# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-25-011088
**Filing Date:** 2025-11
**Character Count:** 38121
**Document Hash:** 72b4f6d89ead7a25b0886c513a2848d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011088.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011088

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251529613

**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

### 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
September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Exchange-Traded

#### Funds

#### —

#### 87.2%

#### Agricultural

#### commodities

#### —

#### 6.4%
Invesco

Agriculture

Commodity

Strategy

NO

ETF

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

33,206

$

1,183,960

#### Equity

#### Funds

#### —

#### 0.0%
(a) Vanguard

Short-Term

Inflation-Protected

Securities

ETF

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

11,037

#### Financials

#### —

#### 4.5%
ProShares

UltraShort

20+

Year

Treasury

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

24,589

830,616

#### Gold

#### —

#### 17.0%
iShares

Gold

Trust

Micro\*

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

46,575

1,793,137

SPDR

Gold

MiniShares

Trust\*

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

17,824

1,362,645

Total

Gold

3,155,782

#### Industrials

#### —

#### 4.4%
Global

X

Defense

Tech

ETF

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

7,791

547,240

SPDR

S&P

Aerospace

&

Defense

ETF

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

1,118

262,685

Total

Industrials

809,925

#### Information

#### Technology

#### —

#### 4.1%
Global

X

Cybersecurity

ETF

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

14,509

510,572

iShares

Cybersecurity

and

Tech

ETF

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

4,734

247,730

Total

Information

Technology

758,302

#### TIPS

#### —

#### 6.5%
iShares

0-5

Year

TIPS

Bond

ETF

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

11,754

1,214,894

#### U.S.

#### Treasury

#### —

#### 44.3%
iShares

1-3

Year

Treasury

Bond

ETF

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

19,828

1,644,931

iShares

U.S.

Treasury

Bond

ETF

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

24,154

558,440

Schwab

Short-Term

U.S.

Treasury

ETF

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

67,414

1,644,902

SPDR

Portfolio

Short

Term

Treasury

ETF

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

56,102

1,644,911

U.S.

Treasury

Year

Note

ETF

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

22,350

1,085,428

Vanguard

Short-Term

Treasury

ETF

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

27,959

1,645,387

Total

U.S.

Treasury

8,223,999

#### Total

#### Exchange-Traded

#### Funds

#### (Cost

#### $15,232,233)

#### 16,188,515

#### Real

#### Estate

#### Investment

#### Trusts

#### —

#### 11.6%

#### REITS

#### —

#### 11.6%
Acadia

Realty

Trust

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

552

11,123

Agree

Realty

Corp.

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

30,547

Alexandria

Real

Estate

Equities,

Inc.

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

746

62,172

American

Assets

Trust,

Inc.

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

5,385

American

Tower

Corp.

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

1,066

205,013

AvalonBay

Communities,

Inc.

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

557

107,596

BXP,

Inc.

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

654

48,618

CareTrust

REIT,

Inc.

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

848

29,409

CBL

&

Associates

Properties,

Inc.

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

3,547

#### Atlas

#### America

#### Fund

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Real

#### Estate

#### Investment

#### Trusts

#### —

#### 11.6%
(continued)

#### REITS

#### —

#### 11.6%
(continued)

Centerspace

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

$

3,652

COPT

Defense

Properties

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

12,757

Crown

Castle,

Inc.

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

1,655

159,691

DiamondRock

Hospitality

Co.

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

866

6,893

Digital

Realty

Trust,

Inc.

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

1,312

226,819

Elme

Communities

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

5,412

Empire

State

Realty

Trust,

Inc.

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

722

5,531

Equinix,

Inc.

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

216,174

Equity

Residential

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

1,623

105,057

Essex

Property

Trust,

Inc.

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

76,283

Federal

Realty

Investment

Trust

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

33,432

Five

Point

Holdings

LLC\*

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

647

3,966

Global

Net

Lease,

Inc.

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

938

7,626

HA

Sustainable

Infrastructure

Capital,

Inc.

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

14,153

Healthpeak

Properties,

Inc.

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

2,750

52,663

Hudson

Pacific

Properties,

Inc.\*

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

1,938

5,349

Innovative

Industrial

Properties,

Inc.

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

5,358

JBG

SMITH

Properties

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

5,763

Kennedy-Wilson

Holdings,

Inc.

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

643

5,350

Kilroy

Realty

Corp.

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

535

22,604

LTC

Properties,

Inc.

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

5,529

Monarch

Casino

&

Resort,

Inc.

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

7,515

Paramount

Group,

Inc.\*

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

1,012

6,618

Pebblebrook

Hotel

Trust

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

500

5,695

Plymouth

Industrial

REIT,

Inc.

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

3,729

Realty

Income

Corp.

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

3,538

215,075

Sabra

Health

Care

REIT,

Inc.

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

949

17,689

Safehold,

Inc.

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

5,282

SBA

Communications

Corp.

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

78,307

SL

Green

Realty

Corp.

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

15,610

STAG

Industrial,

Inc.

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

756

26,679

Strawberry

Fields

REIT,

Inc.

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

3,776

UDR,

Inc.

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

1,282

47,767

UMH

Properties,

Inc.

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

5,376

Veris

Residential,

Inc.

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

5,381

VICI

Properties,

Inc.

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

4,266

139,114

Vornado

Realty

Trust

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

819

33,194

WP

Carey,

Inc.

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

827

55,880

#### Total

#### Real

#### Estate

#### Investment

#### Trusts

#### (Cost

#### $2,145,072)

#### 2,156,159

#### Money

#### Market

#### Funds

#### —

#### 0.2%
Dreyfus

Government

Cash

Management,

4.04%

(b) #### (Cost

#### $44,732)

#### .............................................................................
44,732

44,732

#### Atlas

#### America

#### Fund

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Notional

#### Amount

#### Contracts

#### Value

#### EXCHANGE

#### TRADED

#### PURCHASED

#### OPTIONS

#### -

#### OPTIONS

#### ON

#### INDICES

#### —

#### 0.2%
SPX

US

11/21/25

P6200,

expiring

11/21/25,

Strike

Price

$6200.00

(Cost

$144,415)

$6,200,000

$

35,070

#### Total

#### Investments

#### Before

#### Written

#### Options

#### –

#### 99.2%
(Cost$17,566,452)

18,424,476

#### EXCHANGE

#### TRADED

#### WRITTEN

#### OPTIONS

#### -

#### OPTIONS

#### ON

#### INDICES

#### –

#### (0.1)%
SPX

US

11/21/25

P6000,

expiring

11/21/25,

Strike

Price

$6000.00

[Premium

Received

$(105,585)]

$(6,000,000)

(10) (22,500)

#### Total

#### Investments

#### —

#### 99.1%

#### (Cost

#### $17,460,867)
18,401,976

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### —

#### 0.9%
166,715

#### Net

#### Assets

#### —

#### 100%
$

18,568,691

_______________

\*

Non

Income

Producing.

(a) Less

than

0.05%.

(b) Rate

shown

reflects

the

7-day

yield

as

of

September

30,

2025. #### Summary

#### of

#### Investment

#### Type

#### Asset

#### Class

#### %

#### of

#### Net

#### Assets
Exchange-Traded

Funds

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

87.2%

Real

Estate

Investment

Trusts

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

11.6%

Money

Market

Funds

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

0.2%

Exchange

Traded

Purchased

Options

-

Options

on

Indices

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

0.2%

Exchange

Traded

Written

Options

-

Options

on

Indices

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

(0.1)%

Total

Investments

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

99.1%

Other

Assets

in

Excess

of

Liabilities

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

0.9%

#### Net

#### Assets

#### .....................................................................................

#### 100.0%

## 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:** 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:** $18611941.36

**Total Liabilities:** $43250.40

**Net Assets:** $18568690.96

**Cash Not Reported:** $163134.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254438 | -0.46%               | 1.86%                | 1.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-94340.68                                 |
| Month 2  | $2348.86                 | $312602.03                                 |
| Month 3  | $168465.46               | $140850.33                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AvalonBay Communities Inc                              | AvalonBay Communities Inc                              | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       557 | NS      | $107595.69    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                           | WP Carey Inc                                           | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |       827 | NS      | $55880.39     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust Micro                               | iShares Gold Trust Micro                               | CUSIP: 46436F103<br>LEI: 549300Z5IU6IUZNQ7X30 | Long             | STIV             | RF                | US        |     46575 | NS      | $1793137.50   | 9.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                                | Pebblebrook Hotel Trust                                | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |       500 | NS      | $5695.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure                          | HA Sustainable Infrastructure Capital Inc              | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |       461 | NS      | $14152.70     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                   | Vornado Realty Trust                                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       819 | NS      | $33194.07     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                    | VICI Properties Inc                                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      4266 | NS      | $139114.26    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                              | Healthpeak Properties Inc                              | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      2750 | NS      | $52662.50     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properti                         | Innovative Industrial Properties Inc                   | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |       100 | NS      | $5358.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| F/m US Treasury 2 Year Note ETF                        | F/m US Treasury 2 Year Note ETF                        | CUSIP: 74933W486<br>LEI: 549300KBNTAMGFURJA42 | Long             | STIV             | RF                | US        |     22350 | NS      | $1085427.75   | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                          | Empire State Realty Trust Inc                          | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |       722 | NS      | $5530.52      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                          | Hudson Pacific Properties Inc                          | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1938 | NS      | $5348.88      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                                   | SL Green Realty Corp                                   | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |       261 | NS      | $15610.41     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                     | UMH Properties Inc                                     | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |       362 | NS      | $5375.70      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                            | Centerspace                                            | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |        62 | NS      | $3651.80      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF                         | iShares 0-5 Year TIPS Bond ETF                         | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             | EC               | RF                | US        |     11754 | NS      | $1214893.44   | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                           | Plymouth Industrial REIT Inc                           | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       167 | NS      | $3729.11      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                     | Kilroy Realty Corp                                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |       535 | NS      | $22603.75     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                            | Kennedy-Wilson Holdings Inc                            | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |       643 | NS      | $5349.76      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Short-Term U.S. Treasury ETF                    | Schwab Short-Term U.S. Treasury ETF                    | CUSIP: 808524862<br>LEI: N/A                  | Long             | EC               | RF                | US        |     67414 | NS      | $1644901.60   | 8.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                     | LTC Properties Inc                                     | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |       150 | NS      | $5529.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                     | CareTrust REIT Inc                                     | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |       848 | NS      | $29408.64     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Strawberry Fields REIT Inc                             | Strawberry Fields REIT Inc                             | CUSIP: 863182101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       307 | NS      | $3776.10      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                     | Realty Income Corp                                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      3538 | NS      | $215075.02    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities ETF | Vanguard Short-Term Inflation-Protected Securities ETF | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |       218 | NS      | $11037.34     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Treasury Bond ETF                         | iShares U.S. Treasury Bond ETF                         | CUSIP: 46429B267<br>LEI: 549300YMK9GAMCTG8G20 | Long             | EC               | RF                | US        |     24154 | NS      | $558440.48    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                   | Global Net Lease Inc                                   | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |       938 | NS      | $7625.94      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                | SBA Communications Corp                                | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       405 | NS      | $78306.75     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraShort 20+ Year Treasury                 | ProShares UltraShort 20+ Year Treasury                 | CUSIP: 74347B201<br>LEI: PQTQB8I6TMT6W5YFAJ57 | Long             | EC               | RF                | US        |     24589 | NS      | $830616.42    | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                                    | STAG Industrial Inc                                    | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |       756 | NS      | $26679.24     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                                    | Acadia Realty Trust                                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |       552 | NS      | $11122.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold MiniShares Trust                             | SPDR Gold MiniShares Trust                             | CUSIP: 98149E303<br>LEI: 5493002IEEMEY6LRJ932 | Long             | STIV             | RF                | US        |     17824 | NS      | $1362644.80   | 7.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                            | Equinix Inc                                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       276 | NS      | $216174.24    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties In                         | CBL & Associates Properties Inc                        | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |       116 | NS      | $3547.28      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                | BXP Inc                                                | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       654 | NS      | $48618.36     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Aerospace & Defense ETF                       | SPDR S&P Aerospace & Defense ETF                       | CUSIP: 78464A631<br>LEI: 5493006TZ0473G1GOE68 | Long             | EC               | RF                | US        |      1118 | NS      | $262685.28    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management                     | Dreyfus Government Cash Management                     | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |     44732 | NS      | $44731.87     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus                         | Federal Realty Investment Trust                        | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |       330 | NS      | $33432.30     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                       | Crown Castle Inc                                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1655 | NS      | $159690.95    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                               | Essex Property Trust Inc                               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       285 | NS      | $76283.10     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                             | DiamondRock Hospitality Co                             | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |       866 | NS      | $6893.36      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                     | Equity Residential                                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      1623 | NS      | $105056.79    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                | UDR Inc                                                | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      1282 | NS      | $47767.32     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                       | Elme Communities                                       | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |       321 | NS      | $5412.06      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                             | Sabra Health Care REIT Inc                             | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |       949 | NS      | $17689.36     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                              | S&P 500 INDEX                                          | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -10 | NC      | $-22500.00    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                                   | JBG SMITH Properties                                   | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       259 | NS      | $5762.75      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                                    | Paramount Group Inc                                    | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               | CORP              | US        |      1012 | NS      | $6618.48      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Defense Tech ETF                              | Global X Defense Tech ETF                              | CUSIP: 37960A529<br>LEI: 5493000IAPVTNCMGSU03 | Long             | EC               | RF                | US        |      7791 | NS      | $547239.84    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                              | S&P 500 INDEX                                          | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |        10 | NC      | $35070.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Cybersecurity and Tech ETF                     | iShares Cybersecurity and Tech ETF                     | CUSIP: 46435U135<br>LEI: 5493007TVD2WSTEKN665 | Long             | EC               | RF                | US        |      4734 | NS      | $247730.22    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                           | Safehold Inc                                           | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |       341 | NS      | $5282.09      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Short Term Treasury ETF                 | SPDR Portfolio Short Term Treasury ETF                 | CUSIP: 78468R101<br>LEI: 549300CVHDNMTIUMZ693 | Long             | STIV             | RF                | US        |     56102 | NS      | $1644910.64   | 8.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                               | Digital Realty Trust Inc                               | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      1312 | NS      | $226818.56    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                      | Agree Realty Corp                                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       430 | NS      | $30547.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                            | Monarch Casino & Resort Inc                            | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |        71 | NS      | $7514.64      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Agriculture Commodity Strategy NO K-1 Etf      | Invesco Agriculture Commodity Strategy NO K-1 Etf      | CUSIP: 46090F308<br>LEI: 549300OBO63GT3VYXY23 | Long             | STIV             | RF                | US        |     33206 | NS      | $1183959.93   | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie                         | Alexandria Real Estate Equities Inc                    | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       746 | NS      | $62171.64     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                                  | Veris Residential Inc                                  | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |       354 | NS      | $5380.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond ETF                     | iShares 1-3 Year Treasury Bond ETF                     | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             | EC               | RF                | US        |     19828 | NS      | $1644930.88   | 8.86%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                    | American Tower Corp                                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      1066 | NS      | $205013.12    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                                | COPT Defense Properties                                | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |       439 | NS      | $12757.34     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC                                | Five Point Holdings LLC                                | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       647 | NS      | $3966.11      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Cybersecurity ETF                             | Global X Cybersecurity ETF                             | CUSIP: 37954Y384<br>LEI: 549300X47IEM37AA7M52 | Long             | EC               | RF                | US        |     14509 | NS      | $510571.71    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Treasury ETF                       | Vanguard Short-Term Treasury ETF                       | CUSIP: 92206C102<br>LEI: N/A                  | Long             | EC               | RF                | US        |     27959 | NS      | $1645387.15   | 8.86%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                              | American Assets Trust Inc                              | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       265 | NS      | $5384.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

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

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer