# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-26-006927
**Filing Date:** 2026-2
**Character Count:** 25562
**Document Hash:** 5c369c847b3bf37f12657bba201fe5ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-006927.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000940400-26-006927

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**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:** 26663204

**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. Small-Mid Cap Value ETF (Series ID: S000081643)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000244570 | Brandes U.S. Small-Mid Cap Value ETF | BSMC            |

## 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. Small-Mid Cap Value ETF

- **b. EDGAR series identifier (if any):** S000081643

- **c. LEI of Series:** 5493000L3SZAMTCSH324

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $140714513.51

**Total Liabilities:** $84766.36

**Net Assets:** $140629747.15

**Cash Not Reported:** $20803.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244570 | 0.22%                | 2.85%                | 1.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $995930.41               | $-777627.29                                |
| Month 2  | $1807544.82              | $1728984.15                                |
| Month 3  | $-35.14                  | $1320674.35                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Embraer SA                                  | Embraer SA                                  | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     31392 | NS      | $2020703.04   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The                        | Marzetti Company/The                        | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      6539 | NS      | $1075142.38   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                         | International Flavors & Fragrances Inc      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     54102 | NS      | $3645933.78   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                 | Hologic Inc                                 | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     31380 | NS      | $2337496.20   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                               | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     14247 | NS      | $1570874.22   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                               | Timken Co/The                               | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     18535 | NS      | $1559349.55   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc                   | Innovex International Inc                   | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    171437 | NS      | $3749327.19   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotera Health Co                            | Sotera Health Co                            | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100465 | NS      | $1772202.60   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Balfour Beatty PLC                          | Balfour Beatty PLC                          | CUSIP: 000000000<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |    248938 | NS      | $2380659.85   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The                      | Campbell's Company/The                      | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     70968 | NS      | $1977878.16   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                              | Whirlpool Corp                              | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     29459 | NS      | $2125172.26   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                            | UniFirst Corp/MA                            | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     14221 | NS      | $2743230.90   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                        | OneMain Holdings Inc                        | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     37696 | NS      | $2546364.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                 | NETGEAR Inc                                 | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |    128838 | NS      | $3160396.14   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc              | National Presto Industries Inc              | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29560 | NS      | $3155825.60   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                             | Scholastic Corp                             | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92884 | NS      | $2752152.92   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                | Organon & Co                                | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    197112 | NS      | $1413293.04   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                            | Henry Schein Inc                            | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     14633 | NS      | $1105962.14   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc                                   | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     24680 | NS      | $2085706.80   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                 | Textron Inc                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     32922 | NS      | $2869810.74   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                                    | Moog Inc                                    | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      8620 | NS      | $2099401.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                 | Pediatrix Medical Group Inc                 | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150113 | NS      | $3210917.07   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                    | Elanco Animal Health Inc                    | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    175562 | NS      | $3972968.06   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The                   | Scotts Miracle-Gro Co/The                   | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     21488 | NS      | $1253824.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan US Treasury Plus Money Market Fund | JPMorgan US Treasury Plus Money Market Fund | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |   5048843 | NS      | $5048842.71   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                              | Halliburton Co                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     81271 | NS      | $2296718.46   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc               | Healthcare Services Group Inc               | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    165226 | NS      | $3159121.12   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                           | Levi Strauss & Co                           | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     78905 | NS      | $1636489.70   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                                   | Avnet Inc                                   | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     21718 | NS      | $1044201.44   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I              | Prestige Consumer Healthcare Inc            | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24252 | NS      | $1496105.88   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                         | DENTSPLY SIRONA Inc                         | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    310386 | NS      | $3547711.98   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                          | Sonoco Products Co                          | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     26187 | NS      | $1142800.68   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                       | Arlo Technologies Inc                       | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     95547 | NS      | $1336702.53   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                             | Sealed Air Corp                             | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     32013 | NS      | $1326298.59   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     14695 | NS      | $1895801.95   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                          | IPG Photonics Corp                          | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     51352 | NS      | $3676803.20   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc                        | Fortrea Holdings Inc                        | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |    163261 | NS      | $2816252.25   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                                  | Grifols SA                                  | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |    250648 | NS      | $2343558.80   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                    | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |      4716 | NS      | $1549677.60   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp                               | Seaboard Corp                               | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       436 | NS      | $1937941.52   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                      | Koninklijke Philips NV                      | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     54509 | NS      | $1476103.72   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor              | Old Republic International Corp             | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     23758 | NS      | $1084315.12   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                          | Ingles Markets Inc                          | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     50420 | NS      | $3456291.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho              | Knight-Swift Transportation Holdings Inc    | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36304 | NS      | $1897973.12   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                                    | Nice Ltd                                    | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     13263 | NS      | $1499249.52   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                      | F5 Inc                                      | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      4292 | NS      | $1095575.92   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou              | White Mountains Insurance Group Ltd         | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |       627 | NS      | $1302924.81   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp                          | CNA Financial Corp                          | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |     18264 | NS      | $871923.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                | Citizens Financial Group Inc                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     49634 | NS      | $2899121.94   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                          | Expand Energy Corp                          | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     15695 | NS      | $1732100.20   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc                       | Heartland Express Inc                       | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |    164922 | NS      | $1489245.66   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Winpak Ltd                                  | Winpak Ltd                                  | CUSIP: 97535P104<br>LEI: 549300FWDGJBHZHH8U59 | Long             | EC               | CORP              | CA        |     57802 | NS      | $1881121.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Co                   | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    194881 | NS      | $3322721.05   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                       | Arrow Electronics Inc                       | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     12670 | NS      | $1395980.60   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                  | Zimmer Biomet Holdings Inc                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     31040 | NS      | $2791116.80   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                         | Landstar System Inc                         | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      4519 | NS      | $649380.30    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                    | United Therapeutics Corp                    | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      2357 | NS      | $1148448.25   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group Inc                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     38544 | NS      | $3112428.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                    | Molson Coors Beverage Co                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     45548 | NS      | $2126180.64   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal Inc                              | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     95434 | NS      | $2711279.94   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                           | World Kinect Corp                           | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     46791 | NS      | $1096313.13   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                            | EPAM Systems Inc                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      7512 | NS      | $1539058.56   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                  | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     43675 | NS      | $3516274.25   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                                   | AGCO Corp                                   | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     14140 | NS      | $1475084.80   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                          | SEI Investments Co                          | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     25225 | NS      | $2068954.50   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

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

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer