# EDGAR Filing Document

**Accession Number:** 0001981627
**File Stem:** 0001398344-25-017716
**Filing Date:** 2025-9
**Character Count:** 227978
**Document Hash:** 4b56a4cb162765f774bb3013840e42db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017716.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001398344-25-017716

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**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 II
- **CENTRAL INDEX KEY:** 0001981627

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23895
- **FILM NUMBER:** 251296532

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 100
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 212-309-6231

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 100
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

## Series and Classes Contracts Data

### GMO U.S. Quality ETF (Series ID: S000082992)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000246461 | GMO U.S. Quality ETF | QLTY            |

### GMO Beyond China ETF (Series ID: S000088547)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000254839 | GMO Beyond China ETF | BCHI            |

### GMO International Quality ETF (Series ID: S000088548)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000254840 | GMO International Quality ETF | QLTI            |

### GMO International Value ETF (Series ID: S000088549)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000254841 | GMO International Value ETF | GMOI            |

### GMO Systematic Investment Grade Credit ETF (Series ID: S000088550)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000254842 | GMO Systematic Investment Grade Credit ETF | INVG            |

### GMO U.S. Value ETF (Series ID: S000088551)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000254843 | GMO U.S. Value ETF | GMOV            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-23895</u>

THE 2023 ETF SERIES TRUST II

(exact name of registrant as specified in charter)

The 2023 ETF Series Trust II

53 State Street, Boston, Massachusetts 02109

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

<u>Wilmington, Delaware 19801</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 330-7500

Date of fiscal year end: <u>June 30</u>

Date of reporting period: June 30, 2025

Item 1. **Reports to Shareholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment
 Company Act of 1940, as amended (the "1940 Act"):

**#### GMO Beyond China ETF
![Image](i37bd02a4a4fb6d6ebdb4ac60.jpg)

#### Ticker: BCHI; Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about GMO Beyond China ETF for the period of February 13, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gmo.com/americas/etf-documents/. You can also request this information by contacting us at (844) 761-1102 (toll-free).

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| GMO Beyond China ETF | $26 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For the period February 13, 2025 (commencement of operations) through June 30, 2025. The costs would have been higher had the Fund operated the full year. |

---

# How did the Fund perform last year and what affected its performance?
Although Grantham, Mayo, Van Otterloo & Co. LLC (GMO) does not manage the Fund to, or control the Fund's risk relative to, any securities index or securities benchmark, a discussion of the Fund's performance relative to the MSCI Emerging Markets ex-China Index is included for comparative purposes.

The GMO Beyond China ETF returned +9.03% (net) at net asset value (NAV) for the period from commencement of operations on February 13, 2025, until the end of the fiscal year on June 30, 2025, as compared with +13.04% for the MSCI Emerging Markets ex-China Index.

Relative to MSCI Emerging Markets ex-China, the portfolio underperformed from a mix of country allocation and stock selection decisions related to the theme of companies moving supply chains out of China. Country allocation detracted from a mix of overweight positions more exposed to the theme (e.g., Thailand and Indonesia) and underweight positioning toward countries less exposed to the theme (e.g., Korea). Areas of challenging stock selection included Consumer Discretionary, Korean Information Technology, Brazilian Industrials, and Taiwanese Information Technology.

The views expressed herein are exclusively those of GMO as of the date of this report and are subject to change. GMO disclaims any responsibility to update such views. They are not meant as investment advice. References to specific securities are not recommendations of such securities and may not be representative of any GMO portfolio's current or future investments.

#### June 30, 2025

# Fund Performance
Change in Value of a $10,000 Investment

![Growth of 10K Chart](i317b932b0f8e86da3aa9be1e.jpg)

---

| | | |
|:---|:---|:---|
| | GMO Beyond China ETF at NAV | MSCI Emerging Markets ex-China Index |
| 02/13/2025 | $10000 | $10000 |
| 02/2025 | $9684 | $9696 |
| 03/2025 | $9650 | $9700 |
| 04/2025 | $9918 | $10075 |
| 05/2025 | $10446 | $10569 |
| 06/2025 | $10903 | $11304 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | Since 2/13/2025 (commencement of operations)<sup>Footnote Reference\*</sup> |
| GMO Beyond China ETF at NAV | 9.03% |
| MSCI Emerging Markets ex-China Index | 13.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The NAV returns are calculated using the start of day values on February 13, 2025. |

---

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability thereunder.

The Fund's expense ratio of 0.65% is equal to the Total annual Fund operating expense as set forth in the Fund's most recent Prospectus dated October 28, 2024.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10903128 |
| Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid, Net | $19562 |

---

#### June 30, 2025

#### What does the Fund invest in?
The Fund invested primarily in equity securities at period end.

# Industry Group Summary<sup>Footnote Reference \*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Banks | 23.6 |
| Semiconductors & Semiconductor Equipment | 16.4 |
| Capital Goods | 10.7 |
| Technology Hardware & Equipment | 9.9 |
| Materials | 8.4 |
| Automobiles & Components | 6.5 |
| Real Estate Management & Development | 5.0 |
| Financial Services | 3.8 |
| Consumer Discretionary Distribution & Retail | 3.5 |
| Food, Beverage & Tobacco | 3.2 |
| Transportation | 2.7 |
| Consumer Durables & Apparel | 2.1 |
| Insurance | 1.8 |
| Commercial & Professional Services | 1.2 |
| Other (less than 1%) | 1.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Country/Region Summary<sup>Footnote Reference \*\*</sup>

#### % of Investments

---

| | |
|:---|:---|
| India | 31.0 |
| Taiwan | 22.1 |
| South Korea | 8.9 |
| Mexico | 7.2 |
| Indonesia | 6.5 |
| Thailand | 6.0 |
| Vietnam | 5.2 |
| United Arab Emirates | 3.2 |
| Brazil | 2.8 |
| Poland | 2.8 |
| Turkey | 2.1 |
| Other (each less than 1%) | 2.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.gmo.com/americas/solutions/etf-investing-at-gmo/](i8960ec728149ac07b86f941c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial statements, quarterly portfolio holdings and proxy voting information, please visit https://www.gmo.com/americas/etf-documents/ or scan the QR code.

Phone: (844) 761-1102 (toll-free)

#### GMO International Quality ETF
![Image](i37bd02a4a4fb6d6ebdb4ac60.jpg)

#### Ticker: QLTI; Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about GMO International Quality ETF for the period of October 29, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.gmo.com/americas/etf-documents/. You can also request this information by contacting us at (844) 761-1102 (toll-free).

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| GMO International Quality ETF | $41 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For the period October 29, 2024 (commencement of operations) through June 30, 2025. The costs would have been higher had the Fund operated the full year. |

---

# How did the Fund perform last year and what affected its performance?
Although Grantham, Mayo, Van Otterloo & Co. LLC (GMO) does not manage the Fund to, or control the Fund's risk relative to, any securities index or securities benchmark, a discussion of the Fund's performance relative to the MSCI World ex USA Index is included for comparative purposes.

The GMO International Quality ETF returned +2.82% (net) at net asset value (NAV) for the period from commencement of operations on October 29, 2024, until the end of the fiscal year on June 30, 2025, as compared with +14.27% for the MSCI World ex USA Index.

Relative to the MSCI World ex USA, sector allocation made a negative contribution this period. The Energy (underweight) and Information Technology (overweight) allocations helped returns while Financials (underweight) and Health Care (overweight) reduced returns. Security selection within sector made a negative contribution. Selection results in Health Care and Information Technology helped returns. Consumer Staples and Consumer Discretionary detracted from returns. Sector allocation was more significant than stock selection within sector.

Safran, SAP SE, and Ryanair Holdings made the largest positive impact while Novo Nordisk, LVMH, and Ashtead detracted.

The views expressed herein are exclusively those of GMO as of the date of this report and are subject to change. GMO disclaims any responsibility to update such views. They are not meant as investment advice. References to specific securities are not recommendations of such securities and may not be representative of any GMO portfolio's current or future investments.

#### June 30, 2025

# Fund Performance
Change in Value of a $10,000 Investment

![Growth of 10K Chart](i89eba6bcc4f94f85ef97c455.jpg)

---

| | | |
|:---|:---|:---|
| | GMO International Quality ETF at NAV | MSCI World ex USA Index |
| 10/29/2024 | $10000 | $10000 |
| 10/2024 | $9706 | $9844 |
| 11/2024 | $9440 | $9868 |
| 12/2024 | $9158 | $9603 |
| 01/2025 | $9690 | $10081 |
| 02/2025 | $9738 | $10258 |
| 03/2025 | $9413 | $10199 |
| 04/2025 | $9818 | $10663 |
| 05/2025 | $10207 | $11165 |
| 06/2025 | $10282 | $11427 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | Since 10/29/2024 (commencement of operations)<sup>Footnote Reference\*</sup> |
| GMO International Quality ETF at NAV | 2.82% |
| MSCI World ex USA Index | 14.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The NAV returns are calculated using the start of day values on October 29, 2024. |

---

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability thereunder.

The Fund's expense ratio of 0.60% is equal to the Total annual Fund operating expense as set forth in the Fund's most recent Prospectus dated October 28, 2024.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56446466 |
| Number of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid, Net | $89970 |

---

#### June 30, 2025

#### What does the Fund invest in?
The Fund invested primarily in equity securities at period end.

# Industry Group Summary<sup>Footnote Reference \*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Pharmaceuticals, Biotechnology & Life Sciences | 15.6 |
| Food, Beverage & Tobacco | 13.7 |
| Semiconductors & Semiconductor Equipment | 11.2 |
| Capital Goods | 11.1 |
| Software & Services | 9.1 |
| Consumer Services | 8.7 |
| Household & Personal Products | 8.5 |
| Materials | 5.7 |
| Consumer Discretionary Distribution & Retail | 4.4 |
| Consumer Durables & Apparel | 3.8 |
| Health Care Equipment & Services | 3.5 |
| Commercial & Professional Services | 2.4 |
| Transportation | 2.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Country/Region Summary<sup>Footnote Reference \*\*</sup>

#### % of Investments

---

| | |
|:---|:---|
| France | 23.2 |
| United Kingdom | 14.3 |
| Switzerland | 9.9 |
| Spain | 9.2 |
| Germany | 9.1 |
| Japan | 5.9 |
| Taiwan | 5.4 |
| Ireland | 5.2 |
| Netherlands | 4.2 |
| Denmark | 3.7 |
| Australia | 2.4 |
| Sweden | 2.1 |
| Finland | 2.0 |
| Mexico | 2.0 |
| Italy | 1.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.gmo.com/americas/solutions/etf-investing-at-gmo/](i8960ec728149ac07b86f941c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial statements, quarterly portfolio holdings and proxy voting information, please visit https://www.gmo.com/americas/etf-documents/ or scan the QR code.

Phone: (844) 761-1102 (toll-free)

#### GMO International Value ETF
![Image](i37bd02a4a4fb6d6ebdb4ac60.jpg)

#### Ticker: GMOI; Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about GMO International Value ETF for the period of October 29, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.gmo.com/americas/etf-documents/. You can also request this information by contacting us at (844) 761-1102 (toll-free).

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| GMO International Value ETF | $44 | 0.60%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For the period October 29, 2024 (commencement of operations) through June 30, 2025. The costs would have been higher had the Fund operated the full year. |

---

# How did the Fund perform last year and what affected its performance?
Although Grantham, Mayo, Van Otterloo & Co. LLC (GMO) does not manage the Fund to, or control the Fund's risk relative to, any securities index or securities benchmark, a discussion of the Fund's performance relative to the MSCI World ex USA Value Index is included for comparative purposes.

The GMO International Value ETF returned +17.09% (net) at net asset value (NAV) for the period from commencement of operations on October 29, 2024, until the end of the fiscal year on June 30, 2025, as compared with +17.76% for the MSCI World ex USA Value Index.

Since inception stock selection within Financials added value, but this was more than offset by sector allocation decisions including overweight positioning toward Health Care and Consumer Discretionary.

Other areas where deep value stock selection detracted from performance included overweight positioning toward Australian Materials and French Energy, as well as underweight positioning toward Japanese Financials.

The views expressed herein are exclusively those of GMO as of the date of this report and are subject to change. GMO disclaims any responsibility to update such views. They are not meant as investment advice. References to specific securities are not recommendations of such securities and may not be representative of any GMO portfolio's current or future investments.

#### June 30, 2025

# Fund Performance
Change in Value of a $10,000 Investment

![Growth of 10K Chart](i75ab69e96cb86109423b281f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | GMO International Value ETF at NAV | MSCI World ex USA Index | MSCI World ex USA Value Index |
| 10/29/2024 | $10000 | $10000 | $10000 |
| 10/2024 | $9852 | $9844 | $9874 |
| 11/2024 | $9732 | $9868 | $9872 |
| 12/2024 | $9532 | $9603 | $9660 |
| 01/2025 | $9930 | $10081 | $10117 |
| 02/2025 | $10434 | $10258 | $10453 |
| 03/2025 | $10674 | $10199 | $10654 |
| 04/2025 | $10902 | $10663 | $11092 |
| 05/2025 | $11455 | $11165 | $11552 |
| 06/2025 | $11709 | $11427 | $11776 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | Since 10/29/2024 (commencement of operations)<sup>Footnote Reference\*</sup> |
| GMO International Value ETF at NAV | 17.09% |
| MSCI World ex USA Index | 14.27% |
| MSCI World ex USA Value Index | 17.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The NAV returns are calculated using the start of day values on October 29, 2024. |

---

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability thereunder.

The Fund's expense ratio of 0.60% is equal to the Total annual Fund operating expense as set forth in the Fund's most recent Prospectus dated October 28, 2024.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $163053870 |
| Number of Portfolio Holdings | 172 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid, Net | $327330 |

---

#### June 30, 2025

#### What does the Fund invest in?
The Fund invested primarily in equity securities at period end.

# Industry Group Summary<sup>Footnote Reference \*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Banks | 25.6 |
| Pharmaceuticals, Biotechnology & Life Sciences | 11.3 |
| Energy | 9.8 |
| Capital Goods | 9.5 |
| Materials | 8.3 |
| Automobiles & Components | 8.0 |
| Insurance | 5.6 |
| Telecommunication Services | 3.9 |
| Financial Services | 3.3 |
| Transportation | 3.2 |
| Food, Beverage & Tobacco | 2.3 |
| Consumer Durables & Apparel | 2.0 |
| Real Estate Management & Development | 2.0 |
| Consumer Staples Distribution & Retail | 1.5 |
| Other (less than 1%) | 3.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Country/Region Summary<sup>Footnote Reference \*\*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Japan | 20 |
| Canada | 14.2 |
| France | 11.3 |
| United Kingdom | 9.7 |
| Switzerland | 7.5 |
| Germany | 7.3 |
| Spain | 6.2 |
| Australia | 5.1 |
| Netherlands | 4 |
| Sweden | 2.7 |
| Norway | 2.7 |
| Hong Kong | 2.3 |
| Italy | 2 |
| Austria | 1.3 |
| Singapore | 1.3 |
| Belgium | 1 |
| Other (each less than 1%) | 1.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.gmo.com/americas/solutions/etf-investing-at-gmo/](i8960ec728149ac07b86f941c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial statements, quarterly portfolio holdings and proxy voting information, please visit https://www.gmo.com/americas/etf-documents/ or scan the QR code.

Phone: (844) 761-1102 (toll-free)

#### GMO Systematic Investment Grade Credit ETF
![Image](i37bd02a4a4fb6d6ebdb4ac60.jpg)

#### Ticker: INVG; Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about GMO Systematic Investment Grade Credit ETF for the period of June 4, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gmo.com/americas/etf-documents/. You can also request this information by contacting us at (844) 761-1102 (toll-free).

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| GMO Systematic Investment Grade Credit ETF | $2 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For the period June 4, 2025 (commencement of operations) through June 30, 2025. The costs would have been higher had the Fund operated the full year. |

---

# How did the Fund perform last year and what affected its performance?
The GMO Systematic Investment Grade Credit ETF returned +2.09% (net) at net asset value (NAV) for the period from commencement of operations on June 4, 2025, until the end of the fiscal year on June 30, 2025, as compared with +2.03% for the Bloomberg U.S. Corporate Index.

Investment grade corporate credit posted positive excess returns of +0.17% for the period, along with positive total returns of +2.03%, supported by the decline in yields.

Relative to the Bloomberg U.S. Corporate Index, credit selection was additive while sector allocation detracted from performance. Credit selection was strongest in the Communications and Consumer Cyclicals sectors, while holdings within the Insurance sector underperformed. From a sector allocation standpoint, overweight Communications and underweight Insurance both had a negative impact on relative returns.

The views expressed herein are exclusively those of Grantham, Mayo, Van Otterloo & Co. LLC (GMO) as of the date of this report and are subject to change. GMO disclaims any responsibility to update such views. They are not meant as investment advice. References to specific securities are not recommendations of such securities and may not be representative of any GMO portfolio's current or future investments.

#### June 30, 2025

# Fund Performance
Change in Value of a $10,000 Investment

![Growth of 10K Chart](i81da395c0d74e3ad3a77c672.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | GMO Systematic Investment Grade Credit ETF at NAV | Bloomberg U.S. Aggregate Index | Bloomberg U.S. Corporate Index |
| 06/04/2025 | $10000 | $10000 | $10000 |
| 06/2025 | $10209 | $10183 | $10203 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | Since 6/4/2025 (commencement of operations)<sup>Footnote Reference\*</sup> |
| GMO Systematic Investment Grade Credit ETF at NAV | 2.09% |
| Bloomberg U.S. Aggregate Index | 1.83% |
| Bloomberg U.S. Corporate Index | 2.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The NAV returns are calculated using the start of day values on June 4, 2025. |

---

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund's expense ratio of 0.25% is equal to the Total annual Fund operating expense as set forth in the Fund's most recent Prospectus dated October 28, 2024.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6380804 |
| Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid, Net | $1114 |

---

#### June 30, 2025

#### What does the Fund invest in?
The Fund invested primarily in debt securities at period end.

# Industry Group Summary<sup>Footnote Reference \*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Financial Services | 15.7 |
| Banks | 12.1 |
| Capital Goods | 10.1 |
| Food, Beverage & Tobacco | 8.4 |
| Health Care Equipment & Services | 7.4 |
| Media & Entertainment | 6.5 |
| Utilities | 5.6 |
| Energy | 5.3 |
| Commercial & Professional Services | 5.0 |
| Software & Services | 4.9 |
| Consumer Durables & Apparel | 3.2 |
| Equity Real Estate Investment Trusts (REITs) | 2.7 |
| Consumer Staples Distribution & Retail | 2.6 |
| Semiconductors & Semiconductor Equipment | 1.9 |
| Automobiles & Components | 1.8 |
| Insurance | 1.7 |
| Telecommunication Services | 1.4 |
| Technology Hardware & Equipment | 1.1 |
| Other (less than 1%) | 2.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Country/Region Summary<sup>Footnote Reference \*\*</sup>

#### % of Investments

---

| | |
|:---|:---|
| United States | 81.7 |
| Canada | 9.8 |
| United Kingdom | 5.4 |
| Australia | 1.6 |
| Belgium | 1.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.gmo.com/americas/solutions/etf-investing-at-gmo/](i8960ec728149ac07b86f941c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial statements, quarterly portfolio holdings and proxy voting information, please visit https://www.gmo.com/americas/etf-documents/ or scan the QR code.

Phone: (844) 761-1102 (toll-free)

#### GMO U.S. Quality ETF
![Image](i37bd02a4a4fb6d6ebdb4ac60.jpg)

#### Ticker: QLTY; Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about GMO U.S. Quality ETF for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.gmo.com/americas/etf-documents/. You can also request this information by contacting us at (844) 761-1102 (toll-free).

# What were the Fund costs for the last year?

#### (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 |
| GMO U.S. Quality ETF | $53 | 0.50% |

---

# How did the Fund perform last year and what affected its performance?
Although Grantham, Mayo, Van Otterloo & Co. LLC (GMO) does not manage the Fund to, or control the Fund's risk relative to, any securities index or securities benchmark, a discussion of the Fund's performance relative to the S&P 500 Index is included for comparative purposes.

The GMO U.S. Quality ETF returned +11.16% (net) at net asset value (NAV) for the fiscal year ended June 30, 2025, as compared with +15.16% for the S&P 500 Index.

Relative to the S&P 500, sector allocation made a negative contribution this period. The Energy (underweight) and Information Technology (overweight) allocations helped returns while Health Care (overweight) and Financials (underweight) reduced returns. Security selection within sector made a negative contribution. Selection results in Industrials and Information Technology helped returns. Consumer Staples and Communication Services detracted from returns. Sector allocation was more significant than stock selection within sector.

Oracle, Broadcom, and GE Aerospace made the largest positive impact while Constellation Brands, UnitedHealth Group, and Elevance Health detracted.

The views expressed herein are exclusively those of GMO as of the date of this report and are subject to change. GMO disclaims any responsibility to update such views. They are not meant as investment advice. References to specific securities are not recommendations of such securities and may not be representative of any GMO portfolio's current or future investments.

#### June 30, 2025

# Fund Performance
Change in Value of a $10,000 Investment

![Growth of 10K Chart](i65dec8e633902677540614d4.jpg)

---

| | | |
|:---|:---|:---|
| | GMO U.S. Quality ETF at NAV | S&P 500 Index |
| 11/2023 | $10000 | $10000 |
| 11/2023 | $10322 | $10368 |
| 12/2023 | $10665 | $10839 |
| 01/2024 | $10997 | $11021 |
| 02/2024 | $11632 | $11610 |
| 03/2024 | $11921 | $11983 |
| 04/2024 | $11523 | $11494 |
| 05/2024 | $11882 | $12064 |
| 06/2024 | $12462 | $12497 |
| 07/2024 | $12513 | $12649 |
| 08/2024 | $12879 | $12956 |
| 09/2024 | $13117 | $13232 |
| 10/2024 | $12701 | $13112 |
| 11/2024 | $13247 | $13882 |
| 12/2024 | $12917 | $13551 |
| 01/2025 | $13545 | $13928 |
| 02/2025 | $13367 | $13747 |
| 03/2025 | $12634 | $12972 |
| 04/2025 | $12477 | $12884 |
| 05/2025 | $13106 | $13695 |
| 06/2025 | $13853 | $14392 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | 1 Year | Since 11/14/2023 (commencement of operations)<sup>Footnote Reference\*</sup> |
| GMO U.S. Quality ETF at NAV | 11.16% | 22.15% |
| S&P 500 Index | 15.16% | 25.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The NAV returns are calculated using the start of day values on November 14, 2023. |

---

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

For S&P disclaimers please visit https://www.gmo.com/north-america/benchmark-disclaimers/

The Fund's expense ratio of 0.50% is equal to the Total annual Fund operating expense as set forth in the Fund's most recent Prospectus dated November 1, 2024.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2010274305 |
| Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid, Net | $7086797 |

---

#### June 30, 2025

#### What does the Fund invest in?
The Fund invested primarily in equity securities at year end.

# Industry Group Summary<sup>Footnote Reference \*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Software & Services | 19.8 |
| Semiconductors & Semiconductor Equipment | 15.4 |
| Health Care Equipment & Services | 12.6 |
| Pharmaceuticals, Biotechnology & Life Sciences | 9.2 |
| Media & Entertainment | 9.1 |
| Food, Beverage & Tobacco | 6.5 |
| Consumer Services | 5.4 |
| Banks | 4.4 |
| Consumer Discretionary Distribution & Retail | 3.8 |
| Technology Hardware & Equipment | 3.8 |
| Financial Services | 3.5 |
| Household & Personal Products | 2.9 |
| Capital Goods | 2.0 |
| Transportation | 1.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.gmo.com/americas/solutions/etf-investing-at-gmo/](i8960ec728149ac07b86f941c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial statements, quarterly portfolio holdings and proxy voting information, please visit https://www.gmo.com/americas/etf-documents/ or scan the QR code.

Phone: (844) 761-1102 (toll-free)

#### GMO U.S. Value ETF
![Image](i37bd02a4a4fb6d6ebdb4ac60.jpg)

#### Ticker: GMOV; Exchange: NYSE Arca, Inc.

#### Annual Shareholder Report - June 30, 2025
This annual shareholder report contains important information about GMO U.S. Value ETF for the period of October 29, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.gmo.com/americas/etf-documents/. You can also request this information by contacting us at (844) 761-1102 (toll-free).

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| GMO U.S. Value ETF | $34 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;For the period October 29, 2024 (commencement of operations) through June 30, 2025. The costs would have been higher had the Fund operated the full year. |

---

# How did the Fund perform last year and what affected its performance?
Although Grantham, Mayo, Van Otterloo & Co. LLC (GMO) does not manage the Fund to, or control the Fund's risk relative to, any securities index or securities benchmark, a discussion of the Fund's performance relative to the MSCI USA Value (Gross) Index is included for comparative purposes.

The GMO U.S. Value ETF returned +1.78% (net) at net asset value (NAV) for the period from commencement of operations on October 29, 2024, until the end of the fiscal year on June 30, 2025, as compared with +3.07% for the MSCI USA Value (Gross) Index.

The bulk of the underperformance for the period was driven by deep value stock selection within Consumer Staples and Industrials. Overweight positioning in Health Care and Consumer Discretionary also detracted.

A notable area for value added in the period included a mix of overweight allocation and stock selection in Financials.

The views expressed herein are exclusively those of GMO as of the date of this report and are subject to change. GMO disclaims any responsibility to update such views. They are not meant as investment advice. References to specific securities are not recommendations of such securities and may not be representative of any GMO portfolio's current or future investments.

#### June 30, 2025

# Fund Performance
Change in Value of a $10,000 Investment

![Growth of 10K Chart](i94116658eac8d39260416150.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | GMO U.S. Value ETF at NAV | MSCI USA Index | MSCI USA Value (Gross) Index |
| 10/29/2024 | $10000 | $10000 | $10000 |
| 10/2024 | $9815 | $9803 | $9870 |
| 11/2024 | $10427 | $10416 | $10407 |
| 12/2024 | $9801 | $10151 | $9683 |
| 01/2025 | $10236 | $10460 | $10116 |
| 02/2025 | $10189 | $10296 | $10213 |
| 03/2025 | $9887 | $9693 | $9965 |
| 04/2025 | $9483 | $9644 | $9612 |
| 05/2025 | $9700 | $10266 | $9867 |
| 06/2025 | $10178 | $10794 | $10307 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | Since 10/29/2024 (commencement of operations)<sup>Footnote Reference\*</sup> |
| GMO U.S. Value ETF at NAV | 1.78% |
| MSCI USA Index | 7.94% |
| MSCI USA Value (Gross) Index | 3.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The NAV returns are calculated using the start of day values on October 29, 2024. |

---

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability thereunder.

The Fund's expense ratio of 0.50% is equal to the Total annual Fund operating expense as set forth in the Fund's most recent Prospectus dated October 28, 2024.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $52547064 |
| Number of Portfolio Holdings | 164 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid, Net | $125735 |

---

#### June 30, 2025

#### What does the Fund invest in?
The Fund invested primarily in equity securities at period end.

# Industry Group Summary<sup>Footnote Reference \*</sup>

#### % of Investments

---

| | |
|:---|:---|
| Financial Services | 12.2 |
| Banks | 11.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | 11.1 |
| Energy | 8.4 |
| Media & Entertainment | 8.3 |
| Health Care Equipment & Services | 7.5 |
| Technology Hardware & Equipment | 5.2 |
| Capital Goods | 4.1 |
| Consumer Durables & Apparel | 3.8 |
| Semiconductors & Semiconductor Equipment | 3.6 |
| Automobiles & Components | 3.4 |
| Telecommunication Services | 2.9 |
| Consumer Discretionary Distribution & Retail | 2.8 |
| Insurance | 2.8 |
| Food, Beverage & Tobacco | 2.7 |
| Equity Real Estate Investment Trusts (REITs) | 2.0 |
| Consumer Staples Distribution & Retail | 2.0 |
| Transportation | 2.0 |
| Materials | 1.4 |
| Software & Services | 1.2 |
| Other (less than 1%) | 1.1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes short-term investments and derivative financial instruments, if any. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.gmo.com/americas/solutions/etf-investing-at-gmo/](i8960ec728149ac07b86f941c.jpg)

For additional information about the Fund, including the Fund's prospectus, financial statements, quarterly portfolio holdings and proxy voting information, please visit https://www.gmo.com/americas/etf-documents/ or scan the QR code.

Phone: (844) 761-1102 (toll-free)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 2. **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant, as of the end of the period covered by the report, has adopted a code of ethics that applies
 to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons
 performing similar functions on behalf of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No disclosures are required by this Item 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the code of ethics
 adopted in 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of
 ethics adopted in 2(a) above were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
Registrant's Code of Ethics is attached as an Exhibit hereto.

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

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee

(a)(2) The audit committee financial expert is Joan Binstock who is independent as defined in Form N-CSR Item 3(a)(2).

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are $264,200 for 2025 and $64,000 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported
 under paragraph (a) of this Item were $0 for 2025 and $0 for 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $39,517 for 2025 and $12,100 for 2024. Services for which fees in the
 Tax Fees category are billed include PricewaterhouseCoopers LLP's ("PwC") review of the registrant's U.S. federal
 income tax returns and the required state corporate income tax returns, as well as PwC's review of excise tax distribution calculations
 and identification and analyzation of the passive foreign investment company status of foreign corporate equities.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this item are $0 for 2025 and $0 for 2024.

(e)(1) Audit Committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

All services to be performed by the Registrant's principal auditors must be pre-approved by the Registrant's audit committee.

(e)(2) No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's principal accountant for the last two fiscal
 years was $74,517 for 2025 and $12,100 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

![](fp0095191-1_01.jpg)

**Annual Financial Statements and Other Information**

June 30, 2025

**GMO Beyond China ETF**

**GMO International Quality ETF**

**GMO International Value ETF**

**GMO Systematic Investment Grade Credit ETF**

**GMO U.S. Quality ETF**

**GMO U.S. Value ETF**

For a free copy of the Funds' proxy voting guidelines, shareholders may call 1-844 761-1102 (toll-free), visit GMO's website at www.gmo.com, or visit the Securities and Exchange Commission's website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge on GMO's website at www.gmo.com and on the Securities and Exchange Commission's website at www.sec.gov no later than August 31 of each year.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT, which is available on the Commission's website at www.sec.gov or at www.gmo.com.

Information regarding how often shares of the Funds are traded on the New York Stock Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds can be found at www.gmo.com.

This report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus for The 2023 ETF Series Trust II, which contains a complete discussion of the risks associated with an investment in these Funds and other important information. The 2023 ETF Series Trust II prospectus can be obtained at www.gmo.com or by calling toll-free 1-844 761-1102. The 2023 ETF Series Trust II Statement of Additional Information includes additional information about the Trustees of The 2023 ETF Series Trust II and is available without charge, upon request, by calling 1-844 761-1102 (toll-free).

An investment in the Funds is subject to risk, including the possible loss of principal amount invested. There can be no assurance that the Funds will achieve their stated investment objectives. Please see the Funds' prospectus regarding specific principal risks for each Fund. General risks may include: market risk-equities, management and operational risk, focused investment risk, ETF risks, limited authorized participants, market makers and liquidity providers risk, new/smaller funds risk and market disruption.

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| GMO Beyond China ETF |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| GMO International Quality ETF |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 3 |
| GMO International Value ETF |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 4 |
| GMO Systematic Investment Grade Credit ETF |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 7 |
| GMO U.S. Quality ETF |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 10 |
| GMO U.S. Value ETF |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 11 |
| Portfolio, Counterparty and Currency Abbreviations | 14 |
| Fund Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 15 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 17 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 19 |
| Financial Highlights | 22 |
| Notes to Financial Statements | 28 |
| Report of Independent Registered Public Accounting Firm | 45 |
| Tax Information | 46 |

---

**GMO Beyond China ETF**

**Schedule of Investments**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **Brazil — 2.8%** |  |
| 1056 | Embraer SA –ADR | 60097 |
| 31086 | WEG SA | 244770 |
|  | Total Brazil | 304867 |
|  | **Czeck Republic — 0.4%** |  |
| 6450 | Moneta Money Bank AS | 44495 |
|  | **Greece — 0.6%** |  |
| 2040 | Jumbo SA | 70409 |
|  | **India — 30.7%** |  |
| 870 | ABB India Ltd. | 61730 |
| 1809 | Amara Raja Energy & Mobility Ltd. | 20341 |
| 7257 | Asian Paints Ltd. | 198171 |
| 8597 | AU Small Finance Bank Ltd. | 82186 |
| 142 | Bajaj Auto Ltd. | 13859 |
| 14704 | Bajaj Finance Ltd. | 160653 |
| 1890 | Balkrishna Industries Ltd. | 53773 |
| 21711 | Castrol India Ltd. | 56151 |
| 2021 | Ceat Ltd. | 86769 |
| 10242 | Chambal Fertilisers & Chemicals Ltd. | 67571 |
| 1868 | Coromandel International Ltd. | 54365 |
| 3181 | Cummins India Ltd. | 126075 |
| 3780 | Deepak Fertilisers & Petrochemicals Corp. Ltd. | 76032 |
| 348 | Dixon Technologies India Ltd. | 60823 |
| 4271 | Eicher Motors Ltd. | 280882 |
| 1790 | Finolex Cables Ltd. | 20601 |
| 19400 | Firstsource Solutions Ltd. | 84943 |
| 3570 | HBL Engineering Ltd. | 24727 |
| 7159 | HDFC Bank Ltd. –ADR | 548880 |
| 5137 | Hero MotoCorp Ltd. | 253711 |
| 15361 | Hindalco Industries Ltd. | 124101 |
| 13189 | ICICI Bank Ltd. –ADR | 443678 |
| 3463 | Indian Hotels Co. Ltd. | 30687 |
| 17371 | IRCON International Ltd. | 41098 |
| 653 | KEI Industries Ltd. | 28947 |
| 1089 | Kirloskar Brothers Ltd. | 29917 |
| 19937 | Manappuram Finance Ltd. | 64075 |
| 1043 | Navin Fluorine International Ltd. | 58376 |
| 6953 | Nippon Life India Asset Management Ltd. | 64779 |
| 7763 | PCBL Chemical Ltd. | 37806 |
| 2627 | Shriram Finance Ltd. | 21664 |
| 1770 | SRF Ltd. | 66788 |
|  | Total India | 3344159 |
|  | **Indonesia — 6.5%** |  |
| 528800 | Aneka Tambang Tbk. PT | 99018 |
| 669000 | Bank Central Asia Tbk. PT | 357473 |
| 469000 | Bank Mandiri Persero Tbk. PT | 140974 |
| 427000 | Bank Negara Indonesia Persero Tbk. PT | 108361 |
|  | Total Indonesia | 705826 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Malaysia — 1.0%** |  |
| 56000 | Gamuda Bhd. | 63707 |
| 194200 | My EG Services Bhd. | 43817 |
|  | Total Malaysia | 107524 |
|  | **Mexico — 7.1%** |  |
| 19000 | Arca Continental SAB de CV | 201295 |
| 13900 | Banco del Bajio SA | 33556 |
| 10260 | Cemex SAB de CV –ADR | 71102 |
| 17300 | Corp. Inmobiliaria Vesta SAB de CV | 47600 |
| 426 | Fomento Economico Mexicano SAB de CV –ADR | 43870 |
| 45747 | Gentera SAB de CV | 97616 |
| 5650 | Gruma SAB de CV –Class B | 97445 |
| 2682 | Grupo Financiero Banorte SAB de CV –ADR | 122836 |
| 18008 | Wal-Mart de Mexico SAB de CV | 59577 |
|  | Total Mexico | 774897 |
|  | **Poland — 2.8%** |  |
| 1590 | Bank Polska Kasa Opieki SA | 81610 |
| 10960 | Powszechny Zaklad Ubezpieczen SA | 191568 |
| 220 | Santander Bank Polska SA | 30128 |
|  | Total Poland | 303306 |
|  | **South Korea — 8.8%** |  |
| 1709 | DB HiTek Co. Ltd. | 59263 |
| 5298 | HMM Co. Ltd. | 88326 |
| 469 | Hyundai Engineering & Construction Co. Ltd. | 27280 |
| 949 | Hyundai Glovis Co. Ltd. | 94787 |
| 1668 | Korean Air Lines Co. Ltd. | 28303 |
| 1089 | LS Electric Co. Ltd. | 241265 |
| 7821 | Samsung Electronics Co. Ltd. | 346544 |
| 579 | Samsung SDI Co. Ltd. | 74134 |
|  | Total South Korea | 959902 |
|  | **Taiwan — 21.9%** |  |
| 4840 | Advantech Co. Ltd. | 56333 |
| 997 | Bizlink Holding, Inc. | 28942 |
| 4740 | Chroma ATE, Inc. | 71801 |
| 23189 | Delta Electronics, Inc. | 327847 |
| 3189 | Evergreen Marine Corp. Taiwan Ltd. | 21724 |
| 12060 | Hon Hai Precision Industry Co. Ltd. | 66468 |
| 9369 | MediaTek, Inc. | 400905 |
| 6251 | Micro-Star International Co. Ltd. | 30707 |
| 3111 | Parade Technologies Ltd. | 63472 |
| 3513 | Phison Electronics Corp. | 60490 |
| 34798 | Radiant Opto-Electronics Corp. | 160220 |
| 9681 | Realtek Semiconductor Corp. | 187907 |
| 6051 | Sinbon Electronics Co. Ltd. | 45260 |
| 3710 | Taiwan Semiconductor Manufacturing Co. Ltd. –ADR | 840278 |
| 508 | Voltronic Power Technology Corp. | 21912 |
|  | Total Taiwan | 2384266 |

---

The accompanying notes are an integral part of the financial statements.

**GMO Beyond China ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Thailand — 6.0%** |  |
| 264000 | AP Thailand PCL –NVDR | 50857 |
| 9000 | Bangkok Bank PCL –NVDR | 38509 |
| 14600 | Delta Electronics Thailand PCL –NVDR | 43339 |
| 29900 | Kasikornbank PCL –NVDR | 141236 |
| 437000 | Krung Thai Bank PCL –NVDR | 286657 |
| 15000 | SCB X PCL –NVDR | 54244 |
| 79000 | Supalai PCL –NVDR | 35246 |
|  | Total Thailand | 650088 |
|  | **Turkey — 2.0%** |  |
| 17027 | Arcelik AS \* | 52384 |
| 9520 | Dogus Otomotiv Servis ve Ticaret AS | 41649 |
| 73950 | Karsan Otomotiv Sanayii Ve Ticaret AS \* | 17179 |
| 115340 | Mavi Giyim Sanayi Ve Ticaret AS –Class B | 111407 |
|  | Total Turkey | 222619 |
|  | **United Arab Emirates — 3.1%** |  |
| 51943 | Aldar Properties PJSC | 126159 |
| 6360 | Emaar Development PJSC | 23379 |
| 52529 | Emaar Properties PJSC | 194520 |
|  | Total United Arab Emirates | 344058 |
|  | **Vietnam — 5.2%** |  |
| 11900 | Bank for Foreign Trade of Vietnam JSC \* | 25968 |
| 76615 | Gelex Group JSC | 109699 |
| 27600 | Gemadept Corp. | 61180 |
| 59200 | Kinh Bac City Development Holding Corp. \* | 60627 |
| 107300 | Mobile World Investment Corp. \* | 269066 |
| 13800 | PetroVietnam Gas JSC | 35820 |
|  | Total Vietnam | 562360 |
|  | TOTAL COMMON STOCKS<br> (COST $10,223,596) | 10778776 |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |
|  | **Money Market Funds — 1.4%** |  |
| 152624 | State Street Institutional Treasury Money Market Fund – Premier Class, 4.20% <sup>(a)</sup> | 152624 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $152,624) | 152624 |
|  | **TOTAL INVESTMENTS — 100.3%**<br> (Cost $10,376,220) | **10931400** |
|  | Other Assets and Liabilities (net) — (0.3)% | (28272) |
|  | **TOTAL NET ASSETS — 100.0%** | $**10903128** |

---

**Notes to Schedule of Investments:**

\* Non-income producing security.

<sup>(a)</sup> The rate disclosed is the 7 day net yield as of June 30, 2025.

For a listing of definitions of acronyms, counterparty abbreviations and currency abbreviations used throughout the Schedule of Investments as well as the derivative tables, if any, please refer to page 14.

The accompanying notes are an integral part of the financial statements.

**GMO International Quality ETF**

**Schedule of Investments**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **Capital Goods — 11.0%** |  |
| 37840 | Assa Abloy AB – Class B | 1180688 |
| 13636 | Knorr-Bremse AG | 1317931 |
| 17127 | Kone OYJ – Class B | 1127365 |
| 31769 | Safran SA – ADR | 2594574 |
|  | Total Capital Goods | 6220558 |
|  | **Commercial & Professional Services — 2.3%** |  |
| 85800 | Brambles Ltd. | 1322511 |
|  | **Consumer Discretionary Distribution & Retail — 4.3%** |  |
| 46779 | Industria de Diseno Textil SA | 2434466 |
|  | **Consumer Durables & Apparel — 3.7%** |  |
| 19976 | LVMH Moet Hennessy Louis Vuitton SE – ADR | 2098679 |
|  | **Consumer Services — 8.6%** |  |
| 32164 | Amadeus IT Group SA | 2708206 |
| 62348 | Compass Group PLC – ADR | 2152253 |
|  | Total Consumer Services | 4860459 |
|  | **Food, Beverage & Tobacco — 13.5%** |  |
| 117565 | Davide Campari-Milano NV | 790754 |
| 13741 | Diageo PLC – ADR | 1385642 |
| 10868 | Fomento Economico Mexicano SAB de CV – ADR | 1119187 |
| 14823 | Kerry Group PLC – Class A | 1636947 |
| 19845 | Nestle SA – ADR | 1971005 |
| 36837 | Pernod Ricard SA – ADR | 738213 |
|  | Total Food, Beverage & Tobacco | 7641748 |
|  | **Health Care Equipment & Services — 3.5%** |  |
| 6511 | BioMerieux | 900415 |
| 8800 | Hoya Corp. | 1048325 |
|  | Total Health Care Equipment & Services | 1948740 |
|  | **Household & Personal Products — 8.4%** |  |
| 3872 | Beiersdorf AG | 486205 |
| 25118 | L'Oreal SA – ADR | 2147840 |
| 34851 | Unilever PLC – ADR | 2131836 |
|  | Total Household & Personal Products | 4765881 |
|  | **Materials — 5.6%** |  |
| 42583 | Air Liquide SA – ADR | 1758678 |
| 85812 | Shin-Etsu Chemical Co. Ltd. – ADR | 1415040 |
|  | Total Materials | 3173718 |
|  | **Pharmaceuticals, Biotechnology & Life Sciences — 15.5%** |  |
| 216341 | Haleon PLC – ADR | 2243456 |
| 15303 | Novartis AG – ADR | 1851816 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Pharmaceuticals, Biotechnology & Life Sciences — continued** |  |
| 30310 | Novo Nordisk AS – ADR | 2091996 |
| 42227 | Roche Holding AG – ADR | 1721173 |
| 3475 | Sartorius Stedim Biotech | 830137 |
|  | Total Pharmaceuticals, Biotechnology & Life Sciences | 8738578 |
|  | **Semiconductors & Semiconductor Equipment — 11.1%** |  |
| 2948 | ASML Holding NV – NY Reg Shares | 2362498 |
| 13420 | Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 3039496 |
| 4400 | Tokyo Electron Ltd. | 845748 |
|  | Total Semiconductors & Semiconductor Equipment | 6247742 |
|  | **Software & Services — 9.0%** |  |
| 49502 | Dassault Systemes SE | 1791894 |
| 10736 | SAP SE – ADR | 3264818 |
|  | Total Software & Services | 5056712 |
|  | **Transportation — 2.3%** |  |
| 22176 | Ryanair Holdings PLC – ADR | 1278890 |
|  | TOTAL COMMON STOCKS<br> (COST $53,296,484) | 55788682 |
|  | **SHORT-TERM INVESTMENTS — 1.1%** |  |
|  | **Money Market Funds — 1.1%** |  |
| 618727 | State Street Institutional Treasury Money Market Fund – Premier Class, 4.20% <sup>(a)</sup> | 618727 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $618,727) | 618727 |
|  | **TOTAL INVESTMENTS — 99.9%<br> (Cost $53,915,211)** | **56407409** |
|  | Other Assets and Liabilities (net) — 0.1% | 39057 |
|  | **TOTAL NET ASSETS — 100.0%** | $**56446466** |

---

**Notes to Schedule of Investments:**

<sup>(a)</sup> The rate disclosed is the 7 day net yield as of June 30, 2025.

For a listing of definitions of acronyms, counterparty abbreviations and currency abbreviations used throughout the Schedule of Investments as well as the derivative tables, if any, please refer to page 14.

The accompanying notes are an integral part of the financial statements.

**GMO International Value ETF**

**Schedule of Investments**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.6%** |  |
|  | **Australia — 5.0%** |  |
| 70790 | Aurizon Holdings Ltd. | 141169 |
| 112675 | BHP Group Ltd. –ADR | 5418541 |
| 24049 | BlueScope Steel Ltd. | 365782 |
| 23756 | Dexus | 103973 |
| 144004 | Fortescue Ltd. | 1448181 |
| 2514 | Rio Tinto Ltd. | 177256 |
| 10828 | Westpac Banking Corp. | 241302 |
| 20310 | Woodside Energy Group Ltd. –ADR | 313383 |
|  | Total Australia | 8209587 |
|  | **Austria — 1.3%** |  |
| 6274 | Erste Group Bank AG | 534330 |
| 20305 | OMV AG | 1104547 |
| 15312 | Raiffeisen Bank International AG | 466792 |
|  | Total Austria | 2105669 |
|  | **Belgium — 1.0%** |  |
| 6958 | Ageas SA | 470051 |
| 11616 | KBC Group NV | 1199458 |
|  | Total Belgium | 1669509 |
|  | **Canada — 14.0%** |  |
| 12477 | Bank of Montreal | 1382709 |
| 91609 | Bank of Nova Scotia | 5063229 |
| 9443 | Canadian Imperial Bank of Commerce | 668848 |
| 1514 | Canadian Tire Corp. Ltd. –Class A | 206118 |
| 6981 | Empire Co. Ltd. –Class A | 289698 |
| 4417 | iA Financial Corp., Inc. | 484240 |
| 5030 | IGM Financial, Inc. | 158906 |
| 2733 | Imperial Oil Ltd. | 217115 |
| 14694 | Magna International, Inc. | 567335 |
| 75922 | Manulife Financial Corp. | 2426467 |
| 1060 | National Bank of Canada | 109382 |
| 20691 | Parex Resources, Inc. | 211354 |
| 37755 | Power Corp. of Canada | 1474712 |
| 3295 | Russel Metals, Inc. | 106103 |
| 51227 | Sun Life Financial, Inc. | 3404034 |
| 81712 | Toronto-Dominion Bank | 6010115 |
|  | Total Canada | 22780365 |
|  | **Denmark — 0.8%** |  |
| 221 | AP Moller - Maersk AS –Class A | 408242 |
| 399 | AP Moller - Maersk AS –Class B | 741776 |
| 4239 | Genmab AS –ADR\* | 87578 |
| 17303 | H Lundbeck AS | 99331 |
|  | Total Denmark | 1336927 |
|  | **Finland — 0.5%** |  |
| 20857 | Nokia OYJ –ADR | 108039 |
| 41912 | Outokumpu OYJ | 172895 |
| 4468 | TietoEVRY OYJ | 84735 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Finland — continued** |  |
| 12858 | Valmet OYJ | 397888 |
|  | Total Finland | 763557 |
|  | **France — 11.1%** |  |
| 2570 | Aperam SA | 83070 |
| 1676 | Arkema SA | 123489 |
| 42201 | BNP Paribas SA | 3793920 |
| 25888 | Carrefour SA | 365023 |
| 3454 | Cie de Saint-Gobain SA | 405399 |
| 23031 | Credit Agricole SA | 435834 |
| 1668 | Ipsen SA | 198643 |
| 84631 | Orange SA | 1287511 |
| 42673 | Sanofi SA –ADR | 2061533 |
| 29206 | Societe Generale SA | 1670277 |
| 22235 | STMicroelectronics NV –NY Reg Shares | 676166 |
| 1826 | Teleperformance SE | 177065 |
| 102643 | TotalEnergies SE –ADR | 6301254 |
| 44298 | Valeo SE | 484760 |
|  | Total France | 18063944 |
|  | **Germany — 5.7%** |  |
| 8662 | Bayerische Motoren Werke AG | 769949 |
| 5314 | Continental AG | 463839 |
| 28071 | Daimler Truck Holding AG | 1328271 |
| 51041 | Deutsche Bank AG | 1513316 |
| 35755 | Deutsche Post AG | 1651432 |
| 3152 | DWS Group GmbH & Co. KGaA | 186388 |
| 1690 | Fresenius Medical Care AG | 96849 |
| 3200 | Henkel AG & Co. KGaA | 231821 |
| 25055 | Mercedes-Benz Group AG | 1466528 |
| 21604 | ProSiebenSat.1 Media SE | 181829 |
| 10639 | Siemens AG –ADR | 1371048 |
|  | Total Germany | 9261270 |
|  | **Hong Kong — 2.3%** |  |
| 50000 | BOC Hong Kong Holdings Ltd. | 217199 |
| 117000 | CK Asset Holdings Ltd. | 515698 |
| 164000 | CK Hutchison Holdings Ltd. | 1009076 |
| 28000 | Kerry Properties Ltd. | 72230 |
| 85500 | Sun Hung Kai Properties Ltd. | 980806 |
| 28000 | Swire Pacific Ltd. –Class A | 239874 |
| 724500 | WH Group Ltd. | 696816 |
|  | Total Hong Kong | 3731699 |
|  | **Italy — 1.9%** |  |
| 19304 | Banco BPM SpA | 225391 |
| 58450 | BPER Banca SpA | 531256 |
| 79564 | Intesa Sanpaolo SpA | 458443 |
| 115996 | Stellantis NV | 1162649 |
| 202656 | Telecom Italia SpA \* | 99928 |
| 7666 | Tenaris SA –ADR | 286708 |
| 18108 | Unipol Assicurazioni SpA | 358883 |
|  | Total Italy | 3123258 |

---

The accompanying notes are an integral part of the financial statements.

**GMO International Value ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — 19.6%** |  |
| 27800 | Asahi Group Holdings Ltd. | 372102 |
| 39600 | Bridgestone Corp. | 1622444 |
| 22400 | Brother Industries Ltd. | 387475 |
| 1700 | Credit Saison Co. Ltd. | 46040 |
| 7000 | Dai Nippon Printing Co. Ltd. | 106455 |
| 2000 | Daito Trust Construction Co. Ltd. | 217701 |
| 40000 | Daiwa House Industry Co. Ltd. | 1376063 |
| 5300 | Hitachi Construction Machinery Co. Ltd. | 158258 |
| 97053 | Honda Motor Co. Ltd. –ADR | 2798038 |
| 44400 | Idemitsu Kosan Co. Ltd. | 269782 |
| 111500 | Inpex Corp. | 1567914 |
| 33600 | Isuzu Motors Ltd. | 427102 |
| 3800 | ITOCHU Corp. | 199388 |
| 77000 | Kirin Holdings Co. Ltd. | 1079834 |
| 48700 | Komatsu Ltd. | 1601971 |
| 68553 | Kubota Corp. | 772147 |
| 3300 | Marubeni Corp. | 66754 |
| 12100 | Mazda Motor Corp. | 73051 |
| 107300 | Mitsui & Co. Ltd. | 2195848 |
| 6100 | Mitsui Mining & Smelting Co. Ltd. | 213450 |
| 22700 | Mitsui OSK Lines Ltd. | 759793 |
| 2462000 | Nippon Telegraph & Telephone Corp. | 2632881 |
| 37600 | Nippon Yusen KK | 1354597 |
| 7600 | Niterra Co. Ltd. | 253325 |
| 27600 | Nitto Denko Corp. | 535019 |
| 45100 | Ono Pharmaceutical Co. Ltd. | 488253 |
| 50700 | ORIX Corp. | 1147752 |
| 168900 | Panasonic Holdings Corp. | 1824409 |
| 16300 | Renesas Electronics Corp. | 202498 |
| 6700 | Seiko Epson Corp. | 89005 |
| 24000 | Sekisui Chemical Co. Ltd. | 435318 |
| 29600 | Sekisui House Ltd. | 654261 |
| 59500 | Shionogi & Co. Ltd. | 1071789 |
| 10900 | Sojitz Corp. | 268327 |
| 10600 | Subaru Corp. | 185162 |
| 50000 | Sumitomo Corp. | 1294747 |
| 11600 | Sumitomo Electric Industries Ltd. | 249311 |
| 48600 | Sumitomo Forestry Co. Ltd. | 492227 |
| 1900 | Sumitomo Heavy Industries Ltd. | 39087 |
| 7000 | Suntory Beverage & Food Ltd. | 224089 |
| 15500 | Tosoh Corp. | 227110 |
| 6200 | Toyo Tire Corp. | 131487 |
| 49200 | Toyota Tsusho Corp. | 1116870 |
| 90900 | Yamaha Motor Co. Ltd. | 681411 |
| 3100 | Yokohama Rubber Co. Ltd. | 85505 |
|  | Total Japan | 31996050 |
|  | **Netherlands — 3.9%** |  |
| 49492 | ABN AMRO Bank NV | 1354872 |
| 1732 | Akzo Nobel NV | 121189 |
| 3342 | EXOR NV | 336982 |
| 139350 | ING Groep NV –ADR | 3047584 |
| 8972 | JDE Peet's NV | 256182 |
| 10191 | Koninklijke Ahold Delhaize NV | 426160 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Netherlands — continued** |  |
| 4042 | NN Group NV | 268631 |
| 22827 | Signify NV | 617911 |
|  | Total Netherlands | 6429511 |
|  | **Norway — 2.6%** |  |
| 153954 | Equinor ASA –ADR | 3870404 |
| 35327 | Orkla ASA | 384134 |
|  | Total Norway | 4254538 |
|  | **Singapore — 1.3%** |  |
| 98300 | Oversea-Chinese Banking Corp. Ltd. | 1260930 |
| 28700 | United Overseas Bank Ltd. | 812584 |
|  | Total Singapore | 2073514 |
|  | **Spain — 6.1%** |  |
| 16464 | Acerinox SA | 209841 |
| 211686 | Banco Bilbao Vizcaya Argentaria SA –ADR | 3253614 |
| 229984 | Banco de Sabadell SA | 732269 |
| 501852 | Banco Santander SA | 4154059 |
| 107436 | Repsol SA | 1573703 |
|  | Total Spain | 9923486 |
|  | **Sweden — 2.6%** |  |
| 8248 | Boliden AB \* | 257268 |
| 5724 | Investor AB –Class B | 169253 |
| 4581 | SKF AB –Class B | 105121 |
| 14454 | SSAB AB –Class B | 85371 |
| 49847 | Swedbank AB –Class A | 1319819 |
| 37929 | Telefonaktiebolaget LM Ericsson –ADR | 321638 |
| 72369 | Volvo AB –Class B | 2030117 |
|  | Total Sweden | 4288587 |
|  | **Switzerland — 7.4%** |  |
| 23723 | Adecco Group AG | 705008 |
| 43760 | Novartis AG –ADR | 5295397 |
| 1174 | Roche Holding AG <sup>(a)</sup> | 406894 |
| 14464 | Roche Holding AG <sup>(a)</sup> | 4710439 |
| 4683 | Sandoz Group AG –ADR | 255996 |
| 917 | Swisscom AG | 650088 |
|  | Total Switzerland | 12023822 |
|  | **United Kingdom — 9.5%** |  |
| 14593 | 3i Group PLC | 825280 |
| 80629 | Aberdeen Group PLC | 207184 |
| 13392 | Associated British Foods PLC | 378312 |
| 3811 | Berkeley Group Holdings PLC | 201923 |
| 602628 | BT Group PLC | 1602694 |
| 4407 | Coca-Cola HBC AG | 230114 |
| 7093 | DCC PLC | 460328 |
| 13462 | Drax Group PLC | 128057 |
| 86855 | GSK PLC –ADR | 3335232 |
| 32906 | HSBC Holdings PLC –ADR | 2000356 |

---

The accompanying notes are an integral part of the financial statements.

**GMO International Value ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** |  |
| 21190 | IG Group Holdings PLC | 309480 |
| 392719 | ITV PLC | 444460 |
| 93874 | J Sainsbury PLC | 373425 |
| 9588 | Johnson Matthey PLC | 228474 |
| 204662 | Kingfisher PLC | 816942 |
| 61832 | Rio Tinto PLC –ADR | 3606661 |
| 75740 | Schroders PLC | 375728 |
|  | Total United Kingdom | 15524650 |
|  | TOTAL COMMON STOCKS<br> (COST $144,696,327) | 157559943 |
|  | **PREFERRED STOCKS <sup>(b)</sup> — 1.5%** |  |
|  | **Germany — 1.5%** |  |
| 1620 | Bayerische Motoren Werke AG | 134152 |
| 11479 | Volkswagen AG | 1211814 |
| 12663 | Henkel AG & Co. KGaA | 994327 |
|  | Total Germany | 2340293 |
|  | TOTAL PREFERRED STOCKS<br> (COST $2,301,046) | 2340293 |
|  | **SHORT-TERM INVESTMENTS — 1.7%** |  |
|  | **Money Market Funds — 1.7%** |  |
| 2817658 | State Street Institutional Treasury Money Market Fund – Premier Class, 4.20% <sup>(c)</sup> | 2817658 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $2,817,658) | 2817658 |
|  | **TOTAL INVESTMENTS — 99.8%<br> (Cost $149,815,031)** | **162717894** |
|  | Other Assets and Liabilities (net) — 0.2% | 335976 |
|  | **TOTAL NET ASSETS — 100.0%** | $**163053870** |

---

**Notes to Schedule of Investments:**

\* Non-income producing security.

<sup>(a)</sup> Securities are traded on separate exchanges for the same entity.

<sup>(b)</sup> Preferred dividend rates are disclosed to the extent that a stated rate exists.

<sup>(c)</sup> The rate disclosed is the 7 day net yield as of June 30, 2025.

For a listing of definitions of acronyms, counterparty abbreviations and currency abbreviations used throughout the Schedule of Investments as well as the derivative tables, if any, please refer to page 14.

The accompanying notes are an integral part of the financial statements.

**GMO Systematic Investment Grade Credit ETF**

**Schedule of Investments**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 97.8%** |  |
|  | **Australia — 1.6%** |  |
|  | **Corporate Debt — 1.6%** |  |
| 50000 | Westpac Banking Corp., 3.35%, due 03/08/27 | 49432 |
| 50000 | Westpac Banking Corp., 5.46%, due 11/18/27 | 51578 |
|  | Total Australia | 101010 |
|  | **Belgium — 1.5%** |  |
|  | **Corporate Debt — 1.5%** |  |
| 50000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, due 02/01/36 | 48788 |
| 50000 | Anheuser-Busch InBev Worldwide, Inc., 4.95%, due 01/15/42 | 47168 |
|  | Total Belgium | 95956 |
|  | **Canada — 9.6%** |  |
|  | **Corporate Debt — 9.6%** |  |
| 50000 | Bank of Montreal, Variable Rate, 1 day USD SOFR + 0.88%, 4.57%, due 09/10/27 | 50115 |
| 50000 | Bank of Montreal, 5.51%, due 06/04/31 | 52281 |
| 50000 | Bank of Nova Scotia, Variable Rate, 1 day USD SOFR + 0.89%, 4.93%, due 02/14/29 | 50646 |
| 50000 | Bank of Nova Scotia, Variable Rate, 1 day USD SOFR + 1.07%, 5.13%, due 02/14/31 | 50914 |
| 75000 | Canadian Imperial Bank of Commerce, Variable Rate, 1 day USD SOFR + 1.34%, 4.63%, due 09/11/30 | 75009 |
| 50000 | CI Financial Corp., 3.20%, due 12/17/30 | 44111 |
| 50000 | Emera U.S. Finance LP, 4.75%, due 06/15/46 | 41570 |
| 50000 | Nutrien Ltd., 5.25%, due 03/12/32 | 50988 |
| 50000 | South Bow USA Infrastructure Holdings LLC, 144A, 5.58%, due 10/01/34 | 49473 |
| 50000 | South Bow USA Infrastructure Holdings LLC, 144A, 6.18%, due 10/01/54 | 47517 |
| 50000 | Toronto-Dominion Bank, 5.30%, due 01/30/32 | 51315 |
| 50000 | Toronto-Dominion Bank, 3.20%, due 03/10/32 | 45451 |
|  | Total Canada | 609390 |
|  | **United Kingdom — 5.2%** |  |
|  | **Corporate Debt — 5.2%** |  |
| 50000 | BAT Capital Corp., 7.08%, due 08/02/43 | 55069 |
| 75000 | BAT Capital Corp., 4.54%, due 08/15/47 | 60587 |
| 50000 | Marex Group PLC, 5.83%, due 05/08/28 | 50648 |
| 50000 | Marex Group PLC, 6.40%, due 11/04/29 | 51467 |
| 75000 | Smith & Nephew PLC, 2.03%, due 10/14/30 | 65687 |
| 50000 | Smith & Nephew PLC, 5.40%, due 03/20/34 | 50712 |
|  | Total United Kingdom | 334170 |

---

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **United States — 79.9%** |  |
|  | **Corporate Debt — 79.9%** |  |
| 50000 | 3M Co., 2.88%, due 10/15/27 | 48566 |
| 50000 | 3M Co., 3.38%, due 03/01/29 | 48450 |
| 75000 | Altria Group, Inc., 3.40%, due 02/04/41 | 55637 |
| 75000 | Altria Group, Inc., 3.88%, due 09/16/46 | 55469 |
| 50000 | American Express Co., Variable Rate, 1 day USD SOFR + 1.42%, 5.28%, due 07/26/35 | 50618 |
| 50000 | American Express Co., Variable Rate, 1 day USD SOFR + 1.79%, 5.67%, due 04/25/36 | 51776 |
| 25000 | American International Group, Inc., 5.45%, due 05/07/35 | 25638 |
| 75000 | American Tower Corp., 2.75%, due 01/15/27 | 73215 |
| 50000 | American Tower Corp., 3.65%, due 03/15/27 | 49387 |
| 100000 | Aptiv Swiss Holdings Ltd., 3.10%, due 12/01/51 | 60102 |
| 75000 | Aptiv Swiss Holdings Ltd., 4.15%, due 05/01/52 | 53740 |
| 50000 | AT&T, Inc., 4.55%, due 03/09/49 | 41355 |
| 50000 | AT&T, Inc., 5.15%, due 02/15/50 | 44973 |
| 50000 | Bank of New York Mellon Corp., Variable Rate, 1 day USD SOFR + 2.07%, 5.83%, due 10/25/33 | 53031 |
| 50000 | Bank of New York Mellon Corp., Variable Rate, 1 day USD SOFR + 1.85%, 6.47%, due 10/25/34 | 55059 |
| 50000 | Boeing Co., 5.93%, due 05/01/60 | 47528 |
| 50000 | Boeing Co., 7.01%, due 05/01/64 | 54917 |
| 25000 | Brighthouse Financial, Inc., 5.63%, due 05/15/30 | 25636 |
| 75000 | Brighthouse Financial, Inc., 4.70%, due 06/22/47 | 57449 |
| 75000 | Broadcom, Inc., 144A, 4.15%, due 04/15/32 | 72251 |
| 50000 | Broadcom, Inc., 144A, 4.93%, due 05/15/37 | 48526 |
| 50000 | Capital One Financial Corp., Variable Rate, 1 day USD SOFR + 2.86%, 6.38%, due 06/08/34 | 53230 |
| 50000 | Capital One Financial Corp., Variable Rate, 1 day USD SOFR + 3.37%, 7.96%, due 11/02/34 | 58119 |
| 50000 | Cardinal Health, Inc., 5.45%, due 02/15/34 | 51449 |
| 50000 | Cardinal Health, Inc., 5.75%, due 11/15/54 | 49283 |
| 50000 | Cencora, Inc., 3.45%, due 12/15/27 | 49071 |
| 50000 | Cencora, Inc., 4.85%, due 12/15/29 | 50791 |
| 50000 | CenterPoint Energy Houston Electric LLC, 5.20%, due 10/01/28 | 51543 |
| 50000 | CenterPoint Energy Houston Electric LLC, 4.95%, due 04/01/33 | 50204 |
| 50000 | Charles Schwab Corp., Variable Rate, 1 day USD SOFR + 2.50%, 5.85%, due 05/19/34 | 53116 |
| 50000 | Charles Schwab Corp., Variable Rate, 1 day USD SOFR + 2.01%, 6.14%, due 08/24/34 | 54099 |

---

The accompanying notes are an integral part of the financial statements.

**GMO Systematic Investment Grade Credit ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **United States — continued** |  |
|  | **Corporate Debt — continued** |  |
| 25000 | Citigroup, Inc., Variable Rate, 3 mo. USD Term SOFR + 1.65%, 3.67%, due 07/24/28 | 24609 |
| 50000 | Coca-Cola Co., 5.20%, due 01/14/55 | 47866 |
| 50000 | Coca-Cola Co., 5.40%, due 05/13/64 | 48778 |
| 50000 | Concentrix Corp., 6.85%, due 08/02/33 | 52003 |
| 75000 | Corning, Inc., 5.35%, due 11/15/48 | 70592 |
| 50000 | Darden Restaurants, Inc., 6.30%, due 10/10/33 | 53581 |
| 50000 | Dollar General Corp., 5.20%, due 07/05/28 | 50987 |
| 25000 | eBay, Inc., 3.65%, due 05/10/51 | 18060 |
| 50000 | Entergy Louisiana LLC, 5.35%, due 03/15/34 | 51287 |
| 50000 | EQT Corp., 144A, 6.38%, due 04/01/29 | 51575 |
| 75000 | Equitable Holdings, Inc., 5.00%, due 04/20/48 | 66151 |
| 50000 | First Horizon Corp., Variable Rate, 1 day USD SOFR + 1.77%, 5.51%, due 03/07/31 | 50720 |
| 50000 | Fox Corp., 5.48%, due 01/25/39 | 48936 |
| 50000 | Fox Corp., 5.58%, due 01/25/49 | 46914 |
| 50000 | FS KKR Capital Corp., 3.13%, due 10/12/28 | 45850 |
| 50000 | FS KKR Capital Corp., 6.88%, due 08/15/29 | 51274 |
| 25000 | Gilead Sciences, Inc., 4.75%, due 03/01/46 | 22378 |
| 25000 | Gilead Sciences, Inc., 2.80%, due 10/01/50 | 15716 |
| 25000 | Goldman Sachs Group, Inc., Variable Rate, 1 day USD SOFR + 1.85%, 3.62%, due 03/15/28 | 24651 |
| 50000 | Goldman Sachs Group, Inc., Variable Rate, 3 mo. USD Term SOFR + 1.77%, 3.69%, due 06/05/28 | 49289 |
| 50000 | Hasbro, Inc., 3.90%, due 11/19/29 | 48213 |
| 50000 | Hasbro, Inc., 6.05%, due 05/14/34 | 51565 |
| 25000 | HCA, Inc., 5.25%, due 06/15/49 | 22209 |
| 50000 | HCA, Inc., 6.10%, due 04/01/64 | 48760 |
| 50000 | HEICO Corp., 5.35%, due 08/01/33 | 51173 |
| 50000 | Howmet Aerospace, Inc., 3.00%, due 01/15/29 | 47779 |
| 50000 | Howmet Aerospace, Inc., 4.85%, due 10/15/31 | 50636 |
| 50000 | Jacobs Engineering Group, Inc., 5.90%, due 03/01/33 | 52030 |
| 50000 | Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 5.50%, due 04/19/29 | 51855 |
| 50000 | Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 4.90%, due 12/01/32 | 50259 |
| 50000 | JPMorgan Chase & Co., Variable Rate, 1 day USD SOFR + 2.99%, 4.85%, due 07/25/28 | 50521 |
| 50000 | JPMorgan Chase & Co., Variable Rate, 3 mo. USD Term SOFR + 2.59%, 4.45%, due 12/05/29 | 50094 |
| 75000 | Kroger Co., 4.45%, due 02/01/47 | 62204 |
| 50000 | Kroger Co., 5.65%, due 09/15/64 | 47332 |
| 50000 | Kyndryl Holdings, Inc., 3.15%, due 10/15/31 | 45155 |

---

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **United States — continued** |  |
|  | **Corporate Debt — continued** |  |
| 50000 | Kyndryl Holdings, Inc., 6.35%, due 02/20/34 | 53417 |
| 50000 | MasTec, Inc., 5.90%, due 06/15/29 | 51720 |
| 50000 | Mastercard, Inc., 4.35%, due 01/15/32 | 49789 |
| 50000 | Mastercard, Inc., 4.88%, due 05/09/34 | 50599 |
| 75000 | McKesson Corp., 4.25%, due 09/15/29 | 74896 |
| 25000 | Microsoft Corp., 2.53%, due 06/01/50 | 15449 |
| 75000 | MPLX LP, 4.70%, due 04/15/48 | 60846 |
| 50000 | MPLX LP, 5.50%, due 02/15/49 | 45146 |
| 50000 | National Fuel Gas Co., 5.50%, due 03/15/30 | 51386 |
| 50000 | National Fuel Gas Co., 5.95%, due 03/15/35 | 51108 |
| 50000 | Netflix, Inc., 4.88%, due 04/15/28 | 51047 |
| 50000 | Netflix, Inc., 6.38%, due 05/15/29 | 53813 |
| 50000 | Paramount Global, 4.20%, due 05/19/32 | 45635 |
| 75000 | Paramount Global, 4.95%, due 05/19/50 | 57379 |
| 50000 | Paychex, Inc., 5.10%, due 04/15/30 | 51209 |
| 50000 | Paychex, Inc., 5.35%, due 04/15/32 | 51342 |
| 50000 | Philip Morris International, Inc., 5.38%, due 02/15/33 | 51636 |
| 50000 | Philip Morris International, Inc., 5.25%, due 02/13/34 | 50997 |
| 75000 | RTX Corp., 3.50%, due 03/15/27 | 74097 |
| 50000 | RTX Corp., 6.10%, due 03/15/34 | 54056 |
| 50000 | Santander Holdings USA, Inc., Variable Rate, 1 day USD SOFR + 1.88%, 5.74%, due 03/20/31 | 51328 |
| 50000 | Santander Holdings USA, Inc., Variable Rate, 1 day USD SOFR + 2.14%, 6.34%, due 05/31/35 | 52213 |
| 50000 | Sun Communities Operating LP, 4.20%, due 04/15/32 | 47312 |
| 50000 | System Energy Resources, Inc., 5.30%, due 12/15/34 | 49414 |
| 50000 | Take-Two Interactive Software, Inc., 3.70%, due 04/14/27 | 49506 |
| 50000 | Take-Two Interactive Software, Inc., 4.95%, due 03/28/28 | 50771 |
| 50000 | Tapestry, Inc., 5.10%, due 03/11/30 | 50651 |
| 50000 | Tapestry, Inc., 5.50%, due 03/11/35 | 50194 |
| 50000 | VeriSign, Inc., 2.70%, due 06/15/31 | 44805 |
| 50000 | VeriSign, Inc., 5.25%, due 06/01/32 | 50956 |
| 50000 | Verisk Analytics, Inc., 5.75%, due 04/01/33 | 52579 |
| 50000 | Verisk Analytics, Inc., 5.25%, due 03/15/35 | 50283 |
| 25000 | Visa, Inc., 2.05%, due 04/15/30 | 22757 |
| 50000 | Visa, Inc., 4.30%, due 12/14/45 | 43464 |
| 50000 | VMware LLC, 1.80%, due 08/15/28 | 46259 |
| 50000 | VMware LLC, 4.70%, due 05/15/30 | 50199 |
| 25000 | Williams Cos., Inc., 4.90%, due 03/15/29 | 25345 |
| 50000 | Williams Cos., Inc., 5.15%, due 03/15/34 | 49885 |
|  | Total United States | 5098718 |
|  | TOTAL DEBT OBLIGATIONS <br>(COST $6,131,966) | 6239244 |

---

The accompanying notes are an integral part of the financial statements.

**GMO Systematic Investment Grade Credit ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENTS — 1.0%** |  |
|  | **Money Market Funds — 1.0%** |  |
| 62669 | State Street Institutional Treasury Money Market Fund – Premier Class, 4.20% <sup>(a)</sup> | 62669 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $62,669) | 62669 |
|  | **TOTAL INVESTMENTS — 98.8%<br> (Cost $6,194,635)** | **6301913** |
|  | Other Assets and Liabilities (net) — 1.2% | 78891 |
|  | **TOTAL NET ASSETS — 100.0%** | $**6380804** |

---

**Notes to Schedule of Investments:**

<sup>+</sup> Denominated in U.S. Dollar, unless otherwise indicated.

<sup>(a)</sup> The rate disclosed is the 7 day net yield as of June 30, 2025.

For a listing of definitions of acronyms, counterparty abbreviations and currency abbreviations used throughout the Schedule of Investments as well as the derivative tables, if any, please refer to page 14.

The accompanying notes are an integral part of the financial statements.

**GMO U.S. Quality ETF**

**Schedule of Investments**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **Banks — 4.3%** |  |
| 984018 | U.S. Bancorp | 44526814 |
| 527957 | Wells Fargo & Co. | 42299915 |
|  | Total Banks | 86826729 |
|  | **Capital Goods — 2.0%** |  |
| 153294 | General Electric Co. | 39456343 |
|  | **Consumer Discretionary Distribution & Retail — 3.8%** |  |
| 213877 | Amazon.com, Inc. \* | 46922475 |
| 241296 | TJX Cos., Inc. | 29797643 |
|  | Total Consumer Discretionary Distribution & Retail | 76720118 |
|  | **Consumer Services — 5.4%** |  |
| 1267555 | Aramark | 53072528 |
| 207748 | Hilton Worldwide Holdings, Inc. | 55331602 |
|  | Total Consumer Services | 108404130 |
|  | **Financial Services — 3.4%** |  |
| 91091 | Tradeweb Markets, Inc. – Class A | 13335722 |
| 157059 | Visa, Inc. – Class A | 55763798 |
|  | Total Financial Services | 69099520 |
|  | **Food, Beverage & Tobacco — 6.4%** |  |
| 618122 | Brown-Forman Corp. – Class B | 16633663 |
| 426529 | Coca-Cola Co. | 30176927 |
| 266944 | Constellation Brands, Inc. – Class A | 43426450 |
| 570711 | Mondelez International, Inc. – Class A | 38488750 |
|  | Total Food, Beverage & Tobacco | 128725790 |
|  | **Health Care Equipment & Services — 12.5%** |  |
| 588743 | Abbott Laboratories | 80074936 |
| 88571 | Cigna Group | 29279801 |
| 121254 | Elevance Health, Inc. | 47162956 |
| 66530 | Intuitive Surgical, Inc. \* | 36153067 |
| 105240 | Quest Diagnostics, Inc. | 18904261 |
| 129851 | UnitedHealth Group, Inc. | 40509617 |
|  | Total Health Care Equipment & Services | 252084638 |
|  | **Household & Personal Products — 2.9%** |  |
| 361548 | Procter & Gamble Co. | 57601827 |
|  | **Media & Entertainment — 9.1%** |  |
| 482967 | Alphabet, Inc. – Class A | 85113274 |
| 131840 | Meta Platforms, Inc. – Class A | 97309786 |
|  | Total Media & Entertainment | 182423060 |
|  | **Pharmaceuticals, Biotechnology & Life Sciences — 9.1%** |  |
| 47250 | Eli Lilly & Co. | 36832792 |
| 467972 | Johnson & Johnson | 71482723 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Pharmaceuticals, Biotechnology & Life Sciences — continued** |  |
| 372460 | Merck & Co., Inc. | 29483934 |
| 112061 | Thermo Fisher Scientific, Inc. | 45436253 |
|  | Total Pharmaceuticals, Biotechnology & Life Sciences | 183235702 |
|  | **Semiconductors & Semiconductor Equipment — 15.3%** |  |
| 347644 | Broadcom, Inc. | 95828069 |
| 73227 | KLA Corp. | 65592353 |
| 802132 | Lam Research Corp. | 78079529 |
| 324873 | Texas Instruments, Inc. | 67450132 |
|  | Total Semiconductors & Semiconductor Equipment | 306950083 |
|  | **Software & Services — 19.7%** |  |
| 208560 | Accenture PLC – Class A | 62336498 |
| 331038 | Microsoft Corp. | 164661612 |
| 479514 | Oracle Corp. | 104836146 |
| 237177 | Salesforce, Inc. | 64675796 |
|  | Total Software & Services | 396510052 |
|  | **Technology Hardware & Equipment — 3.7%** |  |
| 365031 | Apple, Inc. | 74893410 |
|  | **Transportation — 1.6%** |  |
| 338050 | Uber Technologies, Inc. \* | 31540065 |
|  | TOTAL COMMON STOCKS<br> (COST $1,820,751,172) | 1994471467 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **Money Market Funds — 0.7%** |  |
| 12835158 | State Street Institutional Treasury Money Market Fund – Premier Class, 4.20% <sup>(a)</sup> | 12835158 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $12,835,158) | 12835158 |
|  | **TOTAL INVESTMENTS — 99.9%<br> (Cost $1,833,586,330)** | **2007306625** |
|  | Other Assets and Liabilities (net) — 0.1% | 2967680 |
|  | **TOTAL NET ASSETS — 100.0%** | $**2010274305** |

---

**Notes to Schedule of Investments:**

\* Non-income producing security.

<sup>(a)</sup> The rate disclosed is the 7 day net yield as of June 30, 2025.

For a listing of definitions of acronyms, counterparty abbreviations and currency abbreviations used throughout the Schedule of Investments as well as the derivative tables, if any, please refer to page 14.

The accompanying notes are an integral part of the financial statements.

**GMO U.S. Value ETF**

**Schedule of Investments**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **Automobile Components — 3.4%** |  |
| 1444 | Aptiv PLC \* | 98510 |
| 19518 | BorgWarner, Inc. | 653463 |
| 28991 | Ford Motor Co. | 314552 |
| 8820 | General Motors Co. | 434032 |
| 2733 | Lear Corp. | 259580 |
|  | Total Automobile Components | 1760137 |
|  | **Banks — 11.4%** |  |
| 24003 | Bank of America Corp. | 1135822 |
| 9966 | Citigroup, Inc. | 848306 |
| 7119 | Huntington Bancshares, Inc. | 119314 |
| 5838 | JPMorgan Chase & Co. | 1692494 |
| 1521 | M&T Bank Corp. | 295059 |
| 3651 | PNC Financial Services Group, Inc. | 680619 |
| 4988 | Regions Financial Corp. | 117318 |
| 4435 | Truist Financial Corp. | 190661 |
| 14844 | U.S. Bancorp | 671691 |
| 2856 | Wells Fargo & Co. | 228823 |
|  | Total Banks | 5980107 |
|  | **Capital Goods — 4.0%** |  |
| 607 | Atkore, Inc. | 42824 |
| 1016 | Carrier Global Corp. | 74361 |
| 729 | Caterpillar, Inc. | 283005 |
| 1754 | Cummins, Inc. | 574435 |
| 401 | EnerSys | 34394 |
| 937 | Mueller Industries, Inc. | 74463 |
| 394 | Northrop Grumman Corp. | 196992 |
| 2707 | Oshkosh Corp. | 307353 |
| 575 | Owens Corning | 79074 |
| 3325 | PACCAR, Inc. | 316075 |
| 100 | Snap-on, Inc. | 31118 |
| 556 | Timken Co. | 40338 |
| 490 | UFP Industries, Inc. | 48686 |
|  | Total Capital Goods | 2103118 |
|  | **Commercial & Professional Services — 0.3%** |  |
| 1449 | Concentrix Corp. | 76587 |
| 1335 | Genpact Ltd. | 58753 |
| 873 | ManpowerGroup, Inc. | 35269 |
|  | Total Commercial & Professional Services | 170609 |
|  | **Consumer Discretionary Distribution & Retail — 2.8%** |  |
| 2987 | Academy Sports & Outdoors, Inc. | 133847 |
| 1158 | AutoNation, Inc. \* | 230037 |
| 1763 | Bath & Body Works, Inc. | 52820 |
| 2153 | Best Buy Co., Inc. | 144531 |
| 5845 | eBay, Inc. | 435219 |
| 461 | Group 1 Automotive, Inc. | 201323 |
| 1227 | LKQ Corp. | 45411 |
| 3165 | Macy's, Inc. | 36904 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer Discretionary Distribution & Retail — continued** |  |
| 2326 | Signet Jewelers Ltd. | 185033 |
|  | Total Consumer Discretionary Distribution & Retail | 1465125 |
|  | **Consumer Durables & Apparel — 3.7%** |  |
| 2760 | Crocs, Inc. \* | 279533 |
| 2199 | DR Horton, Inc. | 283495 |
| 3455 | KB Home | 183011 |
| 896 | La-Z-Boy, Inc. | 33304 |
| 2434 | Lennar Corp. – Class A | 269225 |
| 246 | M/I Homes, Inc. \* | 27581 |
| 1754 | Meritage Homes Corp. | 117465 |
| 321 | Mohawk Industries, Inc. \* | 33654 |
| 2456 | Polaris, Inc. | 99836 |
| 1461 | PulteGroup, Inc. | 154077 |
| 1841 | PVH Corp. | 126293 |
| 1362 | Steven Madden Ltd. | 32661 |
| 577 | Taylor Morrison Home Corp. \* | 35439 |
| 482 | Toll Brothers, Inc. | 55011 |
| 2145 | Tri Pointe Homes, Inc. \* | 68533 |
| 979 | Whirlpool Corp. | 99290 |
| 1611 | YETI Holdings, Inc. \* | 50779 |
|  | Total Consumer Durables & Apparel | 1949187 |
|  | **Consumer Services — 0.3%** |  |
| 1628 | H&R Block, Inc. | 89361 |
| 2316 | Perdoceo Education Corp. | 75710 |
|  | Total Consumer Services | 165071 |
|  | **Consumer Staples Distribution & Retail — 2.0%** |  |
| 834 | Dollar General Corp. | 95393 |
| 4963 | Kroger Co. | 355996 |
| 5925 | Target Corp. | 584501 |
|  | Total Consumer Staples Distribution & Retail | 1035890 |
|  | **Energy — 8.3%** |  |
| 9711 | Chevron Corp. | 1390518 |
| 3328 | ConocoPhillips | 298655 |
| 853 | Devon Energy Corp. | 27134 |
| 6444 | EOG Resources, Inc. | 770767 |
| 16618 | Exxon Mobil Corp. | 1791421 |
| 1181 | Kinder Morgan, Inc. | 34721 |
| 1243 | Ovintiv, Inc. | 47296 |
|  | Total Energy | 4360512 |
|  | **Equity Real Estate Investment Trusts (REITs) — 2.0%** |  |
| 32493 | VICI Properties, Inc. | 1059272 |
|  | **Financial Services — 12.1%** |  |
| 1032 | Affiliated Managers Group, Inc. | 203067 |
| 1896 | American Express Co. | 604786 |

---

The accompanying notes are an integral part of the financial statements.

**GMO U.S. Value ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial Services — continued** |  |
| 3509 | Bank of New York Mellon Corp. | 319705 |
| 3117 | Blue Owl Capital Corp. | 44698 |
| 563 | Bread Financial Holdings, Inc. | 32159 |
| 3027 | Capital One Financial Corp. | 644025 |
| 1077 | Enova International, Inc. \* | 120107 |
| 2014 | Federated Hermes, Inc. | 89260 |
| 6832 | Franklin Resources, Inc. | 162943 |
| 986 | Goldman Sachs Group, Inc. | 697842 |
| 14840 | Invesco Ltd. | 234027 |
| 3174 | Janus Henderson Group PLC | 123278 |
| 17558 | MGIC Investment Corp. | 488815 |
| 3000 | Morgan Stanley | 422580 |
| 6448 | PayPal Holdings, Inc. \* | 479215 |
| 9013 | Radian Group, Inc. | 324648 |
| 539 | Raymond James Financial, Inc. | 82666 |
| 2345 | Sixth Street Specialty Lending, Inc. | 55834 |
| 6401 | SLM Corp. | 209889 |
| 3833 | State Street Corp. | 407601 |
| 3014 | Synchrony Financial | 201154 |
| 1858 | T. Rowe Price Group, Inc. | 179297 |
| 24224 | Western Union Co. | 203966 |
|  | Total Financial Services | 6331562 |
|  | **Food, Beverage & Tobacco — 2.7%** |  |
| 2393 | Archer-Daniels-Midland Co. | 126303 |
| 1117 | Bunge Global SA | 89673 |
| 8460 | General Mills, Inc. | 438313 |
| 1336 | Keurig Dr. Pepper, Inc. | 44168 |
| 9156 | Kraft Heinz Co. | 236408 |
| 542 | Mondelez International, Inc. – Class A | 36552 |
| 2813 | PepsiCo, Inc. | 371429 |
| 1242 | Tyson Foods, Inc. – Class A | 69477 |
|  | Total Food, Beverage & Tobacco | 1412323 |
|  | **Health Care Equipment & Services — 7.4%** |  |
| 6991 | Centene Corp. \* | 379471 |
| 3087 | Cigna Group | 1020500 |
| 15486 | CVS Health Corp. | 1068224 |
| 1504 | Elevance Health, Inc. | 584996 |
| 3627 | GE HealthCare Technologies, Inc. | 268652 |
| 1170 | Humana, Inc. | 286042 |
| 2633 | Medtronic PLC | 229519 |
| 1945 | Premier, Inc. – Class A | 42654 |
|  | Total Health Care Equipment & Services | 3880058 |
|  | **Household & Personal Products — 0.2%** |  |
| 877 | Kimberly-Clark Corp. | 113063 |
|  | **Insurance — 2.8%** |  |
| 2596 | Aflac, Inc. | 273774 |
| 794 | Allstate Corp. | 159840 |
| 2923 | Arch Capital Group Ltd. | 266139 |
| 670 | Chubb Ltd. | 194113 |
| 2841 | Hartford Insurance Group, Inc. | 360438 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Insurance — continued** |  |
| 1264 | Lincoln National Corp. | 43734 |
| 693 | MetLife, Inc. | 55731 |
| 1121 | Old Republic International Corp. | 43091 |
| 718 | Unum Group | 57986 |
|  | Total Insurance | 1454846 |
|  | **Materials — 1.4%** |  |
| 1705 | Commercial Metals Co. | 83392 |
| 1051 | FMC Corp. | 43879 |
| 1220 | LyondellBasell Industries NV – Class A | 70589 |
| 62 | NewMarket Corp. | 42833 |
| 1915 | Nucor Corp. | 248069 |
| 966 | PPG Industries, Inc. | 109883 |
| 3996 | Sealed Air Corp. | 123996 |
|  | Total Materials | 722641 |
|  | **Media & Entertainment — 8.2%** |  |
| 3068 | Alphabet, Inc. – Class A | 540674 |
| 2412 | Alphabet, Inc. – Class C | 427865 |
| 32529 | Comcast Corp. – Class A | 1160960 |
| 590 | Electronic Arts, Inc. | 94223 |
| 1535 | Fox Corp. – Class A | 86021 |
| 4302 | Fox Corp. – Class B | 222112 |
| 1882 | Match Group, Inc. | 58135 |
| 2274 | Meta Platforms, Inc. – Class A | 1678417 |
| 542 | Omnicom Group, Inc. | 38991 |
|  | Total Media & Entertainment | 4307398 |
|  | **Pharmaceuticals, Biotechnology & Life Sciences — 10.9%** |  |
| 15454 | Bristol-Myers Squibb Co. | 715365 |
| 446 | Gilead Sciences, Inc. | 49448 |
| 10636 | Johnson & Johnson | 1624649 |
| 14686 | Merck & Co., Inc. | 1162544 |
| 19129 | Organon & Co. | 185169 |
| 49546 | Pfizer, Inc. | 1200995 |
| 1492 | Regeneron Pharmaceuticals, Inc. | 783300 |
| 102 | United Therapeutics Corp. \* | 29310 |
|  | Total Pharmaceuticals, Biotechnology & Life Sciences | 5750780 |
|  | **Real Estate Management & Development — 0.2%** |  |
| 774 | CBRE Group, Inc. – Class A \* | 108453 |
|  | **Semiconductors & Semiconductor Equipment — 3.5%** |  |
| 1789 | Applied Materials, Inc. | 327512 |
| 2164 | Lam Research Corp. | 210644 |
| 8087 | QUALCOMM, Inc. | 1287935 |
| 363 | Skyworks Solutions, Inc. | 27051 |
|  | Total Semiconductors & Semiconductor Equipment | 1853142 |

---

The accompanying notes are an integral part of the financial statements.

**GMO U.S. Value ETF**

**Schedule of Investments — (Continued)**

**(showing percentage of total net assets)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Software & Services — 1.2%** |  |
| 5851 | Cognizant Technology Solutions Corp. – Class A | 456553 |
| 2419 | Zoom Communications, Inc. \* | 188634 |
|  | Total Software & Services | 645187 |
|  | **Technology Hardware & Equipment — 5.1%** |  |
| 2010 | Arrow Electronics, Inc. \* | 256135 |
| 6413 | Avnet, Inc. | 340402 |
| 21429 | Cisco Systems, Inc. | 1486744 |
| 11185 | Hewlett Packard Enterprise Co. | 228733 |
| 12487 | HP, Inc. | 305432 |
| 166 | TE Connectivity PLC | 27999 |
| 1201 | Vontier Corp. | 44317 |
|  | Total Technology Hardware & Equipment | 2689762 |
|  | **Telecommunication Services — 2.9%** |  |
| 9185 | AT&T, Inc. | 265814 |
| 29061 | Verizon Communications, Inc. | 1257469 |
|  | Total Telecommunication Services | 1523283 |
|  | **Transportation — 1.9%** |  |
| 770 | CH Robinson Worldwide, Inc. | 73882 |
| 1680 | Delta Air Lines, Inc. | 82622 |
| 1316 | FedEx Corp. | 299140 |
| 5517 | United Parcel Service, Inc. – Class B | 556886 |
|  | Total Transportation | 1012530 |
|  | TOTAL COMMON STOCKS<br> (COST $51,543,647) | 51854056 |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
|  | **Money Market Funds — 1.2%** |  |
| 649521 | State Street Institutional Treasury Money Market Fund – Premier Class, 4.20% <sup>(a)</sup> | 649522 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $649,522) | 649522 |
|  | **TOTAL INVESTMENTS — 99.9%<br> (Cost $52,193,169)** | **52503578** |
|  | Other Assets and Liabilities (net) — 0.1% | 43486 |
|  | **TOTAL NET ASSETS — 100.0%** | $**52547064** |

---

**Notes to Schedule of Investments:**

\* Non-income producing security.

<sup>(a)</sup> The rate disclosed is the 7 day net yield as of June 30, 2025.

For a listing of definitions of acronyms, counterparty abbreviations and currency abbreviations used throughout the Schedule of Investments as well as the derivative tables, if any, please refer to page 14.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**June 30, 2025**

**Portfolio Abbreviations:**

144A – Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors.

ADR – American Depositary Receipt

JSC – Joint-Stock Company

NVDR – Non-Voting Depositary Receipt

PJSC – Private Joint-Stock Company

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

The rates shown on variable rate notes are the current interest rates at June 30, 2025, which are subject to change based on the terms of the security.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Assets and Liabilities — June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GMO Beyond<br> China ETF** | **GMO International<br> Quality ETF** | **GMO International<br> Value ETF** | **GMO Systematic <br> Investment Grade <br> Credit ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $10931400 | $56407409 | $162717894 | $6301913 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value<sup>(b)</sup> | 37969 | 12630 | 76400 |  |
| &nbsp;&nbsp;&nbsp;Cash | 3914 | 13553 | 24103 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 20 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 1282875 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 22119 | 23102 | 287532 | 80005 |
| &nbsp;&nbsp;&nbsp;Dividend withholding tax receivable |  |  | 20712 |  |
| **Total assets** | 10995422 | 57739569 | 163126641 | 6381918 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 57618 | 1267950 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax payable | 29545 |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued advisory fee (Note 3) | 5131 | 25153 | 72771 | 1114 |
| **Total liabilities** | 92294 | 1293103 | 72771 | 1114 |
| **Net assets** | $10903128 | $56446466 | $163053870 | $6380804 |
| **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $10183052 | $53808320 | $147935633 | $6249850 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated loss) | 720076 | 2638146 | 15118237 | 130954 |
| **Net assets** | $10903128 | $56446466 | $163053870 | $6380804 |
| Net asset value, offering and redemption price per share | $27.26 | $25.66 | $29.12 | $25.52 |
| Shares outstanding (unlimited authorized - no par value) | 400000 | 2200000 | 5600000 | 250000 |
| <sup>(a)</sup> Cost of investments | $10376220 | $53915211 | $149815031 | $6194635 |
| <sup>(b)</sup> Cost of foreign currency | $37325 | $12369 | $76270 | $— |

---

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Assets and Liabilities — June 30, 2025 — (Continued)**

---

| | | |
|:---|:---|:---|
|  | **GMO U.S. <br> Quality ETF** | **GMO U.S.<br> Value ETF** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>(a)</sup> | $2007306625 | $52503578 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 3395004 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 9932384 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1769165 | 64665 |
| **Total assets** | 2022403178 | 52568243 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 11343127 |  |
| &nbsp;&nbsp;&nbsp;Accrued advisory fee (Note 3) | 785746 | 21179 |
| **Total liabilities** | 12128873 | 21179 |
| **Net assets** | $2010274305 | $52547064 |
| **Net assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $1845499887 | $52970865 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated loss) | 164774418 | (423801) |
| **Net assets** | $2010274305 | $52547064 |
| Net asset value, offering and redemption price per share | $34.25 | $25.26 |
| Shares outstanding (unlimited authorized - no par value) | 58694000 | 2080000 |
| <sup>(a)</sup> Cost of investments | $1833586330 | $52193169 |

---

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Operations — Year Ended June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GMO Beyond<br> China ETF\*** | **GMO International<br> Quality ETF \*\*** | **GMO International<br> Value ETF \*\*** | **GMO Systematic <br> Investment Grade <br> Credit ETF\*\*\*** |
| **Investment income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income (net of withholding tax) (Note 2)<sup>(a)</sup> | $135038 | $402117 | $3414853 | $223 |
| &nbsp;&nbsp;&nbsp;Interest income | 1841 |  | 10 | 23942 |
| &nbsp;&nbsp;&nbsp;Other income | 79 | 25 | 462 | 625 |
| **Total investment income** | 136958 | 402142 | 3415325 | 24790 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fee (Note 3) | 19562 | 89970 | 327330 | 1114 |
| &nbsp;&nbsp;&nbsp;Miscellaneous |  |  | 20 |  |
| **Total expenses** | 19562 | 89970 | 327350 | 1114 |
| **Net investment income (loss)** | 117396 | 312172 | 3087975 | 23676 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax) (Note 2)<sup>(b)</sup> | 22784 | (149034) | (667095) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  |  | 3567113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 77228 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (23860) | (8851) | 7745 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 76152 | (157885) | 2907763 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax) (Note 2)<sup>(c)</sup> | 525635 | 2492198 | 12902863 | 107278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 893 | 261 | 2819 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 526528 | 2492459 | 12905682 | 107278 |
| **Net realized and unrealized gain (loss)** | 602680 | 2334574 | 15813445 | 107278 |
| **Net increase (decrease) in net assets from operations** | $720076 | $2646746 | $18901420 | $130954 |
| <sup>(a)</sup> Withholding tax: | $19334 | $96711 | $580175 | $— |
| <sup>(b)</sup> Foreign capital gains tax (benefit) on net realized gain (loss): | $817 | $— | $— | $— |
| <sup>(c)</sup> Foreign capital gains tax (benefit) on change in net unrealized appreciation (depreciation): | $29545 | $— | $— | $— |

---

\* The Fund commenced operations on February 13, 2025.

\*\* The Fund commenced operations on October 29, 2024.

\*\*\* The Fund commenced operations on June 4, 2025.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Operations** — **Year Ended June 30, 2025 — (Continued)**

---

| | | |
|:---|:---|:---|
|  | **GMO U.S.**<br>**Quality ETF** | **GMO U.S.**<br>**Value ETF\*** |
| **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income (net of withholding tax) (Note 2) | $20335864 | $750373 |
| **Total investment income** | 20335864 | 750373 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fee (Note 3) | 7086797 | 125735 |
| **Total expenses** | 7086797 | 125735 |
| **Net investment income (loss)** | 13249067 | 624638 |
| **Realized and unrealized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax) (Note 2) | (13580408) | (1115833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 54869614 | 349070 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 41289206 | (766763) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains tax) (Note 2) | 114330870 | 310409 |
| **Net realized and unrealized gain (loss)** | 155620076 | (456354) |
| **Net increase (decrease) in net assets from operations** | $168869143 | $168284 |

---

\* The Fund commenced operations on October 29, 2024.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **GMO Beyond China ETF\*** | **GMO International Quality ETF \*\*** |
|  | **Period Ended <br> June 30, 2025** | **Period Ended <br> June 30, 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $117396 | $312172 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 76152 | (157885) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 526528 | 2492459 |
| **Net increase (decrease) in net assets from operations** | 720076 | 2646746 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (8600) |
| **Total distributions** |  | (8600) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 10183052 | 53808320 |
| &nbsp;&nbsp;&nbsp;Redemptions |  |  |
| **Increase (decrease) in net assets from capital transactions** | 10183052 | 53808320 |
| **Total increase (decrease) in net assets** | 10903128 | 56446466 |
| **Net Assets:** |  |  |
| Beginning of period |  |  |
| End of period | $10903128 | $56446466 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 400000 | 2200000 |
| &nbsp;&nbsp;&nbsp;Redemptions |  |  |
| **Net increase (decrease) in shares outstanding from share transactions** | 400000 | 2200000 |

---

\* The Fund commenced operations on February 13, 2025.

\*\* The Fund commenced operations on October 29, 2024.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Changes in Net Assets — (Continued)**

---

| | | |
|:---|:---|:---|
|  | **GMO International Value ETF \*** | **GMO Systematic Investment Grade Credit ETF \*\*** |
|  | **Period Ended <br> June 30, 2025** | **Period Ended <br> June 30, 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3087975 | $23676 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2907763 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12905682 | 107278 |
| **Net increase (decrease) in net assets from operations** | 18901420 | 130954 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (216070) |  |
| **Total distributions** | (216070) |  |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 161307200 | 6249850 |
| &nbsp;&nbsp;&nbsp;Redemptions | (16938680) |  |
| **Increase (decrease) in net assets from capital transactions** | 144368520 | 6249850 |
| **Total increase (decrease) in net assets** | 163053870 | 6380804 |
| **Net Assets:** |  |  |
| Beginning of period |  |  |
| End of period | $163053870 | $6380804 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6200000 | 250000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (600000) |  |
| **Net increase (decrease) in shares outstanding from share transactions** | 5600000 | 250000 |

---

\* The Fund commenced operations on October 29, 2024.

\*\* The Fund commenced operations on June 4, 2025.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Statements of Changes in Net Assets — (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **GMO U.S. Quality ETF** | **GMO U.S. Quality ETF** | **GMO U.S. Value ETF \*** |
|  | **Year Ended <br> June 30, 2025** | **Period Ended <br> June 30, 2024\*\*** | **Period Ended <br> June 30, 2025** |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $13249067 | $2253575 | $624638 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 41289206 | 2717467 | (766763) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 114330870 | 59389425 | 310409 |
| **Net increase (decrease) in net assets from operations** | 168869143 | 64360467 | 168284 |
| **Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (8909490) | (2130949) | (299112) |
| **Total distributions** | (8909490) | (2130949) | (299112) |
| **Capital share transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 1280273679 | 779492154 | 61325856 |
| &nbsp;&nbsp;&nbsp;Redemptions | (260762382) | (10918317) | (8647964) |
| **Increase (decrease) in net assets from capital transactions** | 1019511297 | 768573837 | 52677892 |
| **Total increase (decrease) in net assets** | 1179470950 | 830803355 | 52547064 |
| **Net Assets:** |  |  |  |
| Beginning of period | 830803355 |  |  |
| End of period | $2010274305 | $830803355 | $52547064 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 40110000 | 27154000 | 2440000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (8210000) | (360000) | (360000) |
| **Net increase (decrease) in shares outstanding from share transactions** | 31900000 | 26794000 | 2080000 |

---

\* The Fund commenced operations on October 29, 2024.

\*\* The Fund commenced operations on November 14, 2023.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Financial Highlights**

**(For a share outstanding throughout the period)**

**GMO Beyond China ETF**

---

| | |
|:---|:---|
|  | **For the Period Ended <br> June 30, 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized gain (loss)<sup>(c)</sup> | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.26 |
| **Net asset value, end of period** | $27.26 |
| Total return on net asset value<sup>(d) (e)</sup> | 9.03% |
| **Supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $10903 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(f) (g)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 3.90% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(d) (h)</sup> | 13% |

---

<sup>(a)</sup> The Fund commenced operations on February 13, 2025

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Total return on net asset value is based on the change in net asset value ("NAV") of a share during the period and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The NAV return is based on the start of day values on February 13, 2025.

<sup>(f)</sup> Expenses exclude expenses incurred indirectly through investment in the underlying funds, if any.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Financial Highlights — (Continued)**

**(For a share outstanding throughout the period)**

**GMO International Quality ETF**

---

| | |
|:---|:---|
|  | **For the Period Ended <br> June 30, 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized gain (loss)<sup>(c)</sup> | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.70 |
| **Distributions to shareholders** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from distributions | (0.04) |
| **Net asset value, end of period** | $25.66 |
| Total return on net asset value<sup>(d) (e)</sup> | 2.82% |
| **Supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $56446 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(f) (g)</sup> | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 2.08% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(d) (h)</sup> | 9% |

---

<sup>(a)</sup> The Fund commenced operations on October 29, 2024.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Total return on net asset value is based on the change in net asset value ("NAV") of a share during the period and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The NAV return is based on the start of day values on October 29, 2024.

<sup>(f)</sup> Expenses exclude expenses incurred indirectly through investment in the underlying funds, if any.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Financial Highlights — (Continued)**

**(For a share outstanding throughout the period)**

**GMO International Value ETF**

---

| | |
|:---|:---|
|  | **For the Period Ended <br> June 30, 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 1.00 |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized gain (loss)<sup>(c)</sup> | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.25 |
| **Distributions to shareholders** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from distributions | (0.13) |
| **Net asset value, end of period** | $29.12 |
| Total return on net asset value<sup>(d) (e)</sup> | 17.09% |
| **Supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $163054 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(f) (g)</sup> | 0.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 5.66% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(d) (h)</sup> | 25% |

---

<sup>(a)</sup> The Fund commenced operations on October 29, 2024.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Total return on net asset value is based on the change in net asset value ("NAV") of a share during the period and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The NAV return is based on the start of day values on October 29, 2024.

<sup>(f)</sup> Expenses exclude expenses incurred indirectly through investment in the underlying funds, if any.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Financial Highlights — (Continued)**

**(For a share outstanding throughout the period)**

**GMO Systematic Investment Grade Credit ETF**

---

| | |
|:---|:---|
|  | **For the Period Ended <br> June 30, 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized gain (loss)<sup>(c)</sup> | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 |
| **Net asset value, end of period** | $25.52 |
| Total return on net asset value<sup>(d) (e)</sup> | 2.09% |
| **Supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $6381 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(f) (g)</sup> | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 5.31% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(d) (h)</sup> | —% |

---

<sup>(a)</sup> The Fund commenced operations on June 4, 2025.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Total return on net asset value is based on the change in net asset value ("NAV") of a share during the period and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The NAV return is based on the start of day values on June 4, 2025.

<sup>(f)</sup> Expenses exclude expenses incurred indirectly through investment in the underlying funds, if any.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Financial Highlights — (Continued)**

**(For a share outstanding throughout the period)**

**GMO U.S. Quality ETF**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> June 30, 2025** | **For the Period Ended <br> June 30, 2024<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $31.01 | $25.00 |
| **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.30 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized gain (loss)<sup>(c)</sup> | 3.14 | 5.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.44 | 6.15 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from distributions | (0.20) | (0.14) |
| **Net asset value, end of period** | $34.25 | $31.01 |
| Total return on net asset value<sup>(d)</sup> | 11.16% | 24.62 %<sup>(e)</sup> |
| **Supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $2010274 | $830803 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(f)</sup> | 0.50% | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 0.93% | 1.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(h)</sup> | 15% | 7 %<sup>(e)</sup> |

---

<sup>(a)</sup> The Fund commenced operations on November 14, 2023.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(d)</sup> Total return on net asset value is based on the change in net asset value ("NAV") of a share during the period and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The NAV return is based on the start of day values on November 14, 2023.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Expenses exclude expenses incurred indirectly through investment in the underlying funds, if any.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Financial Highlights — (Continued)**

**(For a share outstanding throughout the period)**

**GMO U.S. Value ETF**

---

| | |
|:---|:---|
|  | **For the Period Ended <br> June 30, 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized & unrealized gain (loss)<sup>(c)</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 |
| **Distributions to shareholders** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from distributions | (0.18) |
| **Net asset value, end of period** | $25.26 |
| Total return on net asset value<sup>(d) (e)</sup> | 1.78% |
| **Supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | $52547 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets<sup>(f) (g)</sup> | 0.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 2.48% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(d) (h)</sup> | 53% |

---

<sup>(a)</sup> The Fund commenced operations on October 29, 2024.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Total return on net asset value is based on the change in net asset value ("NAV") of a share during the period and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The NAV return is based on the start of day values on October 29, 2024.

<sup>(f)</sup> Expenses exclude expenses incurred indirectly through investment in the underlying funds, if any.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of the financial statements.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization** 

Each of GMO Beyond China ETF (commenced operations on February 13, 2025), GMO International Quality ETF (commenced operations on October 29, 2024), GMO International Value ETF (commenced operations on October 29, 2024), GMO Systematic Investment Grade Credit ETF (commenced operations on June 4, 2025), GMO U.S. Quality ETF and GMO U.S. Value ETF (commenced operations on October 29, 2024) (each a "Fund" and collectively the "Funds") is an exchange-traded fund ("ETF") and a separate operating series of The 2023 ETF Series Trust II (the "Trust"), a Delaware statutory trust since June 13, 2023 that is registered with the Securities and Exchange Commission as an open-end management investment company. The Funds are advised and managed by Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as the Funds' investment adviser (the "Adviser").

The following table provides information about the Funds' principal investment objectives and benchmark (if any):

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Benchmark** | **Investment Objective** |
| GMO Beyond China ETF | Not Applicable | Total return |
| GMO International Quality ETF | Not Applicable | Total return |
| GMO International Value ETF | Not Applicable | Total return |
| GMO Systematic Investment Grade Credit ETF | Bloomberg U.S. Corporate Index | Total return |
| GMO U.S. Quality ETF | Not Applicable | Total return |
| GMO U.S. Value ETF | Not Applicable | Total return |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies** 

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

The Funds' policies are in conformity with U.S. GAAP and have been consistently followed by the Funds in preparing the financial statements. The accompanying financial statements have been prepared in accordance with U.S. GAAP on the accrual basis of accounting.

**Security Valuation** 

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations determined using other significant direct or indirect observable inputs.

Level 3: Valuations based primarily on inputs that are unobservable and significant.

The valuation techniques used by the Funds to measure fair value during the period ended June 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

Securities in the portfolios of the Funds for which market quotations are readily available are generally valued at the last sale price or official closing price, as applicable, on an exchange or the most recent quoted price published by the exchange (if no reported last sale or official closing price); or the quoted price provided by a pricing source (in the event the Adviser deems the private market to be a more reliable indicator or market value than the exchange).

The Funds' Board of Trustees (the "Board") has designated the Adviser as the valuation designee for the Funds under Rule 2a-5 of the Investment Company Act of 1940 (the "1940 Act"), subject to its oversight. The Adviser has adopted procedures and methodologies to fair value each Funds' investments whose market prices are not readily available or are deemed to be unreliable. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser-adopted valuation procedures. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

The following is a summary of the respective levels assigned to the Funds' securities and derivatives, if any, as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO Beyond China ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | $10778776 | $— | $— | $10778776 |
| Short-Term Investments | 152624 |  |  | 152624 |
| Total Investments | 10931400 |  |  | 10931400 |
| Total | $10931400 | $— | $— | $10931400 |
| **GMO International Quality ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | $55788682 | $— | $— | $55788682 |
| Short-Term Investments | 618727 |  |  | 618727 |
| Total Investments | 56407409 |  |  | 56407409 |
| Total | $56407409 | $— | $— | $56407409 |
| **GMO International Value ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | $157559943 | $— | $— | $157559943 |
| Preferred Stocks | 2340293 |  |  | 2340293 |
| Short-Term Investments | 2817658 |  |  | 2817658 |
| Total Investments | 162717894 |  |  | 162717894 |
| Total | $162717894 | $— | $— | $162717894 |
| **GMO Systematic Investment Grade Credit ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Corporate Debt | $— | $6239244 | $— | $6239244 |
| Short-Term Investments | 62669 |  |  | 62669 |
| Total Investments | 62669 | 6239244 |  | 6301913 |
| Total | $62669 | $6239244 | $— | $6301913 |

---

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO U.S. Quality ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | $1994471467 | $— | $— | $1994471467 |
| Short-Term Investments | 12835158 |  |  | 12835158 |
| Total Investments | 2007306625 |  |  | 2007306625 |
| Total | $2007306625 | $— | $— | $2007306625 |
| **GMO U.S. Value ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | $51854056 | $— | $— | $51854056 |
| Short-Term Investments | 649522 |  |  | 649522 |
| Total Investments | 52503578 |  |  | 52503578 |
| Total | $52503578 | $— | $— | $52503578 |

---

For the year ended June 30, 2025, there were not transfers into or out of Level 3 for the Funds.

**Share Valuation**

The net asset value ("NAV") per share of each Fund is computed by dividing the value of the net assets of each of the Funds (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The NAV per share of each Fund is determined as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally at 4:00 p.m. Eastern time. Any assets or liabilities denominated in currencies other than the U.S. dollar are typically translated into U.S. dollars at the close of regular trading on the NYSE, generally at 4:00 p.m. Eastern time, at then current exchange rates or at such other rates as deemed appropriate.

**Security Transactions and Investment Income**

Security transactions are accounted for in the financial statements on trade date. Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date or, if later, when the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Withholding taxes and reclaims on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Foreign currency translation**

The market values of foreign securities, currency holdings and related assets and liabilities are typically translated into U.S. dollars at the close of regular trading on the NYSE, generally at 4:00 pm Eastern time. Income and expenses denominated in foreign currencies are typically translated into U.S. dollars at the close of regular trading on the NYSE. Fluctuations in the value of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not separated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

**Dividends and Distributions**

GMO Beyond China ETF, GMO International Quality ETF and GMO International Value ETF pay out dividends from net investment income, if any, at least annually. GMO U.S. Quality ETF and GMO U.S. Value ETF pay out dividends from net investment income, if any, quarterly. GMO Systematic Investment Grade Credit ETF pays out dividends from its net investment income, if any, monthly. Distributions of net realized capital gains, if any, generally are declared and paid at least annually, but a fund may make distributions on a more frequent basis for a fund to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code") in all events in a manner consistent with the provisions of the Investment Company Act of 1940 (the "1940 Act"). Brokers may make available to their customers who own shares of each Fund the Depository Trust Company book-entry dividend reinvestment service. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole shares of each Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

Income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

Differences in distributable earnings on a U.S. GAAP and tax accounting basis primarily relate to the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Differences related to:** | **GMO Beyond China ETF** | **GMO International Quality ETF** | **GMO International Value ETF** | **GMO Systematic Investment Grade Credit ETF** | **GMO U.S. Quality ETF** | **GMO U.S. Value ETF** |
| Capital loss carryforwards | | X | X | | X | X |
| Dividend income and withholding tax reclaim reserves | | | X | | | |
| Foreign currency transactions | X | | | | | |
| Losses on wash sale transactions | X | | | | | X |
| Passive foreign investment company transactions | X | | X | | | |
| Redemption in-kind transactions | | | X | | X | X |
| There are no significant differences | | | | X | | |

---

**Federal Income and Foreign Tax Information**

Each Fund has elected to be treated or intends to elect to be treated and intends to qualify each year as a separate regulated investment company under Subchapter M of the Code. Each Fund intends to distribute its net investment income, if any, and its net realized short-term and long-term capital gains, if any, after giving effect to any available capital loss carryforwards for U.S. federal income tax purposes. Therefore, each Fund makes no provision for U.S. federal income or excise taxes.

Taxes on foreign interest and dividend income are generally withheld in accordance with the applicable country's tax treaty with the United States. The foreign withholding rates applicable to each Fund's investments in certain jurisdictions may be higher if a significant portion of the Fund is held by non-U.S. shareholders. Each Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based charges imposed by certain countries in which it invests. Transaction-based charges are generally calculated as a percentage of the transaction amount. Taxes related to capital gains realized during the year ended June 30, 2025, if any, are reflected as part of Net realized gain (loss) on investments in the Statements of Operations. Changes in tax liabilities related to capital gain taxes on unrealized investment gains, if any, are reflected as part of Net change in unrealized appreciation (depreciation) on investments in the Statements of Operations.

Foreign taxes paid by each Fund may be treated, to the extent permissible by the Code (and other applicable U.S. federal tax guidance) and if that Fund so elects, as if paid by U.S. shareholders of that Fund.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

Funds with annual periods beginning after December 15, 2024, GMO Beyond China ETF and GMO Systematic Investment Grade Credit ETF, have adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-09, "*Income Taxes (Topic 740) Improvements to Income Tax Disclosures*" ("ASU 2023-09"). The table below presents foreign income taxes paid (net of reclaims, if any) disaggregated by individual jurisdictions for Funds that paid income taxes (net of reclaims, if any) equal to or greater than five percent of total income taxes paid during the year. See "Recently-Issued Accounting Guidance" for more information.

---

| | |
|:---|:---|
|  | **GMO Beyond China ETF** |
| **Income taxes by foreign jurisdiction:** | |
| India | $1234 |
| Indonesia | 3839 |
| Mexico | 1227 |
| Poland | 1583 |
| South Korea | 1316 |
| Thailand | 3299 |
| Turkey | 1541 |
| Other\* | 817 |
| **Total income taxes paid, net of refunds** | $**14856** |

---

\* Other countries comprising less than five percent of foreign income taxes paid (net of reclaims).

The tax character of distributions declared by each Fund to shareholders is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax year ended June 30, 2025** | **Tax year ended June 30, 2025** | **Tax year ended June 30, 2025** | **Tax year ended June 30, 2024** | **Tax year ended June 30, 2024** | **Tax year ended June 30, 2024** |
| **Fund Name** | **Ordinary Income <br> (including any net short-term capital gain) ($)** | **Net Long-Term <br> Capital Gain ($)** | **Total**<br> **Distributions ($)** | **Ordinary Income <br> (including any net short-term capital gain) ($)** | **Net Long-Term <br> Capital Gain ($)** | **Total**<br> **Distributions ($)** |
| GMO Beyond China ETF |  |  |  |  |  |  |
| GMO International Quality ETF | 8600 |  | 8600 |  |  |  |
| GMO International Value ETF | 216070 |  | 216070 |  |  |  |
| GMO Systematic Investment Grade Credit ETF |  |  |  |  |  |  |
| GMO U.S. Quality ETF | 8909490 |  | 8909490 | 2130949 |  | 2130949 |
| GMO U.S. Value ETF | 299112 |  | 299112 |  |  |  |

---

Distributions in excess of a Fund's tax basis earnings and profits, if significant, are reported in the Funds' financial statements as a return of capital.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

As of June 30, 2025, the components of distributable earnings on a tax basis and certain tax attributes for the Funds consisted of the following:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Undistributed**<br> **Ordinary Income <br> (including any <br> net short-term<br> capital gain) ($)** | **Capital Loss<br> Carryforwards ($)** |
| GMO Beyond China ETF | 242527 |  |
| GMO International Quality ETF | 319730 | (146776) |
| GMO International Value ETF | 3362797 | (623382) |
| GMO Systematic Investment Grade Credit ETF | 21969 |  |
| GMO U.S. Quality ETF | 4462203 | (12869030) |
| GMO U.S. Value ETF | 325526 | (809409) |

---

As of June 30, 2025, certain Funds had capital loss carryforwards available to offset future realized gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. Utilization of the capital loss carryforwards, post-October capital losses, late-year ordinary losses, and losses realized subsequent to June 30, 2025, if any, could be subject to further limitations imposed by the Code related to share ownership activity. The Funds' capital loss carryforwards are as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Short-Term ($)** | **Long-Term ($)** |
| GMO Beyond China ETF |  |  |
| GMO International Quality ETF | (146776) |  |
| GMO International Value ETF | (623382) |  |
| GMO Systematic Investment Grade Credit ETF |  |  |
| GMO U.S. Quality ETF | (12869030) |  |
| GMO U.S. Value ETF | (809409) |  |

---

As of June 30, 2025, the approximate total cost, aggregate investment-level gross/net unrealized appreciation (depreciation) in the value of total investments, and the net unrealized appreciation (depreciation) of outstanding financial instruments, for U.S. federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Investments** | **Total Investments** | **Total Investments** | **Total Investments** | **Outstanding <br> Financial <br> Instruments** |
| **Fund Name** | **Aggregate <br> Cost ($)** | **Gross Unrealized Appreciation ($)** | **Gross Unrealized (Depreciation) ($)** | **Net Unrealized <br> Appreciation <br> (Depreciation) ($)** | **Net Unrealized <br> Appreciation <br> (Depreciation) ($)** |
| GMO Beyond China ETF | 10423616 | 744313 | (236529) | 507784 |  |
| GMO International Quality ETF | 53917398 | 3609064 | (1119053) | 2490011 |  |
| GMO International Value ETF | 150173696 | 13700626 | (1156428) | 12544198 |  |
| GMO Systematic Investment Grade Credit ETF | 6192928 | 108985 |  | 108985 |  |
| GMO U.S. Quality ETF | 1834125380 | 260013637 | (86832392) | 173181245 |  |
| GMO U.S. Value ETF | 52443496 | 2263183 | (2203101) | 60082 |  |

---

The Funds are subject to authoritative guidance related to the accounting and disclosure of uncertain tax positions under U.S. GAAP. A Fund may recognize an income tax liability related to an uncertain tax position under U.S. GAAP when the uncertain tax position has a less than 50% probability that it would be sustained upon examination by the tax authorities, based on technical merits. United States and non-U.S. tax rules (including the interpretation and application of tax laws) are subject to change. The Funds file tax returns and/or adopt certain tax positions in various jurisdictions. Non-U.S. taxes are provided for based on the Funds' understanding of the prevailing tax rules of the non-U.S. markets in which they invest. Recently enacted tax rules, including interpretations of tax laws and tax legislation/initiatives currently under consideration in various jurisdictions, including the U.S., might affect the way the Funds and their investors are taxed prospectively and/or retroactively. Prior to the expiration of the relevant statutes of limitations, if any, the Funds are subject to examination by U.S. federal, state, local and non-U.S. jurisdictions with respect to the tax returns they have filed and the tax positions they have adopted. The Funds' U.S. federal income tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. As of June 30, 2025, each Fund has determined that no tax liability is required to be accrued in its financial statements related to uncertain tax positions for any tax years which are subject to examination.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

**Purchase and Sale of Fund Shares**

Shares of each Fund are listed on NYSE Arca, Inc. (the "Exchange"), a national securities exchange and trade in the secondary market, where most investors may buy and sell them at market prices that change throughout the day. Such market prices may be lower, higher or equal to net asset value ("NAV"). Accordingly, when transacting in the secondary market, investors may pay more than NAV when purchasing shares and receive less than NAV when selling shares. They may also be subject to brokerage commissions and charges. The Funds issue and redeem shares at NAV only in aggregations of a specified number of shares ("Creation Units"), generally in exchange for a basket of securities ("Basket"), together with a specified cash payment or, in certain circumstances, for an all cash payment. Unlike mutual funds, shares are not individually redeemable.

**Indemnification**

Under the Funds' organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to Funds. The Funds may enter into contracts that contain representations and that provide general indemnifications. The Funds' maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds.

**Segment Reporting**

The Funds adopted Fund Accounting Standards Board 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 Funds' financial position or its results of operations. The Investment Adviser acts as the Funds' chief operating decision maker ("CODM") assessing performance and making decisions about resource allocation. The CODM has determined that each Fund operates as a single segment. The CODM monitors the operating results of each Fund as a whole and each Fund makes investments in accordance with its investment objective as outlined in its prospectus. The financial information used by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

**Recently-Issued Accounting Guidance**

In December 2023, the FASB issued a new Accounting Standards Update, ASU 2023-09. The purpose of ASU 2023-09 is to enhance the transparency of income tax disclosures, including the requirement to disclose income taxes paid disaggregated by jurisdictions. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted. GMO is currently evaluating the impact, if any, of the new disclosure requirements on the financial statements for the Funds with annual periods beginning prior to December 15, 2024. Adoption of the new standard by GMO Beyond China ETF and GMO Systematic Investment Grade Credit ETF impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Investment Advisory Agreement and Other Services** 

Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser (the "Advisory Agreement"), the Adviser provides investment advisory services to the Funds. For such investment advisory services, the Funds have agreed to pay the Adviser a unitary advisory fee payable at the annual rate equal to the percentage of each of the respective Funds' average daily net assets set forth in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GMO Beyond <br> China ETF** | **GMO International<br> Quality ETF** | **GMO International<br> Value ETF** | **GMO Systematic<br> Investment Grade <br> Credit ETF** | **GMO U.S. <br> Quality ETF** | **GMO U.S. <br> Value ETF** |
| Advisory fee | 0.65% | 0.60% | 0.60% | 0.25% | 0.50% | 0.50% |

---

In addition, the Adviser has contractually agreed to pay all expenses incurred by, and appropriately allocated to, the Funds except for the advisory fee; investment-related costs (such as interest charges on any borrowings, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments); taxes; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Adviser, such as a change of control of the Adviser); fees and expenses related to the provision of securities lending services; acquired fund fees and expenses (other than management and shareholder service fees paid to the Adviser attributable to the Funds' investment in such acquired funds); legal fees or expenses in connection with any arbitration, litigation, or pending or threatened arbitration or litigation, including any settlements in connection therewith; legal fees incurred at the request or direction of a Fund service provider other than the Adviser; extraordinary (as mutually determined by the Board and the Adviser) or non-recurring expenses not incurred in the ordinary course of the Funds' business; and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Funds have adopted a Plan of Distribution (the "Distribution Plan") that allows the Funds to pay distribution fees to Foreside Fund Services, LLC (the "Distributor") and other firms that provide distribution services ("Service Providers"). Under the Distribution Plan, if a Service Provider provides distribution services, the Funds would pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. The Distributor would, in turn, pay the Service Provider out of its fees. The Board currently has determined not to implement any 12b-1 fees pursuant to the Plan. 12b-1 fees may only be imposed after approval by the Board.

State Street Bank & Trust Company ("State Street") serves as administrator, custodian and transfer agent for the Funds. State Street maintains all necessary records of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Organizational Expenses and Offering Costs** 

The Adviser (and not the Funds) has agreed to pay all of the Funds' organizational expenses and offering costs appropriately allocated to them. As a result, organizational expenses and offering costs of the Funds are not reflected in the Funds' Statements of Assets and Liabilities or Statements of Operations. The Funds are not obligated to repay any such organizational expenses or offering costs paid by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Investment Transactions** 

Purchases and sales of investments in securities, excluding in-kind transactions and short-term securities, for the year ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Purchases ($)** | **Sales ($)** |
| GMO Beyond China ETF | 6515542 | 1037095 |
| GMO International Quality ETF | 5928386 | 2170833 |
| GMO International Value ETF | 41416404 | 20729437 |
| GMO Systematic Investment Grade Credit ETF | 1286919 |  |

---

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Purchases ($)** | **Sales ($)** |
| GMO U.S. Quality ETF | 300929293 | 211031428 |
| GMO U.S. Value ETF | 23544738 | 19572134 |

---

There were no purchases or sales of long-term U.S. Government securities by the Funds.

In-kind transactions associated with creations and redemptions, for the year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Creations ($)** | **Redemptions ($)** |
| GMO Beyond China ETF | 4730160 |  |
| GMO International Quality ETF | 49694049 |  |
| GMO International Value ETF | 139924584 | 16539943 |
| GMO Systematic Investment Grade Credit ETF | 4843981 |  |
| GMO U.S. Quality ETF | 1179780839 | 257973223 |
| GMO U.S. Value ETF | 56835712 | 8491259 |

---

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Principal Risks** 

The following chart identifies the principal risks associated with each Fund. Risks not marked for a particular Fund may, however, still apply to some extent to that Fund at various times.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GMO Beyond<br> China ETF** | **GMO International<br> Quality ETF** | **GMO International<br> Value ETF** | **GMO Systematic Investment <br> Grade Credit ETF** | **GMO U.S.<br> Quality ETF** | **GMO U.S.<br> Value ETF** |
| Management and Operational Risk | **●** | ● | ● | ● | ● | ● |
| Market Risk – Equities | ● | ● | ● | | ● | ● |
| Focused Investment Risk | ● | ● | ● | ● | ● | ● |
| Market Disruption and Geopolitical Risk | ● | ● | ● | ● | ● | ● |
| Non-U.S. Investment Risk | ● | ● | ● | ● | | |
| ETF Risks | ● | ● | ● | ● | ● | ● |
| Illiquidity Risk | ● | | ● | ● | | ● |
| Smaller Company Risk | ● | ● | ● | ● | | ● |
| New/Smaller Fund Risk | ● | ● | ● | ● | ● | ● |
| Currency Risk | ● | ● | ● | | | |
| Other Investment Company Risk | ● | ● | | | ● | |
| Derivatives and Short Sales Risk | ● | | | ● | | |
| Counterparty Risk | ● | | | ● | | |
| Credit Risk | | | | ● | | |
| Market Risk - Fixed Income | | | | ● | | |
| Leveraging Risk | ● | | | ● | | |
| Futures Contract Risk | | | | ● | | |
| Large Shareholder Risk | | | | ● | | |

---

Investing in an ETF involves many risks. The risks of investing in the Funds depend on the types of investments in its portfolio and the investment strategies GMO employs on its behalf. This section does not describe every potential risk of investing in the Funds. The Funds could be subject to additional risks because of the types of investments they make and market conditions, which may change over time. The Statement of Additional Information includes more information about the Funds, their investments, and the related risks.

An investment in the Funds is not a bank deposit and, therefore, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Management and Operational Risk.*** A Fund runs the risk that GMO's investment techniques will fail to produce intended results. For some Funds, GMO uses quantitative models as part of its investment process. GMO's models may not accurately predict future market movements. In addition, GMO's models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. A Fund also runs the risk that GMO's assessment of an investment, including a security's fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO's or another service provider's internal systems or controls will cause losses for the Fund or impair Fund operations.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Risk – Equities.*** The market price of an equity in a Fund's portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If a Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, a Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO's assessment proves to be incorrect or the market fails to recognize the equity's intrinsic value). A Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of a Fund's shares.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Focused Investment Risk.*** Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Disruption and Geopolitical Risk.*** Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of a Fund's investments.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Non-U.S. Investment Risk.*** The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, a Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, a Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and a Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose a Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of a Fund's investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***ETF Risks.*** Each Fund is an ETF and, as a result of this structure, is exposed to the following risks:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Costs of Buying or Selling Shares Risk.*** Due to the costs of buying or selling Fund shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of Fund shares may significantly reduce investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Limited Authorized Participants, Market Makers and Liquidity Providers Risk.*** Because a Fund is an ETF, typically only a limited number of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly from a Fund. Retail investors cannot transact directly with a Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing the market price above NAV, or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for a Fund's underlying portfolio holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to net asset value ("NAV") or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, a Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Risk.*** Shares of a Fund may trade on the NYSE Arca, Inc. (the "Exchange") above (premium) or below (discount) their NAV. In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for a Fund's underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund shares quoted during the day or a premium or discount in the closing price from a Fund's NAV. In addition, although a Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of a Fund inadvisable.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Cash Transactions Risk.*** A Fund may effect some of its creations and redemptions for cash, rather than in-kind securities. As a result, a Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause a Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause a Fund's shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to a Fund's NAV. In effecting creations and redemptions in exchange for cash, a Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on a Fund which would have the effect of decreasing a Fund's NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***National Closed Market Trading Risk.*** To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which a Fund's shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed foreign market). The impact of a closed foreign market on a Fund is likely to be greater where a large portion of a Fund's underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund's NAV that may be greater than those experienced by other ETFs.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Illiquidity Risk.*** Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that a Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Smaller Company Risk.*** Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***New/Smaller Fund Risk.*** A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies. There can be no assurance that a Fund will achieve an economically viable size, in which case it could ultimately liquidate.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Currency Risk.*** Fluctuations in exchange rates can adversely affect the market value of a Fund's foreign currency holdings and investments denominated in foreign currencies.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Other Investment Company Risk.*** A Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. In addition, a Fund indirectly bears its pro rata portion of an underlying fund's fees and expenses in addition to the fees and expenses borne by the Fund. As a result, shareholders will be subject to two layers of fees and expenses when a Fund invests in underlying funds.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Derivatives and Short Sales Risk.*** The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. A Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of a Fund's shares will be adversely affected if the equities or other assets that are the subject of a Fund's short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. The purchaser of TBA securities generally is subject to higher market risk and interest rate risk, because the delivered securities may be less favorable than anticipated by the purchaser.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Counterparty Risk.*** A Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by a Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return a Fund's collateral or otherwise honor its obligations.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Credit Risk.*** A Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Risk – Fixed Income.*** The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments).

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Leveraging Risk.*** The use of derivatives, short sales and securities lending can create leverage. Leverage increases a Fund's losses when the value of its investments (including derivatives) declines. In addition, a Fund's portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of a Fund's assets declines between the time a redemption request is treated as being received by a Fund and the time a Fund liquidates assets to fund that redemption.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Futures Contracts Ris***k. The loss to a Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of a Fund's net asset value. A liquid secondary market may not exist for any particular futures contract at any particular time, and a Fund may be unable when it wishes to terminate its exposure under that contract. When a Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of a Fund's investments that are subject to the hedge. In addition, a Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ***Large Shareholder Risk.*** Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that a Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all.

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Derivative financial instruments** 

Derivatives are financial contracts whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices to increase, decrease or adjust elements of the investment exposures of a Fund's portfolio. Derivatives may relate to securities, interest rates, currencies, currency exchange rates, inflation rates, commodities and indices, and include foreign currency contracts, swap contracts, reverse repurchase agreements, and other exchange-traded and OTC contracts.

The Funds may use derivatives to gain long investment exposure to securities or other assets. For example, a Fund may use derivatives instead of investing directly in equity securities, including using equity derivatives to maintain equity exposure when it holds cash by "equitizing" its cash balances using futures contracts or other types of derivatives. The Funds also may use currency derivatives (including forward currency contracts, futures contracts, swap contracts and options) to gain exposure to a given currency.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

A Fund also may use currency derivatives in an attempt to reduce some aspect of the currency exposure in its portfolio. For these purposes, the Fund may use an instrument denominated in a different currency that GMO believes is highly correlated with the relevant currency.

The Funds may use derivatives in an attempt to adjust elements of their investment exposures to various securities, sectors, markets, indices, and currencies without actually having to sell existing investments or make new direct investments. For example, if a Fund holds a large proportion of stocks of companies in a particular sector and GMO believes that stocks of companies in another sector will outperform those stocks, the Fund might use a short futures contract on an appropriate index (to synthetically "sell" a portion of the Fund's portfolio) in combination with a long futures contract on another index (to synthetically "buy" exposure to that index). In adjusting their investment exposures, the Funds also may use currency derivatives in an attempt to adjust their currency exposure, seeking currency exposure that is different (in some cases, significantly different) from the currencies in which their equities are traded.

The Funds may use derivatives to effect transactions intended as substitutes for securities lending.

Each of the Funds may have investment exposures in excess of its net assets (i.e. the Fund may be leveraged).

A Fund's foreign currency exposure may differ significantly from the currencies in which its equities are traded.

Certain derivatives transactions that may be used by the Funds, including certain interest rate swaps and certain credit default index swaps, are required to be (or are capable of being) transacted through a central clearing organization. The Funds hold cleared derivatives transactions, if any, through clearing members, who are members of derivatives clearing houses. Certain other derivatives, including futures and certain options, are transacted on exchanges. The Funds hold exchange-traded derivatives through clearing brokers that are typically members of the exchanges. In contrast to bilateral derivatives transactions, following a period of notice to a Fund, a clearing member at any time can require termination of existing cleared derivatives position or an increase in margin requirements above those required at the outset of a transaction. Clearing houses and exchanges also have broad rights to increase margin requirements for existing positions or to terminate those positions at any time. Any increase in margin requirements or termination of existing cleared derivatives positions by the clearing member or the clearing house could interfere with the ability of a Fund to pursue its investment strategy and any increase in margin held by a clearing member could expose a Fund to greater credit risk to its clearing member. Also, a Fund is subject to execution risk if it enters into a derivatives transaction that is required to be cleared (or that GMO expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. In those cases, the position might have to be terminated, and the Fund could lose some or all of the benefit of the position, including loss of an increase in the value of the position and/or loss of hedging protection.

The use of derivatives involves risks that are in addition to, and potentially greater than, the risks associated with investing directly in securities and other more traditional assets. See "Investment and other risks" above for further information.

For Funds that held derivatives during the period ended June 30, 2025, the following table shows how the Fund used these derivatives (marked with an X):

---

| | |
|:---|:---|
| **Type of Derivative and Objective for Use** | **GMO Beyond <br> China ETF** |
| **Future Contracts** | |
| Adjust exposure to certain securities markets | **X** |
| Maintain the diversity and liquidity of the portfolio | **X** |

---

**Futures contracts**

The Funds may purchase and sell futures contracts. A futures contract is a contract that obligates the holder to buy or sell an asset at a predetermined delivery price at a specified time in the future. Some futures contracts are net (cash) settled. Upon entering into a futures contract, a Fund is required to deposit cash, U.S. government and agency obligations or other liquid assets with the futures clearing broker in accordance with the initial margin requirements of the broker or exchange. Futures contracts are generally valued at the settlement price established at the close of business each day by the board of trade or exchange on which they are traded. The value of each of the Fund's futures contracts is marked-to-market daily and an appropriate payable or receivable for the change in value ("variation margin") is recorded by each Fund. The payable or receivable is settled on the following business day. Gains or losses are recognized but not accounted for as realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin as recorded in the Statements of Assets and Liabilities. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, thereby effectively preventing liquidation of unfavorable positions. Futures contracts expose the Funds to the risk that they may not be able to enter into a closing transaction due to an illiquid market. Futures contracts outstanding at the end of the period, if any, are listed in each applicable Fund's Schedule of Investments.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

\*\*\*\*

As provided by U.S. GAAP, the table below is based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. Changes to market values of reference asset(s) will tend to have a greater impact on the Funds (with correspondingly greater risk) the greater the notional amount. For further information on notional amounts, see the Schedule of Investments.

The following is a summary of the valuations of derivative instruments categorized by risk exposure.

**The Effect of Derivative Instruments on the Statements of Operations for the period ended June 30, 2025^:**

The risks referenced in the tables below are not intended to be inclusive of all risks. Please see the "Investment and other risks" and "Portfolio valuation" sections for a further discussion of risks.

---

| | |
|:---|:---|
| | **Equity Contracts** |
| **GMO Beyond China ETF** | |
| **Net Realized Gain (Loss) on:** | |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $77228 |
| &nbsp;&nbsp;&nbsp;Total | $77228 |

---

---

| | |
|:---|:---|
| ^ | Because the Funds recognize changes in value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund's investment in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this table. |

---

Certain Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements, Global Master Repurchase Agreements, Master Securities Loan Agreements or other similar types of agreements (collectively, "Master Agreements") that generally govern the terms of OTC derivative transactions, repurchase agreements, reverse repurchase agreements and securities loans. The Master Agreements may include collateral posting terms and set-off provisions that apply in the event of a default and/or termination event. Upon the occurrence of such an event, including the bankruptcy or insolvency of the counterparty, the Master Agreements may permit the non-defaulting party to calculate a single net payment to close out applicable transactions. However, there is no guarantee that the terms of a Master Agreement will be enforceable; for example, when bankruptcy or insolvency laws impose restrictions on or prohibitions against the right of offset. Additionally, the set-off and netting provisions of a Master Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. Because no such event has occurred, the Funds do not presently have a legally enforceable right of set-off and these amounts have not been offset in the Statements of Assets and Liabilities. Termination events may also include a decline in the net assets of a Fund below a certain level over a specified period of time and may entitle a counterparty to elect an early termination of all the transactions under the Master Agreement with that counterparty. Such an election by one or more of the counterparties could have a material adverse impact on a Fund's operations. For more information about other uncertainties and risks, see "Investments and other risks" above.

For financial reporting purposes, in the Statements of Assets and Liabilities any cash collateral that has been pledged to cover obligations of the Funds is reported as Due from broker and any cash collateral received from the counterparty is reported as Due to broker. Any non-cash collateral pledged by the Funds is noted in the Schedules of Investments. For financial reporting purposes, the Funds' Statements of Assets and Liabilities generally show derivative assets and derivative liabilities (regardless of whether they are subject to netting arrangements) on a gross basis, which reflects the full risks and exposures of the Fund prior to netting. See Note 2 for information on repurchase agreements, reverse repurchase agreements and securities loans held by the Funds at June 30, 2025, if any.

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

The average derivative activity of notional amounts (futures contracts), based on absolute values, at each month-end, was as follows for the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund Name** | **Futures <br> Contracts ($)** |
| GMO Beyond China ETF | 693705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Capital Share Transactions** 

Each of the Funds shares are listed and traded on the Exchange each day that the Exchange is open for business ("Business Day"). Individual shares of the Funds may only be purchased and sold on the Exchange through a broker-dealer at market price. Because shares of the Funds trade at market prices rather than at NAV, shares of the Funds may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount). The Funds issue their shares to and redeem their shares from, on a continuous basis, certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in large blocks of the Funds' shares known as Creation Units. Currently, the number of each of the Funds' shares that constitute a Creation Unit is 10,000 shares. Creation Unit transactions are generally conducted in exchange for the deposit or delivery of a portfolio of in-kind securities designated by the Funds and as needed, a specified amount of cash.

Most retail investors will not qualify as Authorized Participants, therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares of the Funds in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The Funds may adjust the creation transaction fee from time to time. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction. The Funds may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard creation transaction fee for a Fund regardless of the number of Creation Units created in the transaction, is set forth in the table below:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **In-Kind Creation <br> Transaction <br> Fee ($)** | **Cash Creation <br> Transaction <br> Fee ($)** |
| GMO Beyond China ETF | 600 | 150 |
| GMO International Quality ETF | 400 | 100 |
| GMO International Value ETF | 800 | 100 |
| GMO Systematic Investment Grade Credit ETF | 250 | 100 |
| GMO U.S. Quality ETF | 150 | 100 |
| GMO U.S. Value ETF | 250 | 100 |

---

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units. The Funds may adjust the redemption transaction fee from time to time. In addition, a variable fee, payable to the Funds, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction. The Funds may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the Funds' shareholders. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Funds' securities to the account of the Trust. The standard redemption transaction fee for a Fund, regardless of the number of Creation Units redeemed in the transaction, is set forth in the table below:

**The 2023 ETF Series Trust II Funds**

**Notes to Financial Statements — (Continued) June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Fund Name** | **In-Kind<br> Redemption<br> Transaction**<br> **Fee ($)** | **Cash Redemption <br> Transaction <br> Fee ($)** |
| GMO Beyond China ETF | 600 | 150 |
| GMO International Quality ETF | 400 | 100 |
| GMO International Value ETF | 800 | 100 |
| GMO Systematic Investment Grade Credit ETF | 250 | 100 |
| GMO U.S. Quality ETF | 150 | 100 |
| GMO U.S. Value ETF | 250 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Subsequent Events** 

Management has evaluated all subsequent events through the date on which these statements were issued and has determined that no additional items require adjustment to or disclosure in these financial statements.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of The 2023 ETF Series Trust II and Shareholders of GMO U.S. Quality ETF, GMO Beyond China ETF, GMO International Value ETF, GMO International Quality ETF, GMO Systematic Investment Grade Credit ETF and GMO U.S. Value ETF

***Opinions on the Financial Statements***

 ****

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of GMO U.S. Quality ETF, GMO Beyond China ETF, GMO International Value ETF, GMO International Quality ETF, GMO Systematic Investment Grade Credit ETF and GMO U.S. Value ETF (six of the funds constituting The 2023 ETF Series Trust II, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of June 30, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| GMO U.S. Quality ETF | Statement of operations for the year ended June 30, 2025, and statements of changes in net assets and financial highlights for the year ended June 30, 2025, and the period from November 14, 2023 (inception) through June 30, 2024 |
| GMO Beyond China ETF | Statement of operations, statements of changes in net assets, and financial highlights for the period February 13, 2025 (inception) through June 30, 2025 |
| GMO International Value ETF, GMO International Quality ETF, GMO U.S. Value ETF | Statement of operations, statements of changes in net assets, and financial highlights for the period October 29, 2024 (inception) through June 30, 2025 |
| GMO Systematic Investment Grade Credit Fund | Statement of operations, statements of changes in net assets, and financial highlights for the period June 4, 2025 (inception) through June 30, 2025 |

---

***Basis for Opinion***

 ****

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, MA

August 22, 2025

We have served as the auditor of one or more investment companies in the GMO mutual fund complex since 1985.

**The 2023 ETF Series Trust II Funds**

**Tax Information for the Tax Year Ended June 30, 2025 (Unaudited)**

The following information is being provided in order to meet reporting requirements set forth by the Code and/or to meet state-specific requirements. Shareholders should consult their tax advisors.

With respect to distributable earnings on tax basis, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable) for the fiscal year ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Dividend Received Deduction (corporate**<br> **shareholders) <br> ($)** | **Qualified <br> Dividend Income <br> (non-corporate <br> shareholders) <br> ($)** | **U.S. Government <br> Obligation <br> Income <br> ($)<sup>(1)</sup>** | **Interest- Related Dividend Income**<br> **($)<sup>(2)</sup>** | **Short-Term <br> Capital Gain <br> Dividends <br> ($)<sup>(2)</sup>** | **Long-Term<br> Capital Gain<br> Distributions**<br> **($)** | **Foreign Taxes<br> Paid <br> ($)<sup>(3)</sup>** | **Foreign Source<br> Income <br> ($)<sup>(3)</sup>** | **Code <br> Section 163(j) <br> Interest-Related <br> Dividend Income <br> ($)<sup>(4)</sup>** |
| GMO Beyond China ETF |  | 110524 |  |  |  |  | 17811 | 147607 |  |
| GMO International Quality ETF |  | 398745 |  |  |  |  | 70415 | 398745 |  |
| GMO International Value ETF |  | 3635988 |  |  |  |  | 387671 | 3966539 |  |
| GMO Systematic Investment Grade Credit ETF |  |  |  | 18265 |  |  |  |  | 21373 |
| GMO U.S. Quality ETF | 13249067 | 13249067 |  |  |  |  |  |  |  |
| GMO U.S. Value ETF | 624638 | 624638 |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) All or a portion of these amounts may be exempt from taxation at the state level.

&nbsp;&nbsp;&nbsp;&nbsp;(2) These amounts are generally exempt from U.S. withholding taxes for non-U.S. shareholders, provided certain conditions are satisfied by
 both the Funds and the Funds' shareholders. If applicable, interest-related dividend amounts may include short-term capital gain
 distributions received from underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Funds expect to elect to treat foreign taxes attributed to foreign source income from certain of its investments, as if incurred directly
 by the Funds' shareholders. All amounts presented above are based upon net investment income earned.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Funds hereby designate the above business interest-related dividend income pursuant to Section 163(j) of the Code and the regulations.

In early 2026, the Funds or a financial intermediary will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms.

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>Distributor</u>** |
| Grantham, Mayo, Van Otterloo & Co. LLC | Foreside Fund Services, LLC |
| 53 State Street | Three Canal Plaza, Suite 100 |
| Boston, MA 02109 | Portland, ME 04101 |
| **<u>Administrator, Transfer Agent and Custodian</u>** | **<u>Independent Registered Public Accounting Firm</u>** |
| State Street Bank & Trust Company | PricewaterhouseCoopers, LLP |
| One Congress Street, Suite 1 | 101 Seaport Boulevard, Suite 500 |
| Boston, MA 02114 | Boston MA 02210 |
|  | **<u>Legal Counsel</u>** |
|  | Morgan, Lewis & Bockius LLP |
|  | 1111 Pennsylvania Avenue NW |
|  | Washington, DC 20004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are included as 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.**

There were no changes in or disagreements with accountants.

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

There were no matters submitted to a vote of shareholders during the period covered.

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

Not applicable.

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

At a meeting held on August 19-20, 2024 (the "Meeting"), the Board of Trustees (the "Board") of The 2023 ETF Series Trust II ("Trust") considered and approved, for an initial two year term, the Investment Advisory Agreement (the "Agreement") between the Trust and Grantham, Mayo, Van Otterloo & Co. ("GMO") with respect to the GMO Beyond China ETF and GMO Systematic Investment Grade Credit ETF (each, a "Fund," and collectively, the "Funds") pursuant to which GMO will provide advisory services to the Funds, each of which is a new series of the Trust. 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 Agreement, the Board requested, and GMO, the Funds' investment adviser, provided such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board also met with representatives of GMO at the Meeting, during which the Independent Trustees and GMO representatives discussed the materials that had been provided as well as other related matters concerning the Funds. In determining whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services to be provided by GMO to the Funds; (ii) the investment objective and strategy for each Fund and, because the Funds are new and therefore have no performance record, how each Fund's strategy might be expected to perform in the future; (iii) the profits anticipated to be realized by GMO from providing advisory services to the Funds; (iv) fees charged to comparable funds; (v) the extent to which economies of scale would be shared as each 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 GMO. The Board reviewed the Agreement and GMO's anticipated responsibilities with respect to providing investment advisory services to the Funds, including developing, implementing, and maintaining each Fund's investment program; portfolio management, including evaluating and selecting investments for the Funds; trading portfolio securities and other investment instruments on behalf of the Funds; selecting broker-dealers to execute purchase and sale transactions; 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 Funds.

The Board considered the background, sophistication and experience of GMO's senior management, including those individuals responsible for portfolio management and regulatory compliance of the Funds. The Board also considered GMO's extensive administrative and compliance infrastructures. The Board appreciated the fact that GMO has deep experience and expertise serving as the investment adviser to other registered investment companies.

The Board considered GMO's portfolio management resources, structures and practices, including those associated with monitoring and seeking to ensure each Fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about GMO's overall investment management business, including the financial resources available to it needed to deliver high quality advisory services to the Funds.

*Investment Performance*

Because the Funds are 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 GMO the proposed portfolio management team and the investment strategy to be employed in the management of each Fund's assets. The Board considered GMO's reputation and experience, including its experience managing other registered investment companies and took into account its experience and familiarity with GMO providing investment advisory services to another series of the Trust.

*Fees Charged to Comparable Funds*

The Board reviewed the advisory fee to be paid by each Fund to GMO under the Agreement. The Board reviewed a report prepared by Broadridge, an independent third-party, comparing each Fund's advisory fee to those paid by a group of peer funds. The Board took into consideration that the advisory fee for each Fund's is a "unitary fee," meaning that the Funds pay 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 Agreement, GMO is responsible for compensating the Funds' other service providers and paying the Funds' other expenses out of its own fee and resources.

*Profitability and Economies of Scale*

The Board considered information concerning the anticipated profitability of GMO from managing the Funds. The Board appreciated that, because the Funds are new, information concerning GMO's profitability from a 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 GMO's profitability from managing the Funds after the Funds commence operations and GMO begins receiving advisory fees. The Board also considered whether economies of scale or other efficiencies might result as a Fund's assets grow. As the Funds 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 GMO by structuring its advisory fee as a unitary fee, which effectively acts as a cap on each 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 Funds.

*Other Benefits*

The Board considered other benefits that might be derived by GMO from its relationship with the Funds. The Board noted that GMO has the ability to realize soft dollar benefits from its relationship with the Funds. The Board also considered the potential benefits flowing to GMO from sponsoring a family of exchange-traded funds.

*Conclusion*

After reviewing these and other factors, the Board concluded, in the context of its overall review of the Agreement, that the nature, extent and quality of services to be provided supported its approval of the Agreement and that the fee to be charged under the Agreement 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 Agreement on behalf of the Funds; rather, the Board based its determination on the total mix of information available to it.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of
 the filing date and have concluded that the registrant's disclosure controls and procedures were effective, as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective July 21, 2025, the registrant's principal executive officer and principal financial officer changed from being outsourced to members of management. As part of this change, financial reporting responsibilities moved from an outsourced oversight model to management.

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

Not applicable to this registrant.

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

Not applicable.

**Item 19. Exhibits.**

(a)(1) [The code of ethics that applies to the registrant's principal executive officer and principal financial officer is filed herewith.](fp0095191-1_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable.

---

| | |
|:---|:---|
| (a)(3)(1) | [A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.](fp0095191-1_ex99cert.htm) |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0095191-1_ex99906cert.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.

The 2023 ETF Series Trust II

---

| | |
|:---|:---|
| By: | /s/Tara Pari |
|  | Tara Pari |
|  | President (Principal Executive Officer) |
| Date: | September 5, 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: | /s/Tara Pari |
|  | Tara Pari |
|  | President (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Betty Maganzini |
|  | Betty Maganzini |
|  | Treasurer (Principal Financial Officer) |
| Date: | September 5, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)**

Financial Code of Ethics for Principal Executive and Financial Officers

**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of The 2023 ETF Series Trust II (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

**5.** **AFFIRMATION OF THE CODE** 

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

**6.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**Adopted: August 21, 2023**

**SCHEDULE A**

Principal Executive Officer: Trent Statczar <br> Principal Financial Officer Michael Minella

## Ex-99.Cert

**Exhibit 19(a)(3)(1)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Tara Pari, President and Principal Executive Officer of The 2023 ETF Series Trust II, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust II;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the most recent 90 days prior to the filing date
of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| By: | /s/ Tara Pari |
|  | Tara Pari |
|  | President (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Betty Maganzini, Treasurer and Principal Financial Officer of The 2023 ETF Series Trust II, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust II;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| By: | /s/ Betty Maganzini |
|  | Betty Maganzini |
|  | Treasurer (Principal Financial Officer) |
| Date: | September 5, 2025 |

---

## Exhibit 99.906

**Exhibit 19(b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

This certification is furnished 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, 2024 of The 2023 ETF Series Trust II (the "Company").

I, Tara Pari, the President and Principal Executive Officer of the Company, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Company.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| Dated: | September 5, 2025 |
| By: | /s/ Tara Pari |
|  | Tara Pari |
|  | President (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

This certification is furnished 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, 2024 of The 2023 ETF Series Trust II (the "Company").

I, Betty Maganzini, Treasurer and Principal Financial Officer of the Company, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Company.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| Dated: | September 5, 2025 |
| By: | /s/ Betty Maganzini |
|  | Betty Maganzini |
|  | Treasurer (Principal Financial Officer) |

---