# EDGAR Filing Document

**Accession Number:** 0001981627
**File Stem:** 0001410368-25-027491
**Filing Date:** 2025-11
**Character Count:** 100189
**Document Hash:** ce6571c989a142d725780f681d1cebf5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027491.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001410368-25-027491

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GMO ETF Trust
- **CENTRAL INDEX KEY:** 0001981627

**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:** 811-23895
- **FILM NUMBER:** 251503619

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** FLOOR 33
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 212-309-6231

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** FLOOR 33
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 2023 ETF Series Trust II
- **DATE OF NAME CHANGE:** 20230614

## Series and Classes Contracts Data

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

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

## Nport-Ex

**GMO Beyond China ETF**

**Schedule of Investments**

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

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Brazil — 1.1%** | **Brazil — 1.1%** |
| 18461 | WEG SA  | 126918 |
|  | **Czeck Republic — 0.5%** | **Czeck Republic — 0.5%** |
| 6450 | Moneta Money Bank AS  | 51452 |
|  | **Greece — 0.6%** | **Greece — 0.6%** |
| 2040 | Jumbo SA  | 69984 |
|  | **India — 27.4%** | **India — 27.4%** |
| 870 | ABB India Ltd.  | 50943 |
| 1809 | Amara Raja Energy & Mobility Ltd.  | 20192 |
| 7257 | Asian Paints Ltd.  | 192318 |
| 8597 | AU Small Finance Bank Ltd.  | 70770 |
| 14704 | Bajaj Finance Ltd.  | 165441 |
| 1890 | Balkrishna Industries Ltd.  | 48938 |
| 21711 | Castrol India Ltd.  | 48846 |
| 2021 | Ceat Ltd.  | 76603 |
| 10242 | Chambal Fertilisers & Chemicals Ltd.  | 58836 |
| 2490 | Coromandel International Ltd.  | 63099 |
| 3181 | Cummins India Ltd.  | 140727 |
| 3780 | Deepak Fertilisers & Petrochemicals Corp. <br> Ltd. <br>| 63902 |
| 348 | Dixon Technologies India Ltd.  | 64110 |
| 4271 | Eicher Motors Ltd.  | 337202 |
| 1790 | Finolex Cables Ltd.  | 16509 |
| 19400 | Firstsource Solutions Ltd.  | 71809 |
| 3570 | HBL Engineering Ltd.  | 32667 |
| 6875 | HDFC Bank Ltd. –ADR | 234850 |
| 5722 | Hero MotoCorp Ltd.  | 352740 |
| 15361 | Hindalco Industries Ltd.  | 132177 |
| 13189 | ICICI Bank Ltd. –ADR | 398703 |
| 3463 | Indian Hotels Co. Ltd.  | 28109 |
| 17371 | IRCON International Ltd.  | 33573 |
| 10059 | JM Financial Ltd.  | 18195 |
| 653 | KEI Industries Ltd.  | 29778 |
| 1089 | Kirloskar Brothers Ltd.  | 23819 |
| 19937 | Manappuram Finance Ltd.  | 63389 |
| 194 | Maruti Suzuki India Ltd.  | 35036 |
| 1043 | Navin Fluorine International Ltd.  | 54159 |
| 6953 | Nippon Life India Asset Management Ltd.  | 67424 |
| 9377 | Paradeep Phosphates Ltd.  | 20594 |
| 7763 | PCBL Chemical Ltd.  | 32660 |
| 2627 | Shriram Finance Ltd.  | 18280 |
| 1770 | SRF Ltd.  | 56288 |
|  | Total India | 3122686 |
|  | **Indonesia — 6.2%** | **Indonesia — 6.2%** |
| 600900 | Aneka Tambang Tbk. PT  | 113942 |
| 801000 | Bank Central Asia Tbk. PT  | 366494 |
| 469000 | Bank Mandiri Persero Tbk. PT  | 123828 |
| 427000 | Bank Negara Indonesia Persero Tbk. PT  | 105053 |
|  | Total Indonesia | 709317 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Malaysia — 1.2%** | **Malaysia — 1.2%** |
| 56600 | Gamuda Bhd.  | 74373 |
| 47468 | Westports Holdings Bhd.  | 60456 |
|  | Total Malaysia | 134829 |
|  | **Mexico — 7.4%** | **Mexico — 7.4%** |
| 17825 | Arca Continental SAB de CV  | 187219 |
| 13900 | Banco del Bajio SA  | 35043 |
| 10260 | Cemex SAB de CV –ADR | 92237 |
| 23936 | Corp. Inmobiliaria Vesta SAB de CV  | 67913 |
| 426 | Fomento Economico Mexicano SAB de <br> CV –ADR<br>| 42016 |
| 45747 | Gentera SAB de CV  | 119079 |
| 5650 | Gruma SAB de CV –Class B | 105201 |
| 2682 | Grupo Financiero Banorte SAB de <br> CV –ADR<br>| 134583 |
| 18008 | Wal-Mart de Mexico SAB de CV  | 55636 |
|  | Total Mexico | 838927 |
|  | **Poland — 2.8%** | **Poland — 2.8%** |
| 2740 | Bank Polska Kasa Opieki SA  | 131699 |
| 10960 | Powszechny Zaklad Ubezpieczen SA  | 163918 |
| 220 | Santander Bank Polska SA  | 28618 |
|  | Total Poland | 324235 |
|  | **South Korea — 9.5%** | **South Korea — 9.5%** |
| 1709 | DB HiTek Co. Ltd.  | 69186 |
| 6046 | HMM Co. Ltd.  | 86399 |
| 3251 | Hyundai Engineering & Construction Co. <br> Ltd. <br>| 126050 |
| 1299 | Hyundai Glovis Co. Ltd.  | 153134 |
| 1089 | LS Electric Co. Ltd.  | 220819 |
| 7053 | Samsung Electronics Co. Ltd.  | 421757 |
|  | Total South Korea | 1077345 |
|  | **Taiwan — 25.0%** | **Taiwan — 25.0%** |
| 6210 | Advantech Co. Ltd.  | 64997 |
| 5227 | Bizlink Holding, Inc.  | 176646 |
| 3296 | Chroma ATE, Inc.  | 62615 |
| 16427 | Delta Electronics, Inc.  | 460288 |
| 3189 | Evergreen Marine Corp. Taiwan Ltd.  | 18729 |
| 9369 | MediaTek, Inc.  | 404234 |
| 3111 | Parade Technologies Ltd.  | 75637 |
| 3513 | Phison Electronics Corp.  | 81376 |
| 34798 | Radiant Opto-Electronics Corp.  | 163840 |
| 9681 | Realtek Semiconductor Corp.  | 174701 |
| 7913 | Sinbon Electronics Co. Ltd.  | 59715 |
| 3961 | Taiwan Semiconductor Manufacturing Co. <br> Ltd. –ADR<br>| 1106268 |
|  | Total Taiwan | 2849046 |
|  | **Thailand — 6.8%** | **Thailand — 6.8%** |
| 264000 | AP Thailand PCL –NVDR | 72100 |
| 9000 | Bangkok Bank PCL –NVDR | 41382 |
| 14600 | Delta Electronics Thailand PCL –NVDR | 71412 |

---

------

**GMO Beyond China ETF**

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Thailand — continued** | **Thailand — continued** |
| 29900 | Kasikornbank PCL –NVDR | 154552 |
| 431600 | Krung Thai Bank PCL –NVDR | 330309 |
| 15000 | SCB X PCL –NVDR | 59482 |
| 79000 | Supalai PCL –NVDR | 44370 |
|  | Total Thailand | 773607 |
|  | **Turkey — 1.8%** | **Turkey — 1.8%** |
| 17027 | Arcelik AS \* | 51805 |
| 12259 | Dogus Otomotiv Servis ve Ticaret AS  | 51864 |
| 115340 | Mavi Giyim Sanayi Ve Ticaret <br> AS –Class B<br>| 103641 |
|  | Total Turkey | 207310 |
|  | **United Arab Emirates — 3.3%** | **United Arab Emirates — 3.3%** |
| 51943 | Aldar Properties PJSC  | 134063 |
| 15397 | Emaar Development PJSC  | 56381 |
| 52529 | Emaar Properties PJSC  | 186630 |
|  | Total United Arab Emirates | 377074 |
|  | **Vietnam — 6.3%** | **Vietnam — 6.3%** |
| 11900 | Bank for Foreign Trade of Vietnam JSC  | 27915 |
| 76615 | Gelex Group JSC  | 160883 |
| 27600 | Gemadept Corp.  | 70906 |
| 59200 | Kinh Bac City Development Holding <br> Corp. \*<br>| 80859 |
| 107300 | Mobile World Investment Corp.  | 315445 |
| 14214 | PetroVietnam Gas JSC  | 32483 |
| 19900 | Vietnam Prosperity JSC Bank  | 23416 |
|  | Total Vietnam | 711907 |
|  | TOTAL COMMON STOCKS<br> (COST $10,176,601)<br>| 11374637 |
|  | **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** |
|  | **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |
| 288516 | State Street Institutional Treasury Money <br> Market Fund – Premier Class, 4.06% <sup>(a)</sup> <br>| 288516 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $288,516)<br>| 288516 |
|  | **TOTAL INVESTMENTS — 102.4%**<br> (Cost $10,465,117)<br>| **11663153** |
|  | Other Assets and Liabilities (net) — (2.4)% | (277937)<br>|
|  | **TOTAL NET ASSETS — 100.0%** | **$11385216** |

---

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

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate disclosed is the 7 day net yield as of September 30, 2025. |

---

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

---

| |
|:---|
| **Portfolio Abbreviations:** |
| ADR — American Depositary Receipt |
| JSC — Joint-Stock Company |
| NVDR — Non-Voting Depositary Receipt |
| PJSC — Private Joint-Stock Company |

---

------

**GMO International Quality ETF** 

**Schedule of Investments**

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

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
|  | **Capital Goods — 12.9%** | **Capital Goods — 12.9%** |
| 50740 | Assa Abloy AB – Class B  | 1760249 |
| 18286 | Knorr-Bremse AG  | 1714275 |
| 22962 | Kone OYJ – Class B  | 1563596 |
| 31953 | Safran SA – ADR  | 2821769 |
| 32874 | Schneider Electric SE  | 1841602 |
|  | Total Capital Goods | 9701491 |
|  | **Commercial & Professional Services — 2.5%** | **Commercial & Professional Services — 2.5%** |
| 115050 | Brambles Ltd.  | 1887989 |
|  | **Consumer Discretionary Distribution & Retail —** <br> **4.7%** | **Consumer Discretionary Distribution & Retail —** <br> **4.7%** |
| 64082 | Industria de Diseno Textil SA  | 3533812 |
|  | **Consumer Durables & Apparel — 4.5%** | **Consumer Durables & Apparel — 4.5%** |
| 27518 | LVMH Moet Hennessy Louis Vuitton SE – <br> ADR <br>| 3365727 |
|  | **Consumer Services — 8.6%** | **Consumer Services — 8.6%** |
| 44627 | Amadeus IT Group SA  | 3536619 |
| 86103 | Compass Group PLC – ADR  | 2958499 |
|  | Total Consumer Services | 6495118 |
|  | **Food, Beverage & Tobacco — 13.1%** | **Food, Beverage & Tobacco — 13.1%** |
| 157645 | Davide Campari-Milano NV  | 993897 |
| 18421 | Diageo PLC – ADR  | 1757916 |
| 14573 | Fomento Economico Mexicano SAB de CV <br> – ADR <br>| 1437335 |
| 24122 | Kerry Group PLC – Class A  | 2173595 |
| 27484 | Nestle SA – ADR  | 2522207 |
| 49392 | Pernod Ricard SA – ADR  | 966107 |
|  | Total Food, Beverage & Tobacco | 9851057 |
|  | **Health Care Equipment & Services — 3.7%** | **Health Care Equipment & Services — 3.7%** |
| 8731 | BioMerieux  | 1166522 |
| 11800 | Hoya Corp.  | 1633736 |
|  | Total Health Care Equipment & Services | 2800258 |
|  | **Household & Personal Products — 8.5%** | **Household & Personal Products — 8.5%** |
| 5192 | Beiersdorf AG  | 542515 |
| 34698 | L'Oreal SA – ADR  | 3006235 |
| 48138 | Unilever PLC – ADR  | 2853620 |
|  | Total Household & Personal Products | 6402370 |
|  | **Materials — 5.6%** | **Materials — 5.6%** |
| 57103 | Air Liquide SA – ADR  | 2365777 |
| 115062 | Shin-Etsu Chemical Co. Ltd. – ADR  | 1875511 |
|  | Total Materials | 4241288 |
|  | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— 14.5%** | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— 14.5%** |
| 299060 | Haleon PLC – ADR  | 2682568 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— continued** | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— continued** |
| 20906 | Novartis AG – ADR  | 2680985 |
| 41339 | Novo Nordisk AS – ADR  | 2293901 |
| 56627 | Roche Holding AG – ADR  | 2367575 |
| 4660 | Sartorius Stedim Biotech  | 941299 |
|  | Total Pharmaceuticals, Biotechnology & <br> Life Sciences<br>| 10966328 |
|  | **Semiconductors & Semiconductor Equipment —** <br> **10.2%** | **Semiconductors & Semiconductor Equipment —** <br> **10.2%** |
| 2956 | ASML Holding NV – NY Reg Shares  | 2861674 |
| 13559 | Taiwan Semiconductor Manufacturing Co. <br> Ltd. – ADR <br>| 3786893 |
| 5900 | Tokyo Electron Ltd.  | 1051655 |
|  | Total Semiconductors & Semiconductor <br> Equipment<br>| 7700222 |
|  | **Software & Services — 8.4%** | **Software & Services — 8.4%** |
| 74392 | Dassault Systemes SE  | 2490063 |
| 14396 | SAP SE – ADR  | 3846755 |
|  | Total Software & Services | 6336818 |
|  | **Transportation — 2.2%** | **Transportation — 2.2%** |
| 27138 | Ryanair Holdings PLC – ADR  | 1634250 |
|  | TOTAL COMMON STOCKS<br> (COST $73,067,342)<br>| 74916728 |
|  | **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |
|  | **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** |
| 1078275 | State Street Institutional Treasury Money <br> Market Fund – Premier Class, 4.06% <sup>(a)</sup> <br>| 1078275 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $1,078,275)<br>| 1078275 |
|  | **TOTAL INVESTMENTS — 100.8%**<br> (Cost $74,145,617)<br>| **75995003** |
|  | Other Assets and Liabilities (net) — (0.8)% | (583310)<br>|
|  | **TOTAL NET ASSETS — 100.0%** | **$75411693** |

---

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

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| <sup>(a)</sup> | The rate disclosed is the 7 day net yield as of September 30, 2025. |

---

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

---

| |
|:---|
| **Portfolio Abbreviations:** |
| ADR — American Depositary Receipt |

---

------

**GMO International Value ETF** 

**Schedule of Investments**

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

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
|  | **Australia — 5.4%** | **Australia — 5.4%** |
| 74501 | Aurizon Holdings Ltd.  | 157258 |
| 112429 | BHP Group Ltd. –ADR | 6267917 |
| 25309 | BlueScope Steel Ltd.  | 379989 |
| 178394 | Fortescue Ltd.  | 2205049 |
| 2646 | Rio Tinto Ltd.  | 213657 |
| 5221 | Westpac Banking Corp.  | 134631 |
| 36400 | Woodside Energy Group Ltd. –ADR | 547820 |
|  | Total Australia | 9906321 |
|  | **Austria — 1.1%** | **Austria — 1.1%** |
| 23935 | OMV AG  | 1276343 |
| 19818 | Raiffeisen Bank International AG  | 682664 |
|  | Total Austria | 1959007 |
|  | **Belgium — 0.4%** | **Belgium — 0.4%** |
| 7322 | Ageas SA  | 506328 |
| 2386 | KBC Group NV  | 284190 |
|  | Total Belgium | 790518 |
|  | **Canada — 14.4%** | **Canada — 14.4%** |
| 18906 | Bank of Montreal  | 2463608 |
| 92716 | Bank of Nova Scotia  | 5994089 |
| 13447 | Canadian Imperial Bank of Commerce  | 1074281 |
| 7348 | Empire Co. Ltd. –Class A | 263730 |
| 126 | Fairfax Financial Holdings Ltd.  | 220282 |
| 5294 | IGM Financial, Inc.  | 192710 |
| 1769 | Imperial Oil Ltd.  | 160401 |
| 18138 | Magna International, Inc.  | 859378 |
| 110934 | Manulife Financial Corp.  | 3455594 |
| 21775 | Parex Resources, Inc.  | 284607 |
| 39734 | Power Corp. of Canada  | 1719323 |
| 3468 | Russel Metals, Inc.  | 103863 |
| 52586 | Sun Life Financial, Inc.  | 3156737 |
| 80023 | Toronto-Dominion Bank  | 6398620 |
|  | Total Canada | 26347223 |
|  | **Denmark — 0.9%** | **Denmark — 0.9%** |
| 207 | AP Moller - Maersk AS –Class A | 404685 |
| 508 | AP Moller - Maersk AS –Class B | 995937 |
| 4462 | Genmab AS –ADR\* | 136850 |
| 18210 | H Lundbeck AS  | 130431 |
|  | Total Denmark | 1667903 |
|  | **Finland — 0.3%** | **Finland — 0.3%** |
| 16645 | Valmet OYJ  | 552650 |
|  | **France — 10.1%** | **France — 10.1%** |
| 2705 | Aperam SA  | 87716 |
| 7410 | ArcelorMittal SA  | 266037 |
| 1764 | Arkema SA  | 111007 |
| 9852 | AXA SA  | 470073 |
| 52590 | BNP Paribas SA  | 4774611 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** | **France — continued** |
| 27244 | Carrefour SA  | 412457 |
| 13291 | Credit Agricole SA  | 260904 |
| 641 | Ipsen SA  | 85491 |
| 12007 | Orange SA  | 194677 |
| 85164 | Sanofi SA –ADR | 4019741 |
| 13208 | Societe Generale SA  | 873967 |
| 1923 | Teleperformance SE  | 143003 |
| 100498 | TotalEnergies SE –ADR | 5998726 |
| 56476 | Valeo SE  | 705161 |
|  | Total France | 18403571 |
|  | **Germany — 5.7%** | **Germany — 5.7%** |
| 17028 | Bayerische Motoren Werke AG  | 1708094 |
| 25443 | Daimler Truck Holding AG  | 1046095 |
| 42141 | Deutsche Bank AG  | 1481796 |
| 46613 | Deutsche Post AG  | 2076305 |
| 23772 | Deutsche Telekom AG –ADR | 811814 |
| 3317 | DWS Group GmbH & Co. KGaA  | 207568 |
| 7792 | Fresenius Medical Care AG  | 408559 |
| 5768 | Henkel AG & Co. KGaA  | 427647 |
| 35004 | Mercedes-Benz Group AG  | 2197428 |
|  | Total Germany | 10365306 |
|  | **Hong Kong — 2.3%** | **Hong Kong — 2.3%** |
| 123000 | CK Asset Holdings Ltd.  | 596195 |
| 200500 | CK Hutchison Holdings Ltd.  | 1320443 |
| 29500 | Kerry Properties Ltd.  | 79001 |
| 108500 | Sun Hung Kai Properties Ltd.  | 1299443 |
| 762500 | WH Group Ltd.  | 825998 |
|  | Total Hong Kong | 4121080 |
|  | **Ireland — 0.1%** | **Ireland — 0.1%** |
| 12924 | AIB Group PLC  | 117063 |
|  | **Israel — 0.9%** | **Israel — 0.9%** |
| 27348 | Bank Hapoalim BM  | 555844 |
| 18596 | Bank Leumi Le-Israel BM  | 366564 |
| 42520 | Israel Discount Bank Ltd. –Class A | 420296 |
| 2119 | Mizrahi Tefahot Bank Ltd.  | 139403 |
| 12850 | ZIM Integrated Shipping Services Ltd.  | 174118 |
|  | Total Israel | 1656225 |
|  | **Italy — 1.9%** | **Italy — 1.9%** |
| 20316 | Banco BPM SpA  | 303517 |
| 51931 | BPER Banca SpA  | 575309 |
| 2056 | Buzzi SpA  | 112872 |
| 39570 | Intesa Sanpaolo SpA  | 260811 |
| 143703 | Stellantis NV  | 1326772 |
| 213279 | Telecom Italia SpA \* | 111503 |
| 13150 | Tenaris SA –ADR | 470375 |
| 19056 | Unipol Assicurazioni SpA  | 408526 |
|  | Total Italy | 3569685 |

---

------

**GMO International Value ETF** 

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — 21.0%** | **Japan — 21.0%** |
| 24100 | Asahi Group Holdings Ltd.  | 289343 |
| 13900 | Asahi Kasei Corp.  | 109454 |
| 14100 | Bridgestone Corp.  | 652918 |
| 23600 | Brother Industries Ltd.  | 395528 |
| 1700 | Credit Saison Co. Ltd.  | 45407 |
| 7300 | Dai Nippon Printing Co. Ltd.  | 124172 |
| 15000 | Daito Trust Construction Co. Ltd.  | 329141 |
| 49800 | Daiwa House Industry Co. Ltd.  | 1791500 |
| 9600 | Denso Corp.  | 138627 |
| 11200 | Hitachi Construction Machinery Co. Ltd.  | 358527 |
| 117033 | Honda Motor Co. Ltd. –ADR | 3604616 |
| 8800 | Idemitsu Kosan Co. Ltd.  | 60458 |
| 138000 | Inpex Corp.  | 2494330 |
| 43400 | Isuzu Motors Ltd.  | 548645 |
| 56300 | Japan Post Holdings Co. Ltd.  | 559631 |
| 62000 | Kirin Holdings Co. Ltd.  | 908713 |
| 60000 | Komatsu Ltd.  | 2093519 |
| 83453 | Kubota Corp.  | 1051310 |
| 12700 | Mazda Motor Corp.  | 92834 |
| 130400 | Mitsui & Co. Ltd.  | 3244900 |
| 2600 | Mitsui Mining & Smelting Co. Ltd.  | 202272 |
| 16500 | Mitsui OSK Lines Ltd.  | 501410 |
| 49400 | Nippon Yusen KK  | 1687253 |
| 10900 | Niterra Co. Ltd.  | 421156 |
| 24300 | Nitto Denko Corp.  | 577902 |
| 3167800 | NTT, Inc.  | 3313782 |
| 57900 | Ono Pharmaceutical Co. Ltd.  | 666759 |
| 53300 | ORIX Corp.  | 1399132 |
| 2900 | Otsuka Holdings Co. Ltd.  | 154114 |
| 188400 | Panasonic Holdings Corp.  | 2051080 |
| 28800 | Renesas Electronics Corp.  | 332236 |
| 7000 | Seiko Epson Corp.  | 89840 |
| 31100 | Sekisui Chemical Co. Ltd.  | 579372 |
| 26900 | Sekisui House Ltd.  | 612451 |
| 55900 | Shionogi & Co. Ltd.  | 979578 |
| 11500 | Sojitz Corp.  | 304520 |
| 20600 | Subaru Corp.  | 422071 |
| 43600 | Sumitomo Corp.  | 1264204 |
| 31200 | Sumitomo Forestry Co. Ltd.  | 371632 |
| 7300 | Suntory Beverage & Food Ltd.  | 228302 |
| 21000 | Suzuki Motor Corp.  | 306796 |
| 16400 | Tosoh Corp.  | 242809 |
| 6500 | Toyo Tire Corp.  | 172779 |
| 58600 | Toyota Tsusho Corp.  | 1625433 |
| 102600 | Yamaha Motor Co. Ltd.  | 770098 |
| 3400 | Yokohama Rubber Co. Ltd.  | 126105 |
|  | Total Japan | 38296659 |
|  | **Netherlands — 3.7%** | **Netherlands — 3.7%** |
| 27560 | ABN AMRO Bank NV  | 881724 |
| 7092 | EXOR NV  | 692754 |
| 125115 | ING Groep NV –ADR | 3262999 |
| 9442 | JDE Peet's NV  | 345864 |
| 13641 | Koninklijke Ahold Delhaize NV  | 551724 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Netherlands — continued** | **Netherlands — continued** |
| 3091 | NN Group NV  | 217377 |
| 29101 | Signify NV  | 761903 |
|  | Total Netherlands | 6714345 |
|  | **Norway — 2.5%** | **Norway — 2.5%** |
| 168817 | Equinor ASA –ADR | 4115758 |
| 37179 | Orkla ASA  | 388199 |
|  | Total Norway | 4503957 |
|  | **Singapore — 1.0%** | **Singapore — 1.0%** |
| 95400 | Oversea-Chinese Banking Corp. Ltd.  | 1215842 |
| 23200 | United Overseas Bank Ltd.  | 621928 |
|  | Total Singapore | 1837770 |
|  | **Spain — 5.6%** | **Spain — 5.6%** |
| 17327 | Acerinox SA  | 225805 |
| 291719 | Banco Bilbao Vizcaya Argentaria <br> SA –ADR<br>| 5615591 |
| 237164 | Banco Santander SA  | 2470899 |
| 113069 | Repsol SA  | 1999859 |
|  | Total Spain | 10312154 |
|  | **Sweden — 3.3%** | **Sweden — 3.3%** |
| 6904 | Boliden AB \* | 280651 |
| 12707 | Essity AB –Class B | 331766 |
| 4822 | SKF AB –Class B | 119444 |
| 48103 | SSAB AB –Class B | 278980 |
| 41882 | Swedbank AB –Class A | 1259877 |
| 159964 | Telefonaktiebolaget LM Ericsson –ADR | 1322902 |
| 83218 | Volvo AB –Class B | 2382228 |
|  | Total Sweden | 5975848 |
|  | **Switzerland — 7.1%** | **Switzerland — 7.1%** |
| 22048 | Adecco Group AG  | 617637 |
| 19968 | Nestle SA –ADR | 1832463 |
| 41762 | Novartis AG –ADR | 5355559 |
| 1236 | Roche Holding AG <sup>(a)</sup> <br>| 422636 |
| 12556 | Roche Holding AG <sup>(a)</sup> <br>| 4099371 |
| 7309 | Sandoz Group AG –ADR | 435836 |
| 400 | Swisscom AG  | 290183 |
|  | Total Switzerland | 13053685 |
|  | **United Kingdom — 9.7%** | **United Kingdom — 9.7%** |
| 10028 | 3i Group PLC  | 551469 |
| 84856 | Aberdeen Group PLC  | 225393 |
| 14094 | Associated British Foods PLC  | 388767 |
| 4011 | Berkeley Group Holdings PLC  | 206929 |
| 400588 | BT Group PLC  | 1029822 |
| 9123 | DCC PLC  | 585501 |
| 14167 | Drax Group PLC  | 133277 |
| 96146 | GSK PLC –ADR | 4149661 |
| 46114 | HSBC Holdings PLC –ADR | 3273172 |
| 22300 | IG Group Holdings PLC  | 323006 |

---

------

**GMO International Value ETF** 

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 358742 | ITV PLC  | 385736 |
| 76208 | J Sainsbury PLC  | 342324 |
| 253540 | Kingfisher PLC  | 1052623 |
| 69693 | Rio Tinto PLC –ADR | 4600435 |
| 79711 | Schroders PLC  | 403084 |
|  | Total United Kingdom | 17651199 |
|  | TOTAL COMMON STOCKS<br> (COST $158,546,418)<br>| 177802169 |

---

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

---

| | | |
|:---|:---|:---|
|  | **PREFERRED STOCKS** <sup>(b)</sup> **— 1.5%** | **PREFERRED STOCKS** <sup>(b)</sup> **— 1.5%** |
|  | **Germany — 1.5%** | **Germany — 1.5%** |
| 1705 | Bayerische Motoren Werke AG  | 158039 |
| 13121 | Volkswagen AG  | 1416618 |
| 13327 | Henkel AG & Co. KGaA  | 1074920 |
|  | Total Germany | 2649577 |
|  | TOTAL PREFERRED STOCKS<br> (COST $2,555,925)<br>| 2649577 |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** |
|  | **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |
| 4612936 | State Street Institutional Treasury Money <br> Market Fund – Premier Class, 4.06% <sup>(c)</sup> <br>| 4612936 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $4,612,936)<br>| 4612936 |
|  | **TOTAL INVESTMENTS — 101.4%**<br> (Cost $165,715,279)<br>| **185064682** |
|  | Other Assets and Liabilities (net) — (1.4)% | (2501328)<br>|
|  | **TOTAL NET ASSETS — 100.0%** | **$182563354** |

---

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

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **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 September 30, 2025. |

---

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

---

| |
|:---|
| **Portfolio Abbreviations:** |
| ADR — American Depositary Receipt |

---

------

**GMO Systematic Investment Grade Credit ETF** 

**Schedule of Investments**

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

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 98.2%** | **DEBT OBLIGATIONS — 98.2%** |
|  | **Australia — 0.3%** | **Australia — 0.3%** |
|  | **Corporate Debt — 0.3%** | **Corporate Debt — 0.3%** |
| 42000 | Westpac Banking Corp., 3.35%, due <br> 03/08/27<br>| 41704 |
|  | **Canada — 6.0%** | **Canada — 6.0%** |
|  | **Corporate Debt — 6.0%** | **Corporate Debt — 6.0%** |
| 21000 | Bank of Nova Scotia, Variable Rate, 1 day <br> USD SOFR + 0.89%, 4.93%, due 02/14/29<br>| 21354 |
| 42000 | Bank of Nova Scotia, Variable Rate, 1 day <br> USD SOFR + 1.07%, 5.13%, due 02/14/31<br>| 43171 |
| 100000 | Brookfield Finance, Inc., 5.33%, due <br> 01/15/36<br>| 100528 |
| 120000 | Brookfield Finance, Inc., 4.70%, due <br> 09/20/47<br>| 105154 |
| 62000 | Canadian Imperial Bank of Commerce, <br> Variable Rate, 1 day USD SOFR + 1.34%, <br> 4.63%, due 09/11/30<br>| 62708 |
| 62000 | Emera U.S. Finance LP, 4.75%, due <br> 06/15/46<br>| 53498 |
| 45000 | Rogers Communications, Inc., 5.30%, due <br> 02/15/34<br>| 45652 |
| 105000 | South Bow USA Infrastructure <br> Holdings LLC, 6.18%, due 10/01/54<br>| 102368 |
| 42000 | Toronto-Dominion Bank, 5.30%, due <br> 01/30/32<br>| 43864 |
| 126000 | Toronto-Dominion Bank, 3.20%, due <br> 03/10/32<br>| 116994 |
|  | Total Canada | 695291 |
|  | **United Kingdom — 4.4%** | **United Kingdom — 4.4%** |
|  | **Corporate Debt — 4.4%** | **Corporate Debt — 4.4%** |
| 92000 | BAT Capital Corp., 7.08%, due 08/02/43 | 104115 |
| 122000 | BAT Capital Corp., 4.54%, due 08/15/47 | 102302 |
| 95000 | nVent Finance SARL, 5.65%, due 05/15/33 | 99193 |
| 117000 | Smith & Nephew PLC, 2.03%, due <br> 10/14/30<br>| 104590 |
| 97000 | Smith & Nephew PLC, 5.40%, due <br> 03/20/34<br>| 100148 |
|  | Total United Kingdom | 510348 |
|  | **United States — 87.5%** | **United States — 87.5%** |
|  | **Corporate Debt — 87.5%** | **Corporate Debt — 87.5%** |
| 42000 | 3M Co., 3.38%, due 03/01/29 | 41017 |
| 62000 | Advanced Micro Devices, Inc., 4.32%, due <br> 03/24/28<br>| 62540 |
| 107000 | AGCO Corp., 5.80%, due 03/21/34 | 111228 |
| 115000 | Albemarle Corp., 4.65%, due 06/01/27 | 115118 |
| 115000 | Albemarle Corp., 5.05%, due 06/01/32 | 113536 |
| 100000 | Ally Financial, Inc., Variable Rate, 1 day <br> USD SOFR + 1.78%, 5.55%, due 07/31/33<br>| 100370 |
| 101000 | Ally Financial, Inc., Variable Rate, 1 day <br> USD SOFR + 2.29%, 6.18%, due 07/26/35<br>| 104171 |
| 133000 | Altria Group, Inc., 3.40%, due 02/04/41 | 103089 |
| 133000 | Altria Group, Inc., 3.88%, due 09/16/46 | 101947 |

---

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 42000 | American Express Co., Variable Rate, 1 <br> day USD SOFR + 1.42%, 5.28%, due <br> 07/26/35<br>| 43353 |
| 42000 | American Express Co., Variable Rate, 1 <br> day USD SOFR + 1.79%, 5.67%, due <br> 04/25/36<br>| 44373 |
| 25000 | Amphenol Corp., 2.20%, due 09/15/31 | 22186 |
| 100000 | AppLovin Corp., 5.38%, due 12/01/31 | 103448 |
| 115000 | AppLovin Corp., 5.95%, due 12/01/54 | 116501 |
| 163000 | Aptiv Swiss Holdings Ltd., 3.10%, due <br> 12/01/51<br>| 103463 |
| 137000 | Aptiv Swiss Holdings Ltd., 4.15%, due <br> 05/01/52<br>| 103616 |
| 42000 | Bank of New York Mellon Corp., Variable <br> Rate, 1 day USD SOFR Index + 2.07%, <br> 5.83%, due 10/25/33<br>| 45236 |
| 102000 | Bank of New York Mellon Corp., Variable <br> Rate, 1 day USD SOFR + 1.85%, 6.47%, <br> due 10/25/34<br>| 113687 |
| 102000 | Boeing Co., 5.93%, due 05/01/60 | 101898 |
| 97000 | Boeing Co., 7.01%, due 05/01/64 | 112292 |
| 100000 | BorgWarner, Inc., 4.95%, due 08/15/29 | 102100 |
| 100000 | BorgWarner, Inc., 5.40%, due 08/15/34 | 103169 |
| 95000 | Boston Properties LP, 6.50%, due 01/15/34 | 102455 |
| 100000 | Boston Properties LP, 5.75%, due 01/15/35 | 102218 |
| 42000 | Capital One Financial Corp., Variable Rate, <br> 1 day USD SOFR + 2.86%, 6.38%, due <br> 06/08/34<br>| 45430 |
| 42000 | Capital One Financial Corp., Variable Rate, <br> 1 day USD SOFR Index + 3.37%, 7.96%, <br> due 11/02/34<br>| 49658 |
| 42000 | CenterPoint Energy Houston Electric LLC, <br> 5.20%, due 10/01/28<br>| 43331 |
| 42000 | CenterPoint Energy Houston Electric LLC, <br> 4.95%, due 04/01/33<br>| 42739 |
| 100000 | CH Robinson Worldwide, Inc., 4.20%, due <br> 04/15/28<br>| 100071 |
| 42000 | Charles Schwab Corp., Variable Rate, 1 <br> day USD SOFR + 2.50%, 5.85%, due <br> 05/19/34<br>| 44950 |
| 42000 | Charles Schwab Corp., Variable Rate, 1 <br> day USD SOFR + 2.01%, 6.14%, due <br> 08/24/34<br>| 45750 |
| 21000 | Citigroup, Inc., Variable Rate, 3 mo. USD <br> Term SOFR + 1.65%, 3.67%, due 07/24/28<br>| 20815 |
| 96000 | Citizens Financial Group, Inc., Variable <br> Rate, 1 day USD SOFR + 1.91%, 5.72%, <br> due 07/23/32<br>| 100237 |
| 93000 | Citizens Financial Group, Inc., Variable <br> Rate, 1 day USD SOFR + 2.33%, 6.65%, <br> due 04/25/35<br>| 102329 |
| 54000 | Comerica, Inc., Variable Rate, 1 day USD <br> SOFR + 2.16%, 5.98%, due 01/30/30<br>| 56195 |
| 25000 | Constellation Energy Generation LLC, <br> 5.60%, due 03/01/28<br>| 25837 |
| 90000 | Constellation Energy Generation LLC, <br> 6.50%, due 10/01/53<br>| 100299 |
| 107000 | Corning, Inc., 5.35%, due 11/15/48 | 103637 |
| 67000 | Crown Castle, Inc., 2.90%, due 03/15/27 | 65709 |

---

------

**GMO Systematic Investment Grade Credit ETF** 

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 50000 | Crown Castle, Inc., 5.00%, due 01/11/28 | 50703 |
| 71000 | CVS Health Corp., 5.13%, due 07/20/45 | 64451 |
| 107000 | CVS Health Corp., 5.05%, due 03/25/48 | 95202 |
| 62000 | Dollar Tree, Inc., 2.65%, due 12/01/31 | 55275 |
| 42000 | EIDP, Inc., 5.13%, due 05/15/32 | 43202 |
| 62000 | EIDP, Inc., 4.80%, due 05/15/33 | 62359 |
| 42000 | Entergy Louisiana LLC, 5.35%, due <br> 03/15/34<br>| 43581 |
| 102000 | Estee Lauder Cos., Inc., 4.38%, due <br> 05/15/28<br>| 102747 |
| 112000 | Estee Lauder Cos., Inc., 2.60%, due <br> 04/15/30<br>| 104426 |
| 42000 | First Horizon Corp., Variable Rate, 1 day <br> USD SOFR + 1.77%, 5.51%, due 03/07/31<br>| 43233 |
| 115000 | Flex Ltd., 4.88%, due 06/15/29 | 116203 |
| 115000 | Flex Ltd., 4.88%, due 05/12/30 | 116132 |
| 100000 | General Electric Co., 4.30%, due 07/29/30 | 100594 |
| 105000 | General Motors Co., 6.25%, due 04/15/35 | 110430 |
| 105000 | General Motors Co., 6.75%, due 04/01/46 | 112447 |
| 42000 | Goldman Sachs Group, Inc., Variable Rate, <br> 3 mo. USD Term SOFR + 1.77%, 3.69%, <br> due 06/05/28<br>| 41698 |
| 62000 | Goldman Sachs Group, Inc., Variable Rate, <br> 3 mo. USD Term SOFR + 1.69%, 4.41%, <br> due 04/23/39<br>| 57340 |
| 85000 | GXO Logistics, Inc., 6.25%, due 05/06/29 | 89264 |
| 107000 | Hasbro, Inc., 3.90%, due 11/19/29 | 104219 |
| 97000 | Hasbro, Inc., 6.05%, due 05/14/34 | 101453 |
| 126000 | HCA, Inc., 5.25%, due 06/15/49 | 115415 |
| 62000 | HCA, Inc., 6.10%, due 04/01/64 | 62250 |
| 92000 | Howmet Aerospace, Inc., 3.00%, due <br> 01/15/29<br>| 88765 |
| 42000 | Howmet Aerospace, Inc., 4.85%, due <br> 10/15/31<br>| 43094 |
| 62000 | Huntington Ingalls Industries, Inc., 5.75%, <br> due 01/15/35<br>| 65038 |
| 195000 | Intel Corp., 3.10%, due 02/15/60 | 115554 |
| 105000 | Intel Corp., 5.90%, due 02/10/63 | 102269 |
| 40000 | Interstate Power & Light Co., 5.60%, due <br> 06/29/35<br>| 41557 |
| 112000 | Jacobs Engineering Group, Inc., 6.35%, <br> due 08/18/28<br>| 118266 |
| 97000 | Jacobs Engineering Group, Inc., 5.90%, <br> due 03/01/33<br>| 102552 |
| 97000 | Johnson Controls International PLC/Tyco <br> Fire & Security Finance SCA, 5.50%, due <br> 04/19/29<br>| 100986 |
| 102000 | Johnson Controls International PLC/Tyco <br> Fire & Security Finance SCA, 4.90%, due <br> 12/01/32<br>| 103860 |
| 42000 | JPMorgan Chase & Co., Variable Rate, 1 <br> day USD SOFR + 1.99%, 4.85%, due <br> 07/25/28<br>| 42555 |
| 42000 | JPMorgan Chase & Co., Variable Rate, 3 <br> mo. USD Term SOFR + 1.59%, 4.45%, due <br> 12/05/29<br>| 42348 |
| 27000 | Kroger Co., 4.45%, due 02/01/47 | 23019 |

---

---

| | | |
|:---|:---|:---|
| **Par Value+** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 95000 | L3Harris Technologies, Inc., 5.35%, due <br> 06/01/34<br>| 98447 |
| 97000 | Las Vegas Sands Corp., 6.00%, due <br> 08/15/29<br>| 101028 |
| 97000 | Las Vegas Sands Corp., 6.20%, due <br> 08/15/34<br>| 101507 |
| 110000 | Marathon Petroleum Corp., 5.70%, due <br> 03/01/35<br>| 113545 |
| 97000 | MasTec, Inc., 5.90%, due 06/15/29 | 101528 |
| 102000 | Microchip Technology, Inc., 5.05%, due <br> 03/15/29<br>| 104222 |
| 102000 | Microchip Technology, Inc., 5.05%, due <br> 02/15/30<br>| 104308 |
| 105000 | Morgan Stanley, Variable Rate, 1 day USD <br> SOFR + 1.58%, 5.83%, due 04/19/35<br>| 111935 |
| 107000 | Morgan Stanley, Variable Rate, 1 day USD <br> SOFR + 1.56%, 5.32%, due 07/19/35<br>| 110408 |
| 62000 | MPLX LP, 4.70%, due 04/15/48 | 51913 |
| 42000 | MPLX LP, 5.50%, due 02/15/49 | 39100 |
| 125000 | Mylan, Inc., 5.20%, due 04/15/48 | 102422 |
| 42000 | National Fuel Gas Co., 5.50%, due <br> 03/15/30<br>| 43412 |
| 42000 | National Fuel Gas Co., 5.95%, due <br> 03/15/35<br>| 43800 |
| 110000 | NetApp, Inc., 5.50%, due 03/17/32 | 114449 |
| 35000 | Newmont Corp./Newcrest Finance Pty. <br> Ltd., 5.35%, due 03/15/34<br>| 36506 |
| 91000 | Oracle Corp., 6.90%, due 11/09/52 | 101251 |
| 109000 | Oracle Corp., 5.50%, due 09/27/64 | 99826 |
| 107000 | Paramount Global, 4.20%, due 05/19/32 | 99679 |
| 127000 | Paramount Global, 4.95%, due 05/19/50 | 100968 |
| 42000 | Philip Morris International, Inc., 5.38%, <br> due 02/15/33<br>| 43861 |
| 42000 | Philip Morris International, Inc., 5.25%, <br> due 02/13/34<br>| 43369 |
| 30000 | Phillips 66 Co., 4.90%, due 10/01/46 | 26349 |
| 105000 | Piedmont Operating Partnership LP, 9.25%, <br> due 07/20/28<br>| 116591 |
| 100000 | Polaris, Inc., 6.95%, due 03/15/29 | 106155 |
| 105000 | Qorvo, Inc., 4.38%, due 10/15/29 | 102924 |
| 25000 | Quanta Services, Inc., 5.25%, due 08/09/34 | 25630 |
| 62000 | RTX Corp., 3.50%, due 03/15/27 | 61500 |
| 42000 | RTX Corp., 6.10%, due 03/15/34 | 45990 |
| 97000 | Santander Holdings USA, Inc., Variable <br> Rate, 1 day USD SOFR + 1.88%, 5.74%, <br> due 03/20/31<br>| 100141 |
| 97000 | Santander Holdings USA, Inc., Variable <br> Rate, 1 day USD SOFR + 2.14%, 6.34%, <br> due 05/31/35<br>| 103379 |
| 110000 | Simon Property Group LP, 5.85%, due <br> 03/08/53<br>| 114117 |
| 90000 | Simon Property Group LP, 6.65%, due <br> 01/15/54<br>| 103290 |
| 117000 | Sun Communities Operating LP, 4.20%, <br> due 04/15/32<br>| 113350 |
| 100000 | Synchrony Financial, Variable Rate, 1 day <br> USD SOFR Index + 2.13%, 5.94%, due <br> 08/02/30<br>| 103653 |

---

------

**GMO Systematic Investment Grade Credit ETF** 

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value+ /**<br> **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 100000 | Synchrony Financial, Variable Rate, 1 day <br> USD SOFR + 2.07%, 6.00%, due 07/29/36<br>| 102284 |
| 112000 | System Energy Resources, Inc., 5.30%, due <br> 12/15/34<br>| 112733 |
| 117000 | Take-Two Interactive Software, Inc., <br> 3.70%, due 04/14/27<br>| 116068 |
| 42000 | Take-Two Interactive Software, Inc., <br> 4.95%, due 03/28/28<br>| 42757 |
| 102000 | Tapestry, Inc., 5.10%, due 03/11/30 | 104320 |
| 102000 | Tapestry, Inc., 5.50%, due 03/11/35 | 104192 |
| 70000 | Trimble, Inc., 6.10%, due 03/15/33 | 75249 |
| 140000 | Utah Acquisition Sub, Inc., 5.25%, due <br> 06/15/46<br>| 116337 |
| 111000 | VeriSign, Inc., 2.70%, due 06/15/31 | 100047 |
| 42000 | VeriSign, Inc., 5.25%, due 06/01/32 | 43143 |
| 112000 | VMware LLC, 1.80%, due 08/15/28 | 105084 |
| 102000 | VMware LLC, 4.70%, due 05/15/30 | 103261 |
| 133000 | Western Midstream Operating LP, 5.30%, <br> due 03/01/48<br>| 115695 |
| 42000 | Williams Cos., Inc., 5.15%, due 03/15/34 | 42639 |
|  | Total United States | 10176847 |
|  | TOTAL DEBT OBLIGATIONS<br> (COST $11,288,923)<br>| 11424190 |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** |
|  | **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |
| 121843 | State Street Institutional Treasury Money <br> Market Fund – Premier Class, 4.06% <sup>(a)</sup> <br>| 121843 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $121,843)<br>| 121843 |
|  | **TOTAL INVESTMENTS — 99.3%**<br> (Cost $11,410,766)<br>| **11546033** |
|  | Other Assets and Liabilities (net) — 0.7% | 84468 |
|  | **TOTAL NET ASSETS — 100.0%** | **$11630501** |

---

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

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **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 September 30, 2025. |

---

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

---

| |
|:---|
| **Portfolio Abbreviations:** |
| SOFR — Secured Overnight Financing Rate |
| USD — United States Dollar |

---

------

**GMO U.S. Quality ETF**

**Schedule of Investments**

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

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** |
|  | **Banks — 4.1%** | **Banks — 4.1%** |
| 1307480 | U.S. Bancorp  | 63190509 |
| 481032 | Wells Fargo & Co.  | 40320102 |
|  | Total Banks | 103510611 |
|  | **Capital Goods — 1.6%** | **Capital Goods — 1.6%** |
| 135101 | General Electric Co.  | 40641083 |
|  | **Consumer Discretionary Distribution & Retail —** <br> **3.8%** | **Consumer Discretionary Distribution & Retail —** <br> **3.8%** |
| 250134 | Amazon.com, Inc. \* | 54921922 |
| 291630 | TJX Cos., Inc.  | 42152200 |
|  | Total Consumer Discretionary Distribution <br> & Retail<br>| 97074122 |
|  | **Consumer Services — 4.4%** | **Consumer Services — 4.4%** |
| 1359793 | Aramark  | 52216051 |
| 234956 | Hilton Worldwide Holdings, Inc.  | 60956985 |
|  | Total Consumer Services | 113173036 |
|  | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| 146355 | Tradeweb Markets, Inc. – Class A  | 16242478 |
| 190131 | Visa, Inc. – Class A  | 64906921 |
|  | Total Financial Services | 81149399 |
|  | **Food, Beverage & Tobacco — 5.4%** | **Food, Beverage & Tobacco — 5.4%** |
| 903999 | Brown-Forman Corp. – Class B  | 24480293 |
| 516063 | Coca-Cola Co.  | 34225298 |
| 322577 | Constellation Brands, Inc. – Class A  | 43441444 |
| 573572 | Mondelez International, Inc. – Class A  | 35831043 |
|  | Total Food, Beverage & Tobacco | 137978078 |
|  | **Health Care Equipment & Services — 12.6%** | **Health Care Equipment & Services — 12.6%** |
| 725229 | Abbott Laboratories  | 97137172 |
| 112272 | Cigna Group  | 32362404 |
| 182607 | Elevance Health, Inc.  | 59003974 |
| 85769 | Intuitive Surgical, Inc. \* | 38358470 |
| 127434 | Quest Diagnostics, Inc.  | 24286372 |
| 199625 | UnitedHealth Group, Inc.  | 68930512 |
|  | Total Health Care Equipment & Services | 320078904 |
|  | **Household & Personal Products — 2.6%** | **Household & Personal Products — 2.6%** |
| 437738 | Procter & Gamble Co.  | 67258444 |
|  | **Media & Entertainment — 9.5%** | **Media & Entertainment — 9.5%** |
| 516632 | Alphabet, Inc. – Class A  | 125593239 |
| 159009 | Meta Platforms, Inc. – Class A  | 116773029 |
|  | Total Media & Entertainment | 242366268 |
|  | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— 11.0%** | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— 11.0%** |
| 73562 | Eli Lilly & Co.  | 56127806 |
| 575585 | Johnson & Johnson  | 106724971 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— continued** | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— continued** |
| 450068 | Merck & Co., Inc.  | 37774207 |
| 162102 | Thermo Fisher Scientific, Inc.  | 78622712 |
|  | Total Pharmaceuticals, Biotechnology & <br> Life Sciences<br>| 279249696 |
|  | **Semiconductors & Semiconductor Equipment —** <br> **16.1%** | **Semiconductors & Semiconductor Equipment —** <br> **16.1%** |
| 355167 | Broadcom, Inc.  | 117173145 |
| 83573 | KLA Corp.  | 90141838 |
| 970402 | Lam Research Corp.  | 129936828 |
| 400680 | Texas Instruments, Inc.  | 73616936 |
|  | Total Semiconductors & Semiconductor <br> Equipment<br>| 410868747 |
|  | **Software & Services — 19.0%** | **Software & Services — 19.0%** |
| 312666 | Accenture PLC – Class A  | 77103435 |
| 405127 | Microsoft Corp.  | 209835530 |
| 395196 | Oracle Corp.  | 111144923 |
| 358372 | Salesforce, Inc.  | 84934164 |
|  | Total Software & Services | 483018052 |
|  | **Technology Hardware & Equipment — 4.4%** | **Technology Hardware & Equipment — 4.4%** |
| 441301 | Apple, Inc.  | 112368474 |
|  | **Transportation — 1.6%** | **Transportation — 1.6%** |
| 409308 | Uber Technologies, Inc. \* | 40099905 |
|  | TOTAL COMMON STOCKS<br> (COST $2,260,337,795)<br>| 2528834819 |
|  | **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |
|  | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| 19822257 | State Street Institutional Treasury Money <br> Market Fund – Premier Class, 4.06% <sup>(a)</sup> <br>| 19822257 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $19,822,257)<br>| 19822257 |
|  | **TOTAL INVESTMENTS — 100.1%**<br> (Cost $2,280,160,052)<br>| **2548657076** |
|  | Other Assets and Liabilities (net) — (0.1)% | (3373436)<br>|
|  | **TOTAL NET ASSETS — 100.0%** | **$2545283640** |

---

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

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate disclosed is the 7 day net yield as of September 30, 2025. |

---

------

**GMO U.S. Value ETF** 

**Schedule of Investments**

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

**September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
|  | **Automobiles & Components — 2.5%** | **Automobiles & Components — 2.5%** |
| 1416 | Aptiv PLC \* | 122087 |
| 4055 | BorgWarner, Inc.  | 178258 |
| 21187 | Ford Motor Co.  | 253396 |
| 8713 | General Motors Co.  | 531232 |
| 2680 | Lear Corp.  | 269635 |
|  | Total Automobiles & Components | 1354608 |
|  | **Banks — 9.9%** | **Banks — 9.9%** |
| 20128 | Bank of America Corp.  | 1038403 |
| 6799 | Citigroup, Inc.  | 690098 |
| 1947 | Fifth Third Bancorp  | 86739 |
| 6492 | Huntington Bancshares, Inc.  | 112117 |
| 4504 | JPMorgan Chase & Co.  | 1420697 |
| 1173 | M&T Bank Corp.  | 231808 |
| 3007 | PNC Financial Services Group, Inc.  | 604196 |
| 2799 | Regions Financial Corp.  | 73810 |
| 3404 | Truist Financial Corp.  | 155631 |
| 13140 | U.S. Bancorp  | 635056 |
| 3280 | Wells Fargo & Co.  | 274930 |
|  | Total Banks | 5323485 |
|  | **Capital Goods — 2.7%** | **Capital Goods — 2.7%** |
| 1235 | A.O. Smith Corp.  | 90661 |
| 996 | Carrier Global Corp.  | 59461 |
| 1121 | Cummins, Inc.  | 473477 |
| 393 | EnerSys  | 44393 |
| 366 | Honeywell International, Inc.  | 77043 |
| 919 | Mueller Industries, Inc.  | 92920 |
| 328 | Northrop Grumman Corp.  | 199857 |
| 778 | Oshkosh Corp.  | 100907 |
| 378 | Owens Corning  | 53472 |
| 2242 | PACCAR, Inc.  | 220434 |
| 545 | Timken Co.  | 40973 |
|  | Total Capital Goods | 1453598 |
|  | **Commercial & Professional Services — 0.2%** | **Commercial & Professional Services — 0.2%** |
| 1421 | Concentrix Corp.  | 65579 |
| 1309 | Genpact Ltd.  | 54834 |
|  | Total Commercial & Professional Services | 120413 |
|  | **Consumer Discretionary Distribution & Retail —** <br> **2.8%** | **Consumer Discretionary Distribution & Retail —** <br> **2.8%** |
| 2930 | Academy Sports & Outdoors, Inc.  | 146559 |
| 1136 | AutoNation, Inc. \* | 248523 |
| 2861 | Bath & Body Works, Inc.  | 73699 |
| 1516 | Best Buy Co., Inc.  | 114640 |
| 4816 | eBay, Inc.  | 438015 |
| 513 | Group 1 Automotive, Inc.  | 224443 |
| 2534 | LKQ Corp.  | 77388 |
| 3104 | Macy's, Inc.  | 55655 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer Discretionary Distribution & Retail —** <br> **continued** | **Consumer Discretionary Distribution & Retail —** <br> **continued** |
| 1637 | Signet Jewelers Ltd.  | 157021 |
|  | Total Consumer Discretionary Distribution <br> & Retail<br>| 1535943 |
|  | **Consumer Durables & Apparel — 3.7%** | **Consumer Durables & Apparel — 3.7%** |
| 2988 | Crocs, Inc. \* | 249647 |
| 2396 | DR Horton, Inc.  | 406050 |
| 3804 | KB Home  | 242086 |
| 1843 | Lennar Corp. – Class A  | 232292 |
| 241 | M/I Homes, Inc. \* | 34810 |
| 1720 | Meritage Homes Corp.  | 124580 |
| 315 | Mohawk Industries, Inc. \* | 40610 |
| 1667 | Polaris, Inc.  | 96903 |
| 1540 | PulteGroup, Inc.  | 203480 |
| 1806 | PVH Corp.  | 151289 |
| 1336 | Steven Madden Ltd.  | 44729 |
| 566 | Taylor Morrison Home Corp. \* | 37362 |
| 2104 | Tri Pointe Homes, Inc. \* | 71473 |
| 1580 | YETI Holdings, Inc. \* | 52424 |
|  | Total Consumer Durables & Apparel | 1987735 |
|  | **Consumer Services — 1.1%** | **Consumer Services — 1.1%** |
| 10402 | H&R Block, Inc.  | 526029 |
| 2271 | Perdoceo Education Corp.  | 85526 |
|  | Total Consumer Services | 611555 |
|  | **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** |
| 4789 | Albertsons Cos., Inc. – Class A  | 83855 |
| 1232 | Dollar General Corp.  | 127327 |
| 7224 | Kroger Co.  | 486970 |
| 5811 | Target Corp.  | 521247 |
|  | Total Consumer Staples Distribution & <br> Retail<br>| 1219399 |
|  | **Energy — 9.3%** | **Energy — 9.3%** |
| 9303 | Chevron Corp.  | 1444663 |
| 4816 | ConocoPhillips  | 455546 |
| 2597 | Coterra Energy, Inc.  | 61419 |
| 1518 | Devon Energy Corp.  | 53221 |
| 6951 | EOG Resources, Inc.  | 779346 |
| 16905 | Exxon Mobil Corp.  | 1906039 |
| 6687 | Kinder Morgan, Inc.  | 189309 |
| 269 | Marathon Petroleum Corp.  | 51847 |
| 1219 | Ovintiv, Inc.  | 49223 |
|  | Total Energy | 4990613 |
|  | **Equity Real Estate Investment Trusts (REITs) —** <br> **0.6%** | **Equity Real Estate Investment Trusts (REITs) —** <br> **0.6%** |
| 10464 | VICI Properties, Inc.  | 341231 |
|  | **Financial Services — 10.3%** | **Financial Services — 10.3%** |
| 671 | Affiliated Managers Group, Inc.  | 159986 |
| 2216 | American Express Co.  | 736067 |

---

------

**GMO U.S. Value ETF** 

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial Services — continued** | **Financial Services — continued** |
| 1795 | Bank of New York Mellon Corp.  | 195583 |
| 3138 | Blue Owl Capital Corp.  | 40072 |
| 2330 | Bread Financial Holdings, Inc.  | 129944 |
| 2765 | Capital One Financial Corp.  | 587784 |
| 1056 | Enova International, Inc. \* | 121535 |
| 1975 | Federated Hermes, Inc.  | 102562 |
| 3757 | Franklin Resources, Inc.  | 86899 |
| 537 | Goldman Sachs Group, Inc.  | 427640 |
| 6444 | Invesco Ltd.  | 147825 |
| 3113 | Janus Henderson Group PLC  | 138560 |
| 15849 | MGIC Investment Corp.  | 449636 |
| 2302 | Morgan Stanley  | 365926 |
| 6960 | PayPal Holdings, Inc. \* | 466738 |
| 9706 | Radian Group, Inc.  | 351551 |
| 2351 | Sixth Street Specialty Lending, Inc.  | 53744 |
| 6278 | SLM Corp.  | 173775 |
| 2896 | State Street  | 335965 |
| 2956 | Synchrony Financial  | 210024 |
| 1822 | T. Rowe Price Group, Inc.  | 187010 |
| 13493 | Western Union Co.  | 107809 |
|  | Total Financial Services | 5576635 |
|  | **Food, Beverage & Tobacco — 3.5%** | **Food, Beverage & Tobacco — 3.5%** |
| 3388 | Altria Group, Inc.  | 223811 |
| 2692 | Archer-Daniels-Midland Co.  | 160820 |
| 1097 | Bunge Global SA  | 89131 |
| 1791 | Coca-Cola Co.  | 118779 |
| 7559 | General Mills, Inc.  | 381125 |
| 5588 | Keurig Dr. Pepper, Inc.  | 142550 |
| 3672 | Kraft Heinz Co.  | 95619 |
| 4654 | Mondelez International, Inc. – Class A  | 290735 |
| 1945 | PepsiCo, Inc.  | 273156 |
| 1695 | Tyson Foods, Inc. – Class A  | 92039 |
|  | Total Food, Beverage & Tobacco | 1867765 |
|  | **Health Care Equipment & Services — 6.0%** | **Health Care Equipment & Services — 6.0%** |
| 4830 | Centene Corp. \* | 172335 |
| 2872 | Cigna Group  | 827854 |
| 15142 | CVS Health Corp.  | 1141555 |
| 1677 | Elevance Health, Inc.  | 541872 |
| 1590 | Humana, Inc.  | 413670 |
| 1409 | Medtronic PLC  | 134193 |
|  | Total Health Care Equipment & Services | 3231479 |
|  | **Household & Personal Products — 0.8%** | **Household & Personal Products — 0.8%** |
| 895 | Colgate-Palmolive Co.  | 71546 |
| 6328 | Kenvue, Inc.  | 102703 |
| 884 | Kimberly-Clark Corp.  | 109917 |
| 810 | Procter & Gamble Co.  | 124457 |
|  | Total Household & Personal Products | 408623 |
|  | **Insurance — 5.8%** | **Insurance — 5.8%** |
| 4525 | Aflac, Inc.  | 505442 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Insurance — continued** | **Insurance — continued** |
| 1439 | Allstate Corp.  | 308881 |
| 3348 | Arch Capital Group Ltd.  | 303764 |
| 1913 | Chubb Ltd.  | 539944 |
| 3620 | Hartford Insurance Group, Inc.  | 482872 |
| 2611 | MetLife, Inc.  | 215068 |
| 1099 | Old Republic International Corp.  | 46675 |
| 1616 | Progressive Corp.  | 399071 |
| 1157 | Travelers Cos., Inc.  | 323058 |
|  | Total Insurance | 3124775 |
|  | **Materials — 1.8%** | **Materials — 1.8%** |
| 1672 | Commercial Metals Co.  | 95772 |
| 840 | CRH PLC  | 100716 |
| 2441 | FMC Corp.  | 82091 |
| 1197 | LyondellBasell Industries NV – Class A  | 58701 |
| 61 | NewMarket Corp.  | 50521 |
| 2316 | Nucor Corp.  | 313656 |
| 947 | PPG Industries, Inc.  | 99539 |
| 3919 | Sealed Air Corp.  | 138537 |
| 378 | Steel Dynamics, Inc.  | 52704 |
|  | Total Materials | 992237 |
|  | **Media & Entertainment — 8.3%** | **Media & Entertainment — 8.3%** |
| 1528 | Alphabet, Inc. – Class A  | 371457 |
| 1204 | Alphabet, Inc. – Class C  | 293234 |
| 35384 | Comcast Corp. – Class A  | 1111765 |
| 1066 | Electronic Arts, Inc.  | 215012 |
| 1915 | Fox Corp. – Class A  | 120760 |
| 7816 | Fox Corp. – Class B  | 447779 |
| 1845 | Match Group, Inc.  | 65165 |
| 2391 | Meta Platforms, Inc. – Class A  | 1755903 |
| 974 | Omnicom Group, Inc.  | 79410 |
|  | Total Media & Entertainment | 4460485 |
|  | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— 12.0%** | **Pharmaceuticals, Biotechnology & Life Sciences** <br> **— 12.0%** |
| 22035 | Bristol-Myers Squibb Co.  | 993779 |
| 3298 | Gilead Sciences, Inc.  | 366078 |
| 10591 | Johnson & Johnson  | 1963783 |
| 14726 | Merck & Co., Inc.  | 1235953 |
| 18761 | Organon & Co.  | 200367 |
| 48758 | Pfizer, Inc.  | 1242354 |
| 832 | Regeneron Pharmaceuticals, Inc.  | 467809 |
|  | Total Pharmaceuticals, Biotechnology & <br> Life Sciences<br>| 6470123 |
|  | **Semiconductors & Semiconductor Equipment —** <br> **4.2%** | **Semiconductors & Semiconductor Equipment —** <br> **4.2%** |
| 2291 | Applied Materials, Inc.  | 469059 |
| 2667 | Lam Research Corp.  | 357111 |
| 492 | NXP Semiconductors NV  | 112043 |
| 8007 | QUALCOMM, Inc.  | 1332045 |
|  | Total Semiconductors & Semiconductor <br> Equipment<br>| 2270258 |

---

------

**GMO U.S. Value ETF** 

**Schedule of Investments — (Continued)**

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

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Software & Services — 1.9%** | **Software & Services — 1.9%** |
| 569 | Akamai Technologies, Inc. \* | 43107 |
| 7278 | Cognizant Technology Solutions Corp. – <br> Class A <br>| 488136 |
| 1155 | International Business Machines Corp.  | 325895 |
| 1970 | Zoom Communications, Inc. \* | 162525 |
|  | Total Software & Services | 1019663 |
|  | **Technology Hardware & Equipment — 4.0%** | **Technology Hardware & Equipment — 4.0%** |
| 1971 | Arrow Electronics, Inc. \* | 238491 |
| 6927 | Avnet, Inc.  | 362143 |
| 14215 | Cisco Systems, Inc.  | 972590 |
| 12294 | Hewlett Packard Enterprise Co.  | 301941 |
| 8982 | HP, Inc.  | 244580 |
| 1178 | Vontier Corp.  | 49441 |
|  | Total Technology Hardware & Equipment | 2169186 |
|  | **Telecommunication Services — 3.3%** | **Telecommunication Services — 3.3%** |
| 16741 | AT&T, Inc.  | 472766 |
| 29403 | Verizon Communications, Inc.  | 1292262 |
|  | Total Telecommunication Services | 1765028 |
|  | **Transportation — 1.7%** | **Transportation — 1.7%** |
| 1459 | CSX Corp.  | 51809 |
| 2692 | Delta Air Lines, Inc.  | 152771 |
| 1291 | FedEx Corp.  | 304431 |
| 4602 | United Parcel Service, Inc. – Class B  | 384405 |
|  | Total Transportation | 893416 |
|  | **Utilities — 0.2%** | **Utilities — 0.2%** |
| 2029 | Exelon Corp.  | 91325 |
|  | TOTAL COMMON STOCKS<br> (COST $51,291,867)<br>| 53279578 |
|  | **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |
|  | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
| 868082 | State Street Institutional Treasury Money <br> Market Fund – Premier Class, 4.06% <sup>(a)</sup> <br>| 868082 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (COST $868,082)<br>| 868082 |
|  | **TOTAL INVESTMENTS — 100.5%**<br> (Cost $52,159,949)<br>| **54147660** |
|  | Other Assets and Liabilities (net) — (0.5)% | (262976)<br>|
|  | **TOTAL NET ASSETS — 100.0%** | **$53884684** |

---

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

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate disclosed is the 7 day net yield as of September 30, 2025. |

---

------

**Organization**

Each of GMO Beyond China ETF, GMO International Quality ETF, GMO International Value ETF, GMO Systematic Investment Grade Credit ETF, GMO U.S. Quality ETF and GMO U.S. Value ETF (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").

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 Internal Revenue Code of 1986, as amended. 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.

Please see the Fund's Prospectus, available on www.gmo.com, for information regarding specific risks for the Fund.

**Basis of presentation**

The preparation of the Schedule of Investments in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires GMO to make estimates and assumptions that affect the reported amounts and disclosures in the <br>Schedule of Investments during the reporting period. GMO believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the Schedule of Investments may differ from the <br>value a Fund ultimately realizes upon the sale of those securities.

**Security valuation**

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses 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 Fund to measure fair value during the period ended September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

Securities in the portfolio of the Fund 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 Fund's Board of Trustees (the "Board") has designated the Adviser as the valuation designee for the Fund 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 Fund 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 fair valuations according to the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO Beyond China ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $11374637 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11374637 |
| Short-Term Investments | &nbsp;&nbsp; 288516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 288516 |
| Total Investments | &nbsp;&nbsp; 11663153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11663153 |
| Total | &nbsp;&nbsp; $11663153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11663153 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO International Quality ETF**  |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $74916728 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74916728 |
| Short-Term Investments | &nbsp;&nbsp; 1078275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1078275 |
| Total Investments | &nbsp;&nbsp; 75995003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75995003 |
| Total | &nbsp;&nbsp; $75995003 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75995003 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO International Value ETF**  |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $177802169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $177802169 |
| Preferred Stocks | &nbsp;&nbsp; 2649577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2649577 |
| Short-Term Investments | &nbsp;&nbsp; 4612936 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4612936 |
| Total Investments | &nbsp;&nbsp; 185064682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 185064682 |
| Total | &nbsp;&nbsp; $185064682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185064682 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO Systematic Investment Grade Credit ETF**  |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Corporate Debt | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11424190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11424190 |
| Short-Term Investments | &nbsp;&nbsp; 121843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121843 |
| Total Investments | &nbsp;&nbsp; 121843 | &nbsp;&nbsp; 11424190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11546033 |
| Total | &nbsp;&nbsp; $121843 | &nbsp;&nbsp; $11424190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11546033 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO U.S. Quality ETF** |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2528834819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2528834819 |
| Short-Term Investments | &nbsp;&nbsp; 19822257 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19822257 |
| Total Investments | &nbsp;&nbsp; 2548657076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2548657076 |
| Total | &nbsp;&nbsp; $2548657076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2548657076 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **GMO U.S. Value ETF**  |  |  |  |  |
| **Asset Valuation Inputs** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $53279578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53279578 |
| Short-Term Investments | &nbsp;&nbsp; 868082 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 868082 |
| Total Investments | &nbsp;&nbsp; 54147660 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54147660 |
| Total | &nbsp;&nbsp; $54147660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54147660 |

---

**Subsequent events** 

Effective October 28, 2025, the name of the trust was changed from The 2023 ETF Series Trust II to GMO ETF Trust.

For additional information regarding the Funds, please see the Funds' most recent annual or semiannual shareholder report and/or financial statements and other information, available on the SEC's website, www.sec.gov, or visit GMO's website at www.gmo.com.

------

## 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 II

- **b. Investment Company Act file number:** 811-23895

- **c. CIK number of Registrant:** 0001981627

- **d. LEI of Registrant:** 5299001GULBDPKO8HM33

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

  - **Street Address 1:** 53 State Street, 33rd Floor

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02109

  - **Telephone number:** 617-346-7646

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

- **a. Name of Series:** GMO Beyond China ETF

- **b. EDGAR series identifier (if any):** S000088547

- **c. LEI of Series:** 52990010I07PLVDP2C96

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11693756.44

**Total Liabilities:** $308540.83

**Net Assets:** $11385215.61

**Cash Not Reported:** $6060.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254839 | 2.46%                | 1.53%                | 2.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8110.06                | $246634.50                                 |
| Month 2  | $51135.26                | $114486.88                                 |
| Month 3  | $8537.23                 | $275725.27                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SCB X PCL                                    | SCB X PCL                                             | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |     15000 | NS      | $59481.56     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Life India Asset Management Ltd       | Nippon Life India Asset Management Ltd                | CUSIP: 000000000<br>LEI: 335800ZQXV958RZSRU89 | Long             | EC               | CORP              | IN        |      6953 | NS      | $67424.45     | 0.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HMM Co Ltd                                   | HMM Co Ltd                                            | CUSIP: 000000000<br>LEI: 988400M8Q35QDZ4XXW80 | Long             | EC               | CORP              | KR        |      6046 | NS      | $86399.13     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Finolex Cables Ltd                           | Finolex Cables Ltd                                    | CUSIP: 000000000<br>LEI: 335800KAEKSMUCIH3795 | Long             | EC               | CORP              | IN        |      1790 | NS      | $16509.20     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Engineering & Construction Co Ltd    | Hyundai Engineering & Construction Co Ltd             | CUSIP: 000000000<br>LEI: 988400CEQG9N710HN313 | Long             | EC               | CORP              | KR        |      3251 | NS      | $126049.96    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de CV            | Corp Inmobiliaria Vesta SAB de CV                     | CUSIP: 000000000<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |     23936 | NS      | $67912.44     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hero MotoCorp Ltd                            | Hero MotoCorp Ltd                                     | CUSIP: 000000000<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |      5722 | NS      | $352740.26    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindalco Industries Ltd                      | Hindalco Industries Ltd                               | CUSIP: 000000000<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |     15361 | NS      | $132176.70    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Balkrishna Industries Ltd                    | Balkrishna Industries Ltd                             | CUSIP: 000000000<br>LEI: 3358006BD9NZGXG1I436 | Long             | EC               | CORP              | IN        |      1890 | NS      | $48937.62     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mavi Giyim Sanayi Ve Ticaret AS              | Mavi Giyim Sanayi Ve Ticaret AS                       | CUSIP: 000000000<br>LEI: 7890004V7753Z4N1L403 | Long             | EC               | CORP              | TR        |    115340 | NS      | $103640.87    | 0.91%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Gruma SAB de CV                              | Gruma SAB de CV                                       | CUSIP: 000000000<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | EC               | CORP              | MX        |      5650 | NS      | $105200.73    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Gelex Group JSC                              | Gelex Group JSC                                       | CUSIP: 000000000<br>LEI: 254900UZ9XPJL8YEZZ51 | Long             | EC               | CORP              | VN        |     76615 | NS      | $160882.80    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Supalai PCL                                  | Supalai PCL                                           | CUSIP: 000000000<br>LEI: 9845000F0E39B2C16696 | Long             | EC               | CORP              | TH        |     79000 | NS      | $44369.70     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eicher Motors Ltd                            | Eicher Motors Ltd                                     | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |      4271 | NS      | $337201.62    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Dixon Technologies India Ltd                 | Dixon Technologies India Ltd                          | CUSIP: 000000000<br>LEI: 335800D7XO7AVXXJ8575 | Long             | EC               | CORP              | IN        |       348 | NS      | $64109.88     | 0.56%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                   | Bank Polska Kasa Opieki SA                            | CUSIP: 000000000<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      2740 | NS      | $131698.51    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DB HiTek Co Ltd                              | DB HiTek Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1709 | NS      | $69185.85     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergreen Marine Corp Taiwan Ltd             | Evergreen Marine Corp Taiwan Ltd                      | CUSIP: 000000000<br>LEI: 254900EIJA0A39C5SO15 | Long             | EC               | CORP              | TW        |      3189 | NS      | $18729.28     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HBL Engineering Ltd                          | HBL Engineering Ltd                                   | CUSIP: 000000000<br>LEI: 335800TCS594SBXTZH80 | Long             | EC               | CORP              | IN        |      3570 | NS      | $32666.82     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                   | Samsung Electronics Co Ltd                            | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      7053 | NS      | $421757.39    | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corp                 | Mobile World Investment Corp                          | CUSIP: 000000000<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |    107300 | NS      | $315444.95    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PCBL CHEMICAL Ltd                            | PCBL CHEMICAL Ltd                                     | CUSIP: 000000000<br>LEI: 335800I8VXFCCF21IB24 | Long             | EC               | CORP              | IN        |      7763 | NS      | $32660.32     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco del Bajio SA                           | Banco del Bajio SA                                    | CUSIP: 000000000<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |     13900 | NS      | $35043.16     | 0.31%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Parade Technologies Ltd                      | Parade Technologies Ltd                               | CUSIP: 000000000<br>LEI: 529900D9FDQHQKAQLY02 | Long             | EC               | CORP              | KY        |      3111 | NS      | $75636.56     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Glovis Co Ltd                        | Hyundai Glovis Co Ltd                                 | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |      1299 | NS      | $153133.96    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL                             | Bangkok Bank PCL                                      | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |      9000 | NS      | $41382.50     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinh Bac City Development Holding Corp       | Kinh Bac City Development Holding Corp                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |     59200 | NS      | $80859.63     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                       | Emaar Development PJSC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     15397 | NS      | $56380.84     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| JM Financial Ltd                             | JM Financial Ltd                                      | CUSIP: 000000000<br>LEI: 254900XWK81ULQY0IE29 | Long             | EC               | CORP              | IN        |     10059 | NS      | $18194.60     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coromandel International Ltd                 | Coromandel International Ltd                          | CUSIP: 000000000<br>LEI: 335800U73K3HJSQKT249 | Long             | EC               | CORP              | IN        |      2490 | NS      | $63099.21     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Aneka Tambang Tbk                            | Aneka Tambang Tbk                                     | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |    600900 | NS      | $113942.03    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                 | MediaTek Inc                                          | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      9369 | NS      | $404233.71    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentera SAB de CV                            | Gentera SAB de CV                                     | CUSIP: 000000000<br>LEI: 4469000001ECOWXFNE33 | Long             | EC               | CORP              | MX        |     45747 | NS      | $119079.34    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Bank Polska SA                     | Santander Bank Polska SA                              | CUSIP: 000000000<br>LEI: 259400LGXW3K0GDAG361 | Long             | EC               | CORP              | PL        |       220 | NS      | $28617.89     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB India Ltd                                | ABB India Ltd                                         | CUSIP: 000000000<br>LEI: 5493001BUNB8WEF9JI21 | Long             | EC               | CORP              | IN        |       870 | NS      | $50942.60     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Gamuda Bhd                                   | Gamuda Bhd                                            | CUSIP: 000000000<br>LEI: 254900RW4N94L9KA9137 | Long             | EC               | CORP              | MY        |     56600 | NS      | $74372.82     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                 | Wal-Mart de Mexico SAB de CV                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     18008 | NS      | $55636.15     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                 | State Street Institutional Treasury Money Market Fund | CUSIP: 857492870<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |    288516 | NS      | $288515.80    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Thailand PCL               | Delta Electronics Thailand PCL                        | CUSIP: 000000000<br>LEI: 529900JKLVG9Y2SVWL93 | Long             | EC               | CORP              | TH        |     14600 | NS      | $71411.82     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chambal Fertilisers and Chemicals Ltd        | Chambal Fertilisers and Chemicals Ltd                 | CUSIP: 000000000<br>LEI: 335800DFMF2OEJ7HWM17 | Long             | EC               | CORP              | IN        |     10242 | NS      | $58835.52     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                     | Bank Central Asia Tbk PT                              | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    801000 | NS      | $366494.15    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma ATE Inc                               | Chroma ATE Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3296 | NS      | $62615.13     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental SAB de CV                   | Arca Continental SAB de CV                            | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     17825 | NS      | $187219.20    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                  | Bank Mandiri Persero Tbk PT                           | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    469000 | NS      | $123828.38    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Navin Fluorine International Ltd             | Navin Fluorine International Ltd                      | CUSIP: 000000000<br>LEI: 335800OVIUAAKYG44C59 | Long             | EC               | CORP              | IN        |      1043 | NS      | $54159.47     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruti Suzuki India Ltd                      | Maruti Suzuki India Ltd                               | CUSIP: 000000000<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |       194 | NS      | $35035.86     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstsource Solutions Ltd                    | Firstsource Solutions Ltd                             | CUSIP: 000000000<br>LEI: 335800UFBBNPDIZWQX32 | Long             | EC               | CORP              | IN        |     19400 | NS      | $71808.76     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                        | Emaar Properties PJSC                                 | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     52529 | NS      | $186630.58    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA             | Powszechny Zaklad Ubezpieczen SA                      | CUSIP: 000000000<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |     10960 | NS      | $163918.29    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| IRCON International Ltd                      | IRCON International Ltd                               | CUSIP: 000000000<br>LEI: 335800MHXEWYPXT69Y41 | Long             | EC               | CORP              | IN        |     17371 | NS      | $33572.54     | 0.29%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Radiant Opto-Electronics Corp                | Radiant Opto-Electronics Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     34798 | NS      | $163839.92    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                        | Aldar Properties PJSC                                 | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |     51943 | NS      | $134062.87    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins India Ltd                            | Cummins India Ltd                                     | CUSIP: 000000000<br>LEI: 3358002PR6NKJRU4YS77 | Long             | EC               | CORP              | IN        |      3181 | NS      | $140726.93    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amara Raja Energy & Mobility Ltd             | Amara Raja Energy & Mobility Ltd                      | CUSIP: 000000000<br>LEI: 335800PV7RRC72PLCG19 | Long             | EC               | CORP              | IN        |      1809 | NS      | $20191.85     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                       | WEG SA                                                | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     18461 | NS      | $126917.75    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Manappuram Finance Ltd                       | Manappuram Finance Ltd                                | CUSIP: 000000000<br>LEI: 335800JL5WTUSKOSPN77 | Long             | EC               | CORP              | IN        |     19937 | NS      | $63388.83     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV         | Fomento Economico Mexicano SAB de CV                  | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |       426 | NS      | $42016.38     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT         | Bank Negara Indonesia Persero Tbk PT                  | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |    427000 | NS      | $105052.51    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Prosperity JSC Bank                  | Vietnam Prosperity JSC Bank                           | CUSIP: 000000000<br>LEI: 254900A0PM1YPJVDW880 | Long             | EC               | CORP              | VN        |     19900 | NS      | $23416.19     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Castrol India Ltd                            | Castrol India Ltd                                     | CUSIP: 000000000<br>LEI: 335800KCNMKXQFPJ5Q28 | Long             | EC               | CORP              | IN        |     21711 | NS      | $48846.16     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                        | Delta Electronics Inc                                 | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     16427 | NS      | $460288.01    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kasikornbank PCL                             | Kasikornbank PCL                                      | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |     29900 | NS      | $154551.77    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gemadept Corp                                | Gemadept Corp                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |     27600 | NS      | $70905.79     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Moneta Money Bank AS                         | Moneta Money Bank AS                                  | CUSIP: 000000000<br>LEI: I6USJ58BDV2BO5KP3C31 | Long             | EC               | CORP              | CZ        |      6450 | NS      | $51451.68     | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Paradeep Phosphates Ltd                      | Paradeep Phosphates Ltd                               | CUSIP: 000000000<br>LEI: 335800FQJ3X6Y6V2YG94 | Long             | EC               | CORP              | IN        |      9377 | NS      | $20593.99     | 0.18%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bank for Foreign Trade of Vietnam JSC        | Bank for Foreign Trade of Vietnam JSC                 | CUSIP: 000000000<br>LEI: 2549004TS5QUBFGAWE51 | Long             | EC               | CORP              | VN        |     11900 | NS      | $27915.25     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Westports Holdings Bhd                       | Westports Holdings Bhd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     47468 | NS      | $60455.86     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AU Small Finance Bank Ltd                    | AU Small Finance Bank Ltd                             | CUSIP: 000000000<br>LEI: 3358006J6L5P5MWKCU97 | Long             | EC               | CORP              | IN        |      8597 | NS      | $70769.63     | 0.62%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Realtek Semiconductor Corp                   | Realtek Semiconductor Corp                            | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |      9681 | NS      | $174701.42    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirloskar Brothers Ltd                       | Kirloskar Brothers Ltd                                | CUSIP: 000000000<br>LEI: 335800ER8I3MX42RBR71 | Long             | EC               | CORP              | IN        |      1089 | NS      | $23818.76     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Deepak Fertilisers & Petrochemicals Corp Ltd | Deepak Fertilisers & Petrochemicals Corp Ltd          | CUSIP: 000000000<br>LEI: 335800L8H93YOMVGIS05 | Long             | EC               | CORP              | IN        |      3780 | NS      | $63902.01     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcelik AS                                   | Arcelik AS                                            | CUSIP: 000000000<br>LEI: 789000748KTQCUMJ0R25 | Long             | EC               | CORP              | TR        |     17027 | NS      | $51805.15     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantech Co Ltd                             | Advantech Co Ltd                                      | CUSIP: 000000000<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |      6210 | NS      | $64997.38     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dogus Otomotiv Servis ve Ticaret AS          | Dogus Otomotiv Servis ve Ticaret AS                   | CUSIP: 000000000<br>LEI: 789000PVDP82LTUNS694 | Long             | EC               | CORP              | TR        |     12259 | NS      | $51863.89     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Paints Ltd                             | Asian Paints Ltd                                      | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |      7257 | NS      | $192318.52    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Hotels Co Ltd/The                     | Indian Hotels Co Ltd/The                              | CUSIP: 000000000<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |      3463 | NS      | $28109.24     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd    | Taiwan Semiconductor Manufacturing Co Ltd             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      3961 | NS      | $1106267.69   | 9.72%             |  |  |  | No            |                  1 | On Loan: No      |
| KEI Industries Ltd                           | KEI Industries Ltd                                    | CUSIP: 000000000<br>LEI: 335800UDWBC2AWPU7M56 | Long             | EC               | CORP              | IN        |       653 | NS      | $29778.51     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                               | ICICI Bank Ltd                                        | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     13189 | NS      | $398703.47    | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                            | Bajaj Finance Ltd                                     | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     14704 | NS      | $165440.96    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bizlink Holding Inc                          | Bizlink Holding Inc                                   | CUSIP: 000000000<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |      5227 | NS      | $176645.78    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV           | Grupo Financiero Banorte SAB de CV                    | CUSIP: 40052P107<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      2682 | NS      | $134582.76    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Thailand PCL                              | AP Thailand PCL                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    264000 | NS      | $72099.98     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceat Ltd                                     | Ceat Ltd                                              | CUSIP: 000000000<br>LEI: 3358007DPAGLLYGSGB80 | Long             | EC               | CORP              | IN        |      2021 | NS      | $76602.87     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Phison Electronics Corp                      | Phison Electronics Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3513 | NS      | $81376.01     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co Ltd                    | Sinbon Electronics Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      7913 | NS      | $59714.88     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LS Electric Co Ltd                           | LS Electric Co Ltd                                    | CUSIP: 000000000<br>LEI: 988400AF8KS117D7D072 | Long             | EC               | CORP              | KR        |      1089 | NS      | $220819.29    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                              | Cemex SAB de CV                                       | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |     10260 | NS      | $92237.40     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                | HDFC Bank Ltd                                         | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      6875 | NS      | $234850.00    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroVietnam Gas JSC                         | PetroVietnam Gas JSC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |     14214 | NS      | $32483.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shriram Finance Ltd                          | Shriram Finance Ltd                                   | CUSIP: 000000000<br>LEI: 335800TM2YO24B76XL26 | Long             | EC               | CORP              | IN        |      2627 | NS      | $18280.38     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SRF Ltd                                      | SRF Ltd                                               | CUSIP: 000000000<br>LEI: 335800436F28GT8ZW506 | Long             | EC               | CORP              | IN        |      1770 | NS      | $56288.35     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO SA                                     | JUMBO SA                                              | CUSIP: 000000000<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |      2040 | NS      | $69983.75     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank PCL                          | Krung Thai Bank PCL                                   | CUSIP: 000000000<br>LEI: 54930007ZQMYCRFQGE36 | Long             | EC               | CORP              | TH        |    431600 | NS      | $330309.52    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

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

**Signature:** Betty Maganzini

**Name of Signer:** Betty Maganzini

**Title:** Treasurer