# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-26-021777
**Filing Date:** 2026-5
**Character Count:** 35239
**Document Hash:** ca12ab5f7524fa58be7cc5f033585019
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021777.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021777

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 261032169

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

## Series and Classes Contracts Data

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

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

## Nport-Ex

#### Brandes

#### U.S.

#### Value

#### ETF

#### Schedule

#### of

#### Investments
March

31,

2026

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks

#### –

#### 99.0%

#### Communication

#### Services

#### –

#### 5.4%
Alphabet,

Inc.,

Class

C

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

18,557

$

5,323,261

Comcast

Corp.,

Class

A

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

164,451

4,721,388

Omnicom

Group,

Inc.

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

63,105

4,752,438

14,797,087

#### Consumer

#### Discretionary

#### –

#### 3.2%
AutoZone,

Inc.\*

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

852

2,877,868

LKQ

Corp.

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

102,895

3,022,026

Mohawk

Industries,

Inc.\*

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

28,958

2,851,205

8,751,099

#### Consumer

#### Staples

#### –

#### 4.6%
Ingredion,

Inc.

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

24,273

2,734,596

Kenvue,

Inc.

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

155,117

2,674,217

Sysco

Corp.

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

51,476

3,671,783

Target

Corp.

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

29,696

3,599,155

12,679,751

#### Energy

#### –

#### 7.5%
Chevron

Corp.

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

30,904

6,394,038

Halliburton

Co.

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

167,197

6,519,011

SLB

Ltd.

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

106,388

5,467,279

World

Kinect

Corp.

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

94,527

2,180,738

20,561,066

#### Financials

#### –

#### 21.3%
Arch

Capital

Group

Ltd.\*

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

55,231

5,301,624

Arthur

J

Gallagher

&

Co.

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

15,830

3,428,461

Bank

of

America

Corp.

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

134,189

6,541,714

Bank

of

New

York

Mellon

Corp.

(The)

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

24,672

2,926,839

Citigroup,

Inc.

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

67,183

7,619,224

Fiserv,

Inc.\*

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

46,788

2,610,770

JPMorgan

Chase

&

Co.

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

8,982

2,642,145

PNC

Financial

Services

Group,

Inc.

(The)

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

27,261

5,672,742

Progressive

Corp.

(The)

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

19,767

3,918,610

State

Street

Corp.

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

22,465

2,843,170

Truist

Financial

Corp.

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

56,163

2,581,813

W

R

Berkley

Corp.

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

30,540

2,024,191

Wells

Fargo

&

Co.

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

72,196

5,747,524

Willis

Towers

Watson

PLC

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

16,238

4,720,387

58,579,214

#### Health

#### Care

#### –

#### 24.1%
Becton

Dickinson

&

Co.

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

38,044

5,981,658

Cardinal

Health,

Inc.

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

15,427

3,259,879

Cigna

Group

(The)

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

23,004

6,136,317

CVS

Health

Corp.

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

55,552

3,989,745

HCA

Healthcare,

Inc.

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

9,386

4,441,831

ICON

PLC\*

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

35,488

3,927,102

Johnson

&

Johnson

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

20,345

4,973,132

Labcorp

Holdings,

Inc.

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

15,172

4,048,041

McKesson

Corp.

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

4,462

3,861,236

Merck

&

Co.,

Inc.

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

65,312

7,856,381

#### Brandes

#### U.S.

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

March

31,

2026

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks
(continued)

#### Health

#### Care
(continued)

Pfizer,

Inc.

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

234,475

$

6,584,058

Sanofi

SA,

ADR

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

119,758

5,769,941

UnitedHealth

Group,

Inc.

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

15,846

4,287,769

Waters

Corp.\*

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

4,229

1,259,396

66,376,486

#### Industrials

#### –

#### 14.7%
Allison

Transmission

Holdings,

Inc.

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

31,644

3,704,247

CAE,

Inc.\*

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

70,075

1,825,454

Emerson

Electric

Co.

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

37,771

4,948,756

Equifax,

Inc.

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

19,516

3,514,246

FedEx

Corp.

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

18,479

6,581,850

Hexcel

Corp.

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

45,772

3,704,328

Knight-Swift

Transportation

Holdings,

Inc.

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

82,628

4,757,720

SS&C

Technologies

Holdings,

Inc.

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

66,827

4,515,500

Textron,

Inc.

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

78,855

6,904,544

40,456,645

#### Information

#### Technology

#### –

#### 9.7%
Amdocs

Ltd.

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

83,539

5,451,755

Arrow

Electronics,

Inc.\*

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

24,801

3,556,711

Cognizant

Technology

Solutions

Corp.,

Class

A

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

77,902

4,779,288

EPAM

Systems,

Inc.\*

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

31,179

4,221,637

Flex

Ltd.\*

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

49,531

3,242,299

Micron

Technology,

Inc.

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

10,472

3,537,861

Qorvo,

Inc.\*

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

23,903

1,850,092

26,639,643

#### Materials

#### –

#### 4.7%
Corteva,

Inc.

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

47,008

3,935,040

International

Flavors

&

Fragrances,

Inc.

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

51,302

3,721,960

Westlake

Corp.

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

44,811

5,234,821

12,891,821

#### Utilities

#### –

#### 3.8%
Entergy

Corp.

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

29,510

3,315,743

Evergy,

Inc.

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

39,228

3,213,558

National

Grid

PLC,

ADR

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

44,741

3,785,089

10,314,390

Total

Common

Stocks

(Cost

$254,317,834)

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

272,047,202

#### Money

#### Market

#### Funds

#### –

#### 0.7%
JP

Morgan

US

Treasury

Plus

Money

Market

Fund,

3.56%

(a) (Cost

$1,868,859)

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

1,868,859

1,868,859

Total

Investments

–

99.7%

(Cost

$256,186,693)

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

$

273,916,061

Other

Assets

in

Excess

of

Liabilities

–

0.3%

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

927,284

#### Net

#### Assets

#### –

#### 100.0%

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

#### $

#### 274,843,345

#### Brandes

#### U.S.

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

March

31,

2026

(Unaudited)

\*

Non

Income

Producing

(a) Rate

shown

reflects

the

7-day

yield

as

of

March

31,

2026. ADR

:

American

Depositary

Receipt

PLC

:

Public

Limited

Company

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $274988725.60

**Total Liabilities:** $145381.42

**Net Assets:** $274843344.18

**Cash Not Reported:** $15949.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244571 | 4.43%                | 2.85%                | -5.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $928874.96               | $11227217.07                               |
| Month 2  | $1928667.47              | $6455922.09                                |
| Month 3  | $6187534.24              | $-23153378.72                              |

### Schedule of Portfolio Investments

| Name                                     | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Waters Corporation                       | Waters Corporation COM                                         | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      4229 | NS      | $1259396.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                 | W.R. Berkley Corporation COM                                   | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     30540 | NS      | $2024191.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                      | Entergy Corporation COM                                        | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     29510 | NS      | $3315743.60   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust Ii                       | JP Morgan Trust Ii US TREAS CAP                                | CUSIP: 4812C2239<br>LEI: 549300IMXLYKELY96B40 | Long             | STIV             | RF                | US        |   1868859 | NS      | $1868858.87   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                   | Micron Technology Inc. COM                                     | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     10472 | NS      | $3537860.48   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                         | Merck & Co., Inc COM                                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     65312 | NS      | $7856380.48   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                   | Truist Financial Corp. COM                                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     56163 | NS      | $2581813.11   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                  | Mohawk Industries, Inc. COM                                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     28958 | NS      | $2851204.68   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson COM                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     20345 | NS      | $4973131.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                                  | SLB Ltd. COM STK                                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    106388 | NS      | $5467279.32   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                        | EPAM Systems Inc. COM                                          | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     31179 | NS      | $4221636.60   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                       | State Street Corp. COM                                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     22465 | NS      | $2843170.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                             | Textron Inc. COM                                               | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     78855 | NS      | $6904543.80   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                        | Sysco Corporation COM                                          | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     51476 | NS      | $3671783.08   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.        | PNC Financial Services Group Inc. COM                          | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     27261 | NS      | $5672741.49   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                             | Target Corp. COM                                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     29696 | NS      | $3599155.20   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                       | Hexcel Corporation COM                                         | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     45772 | NS      | $3704327.96   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company            | Becton, Dickinson and Company COM                              | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     38044 | NS      | $5981658.12   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                           | Citigroup Inc. COM NEW                                         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     67183 | NS      | $7619224.03   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD                                 | Flex Ltd. ORD                                                  | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |     49531 | NS      | $3242299.26   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                     | Emerson Electric Co. COM                                       | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     37771 | NS      | $4948756.42   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                           | Mckesson Corp. COM                                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4462 | NS      | $3861236.32   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                        | FedEx Corporation COM                                          | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     18479 | NS      | $6581850.22   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                              | Kenvue Inc. COM                                                | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    155117 | NS      | $2674217.08   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                | Qorvo Inc COM                                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     23903 | NS      | $1850092.20   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corporation                 | World Kinect Corporation COM                                   | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     94527 | NS      | $2180737.89   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC | Knight-Swift Transportation Holdings Inc. CL A                 | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82628 | NS      | $4757720.24   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                     | Labcorp Holdings Inc COM SHS                                   | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15172 | NS      | $4048041.32   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                    | Cardinal Health, Inc. COM                                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     15427 | NS      | $3259879.37   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                          | The Cigna Group COM                                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     23004 | NS      | $6136317.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                    | Bank of America Corp. COM                                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    134189 | NS      | $6541713.75   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                              | Corteva Inc COM                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     47008 | NS      | $3935039.68   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                          | LKQ Corporation COM                                            | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    102895 | NS      | $3022026.15   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.  | International Flavors & Fragrances Inc. COM                    | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     51302 | NS      | $3721960.10   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                            | Alphabet Inc. CAP STK CL C                                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     18557 | NS      | $5323261.02   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                        | Omnicom Group Inc COM                                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     63105 | NS      | $4752437.55   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                   | Ingredion Incorporated COM                                     | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     24273 | NS      | $2734596.18   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics, Inc.                  | Arrow Electronics, Inc. COM                                    | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     24801 | NS      | $3556711.41   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                              | Fiserv Inc. COM                                                | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     46788 | NS      | $2610770.40   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc        | Allison Transmission Holdings Inc COM                          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     31644 | NS      | $3704246.64   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                        | Wells Fargo & Co. COM                                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     72196 | NS      | $5747523.56   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                          | CVS Health Corp COM                                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     55552 | NS      | $3989744.64   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                              | Pfizer Inc. COM                                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    234475 | NS      | $6584058.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.        | The Bank of New York Mellon Corp. COM                          | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     24672 | NS      | $2926839.36   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                             | Chevron Corp. COM                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30904 | NS      | $6394037.60   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                  | CAE Inc COM                                                    | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     70075 | NS      | $1825453.75   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                      | Halliburton Company COM                                        | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    167197 | NS      | $6519011.03   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                           | Autozone, Inc. COM                                             | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       852 | NS      | $2877868.56   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                         | Gallagher Aj &Co COM                                           | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     15830 | NS      | $3428461.40   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                       | HCA Healthcare Inc COM                                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      9386 | NS      | $4441830.64   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LTD                               | Amdocs Limited SHS                                             | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     83539 | NS      | $5451755.14   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                | Sanofi SA SPONSORED ADR                                        | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    119758 | NS      | $5769940.44   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corporation                     | Westlake Corporation COM                                       | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     44811 | NS      | $5234821.02   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc.                             | Equifax Inc. COM                                               | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     19516 | NS      | $3514246.12   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                  | Arch Capital Group Ltd. ORD                                    | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     55231 | NS      | $5301623.69   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                        | National Grid PLC SPONSORED ADR NE                             | CUSIP: 636274409<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     44741 | NS      | $3785088.60   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co. COM                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      8982 | NS      | $2642145.12   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                  | UnitedHealth Group Inc. COM                                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     15846 | NS      | $4287769.14   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIS TOWERS WATSON PLC                 | Willis Towers Watson Public Limited Company COM USD0.000304635 | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     16238 | NS      | $4720386.60   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                               | Evergy Inc COM                                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     39228 | NS      | $3213557.76   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                      | Comcast Corporation CL A                                       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    164451 | NS      | $4721388.21   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc.          | SS&C Technologies Holdings Inc. COM                            | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     66827 | NS      | $4515500.39   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon PLC                                 | Icon PLC SHS                                                   | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     35488 | NS      | $3927102.08   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.     | Cognizant Technology Solutions Corp. CL A                      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     77902 | NS      | $4779287.70   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation              | The Progressive Corporation COM                                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     19767 | NS      | $3918610.08   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

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

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer