# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-26-021767
**Filing Date:** 2026-5
**Character Count:** 43853
**Document Hash:** 00238fffb26b637cad000c2a0840e978
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021767.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021767

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 261032159

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

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

## Series and Classes Contracts Data

### Atlas America Fund (Series ID: S000088240)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000254438 | Atlas America Fund | USAF            |

## Nport-Ex

#### Atlas

#### America

#### Fund

#### Schedule

#### of

#### Investments
March

31,

2026

(Unaudited)

#### Shares

#### Value

#### Exchange-Traded

#### Funds

#### —

#### 84.4%
Simplify

Commodities

Strategy

No

ETF

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

20,000

$

707,400

#### Agricultural

#### Commodities

#### —

#### 9.4%
Invesco

Agriculture

Commodity

Strategy

No

ETF

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

48,000

1,750,560

#### Equity

#### Funds

#### —

#### 3.0%
Vanguard

Short-Term

Inflation-Protected

Securities

ETF

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

11,200

559,440

#### Financials

#### —

#### 3.3%
ProShares

UltraShort

20+

Year

Treasury

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

17,328

608,906

#### Gold

#### —

#### 19.7%
iShares

Gold

Trust\*

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

4,235

373,358

iShares

Gold

Trust

Micro\*

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

35,254

1,646,362

SPDR

Gold

MiniShares

Trust\*

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

17,753

1,645,525

Total

Gold

3,665,245

#### Industrials

#### —

#### 3.9%
Global

X

Defense

Tech

ETF

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

6,968

493,613

SPDR

S&P

Aerospace

&

Defense

ETF

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

928

235,694

Total

Industrials

729,307

#### Information

#### Technology

#### —

#### 2.0%
Global

X

Cybersecurity

ETF

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

12,434

312,218

iShares

Cybersecurity

and

Tech

ETF

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

1,533

66,915

Total

Information

Technology

379,133

#### TIPS

#### —

#### 8.1%
iShares

0-5

Year

TIPS

Bond

ETF

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

14,705

1,520,938

#### U.S.

#### Treasury

#### —

#### 31.2%
iShares

1-3

Year

Treasury

Bond

ETF

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

15,092

1,246,146

Schwab

Short-Term

U.S.

Treasury

ETF

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

51,387

1,247,162

SPDR

Portfolio

Short

Term

Treasury

ETF

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

42,692

1,245,753

U.S.

Treasury

Year

Note

ETF

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

13,102

632,595

Vanguard

Short-Term

Treasury

ETF

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

24,604

1,440,318

Total

U.S.

Treasury

5,811,974

#### Total

#### Exchange-Traded

#### Funds

#### (Cost

#### $14,671,944)

#### 15,732,903

#### Real

#### Estate

#### Investment

#### Trusts

#### —

#### 6.7%

#### REITs

#### —

#### 6.7%
Acadia

Realty

Trust

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

7,571

Agree

Realty

Corp.

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

25,855

Alexandria

Real

Estate

Equities,

Inc.

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

565

26,227

American

Assets

Trust,

Inc.

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

3,645

American

Healthcare

REIT,

Inc.

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

597

28,155

American

Tower

Corp.

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

724

124,948

Apartment

Investment

and

Management

Co.

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

1,791

#### Atlas

#### America

#### Fund

#### Schedule

#### of

#### Investments
(Continued)

March

31,

2026

(Unaudited)

#### Shares

#### Value

#### Real

#### Estate

#### Investment

#### Trusts

#### —

#### 6.7%
(continued)

#### REITs

#### —

#### 6.7%
(continued)

AvalonBay

Communities,

Inc.

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

$

65,667

BXP,

Inc.

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

25,171

CBL

&

Associates

Properties,

Inc.

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

3,343

Centerspace

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

3,102

COPT

Defense

Properties

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

10,037

Crown

Castle,

Inc.

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

1,215

98,792

DiamondRock

Hospitality

Co.

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

605

5,669

Digital

Realty

Trust,

Inc.

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

709

127,769

Empire

State

Realty

Trust,

Inc.

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

2,496

Equinix,

Inc.

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

126,451

Equity

Residential

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

1,176

69,560

Essex

Property

Trust,

Inc.

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

50,094

Federal

Realty

Investment

Trust

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

26,128

Five

Point

Holdings

LLC\*

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

2,226

Gladstone

Commercial

Corp.

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

1,543

Global

Net

Lease,

Inc.

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

616

5,766

HA

Sustainable

Infrastructure

Capital,

Inc.

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

13,561

Healthpeak

Properties,

Inc.

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

2,101

34,519

Innovative

Industrial

Properties,

Inc.

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

4,063

JBG

SMITH

Properties

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

2,586

Kennedy-Wilson

Holdings,

Inc.

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

4,415

Kilroy

Realty

Corp.

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

10,776

LTC

Properties,

Inc.

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

5,202

Monarch

Casino

&

Resort,

Inc.

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

5,545

Pebblebrook

Hotel

Trust

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

4,256

Realty

Income

Corp.

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

2,034

124,440

Sabra

Health

Care

REIT,

Inc.

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

738

14,192

Safehold,

Inc.

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

3,058

SBA

Communications

Corp.

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

50,945

SL

Green

Realty

Corp.

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

7,388

Sonida

Senior

Living,

Inc.\*

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

1,935

STAG

Industrial,

Inc.

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

567

20,446

Strawberry

Fields

REIT,

Inc.

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

2,118

UDR,

Inc.

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

938

31,686

UMH

Properties,

Inc.

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

3,968

Veris

Residential,

Inc.

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

5,076

Vornado

Realty

Trust

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

589

15,308

WP

Carey,

Inc.

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

653

44,378

#### Total

#### Real

#### Estate

#### Investment

#### Trusts

#### (Cost

#### $1,267,827)

#### 1,251,867

#### Money

#### Market

#### Funds

#### —

#### 6.7%
Dreyfus

Government

Cash

Management,

3.53%

(a) #### (Cost

#### $1,257,016)

#### .................................................................................
1,257,016

1,257,016

#### Atlas

#### America

#### Fund

#### Schedule

#### of

#### Investments
(Continued)

March

31,

2026

(Unaudited)

#### Notional

#### Amount

#### Contracts

#### Value

#### EXCHANGE

#### TRADED

#### PURCHASED

#### OPTIONS

#### -

#### OPTIONS

#### ON

#### INDICES

#### —

#### 1.5%
SPDR

Gold

Shares,

expiring

06/18/26,

Strike

Price

$410.00

$

1,640,000

$

64,040

SPDR

Gold

Shares,

expiring

06/30/26,

Strike

Price

$400.00

2,000,000

68,000

SPDR

Gold

Shares,

expiring

07/17/26,

Strike

Price

$445.00

890,000

70,460

SPDR

Gold

Shares,

expiring

08/21/26,

Strike

Price

$400.00

1,600,000

71,480

#### Total

#### Options

#### (Cost

#### $221,504)
273,980

#### Total

#### Investments

#### Before

#### Written

#### Options

#### –

#### 99.3%
(Cost

$17,418,291)

18,515,766

#### EXCHANGE

#### TRADED

#### WRITTEN

#### OPTIONS

#### -

#### OPTIONS

#### ON

#### INDICES

#### –

#### (0.5)%
SPDR

Gold

Shares,

expiring

06/18/26,

Strike

Price

$360.00

$

(1,440,000)

(40) (19,880)

SPDR

Gold

Shares,

expiring

06/30/26,

Strike

Price

$350.00

(1,750,000)

(50) (21,500)

SPDR

Gold

Shares,

expiring

07/17/26,

Strike

Price

$395.00

(790,000)

(20) (27,500)

SPDR

Gold

Shares,

expiring

08/21/26,

Strike

Price

$360.00

(1,440,000)

(40) (32,000)

#### Total

#### Options

#### –

#### (0.5)%

#### [Premiums

#### Received

#### $(65,933)]

#### (100,880)

#### Total

#### Written

#### Options

#### [Premiums

#### Received

#### $(65,933)]
(100,880)

#### Total

#### Investments

#### —

#### 98.8%

#### (Cost

#### $17,352,358)
18,414,886

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### —

#### 1.2%
220,430

#### Net

#### Assets

#### —

#### 100%
$

18,635,316

_______________

\*

Non

Income

Producing.

(a) Rate

shown

reflects

the

7-day

yield

as

of

March

31,

2026.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

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

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

- **a. Name of Series:** Atlas America Fund

- **b. EDGAR series identifier (if any):** S000088240

- **c. LEI of Series:** 5299007LQEUCKSDYLB03

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $18748163.67

**Total Liabilities:** $112798.35

**Net Assets:** $18635365.32

**Cash Not Reported:** $730784.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254438 | 3.21%                | 1.73%                | -2.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1348.89                 | $576095.52                                 |
| Month 2  | $66650.65                | $316848.31                                 |
| Month 3  | $62586.11                | $-639512.47                                |

**Designated Index Information**

- **Index Name:** Carve Out - YN_1004485

- **Index Identifier:** JOTVGJ67QV

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Healthpeak Properties Inc                           | Healthpeak Properties Inc COM                                                                                                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      2928 | NS      | $48107.04     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                                      | Global X Funds DEFENSE TECH ETF                                                                                               | CUSIP: 37960A529<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |      6968 | NS      | $493613.12    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-07-17 PUT 445                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        20 | NC      | $70460.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                | Vornado Realty Trust SH BEN INT                                                                                               | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       826 | NS      | $21467.74     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                       | iShares Trust 1 3 YR TREAS BD                                                                                                 | CUSIP: 464287457<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     15092 | NS      | $1246146.44   | 6.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT, Inc.                        | Sabra Health Care REIT, Inc. COM                                                                                              | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      1079 | NS      | $20749.17     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                          | Essex Property Trust, Inc. COM                                                                                                | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       207 | NS      | $50094.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                | Global Net Lease Inc COM NEW                                                                                                  | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |       860 | NS      | $8049.60      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                                | Sl Green Realty Corp COM                                                                                                      | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |       294 | NS      | $10860.36     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                               | STAG Industrial, Inc. COM                                                                                                     | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |       795 | NS      | $28667.70     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Gold Trust                                  | Ishares Gold Trust ISHARES NEW                                                                                                | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |      4235 | NS      | $373357.60    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                     | Federal Realty Investment Trust SH BEN INT NEW                                                                                | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |       355 | NS      | $37704.55     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co.                         | DiamondRock Hospitality Co. COM                                                                                               | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |       805 | NS      | $7542.85      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Simplify Exchange Traded Funds                      | Simplify Commodities Strategy No K-1 ETF                                                                                      | CUSIP: 82889N566<br>LEI: 549300LUJCGPQCEX8Q16 | Long             | EC               | RF                | US        |     20000 | NS      | $707400.00    | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| STRAWBERRY FIELDS REIT INC                          | Strawberry Fields REIT Inc. COM                                                                                               | CUSIP: 863182101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       312 | NS      | $3712.80      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| World Gold Trust                                    | World Gold Trust SPDR GLD MINIS                                                                                               | CUSIP: 98149E303<br>LEI: 549300DGCWLK8TGZ0C89 | Long             | EC               | RF                | US        |     17753 | NS      | $1645525.57   | 8.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                         | AvalonBay Communities, Inc. COM                                                                                               | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       402 | NS      | $65666.70     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-06-30 PUT 350                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-21500.00    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                  | Equity Residential SH BEN INT                                                                                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      1176 | NS      | $69560.40     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                         | Centerspace COM                                                                                                               | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |        63 | NS      | $3619.35      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc.                                       | Safehold Inc. COM                                                                                                             | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |       250 | NS      | $3382.50      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds                           | Vanguard Scottsdale Funds SHORT TERM TREAS                                                                                    | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     24604 | NS      | $1440318.16   | 7.73%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                          | American Tower Corporation COM                                                                                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       724 | NS      | $124947.92    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties, Inc.                   | CBL & Associates Properties, Inc. COMMON STOCK                                                                                | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |       107 | NS      | $4112.01      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                            | SBA Communications Corp. CL A                                                                                                 | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       296 | NS      | $50944.56     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RBB FUND INC (THE)                                  | RBB Fund Inc US TREASURY 2 YEAR NOTE ETF                                                                                      | CUSIP: 74933W486<br>LEI: 5493005KKD0GVHSW0D29 | Long             | STIV             | RF                | US        |     13102 | NS      | $632594.69    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                  | LTC Properties Inc COM                                                                                                        | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |       202 | NS      | $7506.32      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management Funds            | Dreyfus Government Cash Management Funds SH BEN INT                                                                           | CUSIP: 262006208<br>LEI: 549300F7IDB6WRO7VJ11 | Long             | STIV             | RF                | US        |    618799 | NS      | $618799.09    | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                       | Equinix, Inc. COM                                                                                                             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       129 | NS      | $126450.96    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                         | Kennedy-Wilson Holdings Inc COM                                                                                               | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |       567 | NS      | $6134.94      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ASSETS TRUST INC                           | American Assets Trust Inc. COM                                                                                                | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       290 | NS      | $5338.90      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc           | HA Sustainable Infrastructure Capital Inc COM                                                                                 | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |       564 | NS      | $20727.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                       | iShares Trust 0-5 YR TIPS ETF                                                                                                 | CUSIP: 46429B747<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     14705 | NS      | $1520938.15   | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-06-18 PUT 410                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        40 | NC      | $64040.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH PROPERTIES LP                             | JBG SMITH Properties COM                                                                                                      | CUSIP: 46590V100<br>LEI: 549300HHIW6GDQCPEC54 | Long             | EC               | CORP              | US        |       177 | NS      | $2585.97      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                                      | Global X Funds CYBRSCURTY ETF                                                                                                 | CUSIP: 37954Y384<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     12434 | NS      | $312217.74    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Malvern Funds                              | Vanguard Malvern Funds STRM INFPROIDX                                                                                         | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     11200 | NS      | $559440.00    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                           | Digital Realty Trust Inc. COM                                                                                                 | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       709 | NS      | $127768.89    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                           | Kilroy Realty Corporation COM                                                                                                 | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |       570 | NS      | $16079.70     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraShort 20+ Year Treasury              | ProShares UltraShort 20+ Year Treasury                                                                                        | CUSIP: 74347B201<br>LEI: PQTQB8I6TMT6W5YFAJ57 | Long             | EC               | CORP              | US        |     17328 | NS      | $608905.92    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST | Invesco Actively Managed Exchange-Traded Commodity Fund Trust AGRICULTURE COMMODITY STRATEGY NO K-1 ETF                       | CUSIP: 46090F308<br>LEI: 549300OBO63GT3VYXY23 | Long             | STIV             | RF                | US        |     48000 | NS      | $1750560.00   | 9.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                   | SPDR Series Trust STATE STREET SPDR S&P AEROSPACE & DEFENSE ETF                                                               | CUSIP: 78464A631<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |       928 | NS      | $235693.44    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-06-18 PUT 360                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -40 | NC      | $-19880.00    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                              | Schwab Strategic Trust SHT TM US TRES                                                                                         | CUSIP: 808524862<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |     51387 | NS      | $1247162.49   | 6.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                                 | Acadia Realty Trust COM SH BEN INT                                                                                            | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |       556 | NS      | $10630.72     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                             | COPT Defense Properties SHS BEN INT                                                                                           | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |       328 | NS      | $10036.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                             | Pebblebrook Hotel Trust COM                                                                                                   | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |       472 | NS      | $5961.36      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                                     | W. P. Carey Inc COM                                                                                                           | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |       653 | NS      | $44377.88     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-08-21 PUT 360                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -40 | NC      | $-32000.00    | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-08-21 PUT 400                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        40 | NC      | $71480.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Propertes Inc                 | Innovative Industrial Propertes Inc COM                                                                                       | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |       105 | NS      | $5266.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-07-17 PUT 395                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-27500.00    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                    | GLD A 2026-06-30 PUT 400                                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        50 | NC      | $68000.00     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings Llc                             | Five Point Holdings Llc COM CL A                                                                                              | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       650 | NS      | $3146.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                       | iShares Trust CYBERSECURITY                                                                                                   | CUSIP: 46435U135<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1533 | NS      | $66915.45     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonida Senior Living Inc                            | Sonida Senior Living Inc COM                                                                                                  | CUSIP: 140475203<br>LEI: 254900YX6LQ8K1N8PZ90 | Long             | EC               | CORP              | US        |        60 | NS      | $1935.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                           | Realty Income Corporation COM                                                                                                 | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      2034 | NS      | $124440.12    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                         | Monarch Casino & Resort Inc COM                                                                                               | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |        58 | NS      | $5544.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                               | Veris Residential Inc COM                                                                                                     | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |       269 | NS      | $5076.03      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                       | American Healthcare REIT Inc. COM SHS                                                                                         | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |       850 | NS      | $40086.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                             | UDR Inc COM                                                                                                                   | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      1352 | NS      | $45670.56     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.               | Alexandria Real Estate Equities, Inc. COM                                                                                     | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       836 | NS      | $38807.12     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                                   | SPDR Series Trust STATE STREET SPDR PORTFOLIO SHORT TERM TREASURY ETF                                                         | CUSIP: 78468R101<br>LEI: 5493004JVD6CQEEJSS37 | Long             | STIV             | RF                | US        |     42692 | NS      | $1245752.56   | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                             | BXP Inc COM                                                                                                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       485 | NS      | $25171.50     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                       | Empire State Realty Trust Inc CL A                                                                                            | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |       480 | NS      | $2496.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                                   | Crown Castle Inc. COM                                                                                                         | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1215 | NS      | $98791.65     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Gold Trust Micro                            | Ishares Gold Trust Micro SHARES REPRESENTING UNITS OF FRACTIONAL UNDIVIDED BENEFICIAL INTEREST IN THE NET ASSETS OF THE TRUST | CUSIP: 46436F103<br>LEI: 549300Z5IU6IUZNQ7X30 | Long             | STIV             | RF                | US        |     35254 | NS      | $1646361.80   | 8.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                   | Agree Realty Corp COM                                                                                                         | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |       502 | NS      | $37840.76     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                  | UMH Properties Inc COM                                                                                                        | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |       389 | NS      | $5613.27      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer