# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001999371-25-016686
**Filing Date:** 2025-11
**Character Count:** 28491
**Document Hash:** c88b1ef938b4c8a0424e8c7ff7b02793
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-016686.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001999371-25-016686

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251103

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-272579
- **FILM NUMBER:** 251441631

**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. Small-Mid Cap Value ETF (Series ID: S000081643)

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

**Summary Prospectus** November 1, 2025

![](brandes485bpos001.jpg)

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

Principal U.S. Listing Exchange for the Fund: Cboe BZX Exchange, Inc.

Ticker Symbol: BSMC

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Reports to Shareholders, Statement of Additional Information and other information about the Fund online at <u>http://www.brandes.com/etfs/resources</u>. You may also obtain this information at no cost by calling (866) 307-0477 or by e-mail at <u>info@brandesfunds.com</u>. The Fund's [Prospectus and Statement of Additional Information](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001969674/000199937125016191/brandes-485bpos_102725.htm), each dated November 1, 2025, as revised from time to time, are incorporated by reference into this Summary Prospectus.*

**Investment Objective**

The Brandes U.S. Small-Mid Cap Value ETF (the "Fund") seeks long term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** <br>(Expenses that you pay each year as a percentage of the value of your investment) |  |
| Management fee | 0.70% |
| Distribution and service (12b-1) fees | 0.00% |
| Other expenses | 0.00% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
| **Total annual Fund operating expenses** | 0.71% |

---

**<sup>1</sup>** Acquired Fund Fees and Expenses" ("AFFE") are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $73 | $227 | $395 | $883 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example above, affect the Fund's performance. For the fiscal year ended June 30, 2025, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 1 of 6 | **The 2023 ETF Series Trust** |

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**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to attain its investment objective by investing primarily in equity securities of U.S. companies with small- and mid-market capitalizations (market value of publicly traded equity securities). The Advisor considers a company to be a "U.S. company" based on its domicile, its principal place of business, its primary stock exchange listing, and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed in the U.S. The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts ("ADRs"), and warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of U.S. companies with small- and mid-market capitalizations. Small and mid-capitalization companies are defined as issuers with market capitalizations based on total outstanding shares in the range of those included in the Russell 2500 Index measured at its most recent reconstitution date. As of July 1, 2025, the most recent reconstitution date of the index as of the date of this prospectus, the market capitalization range of the Index was $60,545,972 to $23,940,608,000. This market capitalization range may change over time. The Fund may invest in securities of companies located outside of the United States, including emerging and frontier markets. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the health care sector.

The Fund may invest from time to time in cash or short-term cash equivalent securities as part of its overall investment strategy. The amount of such holdings will vary and will depend on the Advisor's assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times constitute a material part of the Fund's portfolio.

Brandes Investment Partners, L.P., the investment advisor (the "Advisor"), uses the principles of value investing to analyze and select securities for the Fund's investment portfolio. When buying securities, the Advisor assesses the estimated "intrinsic" value of a company based on data such as a company's earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisor's estimates of the underlying company's intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisor's estimate of the underlying company's intrinsic value, or when the Advisor believes that other investments are more attractive.

**Principal Risks of Investing in the Fund**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. Because the values of the Fund's investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. You should consider your investment goals, time horizon, and risk tolerance before investing in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

&nbsp;&nbsp;&nbsp;&nbsp;● *Stock Market and Equity Securities Risk*. The stock markets are volatile and the market prices of the Fund's equity securities
 may go up or down, sometimes rapidly and unpredictably. Equity securities may fluctuate in value more than other asset classes,
 such as fixed income securities, and may fluctuate in price based on actual or perceived changes in a company's financial
 condition and overall market and economic conditions and perceptions. If the market prices of the Fund's investments
 fall, the value of your investment in the Fund will go down.

&nbsp;&nbsp;&nbsp;&nbsp;● *Mid and Small-Capitalization Company Risk*. Securities of mid-capitalization and small-capitalization companies may have comparatively greater price
 volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded
 on major stock exchanges. These securities may also be more difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;● *Value Securities Risk*. The Fund invests in value securities, which are securities the Advisor believes are undervalued for various reasons,
 including but not limited to as a result of adverse business, industry or other developments, or are subject to special risks,
 or limited market understanding of the issuer's business, that have caused the securities to be out of favor. The value
 style of investing utilized by the Advisor may cause the Fund's performance to deviate from the performance of broad
 market benchmarks and other managers for substantial periods of time. It may take longer than expected for the prices of value
 securities to increase to the anticipated value, or they may never increase to that value or may decline. There have been
 extended periods of time when value securities have not performed as well as growth securities or the stock market in general
 and have been out of favor with investors.

&nbsp;&nbsp;&nbsp;&nbsp;● *Issuer Risk.* The market price of a security can go up or down more than the market, or perform differently from the market, due to
 factors specifically relating to the security's issuer, such as disappointing earnings reports, reduced demand for the
 issuer's goods or services, poor management performance, major litigation relating to the issuer, changes in government
 regulation affecting the issuer or the competitive environment. The Fund may experience a substantial or complete loss on
 any investment. An individual security may also be affected by factors related to the industry or sector of the issuer.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 2 of 6 | **The 2023 ETF Series Trust** |

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&nbsp;&nbsp;&nbsp;&nbsp;● *ETF Risks.* The
 Fund is an exchange-traded fund and, as a result of this structure, it is exposed to the following risks:

○ *Costs of Buying or Selling Shares Risk*. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

○ *Limited Authorized Participants, Market Makers and Liquidity Providers Risk*. Because the Fund is an ETF, only a limited number of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing the market price above NAV, or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

○ *Trading Risk.* Shares of the Fund may trade on the CBOE BZX Exchange, Inc. (the "Exchange") above (premium) or below (discount) their net asset value ("NAV"). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund quoted during the day or a premium or discount in the closing price from the Fund's NAV. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

&nbsp;&nbsp;&nbsp;&nbsp;● *Focused Investing Risk*. The Fund may, from time to time, invest a substantial portion of the total value of its assets in securities of
 issuers located in a particular industry, sector, country or geographic region. During such periods, the Fund may be more
 susceptible to risks associated with that industry, sector, country or region.

&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity Risk*.
 Liquidity risk exists when particular investments are or become difficult or impossible to purchase or sell. Markets may become
 illiquid when, for example, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to
 make a market for certain securities. Securities of small-cap and mid-cap companies may be thinly traded. As a general matter,
 dealers recently have been less willing to make markets for fixed income securities. During times of market turmoil, there
 have been, and may be, no buyers for entire asset classes. The Fund's investments in illiquid securities may reduce
 the return of the Fund because it may be unable to sell such illiquid securities at an advantageous time or price. Illiquid
 securities may also be difficult to value.

The remaining principal risks are presented in alphabetical order. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

&nbsp;&nbsp;&nbsp;&nbsp;● *Active Management Risk.* The Advisor is an active manager. The value of your investment may go down if the Advisor's judgment about
 the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market
 movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the
 models, tools or data used by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk*.
 Because the Fund invests in securities denominated in foreign currencies, the U.S. dollar values of its investments fluctuate
 as a result of changes in foreign exchange rates. Such changes will also affect the Fund's income.

&nbsp;&nbsp;&nbsp;&nbsp;● *Depositary Receipts Risk.* The risks of investments in depositary receipts, such as ADRs, are substantially similar to the risks of investing
 directly in foreign securities. In addition, depositary receipts may not track the price of, or may be less liquid than, their
 underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S. markets are
 not open for trading.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 3 of 6 | **The 2023 ETF Series Trust** |

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&nbsp;&nbsp;&nbsp;&nbsp;● *Emerging Markets Risk*. Investments in the securities of issuers located in or principally doing business in emerging markets are subject
 to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend
 to have more volatile interest and currency exchange rates, less market regulation, and less developed and less stable economic,
 political and legal systems than those of more developed countries. There may be less publicly available and reliable information
 about issuers in emerging markets than is available about issuers in more developed markets. In addition, emerging market
 countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and
 settlement systems. Some emerging markets may have fixed or managed currencies that are not free-floating against the U.S.
 dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady
 devaluation relative to the U.S. dollar. Certain emerging markets are sometimes referred to as "frontier markets."
 Frontier markets, the least advanced capital markets in the developing world, are subject to heightened emerging markets risks.

&nbsp;&nbsp;&nbsp;&nbsp;● *Foreign Securities Risk*. Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional
 risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value
 of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the
 particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions,
 reduction of government or central bank support, wars, tariffs and trade disruptions, political or financial instability,
 social unrest or other adverse economic or political developments. Changes in currency rates and exchange control regulations,
 and the imposition of sanctions, confiscations, trade restrictions, and other government restrictions by the United States
 and/or other governments may adversely affect the value of the Fund's investments in foreign securities.

&nbsp;&nbsp;&nbsp;&nbsp;● *Health Care Sector Risk.* Companies in the health care sector are subject to extensive government regulation and their profitability can be
 significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products
 and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery
 of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending
 patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability
 of these companies. Health care companies are also subject to extensive litigation based on product liability and similar
 claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market
 developments. Many new products in the health care sector require significant research and development and may be subject
 to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

&nbsp;&nbsp;&nbsp;&nbsp;● *Limited History of Operations.* The Fund is a recently organized, diversified, open-end management investment company with a limited operating
 history. As a result, prospective investors have a limited track record and history on which to base their investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk*.
 The value of the Fund's investments may increase or decrease in response to expected real or perceived economic, political,
 geopolitical or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot
 be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity,
 or other potentially adverse effects in response to changing market conditions, inflation or deflation, changes in interest
 rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions may be caused
 by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness
 (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment
 or other political, geopolitical, regulatory, economic and social developments, and developments that impact specific economic
 sectors, industries or segments of the market. During periods of market disruption or other abnormal market conditions, the
 Fund's exposure to risks described elsewhere in this Prospectus will likely increase.

&nbsp;&nbsp;&nbsp;&nbsp;● *Operational Risk*.
 The Fund and its service providers may experience disruptions that arise from human error, processing and communications errors,
 counterparty or third-party errors, technology or systems failures, any of which may have an adverse impact on the Fund.

**Performance Information**

The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time. The following bar chart shows the Fund's annual returns. The table illustrates how the Fund's average annual returns for the 1-year and since inception periods compare with those of the Russell 3000<sup>®</sup> Index, an index that reflects a broad measure of the U.S. equity market's performance. In addition, performance is shown for the Russell 2500<sup>®</sup> Value Index , another securities market index the Advisor believes provides a more applicable comparison to the Fund's investments. The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.brandes.com/etfs.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 4 of 6 | **The 2023 ETF Series Trust** |

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Calendar Year Ended December 31

![](page-4_chart.jpg)

The Fund's year-to-date return as of September 30, 2025 was 6.35%.

During the period of time shown in the bar chart, the highest return for a calendar quarter was 9.53% (quarter ended September 30, 2024) and the lowest return for a calendar quarter was -3.55% (quarter ended June 30, 2024).

**Average Annual Total Returns**

**For the Periods Ended December 31, 2024**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**Since Inception**<br> **(October 4, 2023)** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;10.21% | &nbsp;&nbsp;17.95% |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;9.75% | &nbsp;&nbsp;17.49% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;6.04% | &nbsp;&nbsp;13.54% |
| &nbsp;&nbsp;Russell 2500<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;17.24% | &nbsp;&nbsp;31.93% |
| &nbsp;&nbsp;Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;25.79% | &nbsp;&nbsp;49.14% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account ("IRA"). In certain cases, the figures representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Investment Advisor**

Brandes Investment Partners, L.P. serves as the investment advisor to the Fund.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 5 of 6 | **The 2023 ETF Series Trust** |

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**Portfolio Managers**

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| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Position with Advisor** | **Managed the Fund Since:** |
| Chris Duncan, CFA | Director, Investments Group and Small-Mid Cap Investment Committee Voting Member | 2023 |
| Michael Hutchens, CFA | Director, Investments Group, Small-Mid Cap Investment Committee Voting Member and All Cap Investment Committee Voting Member | 2023 |
| Greg Rippel, CFA | Director, Investments Group and Small-Mid Cap Investment Committee Voting Member | 2023 |

---

The portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares**

The Fund issues shares to, and redeems shares from, certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in large blocks of shares known as "Creation Units." Creation Unit transactions for the Fund are generally conducted in exchange for the deposit or delivery of a portfolio of in-kind securities designated by the Fund and a specified amount of cash.

Individual shares of the Fund may only be purchased and sold in the secondary market through a broker or dealer at a market price. Because Fund shares trade at market prices rather than at NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) (the "bid-ask spread"). When available, recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be available at www.brandes.com/etfs.

**Tax Information**

Distributions made by the Fund may be taxable as ordinary income, qualified dividend income, or long-term capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account. In that case, you may be taxed when you take a distribution from such account, depending on the type of account, the circumstances of your distribution, and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Advisor or its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. In addition, the Advisor has engaged and pays variable compensation to an SEC-registered broker-dealer and investment adviser for consulting services on marketing strategies and for due diligence, education, training, and support services. The Advisor pays these consulting and support service fees from its own resources and not from the assets of the Fund.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 6 of 6 | **The 2023 ETF Series Trust** |

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