561 | NS      | $4433890.43   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                               | Citigroup Inc                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     66819 | NS      | $6782128.50   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                               | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     21109 | NS      | $2577619.99   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                         | Emerson Electric Co                         | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     36861 | NS      | $4835425.98   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                       | Mohawk Industries Inc                       | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     20949 | NS      | $2700745.08   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                              | Merck & Co Inc                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     81037 | NS      | $6801435.41   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                  | Kenvue Inc                                  | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    134650 | NS      | $2185369.50   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc                                   | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     17675 | NS      | $1609839.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                  | Sysco Corp                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     50242 | NS      | $4136926.28   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                            | Wells Fargo & Co                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     77498 | NS      | $6495882.36   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                | Chevron Corp                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43359 | NS      | $6733219.11   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                         | Cardinal Health Inc                         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     31256 | NS      | $4905941.76   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                             | Cigna Group/The                             | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     18731 | NS      | $5399210.75   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                        | Bank of America Corp                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    130966 | NS      | $6756535.94   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group Inc                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     49049 | NS      | $3998964.97   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                            | W R Berkley Corp                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     59383 | NS      | $4549925.46   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                       | Truist Financial Corp                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     54814 | NS      | $2506096.08   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22138 | NS      | $5391709.90   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                           | World Kinect Corp                           | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     92264 | NS      | $2394250.80   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                 | Hexcel Corp                                 | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     44675 | NS      | $2801122.50   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     27296 | NS      | $5061224.32   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                  | Fiserv Inc                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     39807 | NS      | $5132316.51   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                        | Labcorp Holdings Inc                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14810 | NS      | $4251358.60   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                   | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    101608 | NS      | $4795897.60   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                               | Westlake Corp                               | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     35101 | NS      | $2704883.06   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                      | Arch Capital Group Ltd                      | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     53907 | NS      | $4890982.11   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T              | Bank of New York Mellon Corp/The            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     30223 | NS      | $3293098.08   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                         | International Flavors & Fragrances Inc      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     50070 | NS      | $3081307.80   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                     | CAE Inc                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     68391 | NS      | $2027109.24   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                              | Halliburton Co                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    163180 | NS      | $4014228.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                | AutoZone Inc                                | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       591 | NS      | $2535531.84   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                      | UnitedHealth Group Inc                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      8126 | NS      | $2805907.80   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     11817 | NS      | $5036405.40   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                  | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     66552 | NS      | $5460591.60   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions              | Cognizant Technology Solutions Corp         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     63608 | NS      | $4266188.56   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I              | American International Group Inc            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     42605 | NS      | $3346196.70   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp PLC                   | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     73778 | NS      | $1831169.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc              | SS&C Technologies Holdings Inc              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     65225 | NS      | $5789371.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                 | Target Corp                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     28983 | NS      | $2599775.10   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13148 | NS      | $4147273.64   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                  | Pfizer Inc                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    228849 | NS      | $5831072.52   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho              | Knight-Swift Transportation Holdings Inc    | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80645 | NS      | $3186283.95   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy Inc                                  | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     38284 | NS      | $2910349.68   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                    | LKQ Corp                                    | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    100427 | NS      | $3067040.58   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                | Entergy Corp                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     28800 | NS      | $2683872.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                             | CVS Health Corp                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     54219 | NS      | $4087570.41   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                | Comcast Corp                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    160492 | NS      | $5042658.64   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                    | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |     15849 | NS      | $5475037.05   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** 2023 ETF Series Trust

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer