# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-25-011080
**Filing Date:** 2025-11
**Character Count:** 34808
**Document Hash:** d3077ceaf21f1b369911deb3f04c7420
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011080.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011080

**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:** 251529603

**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            |

## Nport-Ex

#### Brandes

#### U.S.

#### Small-Mid

#### Cap

#### Value

#### ETF

#### Schedule

#### of

#### Investments
September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks

#### –

#### 95.9%

#### Communication

#### Services

#### –

#### 3.7%
Interpublic

Group

of

Cos.,

Inc.

(The)

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

80,584

$

2,249,100

Scholastic

Corp.

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

87,240

2,388,631

4,637,731

#### Consumer

#### Discretionary

#### –

#### 2.5%
Levi

Strauss

&

Co.,

Class

A

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

74,161

1,727,951

Whirlpool

Corp.

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

18,194

1,430,049

3,158,000

#### Consumer

#### Staples

#### –

#### 11.1%
Edgewell

Personal

Care

Co.

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

148,452

3,022,483

Ingles

Markets,

Inc.,

Class

A

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

46,850

3,258,886

Ingredion,

Inc.

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

13,298

1,623,819

Molson

Coors

Beverage

Co.,

Class

B

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

42,025

1,901,631

Seaboard

Corp.

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

1,517,152

The

Campbell's

Company

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

46,194

1,458,806

The

Marzetti

Company

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

5,900

1,019,461

13,802,238

#### Energy

#### –

#### 6.1%
Expand

Energy

Corp.

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

14,784

1,570,652

Halliburton

Co.

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

75,627

1,860,424

Innovex

International,

Inc.\*

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

164,342

3,046,901

World

Kinect

Corp.

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

42,548

1,104,121

7,582,098

#### Financials

#### –

#### 9.9%
Citizens

Financial

Group,

Inc.

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

46,827

2,489,323

CNA

Financial

Corp.

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

18,264

848,545

Old

Republic

International

Corp.

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

21,959

932,599

OneMain

Holdings,

Inc.

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

35,226

1,988,860

SEI

Investments

Co.

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

23,330

1,979,550

State

Street

Corp.

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

13,853

1,607,087

White

Mountains

Insurance

Group

Ltd.

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

576

962,796

Willis

Towers

Watson

PLC

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

4,398

1,519,289

12,328,049

#### Health

#### Care

#### –

#### 22.3%
DENTSPLY

SIRONA,

Inc.

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

200,241

2,541,058

Elanco

Animal

Health,

Inc.\*

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

167,973

3,382,976

Fortrea

Holdings,

Inc.\*

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

157,079

1,322,605

Grifols

SA,

ADR

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

233,333

2,323,997

Henry

Schein,

Inc.\*

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

13,199

876,018

Hologic,

Inc.\*

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

30,954

2,089,085

Koninklijke

Philips

NV

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

50,631

1,380,201

Organon

&

Co.

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

87,061

929,811

Pediatrix

Medical

Group,

Inc.\*

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

144,980

2,428,415

Phibro

Animal

Health

Corp.,

Class

A

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

30,193

1,221,609

Premier,

Inc.,

Class

A

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

174,300

4,845,540

Prestige

Consumer

Healthcare,

Inc.\*

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

16,170

1,009,008

Sotera

Health

Co.\*

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

94,162

1,481,168

United

Therapeutics

Corp.\*

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

2,131

893,337

#### Brandes

#### U.S.

#### Small-Mid

#### Cap

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks
(continued)

#### Health

#### Care
(continued)

Zimmer

Biomet

Holdings,

Inc.

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

10,953

$

1,078,871

27,803,699

#### Industrials

#### –

#### 20.1%
AGCO

Corp.

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

12,659

1,355,399

Balfour

Beatty

PLC

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

237,704

2,070,470

Embraer

SA,

ADR

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

53,269

3,220,111

Healthcare

Services

Group,

Inc.\*

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

153,702

2,586,805

Heartland

Express,

Inc.

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

150,180

1,258,508

Kennametal,

Inc.

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

89,496

1,873,151

Knight-Swift

Transportation

Holdings,

Inc.

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

33,574

1,326,509

Landstar

System,

Inc.

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

3,578

438,520

Moog,

Inc.,

Class

A

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

8,159

1,694,380

National

Presto

Industries,

Inc.

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

28,033

3,143,901

Textron,

Inc.

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

30,443

2,572,129

Timken

Co.

(The)

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

16,625

1,249,867

UniFirst

Corp.

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

13,038

2,179,823

24,969,573

#### Information

#### Technology

#### –

#### 15.2%
Amdocs

Ltd.

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

40,337

3,309,651

Arlo

Technologies,

Inc.\*

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

88,467

1,499,515

Arrow

Electronics,

Inc.\*

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

7,705

932,305

Avnet,

Inc.

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

19,617

1,025,577

EPAM

Systems,

Inc.\*

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

6,981

1,052,665

F5,

Inc.\*

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

3,903

1,261,410

IPG

Photonics

Corp.\*

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

48,188

3,816,008

NETGEAR,

Inc.\*

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

121,156

3,924,243

Qorvo,

Inc.\*

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

22,923

2,087,827

18,909,201

#### Materials

#### –

#### 5.0%
International

Flavors

&

Fragrances,

Inc.

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

24,635

1,516,038

Scotts

Miracle-Gro

Co.

(The)

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

19,551

1,113,429

Sealed

Air

Corp.

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

29,432

1,040,421

Sonoco

Products

Co.

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

23,672

1,020,027

Winpak

Ltd.

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

52,843

1,548,755

6,238,670

Total

Common

Stocks

(Cost

$108,375,811)

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

119,429,259

#### Money

#### Market

#### Funds

#### –

#### 4.1%
JP

Morgan

US

Treasury

Plus

Money

Market

Fund,

4.01%(a)

(Cost

$5,135,623)

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

5,135,623

5,135,623

Total

Investments

–

100.0%

(Cost

$113,511,434)

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

$

124,564,882

Other

Assets

in

Excess

of

Liabilities

–

0.0%†

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

53,695

#### Net

#### Assets

#### –

#### 100.0%

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

#### $

#### 124,618,577

#### Brandes

#### U.S.

#### Small-Mid

#### Cap

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

\*

Non

Income

Producing

†

Less

than

0.05%

(a) Rate

shown

reflects

the

7-day

yield

as

of

September

30,

2025. ADR

:

American

Depositary

Receipt

PLC

:

Public

Limited

Company

## 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 U.S. Small-Mid Cap Value ETF

- **b. EDGAR series identifier (if any):** S000081643

- **c. LEI of Series:** 5493000L3SZAMTCSH324

**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:** $124689678.62

**Total Liabilities:** $71101.98

**Net Assets:** $124618576.64

**Cash Not Reported:** $7.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244570 | -0.80%               | 7.10%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $655099.38               | $-1654606.13                               |
| Month 2  | $0.00                    | $7854188.53                                |
| Month 3  | $392992.48               | $-431404.80                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Winpak Ltd                                  | Winpak Ltd                                  | CUSIP: 97535P104<br>LEI: 549300FWDGJBHZHH8U59 | Long             | EC               | CORP              | CA        |     52843 | NS      | $1548754.88   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     13853 | NS      | $1607086.53   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T              | Interpublic Group of Cos Inc/The            | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     80584 | NS      | $2249099.44   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                          | Ingles Markets Inc                          | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     46850 | NS      | $3258886.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                              | Halliburton Co                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     75627 | NS      | $1860424.20   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                    | Elanco Animal Health Inc                    | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    167973 | NS      | $3382976.22   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                 | Textron Inc                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     30443 | NS      | $2572129.07   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                         | Landstar System Inc                         | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      3578 | NS      | $438519.68    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotera Health Co                            | Sotera Health Co                            | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94162 | NS      | $1481168.26   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc                   | Innovex International Inc                   | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    164342 | NS      | $3046900.68   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                               | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     13298 | NS      | $1623818.78   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                          | Expand Energy Corp                          | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     14784 | NS      | $1570652.16   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                 | Premier Inc                                 | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174300 | NS      | $4845540.00   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                    | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |      4398 | NS      | $1519289.10   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                | Citizens Financial Group Inc                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     46827 | NS      | $2489323.32   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols SA                                  | Grifols SA                                  | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |    233333 | NS      | $2323996.68   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                                    | Moog Inc                                    | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      8159 | NS      | $1694379.53   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc                       | Heartland Express Inc                       | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |    150180 | NS      | $1258508.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                   | Phibro Animal Health Corp                   | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     30193 | NS      | $1221608.78   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                             | Sealed Air Corp                             | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     29432 | NS      | $1040421.20   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                 | Pediatrix Medical Group Inc                 | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144980 | NS      | $2428415.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp                               | Seaboard Corp                               | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       416 | NS      | $1517152.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                 | Hologic Inc                                 | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     30954 | NS      | $2089085.46   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                  | Zimmer Biomet Holdings Inc                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     10953 | NS      | $1078870.50   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co                    | Molson Coors Beverage Co                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     42025 | NS      | $1901631.25   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                 | NETGEAR Inc                                 | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |    121156 | NS      | $3924242.84   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                                   | AGCO Corp                                   | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     12659 | NS      | $1355399.13   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou              | White Mountains Insurance Group Ltd         | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |       576 | NS      | $962795.52    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                      | F5 Inc                                      | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      3903 | NS      | $1261410.57   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc                        | Fortrea Holdings Inc                        | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |    157079 | NS      | $1322605.18   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                         | International Flavors & Fragrances Inc      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     24635 | NS      | $1516037.90   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Co                   | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    148452 | NS      | $3022482.72   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                          | IPG Photonics Corp                          | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     48188 | NS      | $3816007.72   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor              | Old Republic International Corp             | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     21959 | NS      | $932598.73    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                            | EPAM Systems Inc                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      6981 | NS      | $1052664.99   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The                        | Marzetti Company/The                        | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      5900 | NS      | $1019461.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                           | World Kinect Corp                           | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     42548 | NS      | $1104120.60   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                         | DENTSPLY SIRONA Inc                         | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    200241 | NS      | $2541058.29   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                          | Sonoco Products Co                          | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     23672 | NS      | $1020026.48   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                           | Levi Strauss & Co                           | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     74161 | NS      | $1727951.30   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                  | Embraer SA                                  | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     53269 | NS      | $3220111.05   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                    | United Therapeutics Corp                    | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      2131 | NS      | $893336.51    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I              | Prestige Consumer Healthcare Inc            | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16170 | NS      | $1009008.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                            | Henry Schein Inc                            | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     13199 | NS      | $876017.63    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                  | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     40337 | NS      | $3309650.85   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc              | National Presto Industries Inc              | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28033 | NS      | $3143900.95   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp                          | CNA Financial Corp                          | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |     18264 | NS      | $848545.44    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                       | Arrow Electronics Inc                       | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      7705 | NS      | $932305.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                        | OneMain Holdings Inc                        | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     35226 | NS      | $1988859.96   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                            | UniFirst Corp/MA                            | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     13038 | NS      | $2179823.22   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                      | Koninklijke Philips NV                      | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     50631 | NS      | $1380201.06   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                             | Scholastic Corp                             | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87240 | NS      | $2388631.20   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Balfour Beatty PLC                          | Balfour Beatty PLC                          | CUSIP: 000000000<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |    237704 | NS      | $2070469.68   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The                   | Scotts Miracle-Gro Co/The                   | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     19551 | NS      | $1113429.45   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal Inc                              | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     89496 | NS      | $1873151.28   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                | Organon & Co                                | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     87061 | NS      | $929811.48    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                               | Timken Co/The                               | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     16625 | NS      | $1249867.50   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                       | Arlo Technologies Inc                       | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     88467 | NS      | $1499515.65   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                                   | Avnet Inc                                   | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     19617 | NS      | $1025576.76   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc                                   | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     22923 | NS      | $2087826.84   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                          | SEI Investments Co                          | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     23330 | NS      | $1979550.50   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                              | Whirlpool Corp                              | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     18194 | NS      | $1430048.40   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The                      | Campbell's Company/The                      | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     46194 | NS      | $1458806.52   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc               | Healthcare Services Group Inc               | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    153702 | NS      | $2586804.66   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho              | Knight-Swift Transportation Holdings Inc    | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33574 | NS      | $1326508.74   | 1.06%             |  |  |  | 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        |   5135623 | NS      | $5135623.46   | 4.12%             |  |  |  | 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