# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-25-011053
**Filing Date:** 2025-11
**Character Count:** 35666
**Document Hash:** cffe9748d71d7a2c70ae8c2134098e7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011053.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011053

**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:** 251529558

**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 International ETF (Series ID: S000081642)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000244569 | Brandes International ETF | BINV            |

## Nport-Ex

#### Brandes

#### International

#### ETF

#### Schedule

#### of

#### Investments
September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks

#### –

#### 96.2%

#### Austria

#### –

#### 1.0%
Erste

Group

Bank

AG

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

30,587

$

2,990,199

#### Brazil

#### –

#### 6.4%
Ambev

SA,

ADR

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

2,127,242

4,743,750

Embraer

SA,

ADR

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

91,248

5,515,941

Petroleo

Brasileiro

SA

-

Petrobras,

ADR

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

595,670

7,040,819

Telefonica

Brasil

SA,

ADR

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

169,881

2,165,983

19,466,493

#### Canada

#### –

#### 3.9%
CAE,

Inc.\*

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

158,665

4,702,830

Nutrien

Ltd.

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

44,291

2,600,325

Open

Text

Corp.

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

122,331

4,572,733

11,875,888

#### China

#### –

#### 5.1%
Alibaba

Group

Holding

Ltd.,

ADR

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

61,313

10,958,472

China

Resources

Beer

Holdings

Co.

Ltd.

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

1,250,000

4,408,514

15,366,986

#### France

#### –

#### 19.0%
BNP

Paribas

SA,

ADR

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

117,593

5,352,833

Capgemini

SE

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

37,496

5,443,366

Carrefour

SA

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

412,645

6,252,270

Engie

SA

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

208,667

4,475,849

Kering

SA,

ADR

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

235,438

7,835,377

Orange

SA

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

179,655

2,915,230

Pernod

Ricard

SA

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

51,993

5,103,630

Publicis

Groupe

SA

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

47,892

4,596,407

Sanofi

SA

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

91,373

8,433,423

Societe

BIC

SA

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

45,124

2,815,412

TotalEnergies

SE

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

73,365

4,459,347

57,683,144

#### Germany

#### –

#### 5.5%
Deutsche

Post

AG

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

115,346

5,142,090

Henkel

AG

&

Co.

KGaA

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

79,200

5,876,766

Infineon

Technologies

AG

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

36,106

1,408,501

SAP

SE,

ADR

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

16,536

4,418,585

16,845,942

#### Hong

#### Kong

#### –

#### 0.8%
First

Pacific

Co.

Ltd.

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

2,758,000

2,314,758

#### Italy

#### –

#### 3.6%
Buzzi

SpA

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

48,920

2,687,824

Eni

SpA

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

208,433

3,640,830

Intesa

Sanpaolo

SpA

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

687,087

4,532,355

10,861,009

#### Japan

#### –

#### 13.9%
Astellas

Pharma,

Inc.

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

584,100

6,330,040

Bridgestone

Corp.

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

89,700

4,159,296

Honda

Motor

Co.

Ltd.

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

418,700

4,340,520

#### Brandes

#### International

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks
(continued)

#### Japan
(continued)

Kubota

Corp.

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

363,900

$

4,590,484

Makita

Corp.

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

118,600

3,859,509

Mitsubishi

UFJ

Financial

Group,

Inc.

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

94,567

1,532,948

SMC

Corp.

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

14,800

4,552,690

Sumitomo

Mitsui

Trust

Holdings,

Inc.

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

163,600

4,762,274

Takeda

Pharmaceutical

Co.

Ltd.

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

272,800

7,970,559

42,098,320

#### Mexico

#### –

#### 7.9%
America

Movil

SAB

de

CV,

ADR

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

259,997

5,459,937

Cemex

SAB

de

CV,

ADR

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

479,960

4,314,841

Fibra

Uno

Administracion

SA

de

CV

REIT

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

3,464,446

5,100,526

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

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

1,372,104

2,899,512

Wal-Mart

de

Mexico

SAB

de

CV

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

1,978,619

6,105,576

23,880,392

#### Netherlands

#### –

#### 6.1%
Heineken

Holding

NV

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

97,260

6,668,297

Koninklijke

Philips

NV

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

209,313

5,705,873

STMicroelectronics

NV

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

219,770

6,158,807

18,532,977

#### Singapore

#### –

#### 2.0%
Wilmar

International

Ltd.

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

2,721,600

6,016,568

#### Spain

#### –

#### 1.9%
Grifols

SA,

ADR

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

567,655

5,653,844

#### Switzerland

#### –

#### 6.9%
Cie

Financiere

Richemont

SA,

Class

A

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

26,444

5,038,535

Novartis

AG,

ADR

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

28,841

3,698,570

Swatch

Group

AG

(The)

-

BR

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

2,465

463,010

Swatch

Group

AG

(The)

-

REG

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

175,278

6,696,979

UBS

Group

AG

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

126,018

5,166,738

21,063,832

#### Taiwan

#### –

#### 0.7%
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

8,029

2,242,419

#### United

#### Kingdom

#### –

#### 11.5%
GSK

PLC,

ADR

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

188,077

8,117,403

J

Sainsbury

PLC,

ADR

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

255,633

4,672,971

Kingfisher

PLC,

ADR

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

536,124

4,439,107

Reckitt

Benckiser

Group

PLC,

ADR

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

286,172

4,438,528

Shell

PLC,

ADR

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

60,133

4,301,314

Smith

&

Nephew

PLC,

ADR

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

96,803

3,512,981

Tesco

PLC,

ADR

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

126,432

2,304,855

WPP

PLC

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

610,626

3,023,536

34,810,695

Total

Common

Stocks

(Cost

$261,157,999)

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

291,703,466

#### Brandes

#### International

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Summary

#### of

#### Investment

#### Type

#### Shares

#### Value

#### Preferred

#### Stocks

#### –

#### 1.6%

#### South

#### Korea

#### –

#### 1.6%
Samsung

Electronics

Co.

Ltd.,

Class

Preference

(Cost

$3,985,966)

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

105,398

$

4,988,010

#### Money

#### Market

#### Funds

#### –

#### 2.9%
JP

Morgan

US

Treasury

Plus

Money

Market

Fund,

4.01%(a)

(Cost

$8,644,390)

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

8,644,390

8,644,390

Total

Investments

–

100.7%

(Cost

$273,788,355)

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

$

305,335,866

Liabilities

in

Excess

of

Other

Assets

–

(0.7)%

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

(2,133,077)

#### Net

#### Assets

#### –

#### 100.0%

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

#### $

#### 303,202,789
\*

Non

Income

Producing

(a) Rate

shown

reflects

the

7-day

yield

as

of

September

30,

2025. #### Sectors

#### %

#### of

#### Net

#### Assets
Consumer

Staples

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

20.4%

Health

Care

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

16.3%

Consumer

Discretionary

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

14.5%

Industrials

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

10.3%

Information

Technology

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

9.6%

Financials

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

8.0%

Energy

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

6.4%

Communication

Services

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

6.0%

Materials

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

3.1%

Real

Estate

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

1.7%

Utilities

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

1.5%

Money

Market

Funds

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

2.9%

Liabilities

in

Excess

of

Other

Assets

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

(0.7)%

#### Total

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

#### 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:** Brandes International ETF

- **b. EDGAR series identifier (if any):** S000081642

- **c. LEI of Series:** 5493000L37RXKX8UYZ17

**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:** $308932867.42

**Total Liabilities:** $5730078.75

**Net Assets:** $303202788.67

**Cash Not Reported:** $59548.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244569 | 0.41%                | 4.07%                | 3.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1603568.22              | $-866816.49                                |
| Month 2  | $2428093.68              | $7763110.37                                |
| Month 3  | $2645308.59              | $6036052.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Buzzi SpA                                   | Buzzi SpA                                   | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     48920 | NS      | $2687823.66   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| First Pacific Co Ltd                        | First Pacific Co Ltd                        | CUSIP: 000000000<br>LEI: 254900VS1MDQSDM9DE09 | Long             | EC               | CORP              | HK        |   2758000 | NS      | $2314757.60   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                              | BNP Paribas SA                              | CUSIP: 05565A202<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    117593 | NS      | $5352833.36   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                   | Shell PLC                                   | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     60133 | NS      | $4301313.49   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                     | Eni SpA                                     | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    208433 | NS      | $3640830.24   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fibra Uno Administracion SA de              | Fibra Uno Administracion SA de CV           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   3464446 | NS      | $5100526.25   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                 | Reckitt Benckiser Group PLC                 | CUSIP: 756255204<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    286172 | NS      | $4438527.72   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                    | Engie SA                                    | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    208667 | NS      | $4475849.05   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd                    | Wilmar International Ltd                    | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |   2721600 | NS      | $6016568.41   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                   | Orange SA                                   | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    179655 | NS      | $2915229.89   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    105398 | NS      | $4988009.84   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                 | Novartis AG                                 | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     28841 | NS      | $3698569.84   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                            | Pernod Ricard SA                            | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     51993 | NS      | $5103629.85   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                | UBS Group AG                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    126018 | NS      | $5166738.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour SA                                | Carrefour SA                                | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |    412645 | NS      | $6252270.44   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                        | Telefonica Brasil SA                        | CUSIP: 87936R205<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    169881 | NS      | $2165982.75   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd                          | Honda Motor Co Ltd                          | CUSIP: 000000000<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    418700 | NS      | $4340520.03   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                       | STMicroelectronics NV                       | CUSIP: 000000000<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |    219770 | NS      | $6158807.25   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                 | Cie Financiere Richemont SA                 | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     26444 | NS      | $5038535.03   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd                | Takeda Pharmaceutical Co Ltd                | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    272800 | NS      | $7970558.96   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingfisher PLC                              | Kingfisher PLC                              | CUSIP: 495724403<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    536124 | NS      | $4439106.72   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                 | Nutrien Ltd                                 | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     44291 | NS      | $2600324.61   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                     | CAE Inc                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    158665 | NS      | $4702830.60   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                      | SAP SE                                      | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     16536 | NS      | $4418584.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                                     | WPP PLC                                     | CUSIP: 000000000<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | GB        |    610626 | NS      | $3023535.85   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                                  | Grifols SA                                  | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |    567655 | NS      | $5653843.80   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                   | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     91373 | NS      | $8433423.20   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Makita Corp                                 | Makita Corp                                 | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |    118600 | NS      | $3859509.09   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                    | Ambev SA                                    | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   2127242 | NS      | $4743749.66   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                      | Koninklijke Philips NV                      | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |    209313 | NS      | $5705872.38   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                     | GSK PLC                                     | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    188077 | NS      | $8117403.32   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                         | Swatch Group AG/The                         | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      2465 | NS      | $463010.43    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DHL GROUP                                   | DHL GROUP                                   | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    115346 | NS      | $5142090.15   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico SAB d              | Kimberly-Clark de Mexico SAB de CV          | CUSIP: 000000000<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |   1372104 | NS      | $2899512.28   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                    | Infineon Technologies AG                    | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     36106 | NS      | $1408501.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                         | Erste Group Bank AG                         | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     30587 | NS      | $2990198.58   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                | Capgemini SE                                | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     37496 | NS      | $5443365.69   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                                   | Tesco PLC                                   | CUSIP: 881575401<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |    126432 | NS      | $2304855.36   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                   | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |     61313 | NS      | $10958472.49  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe BIC SA                              | Societe BIC SA                              | CUSIP: 000000000<br>LEI: 969500UR00DF63I0VH67 | Long             | EC               | CORP              | FR        |     45124 | NS      | $2815411.84   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Group In              | Sumitomo Mitsui Trust Group Inc             | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |    163600 | NS      | $4762273.76   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                  | Embraer SA                                  | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     91248 | NS      | $5515941.60   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Kering SA                                   | Kering SA                                   | CUSIP: 492089107<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |    235438 | NS      | $7835376.64   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                            | TotalEnergies SE                            | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     73365 | NS      | $4459346.52   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                          | Smith & Nephew PLC                          | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     96803 | NS      | $3512980.87   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                          | Publicis Groupe SA                          | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     47892 | NS      | $4596407.49   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc                         | Astellas Pharma Inc                         | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    584100 | NS      | $6330040.63   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                                   | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    595670 | NS      | $7040819.40   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV                         | Heineken Holding NV                         | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     97260 | NS      | $6668297.18   | 2.20%             |  |  |  | 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        |   8644390 | NS      | $8644389.50   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                        | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      8029 | NS      | $2242419.41   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                             | Cemex SAB de CV                             | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    479960 | NS      | $4314840.40   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA                         | Intesa Sanpaolo SpA                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    687087 | NS      | $4532355.44   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                | Wal-Mart de Mexico SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1978619 | NS      | $6105576.26   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA RES BEER                              | China Resources Beer Holdings Co Ltd        | CUSIP: 000000000<br>LEI: 254900OH02Y7OS7RNG48 | Long             | EC               | CORP              | HK        |   1250000 | NS      | $4408513.70   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group              | Mitsubishi UFJ Financial Group Inc          | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     94567 | NS      | $1532947.81   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | Open Text Corp                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |    122331 | NS      | $4572732.78   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp                                    | SMC Corp                                    | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     14800 | NS      | $4552689.85   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                         | Henkel AG & Co KGaA                         | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |     79200 | NS      | $5876765.45   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corp                                 | Kubota Corp                                 | CUSIP: 000000000<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    363900 | NS      | $4590484.48   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp                            | Bridgestone Corp                            | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     89700 | NS      | $4159295.80   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                         | Swatch Group AG/The                         | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |    175278 | NS      | $6696978.82   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                     | America Movil SAB de CV                     | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |    259997 | NS      | $5459937.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                             | J Sainsbury PLC                             | CUSIP: 466249208<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    255633 | NS      | $4672971.24   | 1.54%             |  |  |  | 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