# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001752724-25-204020
**Filing Date:** 2025-8
**Character Count:** 24897
**Document Hash:** 4f2710346ca3803c161c8b5f505f2b31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-204020.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-204020

**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:** 251253974

**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 International ETF (Series ID: S000081642)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000244569 | Brandes International ETF | BINV            |

## 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:** Brandes International ETF

- **b. EDGAR series identifier (if any):** S000081642

- **c. LEI of Series:** 5493000L37RXKX8UYZ17

**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:** $253016076.45

**Total Liabilities:** $1649150.88

**Net Assets:** $251366925.57

**Cash Not Reported:** $23586.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244569 | 3.39%                | 3.55%                | 2.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1808557.06              | $4461973.12                                |
| Month 2  | $1417236.85              | $4179672.57                                |
| Month 3  | $2290113.98              | $3790080.56                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Buzzi SpA                                   | Buzzi SpA                                   | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     43079 | NS      | $2379736.75   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                         | Erste Group Bank AG                         | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     30224 | NS      | $2565084.16   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                              | BNP Paribas SA                              | CUSIP: 05565A202<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    105712 | NS      | $4771839.68   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                 | Novartis AG                                 | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     29080 | NS      | $3518970.80   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                     | Eni SpA                                     | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    217469 | NS      | $3512587.67   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fibra Uno Administracion SA de              | Fibra Uno Administracion SA de CV           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   3144746 | NS      | $4314620.81   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                 | Reckitt Benckiser Group PLC                 | CUSIP: 756255204<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    251230 | NS      | $3449387.90   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1277408 | NS      | $4202355.88   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd                    | Wilmar International Ltd                    | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |   1947100 | NS      | $4387529.54   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                        | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     13949 | NS      | $3159309.01   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                             | J Sainsbury PLC                             | CUSIP: 466249208<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    264513 | NS      | $4269239.82   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico SAB d              | Kimberly-Clark de Mexico SAB de CV          | CUSIP: 000000000<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |   1167716 | NS      | $2121939.99   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                            | Pernod Ricard SA                            | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     44018 | NS      | $4371314.47   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                | UBS Group AG                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    159657 | NS      | $5399599.74   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                        | Telefonica Brasil SA                        | CUSIP: 87936R205<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    305999 | NS      | $3488388.60   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                    | Engie SA                                    | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    134734 | NS      | $3151279.43   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                   | Shell PLC                                   | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     54241 | NS      | $3819108.81   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                       | STMicroelectronics NV                       | CUSIP: 000000000<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |    168104 | NS      | $5117710.11   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                 | Cie Financiere Richemont SA                 | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     16349 | NS      | $3069545.29   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd                | Takeda Pharmaceutical Co Ltd                | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    245900 | NS      | $7533022.95   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp                            | Bridgestone Corp                            | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     81200 | NS      | $3316694.94   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Makita Corp                                 | Makita Corp                                 | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |    106700 | NS      | $3289384.19   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                     | CAE Inc                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    141811 | NS      | $4150807.97   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                    | Infineon Technologies AG                    | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     42705 | NS      | $1810413.29   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                            | TotalEnergies SE                            | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     58152 | NS      | $3556425.87   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                      | Koninklijke Philips NV                      | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |    189346 | NS      | $4540517.08   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| First Pacific Co Ltd                        | First Pacific Co Ltd                        | CUSIP: 000000000<br>LEI: 254900VS1MDQSDM9DE09 | Long             | EC               | CORP              | HK        |   2582000 | NS      | $1828779.62   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                 | Nutrien Ltd                                 | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     38773 | NS      | $2258139.52   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                    | Ambev SA                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1918482 | NS      | $4623541.62   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                                     | WPP PLC                                     | CUSIP: 000000000<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |    543134 | NS      | $3815201.14   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                     | GSK PLC                                     | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    168005 | NS      | $6451392.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                   | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     62116 | NS      | $7044575.56   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                            | Deutsche Post AG                            | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    103206 | NS      | $4750213.95   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group              | Mitsubishi UFJ Financial Group Inc          | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    129667 | NS      | $1780121.58   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                                  | Grifols SA                                  | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |    512815 | NS      | $4635847.60   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                | Capgemini SE                                | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     25167 | NS      | $4285096.08   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                                   | Tesco PLC                                   | CUSIP: 881575401<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |    142811 | NS      | $2390656.14   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc                         | Astellas Pharma Inc                         | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    466700 | NS      | $4576693.90   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                   | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     64382 | NS      | $6212987.70   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Group In              | Sumitomo Mitsui Trust Group Inc             | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |    161600 | NS      | $4294938.56   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                  | Embraer SA                                  | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     72152 | NS      | $4106170.32   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kering SA                                   | Kering SA                                   | CUSIP: 492089107<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |    215558 | NS      | $4697008.82   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour SA                                | Carrefour SA                                | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |    333630 | NS      | $4687816.76   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                      | SAP SE                                      | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     10349 | NS      | $3147130.90   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                          | Publicis Groupe SA                          | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     34007 | NS      | $3819450.36   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                     | America Movil SAB de CV                     | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |    235889 | NS      | $4231848.66   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                                   | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    460324 | NS      | $5312138.96   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                          | Smith & Nephew PLC                          | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    145805 | NS      | $4466007.15   | 1.78%             |  |  |  | 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        |   6678147 | NS      | $6678146.59   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                   | Orange SA                                   | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    159942 | NS      | $2424757.52   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingfisher PLC                              | Kingfisher PLC                              | CUSIP: 495724403<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    424407 | NS      | $3357059.37   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA                         | Intesa Sanpaolo SpA                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    653921 | NS      | $3754730.10   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd                          | Honda Motor Co Ltd                          | CUSIP: 000000000<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    376200 | NS      | $3631907.65   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA RES BEER                              | China Resources Beer Holdings Co Ltd        | CUSIP: 000000000<br>LEI: 254900OH02Y7OS7RNG48 | Long             | EC               | CORP              | HK        |   1169000 | NS      | $3722929.94   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd              | Shinhan Financial Group Co Ltd              | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     43591 | NS      | $1969441.38   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                     | Heidelberg Materials AG                     | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |     11136 | NS      | $2607201.78   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                             | Cemex SAB de CV                             | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    591539 | NS      | $4099365.27   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                         | Henkel AG & Co KGaA                         | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |     70760 | NS      | $5108275.62   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corp                                 | Kubota Corp                                 | CUSIP: 000000000<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    325000 | NS      | $3649485.96   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe BIC SA                              | Societe BIC SA                              | CUSIP: 000000000<br>LEI: 969500UR00DF63I0VH67 | Long             | EC               | CORP              | FR        |     39157 | NS      | $2426915.84   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                         | Swatch Group AG/The                         | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |    168636 | NS      | $5652271.96   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV                         | Heineken Holding NV                         | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     86959 | NS      | $6456340.83   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | Open Text Corp                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |    110579 | NS      | $3228906.80   | 1.28%             |  |  |  | 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