# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001004726-25-002269
**Filing Date:** 2025-11
**Character Count:** 30913
**Document Hash:** ed14ee22955e9e77f11ddb98dbc1d080
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002269.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002269

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 251520597

**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

### Pacific NoS Global EM Equity Active ETF (Series ID: S000088737)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255106 | Pacific NoS Global EM Equity Active ETF | GEME            |

## Nport-Ex

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

September

30,

2025

(Unaudited)

Shares

Value

Common

Stocks

-

97.4%

Argentina

-

1.0%

a

YPF

SA

-

ADR

(a) .....................................................................................

28,864

$

701,107

Brazil

-

4.4%

a

Banco

do

Brasil

SA

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

175,007

725,917

PRIO

SA

(a) .........................................................................................

101,695

728,118

Telefonica

Brasil

SA

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

230,210

1,472,760

a

2,926,795

Canada

-

4.2%

a

Pan

American

Silver

Corp.

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

72,891

2,823,068

China

-

23.4%

a

Baidu,

Inc.

-

ADR

(a) ...................................................................................

6,118

806,169

China

Construction

Bank

Corp.

-

Class

H

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

714,000

686,433

Contemporary

Amperex

Technology

Co.,

Ltd.

-

Class

A

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

43,700

2,467,869

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

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

154,551

2,004,527

Haidilao

International

Holding,

Ltd.

(b) ......................................................................

508,000

876,222

JD.com,

Inc.

-

ADR

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

56,333

1,970,528

Kuaishou

Technology

-

Class

W

(b) ........................................................................

95,200

1,035,155

Ningbo

Deye

Technology

Co.,

Ltd.

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

125,900

1,432,601

PICC

Property

&

Casualty

Co.,

Ltd.

-

Class

H

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

528,000

1,191,672

Sinotruk

Hong

Kong,

Ltd.

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

366,000

1,080,068

Tongcheng

Travel

Holdings,

Ltd.

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

222,400

657,447

Vipshop

Holdings,

Ltd.

-

ADR

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

47,073

924,514

Yutong

Bus

Co.,

Ltd.

-

Class

A

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

202,800

775,195

a

15,908,400

Greece

-

4.0%

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

392,578

1,513,925

National

Bank

of

Greece

SA

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

83,551

1,213,908

a

2,727,833

Hong

Kong

-

7.4%

a

Alibaba

Group

Holding,

Ltd.

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

221,316

5,034,823

India

-

2.5%

a

ICICI

Bank,

Ltd.

-

ADR

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

56,980

1,722,505

Indonesia

-

1.7%

a

Bank

Mandiri

Persero

TBK

PT

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

4,419,139

1,166,769

Korea,

Republic

of

-

16.5%

a

HD

Hyundai

Co.,

Ltd.

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

22,152

Hyundai

Glovis

Co.,

Ltd.

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

6,592

777,105

Kia

Corp.

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

25,250

1,812,248

KT

Corp.

-

ADR

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

60,973

1,188,973

Samsung

Electronics

Co.,

Ltd.

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

57,196

3,420,223

SK

Square

Co.,

Ltd.

(a) .................................................................................

14,262

2,048,247

SK,

Inc.

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

5,691

851,794

Woori

Financial

Group,

Inc.

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

60,967

1,127,610

a

11,248,352

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

—

continued

September

30,

2025

(Unaudited)

Shares

Value

Common

Stocks

-

97.4%

(continued)

Malaysia

-

1.4%

a

Malayan

Banking

BHD

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

394,900

$

929,894

Mexico

-

1.9%

a

Wal-Mart

de

Mexico

SAB

de

CV

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

417,578

1,288,552

Saudi

Arabia

-

1.2%

a

Saudi

Awwal

Bank

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

99,610

852,085

South

Africa

-

5.7%

a

Absa

Group,

Ltd.

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

115,066

1,207,784

Naspers,

Ltd.

-

Class

N

(a) ...............................................................................

5,465

1,981,268

Vodacom

Group,

Ltd.

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

81,571

630,204

a

3,819,256

Taiwan

-

17.5%

a

ASE

Technology

Holding

Co.,

Ltd.

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

225,893

1,215,515

Lotes

Co.,

Ltd.

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

25,384

1,286,774

MediaTek

,

Inc.

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

68,003

2,934,049

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

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

118,458

5,072,107

United

Microelectronics

Corp.

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

895,902

1,338,944

a

11,847,389

United

Arab

Emirates

-

4.6%

a

Adnoc

Gas

PLC

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

1,054,733

1,016,541

ADNOC

Logistics

&

Services

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

250,204

393,732

Dubai

Islamic

Bank

PJSC

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

233,882

610,016

Emaar

Properties

PJSC

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

303,454

1,078,158

a

3,098,447

a

Total

Common

Stocks

(Cost

$57,983,289)

66,095,275

Total

Investments

-

97.4%

(Cost

$57,983,289)

66,095,275

Other

Assets

in

Excess

of

Liabilities

-

2.6%

1,763,512

Net

Assets

-

100%

$

67,858,787

(a) Non-income

producing

(b) Rule

144A,

Section

4(2),

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

This

security

has

been

deemed

liquid

based

upon

the

Fund's

Liquidity

Guidelines.

The

liquidity

determination

is

unaudited.

As

of

September

30,

2025,

the

aggregate

value

of

these

securities

was

$1,911,377

which

represented

2.8%

of

the

net

assets

of

the

Fund.

ADR

-

American

Depositary

Receipt

PLC

-

Public

Limited

Company

SA

-

Special

Assessment

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

—

continued

September

30,

2025

(Unaudited)

Forward

Currency

Contracts

At

September

30,

2025,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Foreign

Exchange

Appreciation

(Depreciation)

Taiwanese

Dollar

34,872,000

U.S.

Dollar

1,200,000

Citigroup

3/6/26

$

(43,266)

U.S.

Dollar

4,000,000

Taiwanese

Dollar

127,520,000

Citigroup

3/6/26

(229,946)

Taiwanese

Dollar

23,872,000

U.S.

Dollar

800,000

Btig

,

LLC. 4/21/26

(5,763)

U.S.

Dollar

1,900,000

Taiwanese

Dollar

59,375,000

Citibank

4/21/26

(75,446)

Taiwanese

Dollar

25,560,000

U.S.

Dollar

900,000

Citigroup

5/5/26

(48,820)

$

(403,241)

U.S.

Dollar

400,000

Taiwanese

Dollar

10,760,000

Citigroup

5/5/26

41,679

Total

Net

Forward

Currency

Contracts

$

(361,562)

Summary

of

Investment

Type

Sector

Percentage

of

Net

Assets

Information

Technology

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

22.5%

Consumer

Discretionary

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

19.6%

Financials

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

19.2%

Industrials

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

16.7%

Communication

Services

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

7.5%

Energy

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

4.2%

Materials

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

4.2%

Other\*

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

3.5%

Other

Assets

in

Excess

of

Liabilities

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

2.6%

100.0%

\*

Other

includes

the

remaining

asset

classes

which

are

each

under

2%

of

the

net

assets

of

the

Fund.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 262-267-4589

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

- **a. Name of Series:** Pacific NoS Global EM Equity Active ETF

- **b. EDGAR series identifier (if any):** S000088737

- **c. LEI of Series:** 529900C33J7ODTLYTP41

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

- **a. Date of fiscal year-end:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $68384242.85

**Total Liabilities:** $523931.69

**Net Assets:** $67860311.16

**Cash Not Reported:** $1627225.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255106 | 2.14%                | 2.54%                | 8.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $333716.30               | $419144.37                                 |
| Month 2  | $229951.89               | $808236.22                                 |
| Month 3  | $538136.43               | $3865774.53                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                         | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KUAISHOU TECHNOLOGY                          | KUAISHOU TECHNOLOGY                        | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | KY        |     95200 | NS      | $1035155.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ABSA GROUP LIMITED                           | ABSA GROUP LTD                             | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               | CORP              | ZA        |    115066 | NS      | $1207784.49   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                  | BAIDU INC                                  | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             |  | CORP              | KY        |      6118 | NS      | $806168.86    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VODACOM GROUP LIMITED                        | VODACOM GROUP LTD                          | CUSIP: N/A<br>LEI: 37890012A8DC24B8D663       | Long             | EC               | CORP              | ZA        |     81571 | NS      | $630204.24    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.           | WAL MART DE MEXICO SAB DE CV               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    417578 | NS      | $1288552.43   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MALAYAN BANKING BERHAD                       | MALAYAN BANKING BHD                        | CUSIP: N/A<br>LEI: 5493004OT3TOY404V310       | Long             | EC               | CORP              | MY        |    394900 | NS      | $929894.02    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                | MEDIATEK INC                               | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |     68003 | NS      | $2934048.99   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Full Truck Alliance Co Ltd                   | FULL TRUCK ALLIANCE CO LTD                 | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             |  | CORP              | KY        |    154551 | NS      | $2004526.47   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                           | ICICI BANK LTD                             | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             |  | CORP              | IN        |     56980 | NS      | $1722505.40   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Logistics & Services PLC               | ADNOC LOGISTICS SERVICES                   | CUSIP: N/A<br>LEI: 254900CIXQYSEOFXAB16       | Long             | EC               | CORP              | AE        |    250204 | NS      | $393732.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM, INC.                                 | JD COM INC                                 | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             |  | CORP              | KY        |     56333 | NS      | $1970528.34   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| U S DOLLARS                                  | U S DOLLARS                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |  10760000 | OU      | $41678.57     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A.                         | BANCO DO BRASIL SA                         | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    175007 | NS      | $725916.50    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF Sociedad Anonima                         | YPF SA                                     | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             |  | CORP              | AR        |     28864 | NS      | $701106.56    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO S.A.                                    | PETRO RIO SA                               | CUSIP: N/A<br>LEI: 549300IQAZIWK5RVZX23       | Long             | EC               | CORP              | BR        |    101695 | NS      | $728118.29    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Woori Financial Group Inc.                   | WOORI FINANCIAL GROUP INC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     60967 | NS      | $1127610.31   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFONICA BRASIL S.A                        | TELEFONICA BRASIL SA                       | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |    230210 | NS      | $1472759.56   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW TAIWAN DOLLAR                            | NEW TAIWAN DOLLAR                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        | -23872000 | OU      | $-5762.61     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| KT CORPORATION                               | KT CORP                                    | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             |  | CORP              | KR        |     60973 | NS      | $1188973.50   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank P.J.S.C.                  | DUBAI ISLAMIC BANK PJSC                    | CUSIP: N/A<br>LEI: 5493003E7YRAQY3JGW88       | Long             | EC               | CORP              | AE        |    260701 | NS      | $679966.13    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property and Casualty Company Limited   | PICC PROPERTY CASUALTY CO LTD              | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |    490900 | NS      | $1107938.41   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongcheng Travel Holdings Limited            | TONGCHENG TRAVEL HLDGS                     | CUSIP: N/A<br>LEI: 2549004WGGNOPL8NUL61       | Long             | EC               | CORP              | KY        |    222400 | NS      | $657446.92    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| YUTONG BUS CO., LTD.                         | YUTONG BUS CO LTD                          | CUSIP: N/A<br>LEI: 300300OMPRVW0Q75F037       | Long             | EC               | CORP              | CN        |     47000 | NS      | $179655.68    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                | ALIBABA GROUP HOLDING LTD                  | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |    221316 | NS      | $5034822.37   | 7.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                    | PAN AMERICAN SILVER CORP                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     72891 | NS      | $2823068.43   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTES CO., LTD                               | LOTES CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     25384 | NS      | $1286773.41   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW TAIWAN DOLLAR                            | NEW TAIWAN DOLLAR                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        | -34872000 | OU      | $-43266.40    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    118458 | NS      | $5072107.42   | 7.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HAIDILAO INTERNATIONAL HOLDING LTD.          | HAIDILAO INTERNATIONAL HOLDING LTD         | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               | CORP              | KY        |    508000 | NS      | $876222.30    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NASPERS LIMITED                              | NASPERS LTD N SHS                          | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |      5465 | NS      | $1981268.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI GLOVIS Co., LTD.                     | HYUNDAI GLOVIS CO LTD                      | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |      7492 | NS      | $883202.17    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW TAIWAN DOLLAR                            | NEW TAIWAN DOLLAR                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | TW        | -25560000 | OU      | $-48820.10    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| SK Inc.                                      | SK INC                                     | CUSIP: N/A<br>LEI: 988400GMME8AOAFMDK34       | Long             | EC               | CORP              | KR        |      5691 | NS      | $851794.31    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Square Co., Ltd.                          | SK SQUARE CO LTD                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     14262 | NS      | $2048247.03   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED MICROELECTRONICS CORP.                | UNITED MICROELECTRONICS CORP               | CUSIP: N/A<br>LEI: 391200YJCAGH9LF96P73       | Long             | EC               | CORP              | TW        |    895902 | NS      | $1338944.03   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                 | NATIONAL BANK OF GREECE SA                 | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     83551 | NS      | $1213907.50   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co., Ltd.             | ASE TECHNOLOGY HOLDING CO LTD              | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |    225893 | NS      | $1215514.54   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Deye Technology Co Ltd                | NINGBO DEYE TECHNOLOGY CO LTD              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    125900 | NS      | $1432601.20   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                | SAMSUNG ELECTRONICS CO LTD                 | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     57196 | NS      | $3420223.37   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.    | CONTEMPORARY AMPEREX TECHNOLOGY CO LTD     | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |     43700 | NS      | $2467868.71   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORPORATION                              | KIA CORP                                   | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     25250 | NS      | $1812248.32   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| U S DOLLARS                                  | U S DOLLARS                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |  59375000 | OU      | $-75445.91    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| EMAAR PROPERTIES (P.J.S.C)                   | EMAAR PROPERTIES PJSC                      | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |    303454 | NS      | $1078158.10   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| U S DOLLARS                                  | U S DOLLARS                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        | 127520000 | OU      | $-229945.77   | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Awwal Bank SJSC                        | SAUDI AWWAL BANK                           | CUSIP: N/A<br>LEI: 558600TQS0WENZUC5190       | Long             | EC               | CORP              | SA        |     99610 | NS      | $852084.90    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA CONSTRUCTION BANK CORPORATION          | CHINA CONSTRUCTION BANK CORP               | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |    714000 | NS      | $686432.57    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Gas PLC                                | ADNOC GAS PLC                              | CUSIP: N/A<br>LEI: 254900O5NS03BDOOM362       | Long             | EC               | CORP              | AE        |   1054733 | NS      | $1016540.93   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VIPSHOP HOLDINGS LIMITED                     | VIPSHOP HOLDINGS LTD                       | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             |  | CORP              | KY        |     47073 | NS      | $924513.72    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                | BANK MANDIRI PERSERO TBK PT                | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |   4419139 | NS      | $1166769.37   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinotruk (Hong Kong) Limited                 | SINOTRUK HONG KONG LTD                     | CUSIP: N/A<br>LEI: 529900BB4WA4W576X724       | Long             | EC               | CORP              | HK        |    366000 | NS      | $1080067.86   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| YUTONG BUS CO., LTD.                         | ZHENGZHOU YUTONG BUS CO LTD                | CUSIP: N/A<br>LEI: 300300OMPRVW0Q75F037       | Long             | EC               | CORP              | CN        |    155800 | NS      | $595539.48    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. | EUROBANK ERGASIAS SERVICES AND HOLDINGS SA | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | EC               | CORP              | GR        |    392578 | NS      | $1513924.99   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer