# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001752724-25-204150
**Filing Date:** 2025-8
**Character Count:** 27102
**Document Hash:** ce5d4ebbed6fb49625439dce08f35636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-204150.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-204150

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250630

**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:** 251254117

**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

### Atlas America Fund (Series ID: S000088240)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000254438 | Atlas America Fund | USAF            |

## 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:** Three Canal Plaza, Suite 100

  - **City:** Portland

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

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

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

- **a. Name of Series:** Atlas America Fund

- **b. EDGAR series identifier (if any):** S000088240

- **c. LEI of Series:** 5299007LQEUCKSDYLB03

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $19054411.05

**Total Liabilities:** $1618242.97

**Net Assets:** $17436168.08

**Cash Not Reported:** $54791.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254438 | 1.46%                | 0.19%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-54507.49               | $264705.25                                 |
| Month 2  | $-38999.68               | $47355.27                                  |
| Month 3  | $36407.52                | $12541.80                                  |

**Designated Index Information**

- **Index Name:** Carve Out - YN_1004485

- **Index Identifier:** JOTVGJ67QV

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kennedy-Wilson Holdings Inc                            | Kennedy-Wilson Holdings Inc                            | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |       271 | NS      | $1842.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                            | Equinix Inc                                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       195 | NS      | $155116.65    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust Micro                               | iShares Gold Trust Micro                               | CUSIP: 46436F103<br>LEI: 549300Z5IU6IUZNQ7X30 | Long             | STIV             | RF                | US        |     47960 | NS      | $1582200.40   | 9.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                     | CareTrust REIT Inc                                     | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |       512 | NS      | $15667.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                     | LTC Properties Inc                                     | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |       148 | NS      | $5122.28      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                              | Healthpeak Properties Inc                              | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      2003 | NS      | $35072.53     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                           | WP Carey Inc                                           | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |       608 | NS      | $37927.04     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                     | Equity Residential                                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      1136 | NS      | $76668.64     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                            | Monarch Casino & Resort Inc                            | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |        66 | NS      | $5705.04      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities ETF | Vanguard Short-Term Inflation-Protected Securities ETF | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |      3011 | NS      | $151362.97    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Strawberry Fields REIT Inc                             | Strawberry Fields REIT Inc                             | CUSIP: 863182101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       231 | NS      | $2434.74      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                           | Plymouth Industrial REIT Inc                           | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       106 | NS      | $1702.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                                  | Veris Residential Inc                                  | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |       233 | NS      | $3469.37      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                     | UMH Properties Inc                                     | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |       363 | NS      | $6094.77      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                | UDR Inc                                                | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |       939 | NS      | $38339.37     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                              | American Assets Trust Inc                              | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       172 | NS      | $3397.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                       | Elme Communities                                       | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |       217 | NS      | $3450.30      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                     | Kilroy Realty Corp                                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |       355 | NS      | $12180.05     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                          | Hudson Pacific Properties Inc                          | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1288 | NS      | $3529.12      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie                         | Alexandria Real Estate Equities Inc                    | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       555 | NS      | $40309.65     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                       | Crown Castle Inc                                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1192 | NS      | $122454.16    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                                | Pebblebrook Hotel Trust                                | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |       347 | NS      | $3466.53      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                                | COPT Defense Properties                                | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |       316 | NS      | $8715.28      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                     | Realty Income Corp                                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      2530 | NS      | $145753.30    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC                                | Five Point Holdings LLC                                | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       313 | NS      | $1721.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Cybersecurity ETF                             | Global X Cybersecurity ETF                             | CUSIP: 37954Y384<br>LEI: 549300X47IEM37AA7M52 | Long             | EC               | RF                | US        |     12674 | NS      | $470205.40    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                   | Global Net Lease Inc                                   | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |       665 | NS      | $5020.75      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                          | Empire State Realty Trust Inc                          | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |       430 | NS      | $3478.70      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties In                         | CBL & Associates Properties Inc                        | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |        67 | NS      | $1701.13      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                                    | STAG Industrial Inc                                    | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |       531 | NS      | $19264.68     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSHARES ULTRASHORT 20+                               | PROSHARES ULTRASHORT 20+                               | CUSIP: 74347B201<br>LEI: PQTQB8I6TMT6W5YFAJ57 | Long             | EC               | RF                | US        |     24277 | NS      | $851637.16    | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold MiniShares Trust                             | SPDR Gold MiniShares Trust                             | CUSIP: 98149E303<br>LEI: 5493002IEEMEY6LRJ932 | Long             | STIV             | RF                | US        |     23242 | NS      | $1522815.84   | 8.73%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF                         | iShares 0-5 Year TIPS Bond ETF                         | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             | EC               | RF                | US        |     15217 | NS      | $1565981.47   | 8.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                   | Vornado Realty Trust                                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       531 | NS      | $20305.44     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Cybersecurity and Tech ETF                     | iShares Cybersecurity and Tech ETF                     | CUSIP: 46435U135<br>LEI: 5493007TVD2WSTEKN665 | Long             | EC               | RF                | US        |      4421 | NS      | $235241.41    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                    | VICI Properties Inc                                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      3069 | NS      | $100049.40    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                              | AvalonBay Communities Inc                              | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       403 | NS      | $82010.50     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| US Treasury 2 Year Note ETF                            | US Treasury 2 Year Note ETF                            | CUSIP: 74933W486<br>LEI: 549300KBNTAMGFURJA42 | Long             | STIV             | RF                | US        |     21509 | NS      | $1044046.86   | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                               | Essex Property Trust Inc                               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       203 | NS      | $57530.20     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                                   | SL Green Realty Corp                                   | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |       211 | NS      | $13060.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus                         | Federal Realty Investment Trust                        | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |       239 | NS      | $22702.61     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Short-Term U.S. Treasury ETF                    | Schwab Short-Term U.S. Treasury ETF                    | CUSIP: 808524862<br>LEI: N/A                  | Long             | EC               | RF                | US        |     64222 | NS      | $1565732.36   | 8.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                | SBA Communications Corp                                | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       294 | NS      | $69042.96     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                                    | Acadia Realty Trust                                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |       357 | NS      | $6629.49      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                              | S&P 500 INDEX                                          | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |         9 | NC      | $77220.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                                   | JBG SMITH Properties                                   | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       202 | NS      | $3494.60      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                      | Agree Realty Corp                                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       313 | NS      | $22867.78     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Defense Tech ETF                              | Global X Defense Tech ETF                              | CUSIP: 37960A529<br>LEI: 5493000IAPVTNCMGSU03 | Long             | EC               | RF                | US        |      7843 | NS      | $472540.75    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                              | S&P 500 INDEX                                          | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        -9 | NC      | $-51030.00    | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                    | American Tower Corp                                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       703 | NS      | $155377.06    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Aerospace & Defense ETF                       | SPDR S&P Aerospace & Defense ETF                       | CUSIP: 78464A631<br>LEI: 5493006TZ0473G1GOE68 | Long             | EC               | RF                | US        |      1102 | NS      | $232455.88    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Short Term Treasury ETF                 | SPDR Portfolio Short Term Treasury ETF                 | CUSIP: 78468R101<br>LEI: 549300CVHDNMTIUMZ693 | Long             | STIV             | RF                | US        |     53450 | NS      | $1565550.50   | 8.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                               | Digital Realty Trust Inc                               | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       893 | NS      | $155676.69    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure                          | HA Sustainable Infrastructure Capital Inc              | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |       314 | NS      | $8434.04      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                                    | Paramount Group Inc                                    | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               | CORP              | US        |       571 | NS      | $3483.10      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Agriculture Commodity Strategy NO K-1 Etf      | Invesco Agriculture Commodity Strategy NO K-1 Etf      | CUSIP: 46090F308<br>LEI: 549300OBO63GT3VYXY23 | Long             | STIV             | RF                | US        |     25025 | NS      | $872621.75    | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                             | DiamondRock Hospitality Co                             | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |       677 | NS      | $5185.82      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properti                         | Innovative Industrial Properties Inc                   | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |        94 | NS      | $5190.68      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond ETF                     | iShares 1-3 Year Treasury Bond ETF                     | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             | EC               | RF                | US        |     18894 | NS      | $1565556.84   | 8.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                           | Safehold Inc                                           | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |       223 | NS      | $3469.88      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                            | Centerspace                                            | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |        66 | NS      | $3972.54      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                | BXP Inc                                                | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       488 | NS      | $32925.36     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                             | Sabra Health Care REIT Inc                             | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |       666 | NS      | $12281.04     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Treasury ETF                       | Vanguard Short-Term Treasury ETF                       | CUSIP: 92206C102<br>LEI: N/A                  | Long             | EC               | RF                | US        |     26629 | NS      | $1565252.62   | 8.98%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Treasury Bond ETF                         | iShares U.S. Treasury Bond ETF                         | CUSIP: 46429B267<br>LEI: 549300YMK9GAMCTG8G20 | Long             | EC               | RF                | US        |     25884 | NS      | $594814.32    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Michael A. Minella

**Name of Signer:** Michael A. Minella

**Title:** Principal Financial Officer