# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001398344-25-017756
**Filing Date:** 2025-9
**Character Count:** 111420
**Document Hash:** 9a1544674dd203fa548f17282d50d3c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017756.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001398344-25-017756

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 251297432

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

## Series and Classes Contracts Data

### Brandes International ETF (Series ID: S000081642)

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

### Brandes U.S. Small-Mid Cap Value ETF (Series ID: S000081643)

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>&nbsp;&nbsp;&nbsp;&nbsp;811-23883&nbsp;&nbsp;&nbsp;&nbsp;</u> 

The 2023 ETF Series Trust

(Exact name of registrant as specified in charter)

The 2023 ETF Series Trust

234 West Florida Street, Suite 203

Milwaukee, WI 53204

(Address of principal executive offices) (Zip code)

234 West Florida Street, Suite 203

Milwaukee, WI 53204

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-262-267-4589</u>

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

Date of reporting period: <u>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

**# Brandes International ETF
![Image](i4be2c6df56d3860e3c66f5d5.jpg)

BINV \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The annual shareholder report contains important information about the Brandes International ETF for the period July 1, 2024 through June 30, 2025. You can find additional information about the Fund at https://www.brandes.com/etfs/resources. You can also request this information by contacting us at (866) 307-0477.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Brandes International ETF | $79 | 0.70% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the twelve-month period ending June 30, 2025, the Brandes International ETF returned 25.05% (based on net asset value), outperforming both the 17.73% return of the MSCI EAFE Index and the 24.24% return of the MSCI EAFE Value Index. Notable contributors included holdings in the United Kingdom, Brazil, and China. Meanwhile, select holdings in Switzerland and Japan weighed on relative returns. From a sector standpoint, holdings in health care, materials, and information technology were standout performers, whereas our underweight to financials detracted from relative returns.

### TOP PERFORMANCE CONTRIBUTORS
Health Care \| Takeda Pharmaceutical (Japan), Grifols (Spain), Fresenius (German), and Smith & Nephew (United Kingdom).

Materials \| Cemex (Mexico) and Heidelberg Materials (Germany). Both holdings reported improved earnings results.

Information Technology \| Taiwan Semiconductor Manufacturing Company (Taiwan) and SAP (Germany). TSMC helped returns as its leadership in advanced chip manufacturing and central role in AI-related demand drove positive investor sentiment and earnings momentum.

Consumer Staples \| Danone (France), J Sainsbury and Imperial Brands (U.K.).

### TOP PERFORMANCE DETRACTORS
Textiles Apparel & Luxury Goods \| Kering (France) and Swatch Group (Switzerland). Both holdings declined on margin compression amid subdued consumer sentiment across Asia.

Japan \| Nissan Motor and Kubota Corporation. Kubota was affected by weaker-than-expected demand in its construction equipment segment.

Underweight to Financials \| Mainly to the banking & insurance industries.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![Growth of 10K Chart](if8785e4d4cec973c6742c1dc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Brandes International ETF - NAV | MSCI EAFE Index (Regulatory Benchmark) | MSCI EAFE Value Index (Performance Benchmark) |
| 10/04/23 | 10000 | 10000 | 10000 |
| 12/31/23 | 11370 | 11356 | 11163 |
| 06/30/24 | 11883 | 11963 | 11665 |
| 12/31/24 | 12243 | 11790 | 11798 |
| 06/30/25 | 14860 | 14083 | 14493 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | 1 Year | Commencement of Operations<sup>Footnote Reference\*</sup> |
| Brandes International ETF - NAV | 25.05% | 25.52% |
| MSCI EAFE Index (Regulatory Benchmark) | 17.73% | 21.71% |
| MSCI EAFE Value Index (Performance Benchmark) | 24.24% | 23.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Since Commencement of Operations October 4, 2023 |

---

*The fund's past performance is not a good predictor of how the fund will perform in the future*. *The graph and table to do not reflect the deduction of taxes that a shareholder would pay to on fund distributions or redemption of fund shares.*

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

* Fund net assets$251,371,238

* Total advisory fees paid$1,119,333

* Total number of portfolio holdings63

* Portfolio Turnover Rate3%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Consumer Staples | 20.5% |
| Health Care | 16.7% |
| Consumer Discretionary | 12.2% |
| Financials | 9.8% |
| Industrials | 8.9% |
| Information Technology | 8.3% |
| Communication Services | 7.1% |
| Energy | 6.4% |
| Materials | 4.5% |
| Real Estate | 1.7% |
| Utilities | 1.2% |
| Money Market Funds | 2.7% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Brandes U.S. Small-Mid Cap Value ETF
![Image](i4be2c6df56d3860e3c66f5d5.jpg)

BSMC \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The annual shareholder report contains important information about the Brandes U.S. Small-Mid Cap Value ETF for the period July 1, 2024 through June 30, 2025. You can find additional information about the Fund at https://www.brandes.com/etfs/resources. You can also request this information by contacting us at (866) 307-0477.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Brandes U.S. Small-Mid Cap Value ETF | $74 | 0.70% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the trailing twelve-month period ending June 30, 2025, the Brandes U.S. Small-Mid Cap Value ETF returned 10.93% (based on net asset value), performing similarly to the 10.47% return of the Russell 2500 Value Index. Notably, our holdings in the industrials sector, particularly the aerospace & defense industry, contributed positively to the Fund's relative performance. Information technology holdings also performed well, especially those within the communications equipment industry. Conversely, holdings in consumer staples detracted from returns, along with our underweight to financials. Additionally, while our holdings in health care performed well, our overweight to the sector hurt relative performance.

### TOP PERFORMANCE CONTRIBUTORS
Aerospace & Defense \| Embraer and National Presto Industries. Embraer appreciated substantially over the past few years as its end markets recovered, leading to better-than-expected earnings with higher volumes and enhanced margins. The company secured several new wins against competitors in its defense business and reported an expanding order backlog for regional jets.

Communications Equipment \| NETGEAR and F5, Inc.

Health Care \| Pediatrix Medical Group and Grifols.

### TOP PERFORMANCE DETRACTORS
Consumer Staples \| Edgewell Personal Care and Campbell's Company. Consumer confidence and tariff uncertainty weighed on Edgewell.

Life Sciences Tools & Services \| Fortrea Holdings. Fortrea's management lowered its future guidance as the company continues to suffer from restructuring costs following its separation from LabCorp.

Underweight to Financials and Overweight to Health Care \| Financials was the best performing sector within the benchmark, while health care was among the worst-performing sectors.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![Growth of 10K Chart](i0deeed1ed65af6e74bafdce0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Brandes U.S. Small-Mid Cap Value ETF - NAV | Russell 3000 Index (Regulatory Benchmark) | Russell 2500 Value Index (Performance Benchmark) |
| 10/04/23 | 10000 | 10000 | 10000 |
| 12/31/23 | 11142 | 11391 | 11766 |
| 06/30/24 | 11541 | 12936 | 11943 |
| 12/31/24 | 12279 | 14103 | 13058 |
| 06/30/25 | 12802 | 14914 | 13193 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | 1 Year | Commencement of Operations<sup>Footnote Reference\*</sup> |
| Brandes U.S. Small-Mid Cap Value ETF - NAV | 10.93% | 15.23% |
| Russell 3000 Index (Regulatory Benchmark) | 15.30% | 25.79% |
| Russell 2500 Value Index (Performance Benchmark) | 10.47% | 17.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Since Commencement of Operations October 4, 2023 |

---

*The fund's past performance is not a good predictor of how the fund will perform in the future*. *The graph and table to do not reflect the deduction of taxes that a shareholder would pay to on fund distributions or redemption of fund shares.*

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

* Fund net assets$110,524,636

* Total advisory fees paid$577,539

* Total number of portfolio holdings67

* Portfolio Turnover Rate7%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Health Care | 21.9% |
| Industrials | 20.1% |
| Information Technology | 15.8% |
| Consumer Staples | 10.4% |
| Financials | 10.3% |
| Energy | 6.0% |
| Materials | 5.7% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.7% |
| Money Market Funds | 3.7% |
| Other Assets in Excess of Liabilities | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Brandes U.S. Value ETF
![Image](i4be2c6df56d3860e3c66f5d5.jpg)

BUSA \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The annual shareholder report contains important information about the Brandes U.S. Value ETF for the period July 1, 2024 through June 30, 2025. You can find additional information about the Fund at https://www.brandes.com/etfs/resources. You can also request this information by contacting us at (866) 307-0477.

## What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Brandes U.S. Value ETF | $64 | 0.60% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the twelve-month period ending June 30, 2025, the Brandes U.S. Value ETF returned 13.92% (based on net asset value) versus the 13.70% return of the Russell 1000 Value Index. Holdings in health care and financials bolstered returns, as did select positions in information technology. Meanwhile, performance detractors included holdings in the energy and communication services sectors.

### TOP PERFORMANCE CONTRIBUTORS
Health Care \| Cardinal Health, McKesson, and Labcorp. Cardinal Health advanced on the back of continued margin expansion and upward earnings revisions.

Financials \| Wells Fargo, Citigroup, Bank of New York Mellon, W. R. Berkley. Wells Fargo and Citigroup rose as a steepening yield curve, the expectation of deregulation, and an improved capital return outlook boosted investor sentiment across the banking industry.

Information Technology \| Flex and Amdocs. Flex continued to capitalize on robust demand across its diversified manufacturing services platform.

### TOP PERFORMANCE DETRACTORS
Energy \| Halliburton Company and Schlumberger Limited.

Media \| Comcast Corporation and Omnicom. Omnicom declined due to concerns about integration risk and dilution following its announced stock-for-stock acquisition deal with Interpublic Group.

Chemicals \| Westlake Corporation. Westlake experienced margin pressure as it suffered from oversupply in its commodity chemicals segment, as well as weaker housing-related demand in its building materials segment.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![Growth of 10K Chart](icc5f5f064c1a881cc7d3a929.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Brandes U.S. Value ETF - NAV | Russell 1000 Index (Regulatory Benchmark) | Russell 1000 Value Index (Performance Benchmark) |
| 10/04/23 | 10000 | 10000 | 10000 |
| 12/31/23 | 11081 | 11370 | 11193 |
| 06/30/24 | 12023 | 12988 | 11934 |
| 12/31/24 | 12854 | 14157 | 12801 |
| 06/30/25 | 13696 | 15023 | 13569 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | 1 Year | Commencement of Operations<sup>Footnote Reference\*</sup> |
| Brandes U.S. Value ETF - NAV | 13.92% | 19.78% |
| Russell 1000 Index (Regulatory Benchmark) | 15.66% | 26.31% |
| Russell 1000 Value Index (Performance Benchmark) | 13.70% | 19.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Since Commencement of Operations October 4, 2023 |

---

*The fund's past performance is not a good predictor of how the fund will perform in the future*. *The graph and table to do not reflect the deduction of taxes that a shareholder would pay to on fund distributions or redemption of fund shares.*

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

* Fund net assets$232,541,211

* Total advisory fees paid$1,194,549

* Total number of portfolio holdings60

* Portfolio Turnover Rate7%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Financials | 27.0% |
| Health Care | 22.0% |
| Industrials | 12.3% |
| Information Technology | 9.3% |
| Energy | 6.7% |
| Communication Services | 6.1% |
| Consumer Staples | 4.5% |
| Materials | 3.9% |
| Consumer Discretionary | 3.5% |
| Utilities | 2.1% |
| Money Market Funds | 1.7% |
| Other Assets in Excess of Liabilities | 0.9% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.**

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

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code
 of Ethics").

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit hereto.

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

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

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

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

<u>Audit Fees</u>

---

| | |
|:---|:---|
|  | *Current Fiscal Year <sup>(1)</sup>* |
| (a) Audit Fees | $137720 |
| (b) Audit-Related Fees | $- |
| (c) Tax Fees <sup>(2)</sup> | $32445 |
| (d) All Other Fees | $- |

---

<sup>(1)</sup> No fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the current fiscal year.

<sup>(2)</sup> The nature of the services includes tax compliance and tax filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are $137,720 for 2025 and $132,250 for 2024.

<u>Audit-Related Fees</u>

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

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $32,445 for 2025 and $31,500 for 2024.

The nature of the services includes tax compliance and tax filings.

<u>All Other Fees</u>

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
 subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
 the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $32,445 for 2025
 and $31,500 for 2024.

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

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

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

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

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

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

**Item 6. Investments.**

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

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

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

(a) The annual financial statements are attached herewith.

2025

**Annual Financial Statements and Other Information**

**BRANDES INVESTMENT PARTNERS L.P.**

**BRANDES INTERNATIONAL ETF (BINV)**

**BRANDES U.S. SMALL-MID CAP VALUE ETF (BSMC)**

**BRANDES U.S. VALUE ETF (BUSA)**

June 30, 2025

![](fp0095233-1_01.jpg)

(This page intentionally left blank)

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp;Brandes International ETF | 4 |
| &nbsp;&nbsp;&nbsp;Brandes U.S. Small-Mid Cap Value ETF | 7 |
| &nbsp;&nbsp;&nbsp;Brandes U.S. Value ETF | 10 |
| Statements of Assets and Liabilities | 14 |
| Statements of Operations | 15 |
| Statements of Changes in Net Assets | 16 |
| Financial Highlights | 18 |
| Notes to Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Board Review of Investment Management Agreements | 29 |
| Additional Information | 31 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Brandes International ETF** 

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 97.3%** | | |
| **Austria – 1.0%** | | |
| Erste Group Bank AG | 30224 | $2565084 |
| **Brazil – 7.0%** |  |  |
| Ambev SA, ADR | 1918482 | 4623542 |
| Embraer SA, ADR | 72152 | 4106170 |
| Petroleo Brasileiro SA - Petrobras, ADR | 460324 | 5312139 |
| Telefonica Brasil SA, ADR | 305999 | 3488388 |
|  |  | 17530239 |
| **Canada – 3.8%** |  |  |
| CAE, Inc.\* | 141811 | 4150808 |
| Nutrien Ltd | 38773 | 2258139 |
| Open Text Corp. | 110579 | 3228907 |
|  |  | 9637854 |
| **China – 4.3%** |  |  |
| Alibaba Group Holding Ltd., ADR | 62116 | 7044575 |
| China Resources Beer Holdings Co. Ltd. | 1169000 | 3722930 |
|  |  | 10767505 |
| **France – 17.7%** |  |  |
| BNP Paribas SA, ADR | 105712 | 4771840 |
| Capgemini SE | 25167 | 4285096 |
| Carrefour SA | 333630 | 4687817 |
| Engie SA | 134734 | 3151279 |
| Kering SA, ADR | 215558 | 4697009 |
| Orange SA | 159942 | 2424757 |
| Pernod Ricard SA | 44018 | 4371314 |
| Publicis Groupe SA | 34007 | 3819450 |
| Sanofi SA | 64382 | 6212988 |
| Societe BIC SA | 39157 | 2426916 |
| TotalEnergies SE | 58152 | 3556426 |
|  |  | 44404892 |
| **Germany – 6.9%** |  |  |
| Deutsche Post AG | 103206 | 4750214 |
| Heidelberg Materials AG | 11136 | 2607202 |
| Henkel AG & Co. KGaA | 70760 | 5108276 |
| Infineon Technologies AG | 42705 | 1810413 |
| SAP SE, ADR | 10349 | 3147131 |
|  |  | 17423236 |
| **Hong Kong – 0.7%** |  |  |
| First Pacific Co. Ltd. | 2582000 | 1828780 |
| **Italy – 3.8%** |  |  |
| Buzzi SpA | 43079 | 2379737 |
| Eni SpA | 217469 | 3512587 |
| Intesa Sanpaolo SpA | 653921 | 3754730 |
|  |  | 9647054 |
| **Japan – 12.8%** |  |  |
| Astellas Pharma, Inc. | 466700 | 4576694 |
| Bridgestone Corp. | 81200 | 3316695 |
| Honda Motor Co. Ltd. | 376200 | 3631908 |
| Kubota Corp. | 325000 | 3649486 |

---

See Notes to Financial Statements.

**Brandes International ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Japan (continued)** |  |  |
| Makita Corp. | 106700 | $3289384 |
| Mitsubishi UFJ Financial Group, Inc. | 129667 | 1780122 |
| Sumitomo Mitsui Trust Holdings, Inc. | 161600 | 4294938 |
| Takeda Pharmaceutical Co. Ltd. | 245900 | 7533023 |
|  |  | 32072250 |
| **Mexico – 7.6%** |  |  |
| America Movil SAB de CV, ADR | 235889 | 4231849 |
| Cemex SAB de CV, ADR | 591539 | 4099365 |
| Fibra Uno Administracion SA de CV REIT | 3144746 | 4314621 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 1167716 | 2121940 |
| Wal-Mart de Mexico SAB de CV | 1277408 | 4202356 |
|  |  | 18970131 |
| **Netherlands – 6.4%** |  |  |
| Heineken Holding NV | 86959 | 6456341 |
| Koninklijke Philips NV | 189346 | 4540517 |
| STMicroelectronics NV | 168104 | 5117710 |
|  |  | 16114568 |
| **Singapore – 1.7%** |  |  |
| Wilmar International Ltd. | 1947100 | 4387530 |
| **South Korea – 0.8%** |  |  |
| Shinhan Financial Group Co. Ltd., ADR | 43591 | 1969441 |
| **Spain – 1.8%** |  |  |
| Grifols SA, ADR\* | 512815 | 4635848 |
| **Switzerland – 7.0%** |  |  |
| Cie Financiere Richemont SA, Class A | 16349 | 3069545 |
| Novartis AG, ADR | 29080 | 3518971 |
| Swatch Group AG (The) | 168636 | 5652272 |
| UBS Group AG | 159657 | 5399600 |
|  |  | 17640388 |
| **Taiwan – 1.3%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13949 | 3159309 |
| **United Kingdom – 12.7%** |  |  |
| GSK PLC, ADR | 168005 | 6451392 |
| J Sainsbury PLC, ADR | 264513 | 4269240 |
| Kingfisher PLC, ADR | 424407 | 3357059 |
| Reckitt Benckiser Group PLC, ADR | 251230 | 3449388 |
| Shell PLC, ADR | 54241 | 3819109 |
| Smith & Nephew PLC, ADR | 145805 | 4466007 |
| Tesco PLC, ADR | 142811 | 2390656 |
| WPP PLC | 543134 | 3815201 |
|  |  | 32018052 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $226,156,996) |  | 244772161 |
| **Money Market Funds – 2.7%** |  |  |
| JP Morgan US Treasury Plus Money Market Fund, 4.20%(a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,678,147) | 6678147 | 6678147 |

---

See Notes to Financial Statements.

**Brandes International ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 100.0% |  |
| &nbsp;&nbsp;&nbsp;(Cost $232,835,143) | $251450308 |
| Liabilities in Excess of Other Assets – (0.0)%† | (79070) |
| **Net Assets – 100.0%** | $**251371238** |

---

\* Non Income Producing

&nbsp;&nbsp;&nbsp;&nbsp;† Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown reflects the 7-day yield as of June 30, 2025.

ADR : American Depositary Receipt <br> PLC : Public Limited Company <br> REIT: Real Estate Investment Trust

**Summary of Investment Type**

---

| | | |
|:---|:---|:---|
| **Sector** | **% of Net<br> Assets** | |
| Consumer Staples | 20.5 | % |
| Health Care | 16.7 | % |
| Consumer Discretionary | 12.2 | % |
| Financials | 9.8 | % |
| Industrials | 8.9 | % |
| Information Technology | 8.3 | % |
| Communication Services | 7.1 | % |
| Energy | 6.4 | % |
| Materials | 4.5 | % |
| Real Estate | 1.7 | % |
| Utilities | 1.2 | % |
| Money Market Funds | 2.7 | % |
| Total Investments | 100.0 | % |
| Liabilities in Excess of Other Assets | (0.0 |)%† |
| **Net Assets** | **100.0** | **%** |

---

See Notes to Financial Statements.

**Brandes U.S. Small-Mid Cap Value ETF Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 96.2%** |  |  |
| **Communication Services – 3.3%** |  |  |
| Interpublic Group of Cos., Inc. (The) | 76412 | $1870566 |
| Scholastic Corp. | 82795 | 1737039 |
|  |  | 3607605 |
| **Consumer Discretionary – 2.7%** |  |  |
| Levi Strauss & Co., Class A | 70799 | 1309074 |
| Whirlpool Corp. | 17008 | 1724951 |
|  |  | 3034025 |
| **Consumer Staples – 10.4%** |  |  |
| Edgewell Personal Care Co. | 108041 | 2529240 |
| Ingles Markets, Inc., Class A | 39352 | 2494130 |
| Ingredion, Inc. | 12741 | 1727934 |
| Lancaster Colony Corp. | 5504 | 950926 |
| Molson Coors Beverage Co., Class B | 39529 | 1900950 |
| Seaboard Corp. | 394 | 1127313 |
| The Campbell's Company | 24954 | 764840 |
|  |  | 11495333 |
| **Energy – 6.0%** |  |  |
| Expand Energy Corp. | 14049 | 1642890 |
| Halliburton Co. | 70677 | 1440397 |
| Innovex International, Inc.\* | 157732 | 2463774 |
| World Kinect Corp. | 39877 | 1130513 |
|  |  | 6677574 |
| **Financials – 10.3%** |  |  |
| Citizens Financial Group, Inc. | 50068 | 2240543 |
| CNA Financial Corp. | 18264 | 849824 |
| Old Republic International Corp. | 20573 | 790826 |
| OneMain Holdings, Inc. | 33395 | 1903515 |
| SEI Investments Co. | 22122 | 1987883 |
| State Street Corp. | 13211 | 1404858 |
| White Mountains Insurance Group Ltd. | 532 | 955323 |
| Willis Towers Watson PLC | 4178 | 1280557 |
|  |  | 11413329 |
| **Health Care – 21.9%** |  |  |
| DENTSPLY SIRONA, Inc. | 144382 | 2292786 |
| Elanco Animal Health, Inc.\* | 161585 | 2307434 |
| Fortrea Holdings, Inc.\* | 149014 | 736129 |
| Grifols SA, ADR\* | 222696 | 2013172 |
| Henry Schein, Inc.\* | 12156 | 887996 |
| Hologic, Inc.\* | 29335 | 1911468 |
| Koninklijke Philips NV | 47940 | 1149601 |
| Organon & Co. | 79656 | 771070 |
| Pediatrix Medical Group, Inc.\* | 140226 | 2012243 |
| Phibro Animal Health Corp., Class A | 67379 | 1720860 |
| Premier, Inc., Class A | 165533 | 3630139 |
| Prestige Consumer Healthcare, Inc.\* | 15135 | 1208530 |
| Quest Diagnostics, Inc. | 6003 | 1078319 |
| Sotera Health Co.\* | 89005 | 989736 |
| United Therapeutics Corp.\* | 1913 | 549700 |

---

See Notes to Financial Statements.

**Brandes U.S. Small-Mid Cap Value ETF** 

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Zimmer Biomet Holdings, Inc. | 10237 | $933717 |
|  |  | 24192900 |
| **Industrials – 20.1%** |  |  |
| AGCO Corp. | 11681 | 1205012 |
| Balfour Beatty PLC | 228404 | 1633827 |
| Embraer SA, ADR | 51961 | 2957101 |
| Healthcare Services Group, Inc.\* | 143913 | 2163012 |
| Heartland Express, Inc. | 139721 | 1207190 |
| Kennametal, Inc. | 65098 | 1494650 |
| Knight-Swift Transportation Holdings, Inc. | 31519 | 1394085 |
| Landstar System, Inc. | 2906 | 403992 |
| Moog, Inc., Class A | 7789 | 1409575 |
| National Presto Industries, Inc. | 27028 | 2647663 |
| Textron, Inc. | 28707 | 2304885 |
| Timken Co. (The) | 15241 | 1105735 |
| UniFirst Corp. | 12220 | 2300048 |
|  |  | 22226775 |
| **Information Technology – 15.8%** |  |  |
| Amdocs Ltd. | 38288 | 3493397 |
| Arlo Technologies, Inc.\* | 84222 | 1428405 |
| Arrow Electronics, Inc.\* | 7143 | 910233 |
| Avnet, Inc. | 18293 | 970992 |
| EPAM Systems, Inc.\* | 6549 | 1157994 |
| F5, Inc.\* | 3673 | 1081037 |
| IPG Photonics Corp.\* | 45884 | 3149937 |
| NETGEAR, Inc.\* | 115846 | 3367643 |
| Qorvo, Inc.\* | 21735 | 1845519 |
|  |  | 17405157 |
| **Materials – 5.7%** |  |  |
| International Flavors & Fragrances, Inc. | 22554 | 1658847 |
| Scotts Miracle-Gro Co. (The) | 18418 | 1214851 |
| Sealed Air Corp. | 27186 | 843582 |
| Sonoco Products Co. | 22126 | 963808 |
| Winpak Ltd. | 49543 | 1620813 |
|  |  | 6301901 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $101,069,329) |  | 106354599 |
| **Money Market Funds – 3.7%** |  |  |
| JP Morgan US Treasury Plus Money Market Fund, 4.20%(a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,108,744) | 4108744 | 4108744 |
| Total Investments – 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $105,178,073) |  | $110463343 |
| Other Assets in Excess of Liabilities – 0.1% |  | 61293 |
| **Net Assets – 100.0%** |  | $**110524636** |

---

See Notes to Financial Statements.

**Brandes U.S. Small-Mid Cap Value ETF Schedule of Investments** (Continued)

June 30, 2025

\* Non Income Producing

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown reflects the 7-day yield as of June 30, 2025.

ADR : American Depositary Receipt <br> PLC : Public Limited Company

**Summary of Investment Type**

---

| | |
|:---|:---|
| **Sector** | **% of Net<br> Assets** |
| Health Care | 21.9% |
| Industrials | 20.1% |
| Information Technology | 15.8% |
| Consumer Staples | 10.4% |
| Financials | 10.3% |
| Energy | 6.0% |
| Materials | 5.7% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.7% |
| Money Market Funds | 3.7% |
| Total Investments | 99.9% |
| Other Assets in Excess of Liabilities | 0.1% |
| **Net Assets** | **100.0%** |

---

See Notes to Financial Statements.

**Brandes U.S. Value ETF** 

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 97.4%** |  |  |
| **Communication Services – 6.1%** |  |  |
| Alphabet, Inc., Class C | 30361 | $5385738 |
| Comcast Corp., Class A | 153826 | 5490050 |
| Omnicom Group, Inc. | 47015 | 3382259 |
|  |  | 14258047 |
| **Consumer Discretionary – 3.5%** |  |  |
| AutoZone, Inc.\* | 729 | 2706216 |
| LKQ Corp. | 88951 | 3292076 |
| Mohawk Industries, Inc.\* | 20082 | 2105397 |
|  |  | 8103689 |
| **Consumer Staples – 4.5%** |  |  |
| Ingredion, Inc. | 20229 | 2743457 |
| Kenvue, Inc. | 90383 | 1891716 |
| Sysco Corp. | 48152 | 3647032 |
| Target Corp. | 22803 | 2249516 |
|  |  | 10531721 |
| **Energy – 6.7%** |  |  |
| Chevron Corp. | 47500 | 6801525 |
| Halliburton Co. | 156408 | 3187595 |
| Schlumberger NV | 91749 | 3101116 |
| World Kinect Corp. | 88436 | 2507161 |
|  |  | 15597397 |
| **Financials – 27.0%** |  |  |
| American International Group, Inc. | 40840 | 3495496 |
| Arch Capital Group Ltd. | 51667 | 4704280 |
| Bank of America Corp. | 139239 | 6588789 |
| Bank of New York Mellon Corp. (The) | 43411 | 3955176 |
| Citigroup, Inc. | 72180 | 6143962 |
| Fiserv, Inc.\* | 30197 | 5206265 |
| JPMorgan Chase & Co. | 14530 | 4212392 |
| OneMain Holdings, Inc. | 42458 | 2420106 |
| PNC Financial Services Group, Inc. (The) | 25499 | 4753524 |
| State Street Corp. | 30421 | 3234969 |
| Truist Financial Corp. | 52541 | 2258738 |
| W R Berkley Corp. | 71603 | 5260672 |
| Wells Fargo & Co. | 74283 | 5951554 |
| Willis Towers Watson PLC | 15192 | 4656348 |
|  |  | 62842271 |
| **Health Care – 22.0%** |  |  |
| Becton Dickinson & Co. | 19612 | 3378167 |
| Cardinal Health, Inc. | 29957 | 5032776 |
| Cigna Group (The) | 17954 | 5935233 |
| CVS Health Corp. | 51964 | 3584477 |
| HCA Healthcare, Inc. | 11325 | 4338608 |
| ICON PLC\* | 15003 | 2182186 |
| Johnson & Johnson | 26160 | 3995940 |
| Labcorp Holdings, Inc. | 14197 | 3726854 |
| McKesson Corp. | 3573 | 2618223 |
| Merck & Co., Inc. | 59200 | 4686272 |

---

See Notes to Financial Statements.

**Brandes U.S. Value ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Pfizer, Inc. | 219346 | $5316947 |
| Sanofi SA, ADR | 92044 | 4446646 |
| UnitedHealth Group, Inc. | 5911 | 1844055 |
|  |  | 51086384 |
| **Industrials – 12.3%** |  |  |
| CAE, Inc.\* | 65552 | 1918707 |
| Emerson Electric Co. | 35334 | 4711082 |
| FedEx Corp. | 17289 | 3929963 |
| Gates Industrial Corp. PLC\* | 96689 | 2226748 |
| Hexcel Corp. | 42822 | 2419015 |
| Knight-Swift Transportation Holdings, Inc. | 51997 | 2299827 |
| SS&C Technologies Holdings, Inc. | 62519 | 5176573 |
| Textron, Inc. | 73765 | 5922592 |
|  |  | 28604507 |
| **Information Technology – 9.3%** |  |  |
| Amdocs Ltd. | 63788 | 5820017 |
| Cognizant Technology Solutions Corp., Class A | 60964 | 4757021 |
| Flex Ltd.\* | 91307 | 4558045 |
| Micron Technology, Inc. | 30467 | 3755058 |
| Open Text Corp. | 42869 | 1251775 |
| Qorvo, Inc.\* | 16943 | 1438630 |
|  |  | 21580546 |
| **Materials – 3.9%** |  |  |
| Corteva, Inc. | 88203 | 6573770 |
| Westlake Corp. | 33641 | 2554361 |
|  |  | 9128131 |
| **Utilities – 2.1%** |  |  |
| Entergy Corp. | 27603 | 2294361 |
| Evergy, Inc. | 36697 | 2529524 |
|  |  | 4823885 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $214,850,001) |  | 226556578 |
| **Money Market Funds – 1.7%** |  |  |
| JP Morgan US Treasury Plus Money Market Fund, 4.20%(a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,840,137) | 3840137 | 3840137 |
| Total Investments – 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $218,690,138) |  | $230396715 |
| Other Assets in Excess of Liabilities – 0.9% |  | 2144496 |
| **Net Assets – 100.0%** |  | $**232541211** |

---

\* Non Income Producing

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown reflects the 7-day yield as of June 30, 2025.

ADR : American Depositary Receipt <br> PLC : Public Limited Company

See Notes to Financial Statements.

**Brandes U.S. Value ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type**

---

| | |
|:---|:---|
| **Sector** | **% of Net<br> Assets** |
| Financials | 27.0% |
| Health Care | 22.0% |
| Industrials | 12.3% |
| Information Technology | 9.3% |
| Energy | 6.7% |
| Communication Services | 6.1% |
| Consumer Staples | 4.5% |
| Materials | 3.9% |
| Consumer Discretionary | 3.5% |
| Utilities | 2.1% |
| Money Market Funds | 1.7% |
| Total Investments | 99.1% |
| Other Assets in Excess of Liabilities | 0.9% |
| **Net Assets** | **100.0%** |

---

See Notes to Financial Statements.

(This page intentionally left blank)

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Brandes <br> International <br> ETF** | **Brandes U.S. <br> Small-Mid <br> Cap Value <br> ETF** | **Brandes U.S.<br> Value ETF** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value | $251450308 | $110463343 | $230396715 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 3174 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value (cost $23,552, $8 and $–) | 23551 | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1081492 | 122274 | 214487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim | 465135 | 7858 | 35656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  | 2004666 |
| &nbsp;&nbsp;&nbsp;Total assets | 253020486 | 110593484 | 232654698 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 16375 | 5748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 1489303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 139070 | 61100 | 110487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 4500 | 2000 | 3000 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1649248 | 68848 | 113487 |
| **Net Assets** | $251371238 | $110524636 | $232541211 |
| **Net Assets Consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $232962908 | $105428049 | $221156513 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 18408330 | 5096587 | 11384698 |
| **Net Assets** | $251371238 | $110524636 | $232541211 |
| Number of Common Shares outstanding | 7050000 | 3520000 | 6960000 |
| **Net Asset Value, offering and redemption price per share** | $35.66 | $31.40 | $33.41 |
| Investments, at cost | $232835143 | $105178073 | $218690138 |

---

See Notes to Financial Statements.

**Statements of Operations**

Year Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Brandes <br> International <br> ETF** | **Brandes U.S. <br> Small-Mid <br> Cap Value <br> ETF** | **Brandes U.S.<br> Value ETF** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $6010266 | $1720249 | $4646851 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1119333 | 577539 | 1194549 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1119333 | 577539 | 1194549 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4890933 | 1142710 | 3452302 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (401815) | (238454) | (488819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 15740839 | 3264972 | 16998460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (34172) | (75) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 15304852 | 3026443 | 16509641 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 18061134 | 4039309 | 4535359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 20040 | 1331 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 18081174 | 4040640 | 4535359 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 33386026 | 7067083 | 21045000 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $38276959 | $8209793 | $24497302 |
| \* Withholding tax | $954946 | $18041 | $41192 |

---

See Notes to Financial Statements.

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brandes International ETF** | **Brandes International ETF** | **Brandes U.S. Small-Mid Cap Value ETF** | **Brandes U.S. Small-Mid Cap Value ETF** |
| | **Year Ended<br> June 30, 2025** | **For the period<br> October 4, <br> 2023<sup>(1)</sup> to <br> June 30, 2024** | **Year Ended<br> June 30, 2025** | **For the period <br> October 4, <br> 2023<sup>(1)</sup> to <br> June 30, 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4890933 | $1678233 | $1142710 | $309691 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 15304852 | 2418978 | 3026443 | 903766 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 18081174 | 552546 | 4040640 | 1245859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 38276959 | 4649757 | 8209793 | 2459316 |
| **Distributions** | (4765011) | (1609810) | (1112352) | (282481) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 170428348 | 107864277 | 58591099 | 60320295 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (51753852) | (11719430) | (12479041) | (5181993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 118674496 | 96144847 | 46112058 | 55138302 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 152186444 | 99184794 | 53209499 | 57315137 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 99184794 |  | 57315137 |  |
| &nbsp;&nbsp;&nbsp;End of period | $251371238 | $99184794 | $110524636 | $57315137 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares outstanding, beginning of period | 3400000 |  | 2000000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5250000 | 3800000 | 1940000 | 2180000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1600000) | (400000) | (420000) | (180000) |
| &nbsp;&nbsp;&nbsp;Common Shares outstanding, end of period | 7050000 | 3400000 | 3520000 | 2000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

See Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
|  | **Brandes U.S. Value ETF** | **Brandes U.S. Value ETF** |
| | **Year Ended<br> June 30, 2025** | **For the period <br> October 4, <br> 2023<sup>(1)</sup> to <br> June 30, 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3452302 | $906914 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 16509641 | 933941 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 4535359 | 7171218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 24497302 | 9012073 |
| **Distributions** | (3415857) | (856371) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 140282913 | 137838927 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (68935399) | (5882377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 71347514 | 131956550 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in net assets | 92428959 | 140112252 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 140112252 |  |
| &nbsp;&nbsp;&nbsp;End of period | $232541211 | $140112252 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares outstanding, beginning of period | 4700000 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4380000 | 4900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2120000) | (200000) |
| &nbsp;&nbsp;&nbsp;Common Shares outstanding, end of period | 6960000 | 4700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Commencement of operations.

See Notes to Financial Statements.

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| **Brandes International ETF<br> Selected Per Share Data** | **Year Ended<br> June 30, 2025** | **Period Ended<br> June 30, 2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $29.17 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.99 | 0.95 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.27 | 3.76 |
| Total from investment operations | 7.26 | 4.71 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.77) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.77) | (0.54) |
| Net Asset Value, end of period | $35.66 | $29.17 |
| **Total Return (%)** | 25.05 | 18.84 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $251 | $99 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.70 | 0.70 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.06 | 4.40 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 3 | 10 <sup>(c)</sup> |

---

---

| | | |
|:---|:---|:---|
| **Brandes U.S. Small-Mid Cap Value ETF<br> Selected Per Share Data** | **Year Ended<br> June 30, 2025** | **Period Ended<br> June 30, 2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $28.66 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.42 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.70 | 3.57 |
| Total from investment operations | 3.12 | 3.85 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.38) | (0.19) |
| Net Asset Value, end of period | $31.40 | $28.66 |
| **Total Return (%)** | 10.93 | 15.40 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $111 | $57 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.70 | 0.70 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.38 | 1.35 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 7 | 4 <sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period October 4, 2023 (commencement of operations) through June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation
 Units.

See Notes to Financial Statements.

**Financial Highlights** (Continued)

---

| | | |
|:---|:---|:---|
| **Brandes U.S. Value ETF<br> Selected Per Share Data** | **Year Ended<br> June 30, 2025** | **Period Ended<br> June 30, 2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $29.81 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.56 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.57 | 4.69 |
| Total from investment operations | 4.13 | 5.05 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.53) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.24) |
| Net Asset Value, end of period | $33.41 | $29.81 |
| **Total Return (%)** | 13.92 | 20.23 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $233 | $140 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.60 | 0.60 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.73 | 1.66 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 7 | 6 <sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period October 4, 2023 (commencement of operations) through June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share numbers have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation
 Units.

See Notes to Financial Statements.

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF (each a "Fund" and collectively the "Funds") are organized, diversified, separate operating series of exchange-traded funds (ETFs) of The 2023 ETF Series Trust (the "Trust"), a Delaware statutory trust since January 23, 2023 that is registered with the Securities and Exchange Commission (the "Commission") as open end management investment company.

The Funds are managed by Brandes Investment Partners, L.P. an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as the Funds' investment advisor (the "Advisor").

The Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF commenced operations on October 4, 2023. Each Fund is an actively managed ETF and uses an active investment strategy in seeking to meet its investment objective. The investment objective of each Fund is long-term capital appreciation.

Each Fund offers shares that are listed and traded on the CBOE BZX Exchange (the "Exchange"), Inc.

**2. Significant Accounting Policies**

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, "Financial Services-Investment Companies", by the Financial Accounting Standards Board ("FASB"). The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.

**(a) Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

**(b) Investment Valuation**

The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

● Level 1 – Quoted prices in active markets for identical assets that the funds have the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for each Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Brandes International ETF**<br>**Assets** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks | $244772161 | $— | $— | $244772161 |
| Money Market Funds | 6678147 |  |  | 6678147 |
| TOTAL | $251450308 | $— | $— | $251450308 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Brandes U.S. Small-Mid Cap Value ETF**<br>**Assets** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks | $106354599 | $— | $— | $106354599 |
| Money Market Funds | 4108744 |  |  | 4108744 |
| TOTAL | $110463343 | $— | $— | $110463343 |

---

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Brandes U.S. Value ETF**<br>**Assets** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Common Stocks | $226556578 | $— | $— | $226556578 |
| Money Market Funds | 3840137 |  |  | 3840137 |
| TOTAL | $230396715 | $— | $— | $230396715 |

---

**(c) Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

**(d) Foreign Currency Translation and Transactions**

The accounting records of each Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of each Fund denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates. Purchases and sales of financial instruments, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transaction. Each Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in values to financial instruments. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from transactions in financial instruments and foreign currencies, currency exchange fluctuations between the trade and settlement date of such transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including financial instruments, resulting from changes in currency exchange rates. Each Fund may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which each Fund invests.

**(e) Federal Income Tax**

It is the policy of each Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and to distribute substantially all of its net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required as long as each Fund qualifies as a regulated investment company.

Management of each Fund has evaluated tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require each Fund to record a tax liability and, therefore, there is no impact to the Fund's financial statements. Each Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statements of Operations. As of June 30, 2025, the Funds did not have any interest or penalties associated with the underpayment of any income taxes.

**(f) Distributions to Shareholders**

Each Fund pays out dividends from its net investment income at least quarterly and distributes its net capital gains, if any, to investors at least annually. Each Fund may make distributions on a more frequent basis to comply with the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification.

**Notes to Financial Statements** (Continued)

June 30, 2025

**(g) Indemnification**

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

**3. Investment Advisory Fee and Other Transactions with Affiliates**

**(a) Investment Advisory and Administrative Services**

Brandes Investment Partners, L.P., (the "Advisor") serves as the investment advisor to each Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, the Advisor provides investment advisory services to each Fund and is responsible for the day-to-day management of each Fund, including, among other things, ensuring each Fund has a continuous investment program, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services the Advisor provides to the Funds, each Fund pays the Advisor a fee, calculated daily and paid monthly, at an annual rate of the average daily net assets of each Fund as follows.

---

| | |
|:---|:---|
| **Fund** | **Investment<br> Advisory Fee** |
| Brandes International ETF | 0.70% |
| Brandes U.S. Small-Mid Cap Value ETF | 0.70% |
| Brandes U.S. Value ETF | 0.60% |

---

Under the investment advisory agreement, the Advisor has agreed to pay all expenses incurred by the Funds except for the advisory fee; interest charges on any borrowings; taxes; brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Advisor, such as a change of control of the Advisor); fees and expense related to the provision of securities lending services; acquired fund fees and expenses; taxes, including accrued deferred tax liability; legal fees or expenses in connection with any arbitration, litigation, or pending or threatened arbitration or litigation, including any settlements in connection therewith; extraordinary expenses (as mutually determined by the Board and the Advisor); and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

**(b) Distribution Arrangement**

Foreside Fund Services, LLC (the "Distributor"), a Delaware limited liability company, is the principal underwriter and distributor of each Fund's Shares. The Distributor does not maintain any secondary market in any Fund's Shares.

The Trust has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of each Fund.

**(c) Other Servicing Agreements**

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

**4. Investment Transactions**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Brandes International ETF | $63236858 | $4690126 |
| Brandes U.S. Small-Mid Cap Value ETF | 16966453 | 5704216 |
| Brandes U.S. Value ETF | 45282227 | 13723823 |

---

Purchases and sales of in-kind transactions for the period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Brandes International ETF | $105001949 | $49771471 |
| Brandes U.S. Small-Mid Cap Value ETF | 44210242 | 11902335 |
| Brandes U.S. Value ETF | 104075909 | 67264456 |

---

**Notes to Financial Statements** (Continued)

June 30, 2025

**5. Capital Share Transactions**

Fund Shares are listed and traded on the Exchange each day that the Exchange is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

Each Fund offers and redeems Shares on a continuous basis at NAV only in Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Fund Shares may only be purchased from or redeemed directly from each Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of each Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A Participant Agreement may permit each Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of each Fund acquiring such shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from each Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. Each Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Each Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Advisor may retain all or a portion of the transaction fee to the extent the Advisor bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fees for Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF, and Brandes U.S. Value are $650, $300 and $300, respectively, regardless of the number of Creation Units created in the transaction.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for each Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting each Fund's securities to the account of the Trust. The non-standard charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of each Fund's securities and the cash redemption amount and other transactions costs. The standard redemption transaction fees for Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF, and Brandes U.S. Value are $650, $300 and $300, respectively, regardless of the number of Creation Units redeemed in the transaction.

**6. Federal Income Taxes**

At June 30, 2025, the effect of permanent book/tax reclassifications resulted in increase/(decrease) to the components of net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in Capital** |
| Brandes International ETF | $(15665724) | $15665724 |
| Brandes U.S. Small-Mid Cap Value ETF | (3264616) | 3264616 |
| Brandes U.S. Value ETF | (16948319) | 16948319 |

---

**Notes to Financial Statements** (Continued)

June 30, 2025

The tax character of distributions paid during the period indicated was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income<sup>\*</sup>** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Brandes International ETF | $4765011 | $– $|  |
| Brandes U.S. Small-Mid Cap Value ETF | 1112352 | – |  |
| Brandes U.S. Value ETF | 3415857 | – |  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The differences between book-basis and tax-basis components of net assets are primarily attributable to Foreign Currency Realized Gain/Loss Reclass, Redemption In-Kind Sales and PFIC Sales Adjustment treated as ordinary income for tax purposes.

At June 30, 2025, the components of distributable earnings/loss on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Undistributed<br> Ordinary<br> Income** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Distributable<br> earnings (loss)** |
| Brandes International ETF | $260967 | $18495593 | $(348230) | $18408330 |
| Brandes U.S. Small-Mid Cap Value ETF | $57344 | $5276712 | $(237469) | $5096587 |
| Brandes U.S. Value ETF | $162911 | $11482917 | $(261130) | $11384698 |

---

At June 30, 2025 gross unrealized appreciation and depreciation of investments owned by each Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Brandes International ETF | $232973269 | $26732338 | $(8255299) | $18477039 |
| Brandes U.S. Small-Mid Cap Value ETF | 105187859 | 13197446 | (7921962) | 5275484 |
| Brandes U.S. Value ETF | 218913798 | 25012584 | (13529667) | 11482917 |

---

At June 30, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
| Brandes International ETF | $246138 | $102092 | $348230 |
| Brandes U.S. Small-Mid Cap Value ETF | 180258 | 57211 | 237469 |
| Brandes U.S. Value ETF | 261130 |  | 261130 |

---

**7. Risk Factors**

With all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund's NAV, trading price, yield, total return and ability to meet their investment objectives. A description of principal risks is included in each prospectus under the heading "Principal Investment Risks".

**8. Segment Reporting**

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The President and Chief Executive Officer acts as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**Notes to Financial Statements** (Continued)

June 30, 2025

**9. Subsequent Events**

In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of The 2023 ETF Series Trust and Shareholders of Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF (constituting The 2023 ETF Series Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025 and the statements of changes in net assets and the financial highlights for the year ended June 30, 2025 and for the period October 4, 2023 (commencement of operations) through June 30, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year ended June 30, 2025, and the changes in their net assets and each of the financial highlights for the year ended June 30, 2025 and for the period October 4, 2023 (commencement of operations) through June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

 ****

***Basis for Opinions***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and broker; when reply was not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

August 26, 2025

We have served as the auditor of one or more investment companies in The 2023 ETF Series Trust since 2023.

**Board Review of Investment Management Agreements** (Unaudited)

**Approval of Continuance of Advisory Agreement**

At a meeting held on May 14, 2025 (the "Meeting"), the Board of Trustees (the "Board") of The 2023 ETF Series Trust ("Trust") considered and approved the continuance of the Investment Advisory Agreement (the "Agreement") between the Trust and Brandes Investment Partners, L.P. ("Brandes") with respect to the Brandes International ETF, Brandes U.S. Value ETF, and Brandes U.S. Small-Mid Cap Value ETF (each, a "Fund," and collectively, the "Funds") pursuant to which Brandes provides advisory services to the Funds. The Board, which is comprised solely of Trustees who are not "interested persons" of the Trust the "Independent Trustees") within the meaning of the Investment Company Act of 1940 (the "1940 Act"), were advised by legal counsel throughout the process.

Pursuant to Section 15 of the 1940 Act, the continuation of the Agreement must be approved by a vote of (i) the Trustees or the shareholders of the Funds and (ii) a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval. In connection with its consideration of such approval, the Board must request and evaluate, and Brandes is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreement.

Consistent with these responsibilities, prior to the Meeting, the Board reviewed materials from Brandes, and at the Meeting representatives from Brandes presented additional information to help the Board evaluate the Agreement. Among other things, representatives from Brandes provided an overview of its advisory business, including investment personnel and investment processes. During the Meeting, the Board discussed the materials it received, including a memorandum from legal counsel on the responsibilities of Trustees in considering the approval of investment advisory agreements under the 1940 Act, considered Brandes's oral presentation, and deliberated on the approval of the Agreement in light of this information. Throughout the process, the Independent Trustees were afforded the opportunity to ask questions of, and request additional materials from, Brandes. The Independent Trustees were assisted in their review by counsel and met with counsel separately and without management present.

In considering whether to approve the continuance of the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by Brandes to each Fund; (ii) the investment objective and strategy for each Fund and each Fund's performance record; (iii) the profits realized by Brandes from providing advisory services to the Funds; (iv) fees charged to comparable funds; (v) the extent to which the advisory fee for the Fund reflects economies of scale shared with Fund shareholders; and (vi) other factors the Board deemed to be relevant.

 

*Nature, Extent and Quality of Services*

With respect to the nature, extent and quality of services provided by Brandes to each Fund, the Board considered Brandes's responsibilities with respect to providing investment advisory services to the Funds, including developing, implementing, and maintaining each Fund's investment program; portfolio management, including evaluating and selecting investments for each Fund; trading portfolio securities and other investment instruments on behalf of each Fund; selecting broker-dealers to execute purchase and sale transactions; overseeing general portfolio compliance with relevant law; monitoring compliance with various policies and procedures and applicable securities regulations; periodic reporting to the Board; and implementing Board directives as they relate to the each Fund. The Board noted that it had been provided with Brandes's registration form on Form ADV as well as Brandes's responses to a detailed series of questions, which included a description of Brandes's operations, services, personnel, compliance program, risk management program, and financial condition, and whether there had been material changes to such information since it was last presented to the Board.

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

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

 

*Investment Performance*

The Board reviewed each Fund's performance in light of its stated investment objective, noting that each Fund is actively managed. The Board was provided reports regarding each Fund's past performance, including a report prepared by Broadridge, an independent third-party comparing each Fund's performance to the performance of a group of peer funds (each, a "Peer Group"), each Fund's Morningstar category group (each, a "Category Peer Group"), as well as each Fund's benchmark for the one-year and since inception periods ended March 31, 2025 (together, the "Time Periods"). The Board noted that the (1) Brandes International ETF had outperformed its benchmark, Peer Group median, and Category Peer Group median for the Time Periods; (2) Brandes U.S. Small-Mid Cap Value ETF outperformed its benchmark for the one-year period but underperformed its benchmark for the since inception period, performed at or above its Peer Group median, and outperformed its Category Group median for the Time Periods; and (3) Brandes U.S. Value ETF slightly underperformed its broad-based securities market index for the Time Periods and outperformed Peer Group and Category Peer Group medians for the Time Periods. In reviewing the Funds' performance, the Board took into account that the Funds have had a relatively short operating history over which to consider performance. The Board focused on the extent to which each Fund achieved its investment objective as an actively managed fund. The Board also reviewed information regarding factors impacting the performance of each Fund, noting that it received regular reports regarding each Fund's performance at its quarterly meetings.

**Board Review of Investment Management Agreements** (Unaudited) (Continued)

 

*Fees Charged to Comparable Funds*

The Board reviewed the advisory fee paid by each Fund to Brandes under the Agreement. The Board reviewed a report prepared by Broadridge, an independent third-party, comparing each Fund's advisory fee to those paid by a group of peer funds. The Board noted that each Fund's advisory fee was within the range of their respective Peer Groups. The Board took into consideration that the advisory fee for each Fund's is a "unitary fee," meaning that the Funds pay no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that, under the Agreement, Brandes is responsible for compensating the Funds' other service providers and paying each Fund's other expenses out of its own fee and resources.

 

*Profitability and Economies of Scale*

The Board considered information concerning the profitability of Brandes from managing the Funds. The Board reviewed information provided about the costs and expenses incurred by Brandes in providing advisory services, evaluated the compensation and benefits received by Brandes from its relationship with the Funds, and reviewed a profitability analysis from Brandes with respect to each Fund. The Board also considered whether economies of scale have been realized with respect to each Fund, or whether other efficiencies resulted as each Fund's assets grow. The Board concluded that no significant economies of scale have been realized and that the Board will have the opportunity to periodically reexamine whether such economies have been achieved. The Board noted the structuring of Brandes's advisory fee as a unitary fee effectively acted as a cap on each Fund's total expense ratio. The Board further noted that it intends to monitor for the existence of economies of scale with respect to the management of the Funds. The Board also took into account Brandes's demonstrated commitment of reinvesting in its advisory business to ensure the continued provision of high quality services to the Funds.

 

*Conclusion*

After reviewing these and other factors, the Board concluded, in the context of its overall review of the Agreement, that the nature, extent and quality of services provided supported its approval of the continuance of the Agreement and that the fee charged under that Agreement was reasonable. In the Independent Trustees' deliberations, each Trustee gave specific factors the weight that Trustee thought appropriate. No single factor was determinative of the Board's decision of whether to approve the continuance of the Agreement on behalf of each Fund; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, determined that the approval of the continuance of the Agreement was in the best interests of the Funds and their respective shareholders.

**Additional Information** (Unaudited)

 ****

***Proxy Voting Policies and Procedures***

The Advisor votes proxies relating to the Funds' portfolio securities in accordance with procedures adopted by the Advisor. You may obtain a description of these procedures, free of charge, by calling toll-free 1-866-307-0477. This information is also available through the Commission's website at <u>http://www.sec.gov</u>.

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-307-0477. This information is also available through the Commission's website at http://www.sec.gov.

 ****

***Portfolio Holdings Information***

The Trust files the Funds' complete schedules of investments holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov. Information regarding the Trust's Form N-PORT filings is also available, without charge, by calling toll-free, 1-866-307-0477.

 ****

***Discount & Premium Information***

Information regarding how often shares of each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.brandes.com/etfs.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Brandes International ETF | 100.00% | 0.00% |
| Brandes U.S. Small-Mid Cap Value ETF | 100.00% | 100.00% |
| Brandes U.S. Value ETF | 100.00% | 100.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year.

For the period ended June 30, 2025, the Fund listed below intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income (excluding any amortization/accretion of premium/discount) and foreign taxes paid were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign<br> Taxes<br> Paid** | **Gross<br> Foreign<br> Income** |
| Brandes International ETF | $454728 | $5747882 |

---

This report must be preceded or accompanied by a prospectus.

![](fp0095233-1_02.jpg)

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

The Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Report to Shareholders filed under Item 7(a) of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded, based on
 their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this
 report, that the design and operation of such procedures are effective, as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected,
 or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

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

Not Applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](fp0095233-1_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0095233-1_ex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](fp0095233-1_ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The 2023 ETF Series Trust |
| By (Signature and Title) | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President |
|  | (Principal Executive Officer) |
| Date | 9/4/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President |
|  | (Principal Executive Officer) |
| Date | 9/4/2025 |
| By (Signature and Title) | /s/ Michael Minella |
|  | Michael Minella, Treasurer |
|  | (Principal Financial Officer) |
| Date | 9/4/2025 |

---

## Ex-99.Code

Financial Code of Ethics for Principal Executive and Financial Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AFFIRMATION OF THE CODE** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **AMENDMENT AND WAIVER** 

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

**Adopted: May 31, 2023**

**SCHEDULE A**

Principal Executive Officer: Trent Statczar\* <br> Eric Falkeis\*\* <br> Principal Financial Officer Michael Minella

\* Mr. Statczar acted as President and Principal Executive Officer through July 20, 2025

\*\* Mr. Falkeis began his term as President and Principal Executive Officer on July 21, 2025.

## Ex-99.Cert

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

**Sarbanes-Oxley Act**

I, Eric W. Falkeis, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/4/2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis, President |
|  |  | (Principal Executive Officer) |

---

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

**Sarbanes-Oxley Act**

I, Michael Minella, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/4/2025 | /s/ Michael Minella |
|  |  | Michael Minella, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

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

**Sarbanes-Oxley Act**

I, Eric W. Falkeis, President, Principal Executive Officer of The 2023 ETF Series Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 9/4/2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis, President |
|  |  | (Principal Executive Officer) |

---

I, Michael Minella, Principal Financial Officer and Treasurer of The 2023 ETF Series Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 9/4/2025 | /s/ Michael Minella |
|  |  | Michael Minella, Treasurer |
|  |  | (Principal Financial Officer) |

---