# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001752724-25-204041
**Filing Date:** 2025-8
**Character Count:** 23878
**Document Hash:** aae706133f2c4603f97707ddd02bb68c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-204041.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-204041

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250630

**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:** 251253994

**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 U.S. Value ETF (Series ID: S000081644)

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

## 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:** Three Canal Plaza, Suite 100

  - **City:** Portland

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

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

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

- **a. Name of Series:** Brandes U.S. Value ETF

- **b. EDGAR series identifier (if any):** S000081644

- **c. LEI of Series:** 5493000L3T6RZSLSQO40

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $232654696.85

**Total Liabilities:** $113487.29

**Net Assets:** $232541209.56

**Cash Not Reported:** $3174.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244571 | -4.75%               | 3.06%                | 4.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1060140.42              | $-11463245.30                              |
| Month 2  | $1861560.27              | $4249118.71                                |
| Month 3  | $607773.51               | $8569224.17                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Evergy Inc                                  | Evergy Inc                                  | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     36697 | NS      | $2529524.21   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                 | Target Corp                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     22803 | NS      | $2249515.95   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                            | Wells Fargo & Co                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     74283 | NS      | $5951553.96   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                              | Halliburton Co                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    156408 | NS      | $3187595.04   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc                                   | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     16943 | NS      | $1438630.13   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                               | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     20229 | NS      | $2743456.98   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group Inc                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     47015 | NS      | $3382259.10   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                      | UnitedHealth Group Inc                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5911 | NS      | $1844054.67   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                      | Arch Capital Group Ltd                      | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     51667 | NS      | $4704280.35   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan US Treasury Plus Money Market Fund | JPMorgan US Treasury Plus Money Market Fund | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |   3840137 | NS      | $3840136.67   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I              | PNC Financial Services Group Inc/The        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     25499 | NS      | $4753523.58   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                               | McKesson Corp                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3573 | NS      | $2618222.94   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                             | Cigna Group/The                             | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     17954 | NS      | $5935233.32   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     26160 | NS      | $3995940.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                               | Citigroup Inc                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     72180 | NS      | $6143961.60   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                 | Hexcel Corp                                 | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     42822 | NS      | $2419014.78   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                       | Micron Technology Inc                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     30467 | NS      | $3755057.75   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp PLC                   | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     96689 | NS      | $2226747.67   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                           | World Kinect Corp                           | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     88436 | NS      | $2507160.60   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                  | Kenvue Inc                                  | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     90383 | NS      | $1891716.19   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                     | CAE Inc                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     65552 | NS      | $1918707.04   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                   | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     92044 | NS      | $4446645.64   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                | Chevron Corp                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47500 | NS      | $6801525.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                         | Cardinal Health Inc                         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     29957 | NS      | $5032776.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T              | Bank of New York Mellon Corp/The            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     43411 | NS      | $3955176.21   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                        | Bank of America Corp                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    139239 | NS      | $6588789.48   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                       | Mohawk Industries Inc                       | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     20082 | NS      | $2105396.88   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                       | Becton Dickinson & Co                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     19612 | NS      | $3378167.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                    | Flex Ltd                                    | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |     91307 | NS      | $4558045.44   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     30361 | NS      | $5385737.79   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                  | Sysco Corp                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     48152 | NS      | $3647032.48   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                        | OneMain Holdings Inc                        | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     42458 | NS      | $2420106.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                  | FedEx Corp                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     17289 | NS      | $3929962.59   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                  | Fiserv Inc                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     30197 | NS      | $5206264.77   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                        | Labcorp Holdings Inc                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14197 | NS      | $3726854.47   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions              | Cognizant Technology Solutions Corp         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     60964 | NS      | $4757020.92   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                             | CVS Health Corp                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     51964 | NS      | $3584476.72   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc              | SS&C Technologies Holdings Inc              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     62519 | NS      | $5176573.20   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                         | Emerson Electric Co                         | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     35334 | NS      | $4711082.22   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                       | Truist Financial Corp                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     52541 | NS      | $2258737.59   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     14530 | NS      | $4212392.30   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I              | American International Group Inc            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     40840 | NS      | $3495495.60   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                | AutoZone Inc                                | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       729 | NS      | $2706215.67   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                             | Schlumberger NV                             | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     91749 | NS      | $3101116.20   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                  | Pfizer Inc                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    219346 | NS      | $5316947.04   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                  | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     63788 | NS      | $5820017.12   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                | Comcast Corp                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    153826 | NS      | $5490049.94   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                               | Westlake Corp                               | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     33641 | NS      | $2554361.13   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                              | Merck & Co Inc                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     59200 | NS      | $4686272.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                    | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |     15192 | NS      | $4656348.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                 | Corteva Inc                                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     88203 | NS      | $6573769.59   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                 | Textron Inc                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     73765 | NS      | $5922591.85   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     30421 | NS      | $3234969.14   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | Open Text Corp                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     42869 | NS      | $1251774.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     11325 | NS      | $4338607.50   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                            | W R Berkley Corp                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     71603 | NS      | $5260672.41   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho              | Knight-Swift Transportation Holdings Inc    | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51997 | NS      | $2299827.31   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                    | ICON PLC                                    | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     15003 | NS      | $2182186.35   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                    | LKQ Corp                                    | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     88951 | NS      | $3292076.51   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                | Entergy Corp                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     27603 | NS      | $2294361.36   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Michael A. Minella

**Name of Signer:** Michael A. Minella

**Title:** Principal Financial Officer