# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-25-011055
**Filing Date:** 2025-11
**Character Count:** 20805
**Document Hash:** 80fed0bb6fa02360bf60c45239507845
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011055.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011055

**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:** 251529560

**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

### Eagle Capital Select Equity ETF (Series ID: S000081645)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000244572 | Eagle Capital Select Equity ETF | EAGL            |

## Nport-Ex

#### Eagle

#### Capital

#### Select

#### Equity

#### ETF

#### Schedule

#### of

#### Investments
September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks

#### –

#### 95.6%

#### Communication

#### Services

#### –

#### 12.9%
Alphabet,

Inc.,

Class

A

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

639,229

$

155,396,570

Comcast

Corp.,

Class

A

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

3,844,307

120,788,126

Liberty

Broadband

Corp.,

Class

C\*

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

695,942

44,220,155

Meta

Platforms,

Inc.,

Class

A

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

134,829

99,015,721

419,420,572

#### Consumer

#### Discretionary

#### –

#### 12.1%
Amazon.com,

Inc.\*

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

1,053,127

231,235,095

Hilton

Worldwide

Holdings,

Inc.

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

164,563

42,694,225

Lennar

Corp.,

Class

A

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

820,072

103,361,875

PulteGroup,

Inc.

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

125,144

16,535,277

393,826,472

#### Consumer

#### Staples

#### –

#### 2.2%
Estee

Lauder

Cos.,

Inc.

(The),

Class

A

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

797,254

70,254,022

#### Energy

#### –

#### 7.7%
ConocoPhillips

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

1,791,101

169,420,244

Shell

PLC,

ADR

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

1,152,501

82,438,396

251,858,640

#### Financials

#### –

#### 11.4%
Aon

PLC,

Class

A

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

208,597

74,381,518

Capital

One

Financial

Corp.

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

612,887

130,287,519

London

Stock

Exchange

Group

PLC,

ADR,

(United

Kingdom)

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

5,785,717

167,496,507

372,165,544

#### Health

#### Care

#### –

#### 15.1%
Bayer

AG,

ADR,

(Germany)

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

8,564,475

70,999,498

Danaher

Corp.

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

550,510

109,144,112

Elevance

Health,

Inc.

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

141,440

45,702,093

Humana,

Inc.

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

350,538

91,199,471

UnitedHealth

Group,

Inc.

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

501,119

173,036,391

490,081,565

#### Industrials

#### –

#### 7.4%
AerCap

Holdings

NV,

(Ireland)

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

1,113,534

134,737,614

Safran

SA,

ADR,

(France)

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

73,774

6,514,982

Woodward,

Inc.

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

399,723

101,013,999

242,266,595

#### Information

#### Technology

#### –

#### 24.8%
ASML

Holding

NV,

(Netherlands)

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

170,539

165,097,101

Intuit,

Inc.

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

46,812

31,968,383

Microsoft

Corp.

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

350,717

181,653,870

PTC,

Inc.\*

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

227,674

46,222,375

SAP

SE,

ADR,

(Germany)

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

289,856

77,452,422

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR,

(Taiwan)

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

491,739

137,337,785

Workday,

Inc.,

Class

A\*

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

693,600

166,970,328

806,702,264

#### Eagle

#### Capital

#### Select

#### Equity

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

September

30,

2025

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks
(continued)

#### Materials

#### –

#### 2.0%
Alcoa

Corp.

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

1,477,172

$

48,584,187

Vulcan

Materials

Co.

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

55,838

17,176,886

65,761,073

Total

Common

Stocks

(Cost

$2,518,259,145)

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

3,112,336,747

#### Money

#### Market

#### Funds

#### –

#### 2.8%
BlackRock

Liquidity

Funds

Treasury

Trust

Fund

Portfolio,

Institutional

Class,

4.00%(a)

(Cost

$92,673,331)

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

92,673,331

92,673,331

Total

Investments

–

98.4%

(Cost

$2,610,932,476)

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

$

3,205,010,078

Other

Assets

in

Excess

of

Liabilities

–

1.6%

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

53,132,563

#### Net

#### Assets

#### –

#### 100.0%

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

#### $

#### 3,258,142,641
\*

Non

Income

Producing

(a) Rate

shown

reflects

the

7-day

yield

as

of

September

30,

2025. ADR

:

American

Depositary

Receipt

PLC

:

Public

Limited

Company

#### Summary

#### of

#### Investment

#### Type

#### Sector

#### %

#### of

#### Net

#### Assets
Information

Technology

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

24.8%

Health

Care

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

15.1%

Communication

Services

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

12.9%

Consumer

Discretionary

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

12.1%

Financials

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

11.4%

Energy

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

7.7%

Industrials

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

7.4%

Consumer

Staples

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

2.2%

Materials

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

2.0%

Money

Market

Funds

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

2.8%

Total

Investments

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

98.4%

Other

Assets

in

Excess

of

Liabilities

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

1.6%

#### Net

#### Assets

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

#### 100.0%

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** 2023 ETF Series Trust

- **b. Investment Company Act file number:** 811-23883

- **c. CIK number of Registrant:** 0001969674

- **d. LEI of Registrant:** 5493000L2E3DBUPMOK03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 W. Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

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

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

- **a. Name of Series:** Eagle Capital Select Equity ETF

- **b. EDGAR series identifier (if any):** S000081645

- **c. LEI of Series:** 5493000L3WAZFT3NEZ21

**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:** $3260317761.25

**Total Liabilities:** $2175120.19

**Net Assets:** $3258142641.06

**Cash Not Reported:** $140635.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244572 | -1.07%               | 3.80%                | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $25303488.69             | $-61718380.90                              |
| Month 2  | $25218440.35             | $87089142.03                               |
| Month 3  | $33720009.05             | $-6746639.04                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Workday Inc                    | Workday Inc                               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    693600 | NS      | $166970328.00 | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     55838 | NS      | $17176885.56  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC           | CUSIP: 54211N101<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |   5785717 | NS      | $167496507.15 | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                    | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    695942 | NS      | $44220154.68  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The       | Estee Lauder Cos Inc/The                  | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |    797254 | NS      | $70254022.48  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    550510 | NS      | $109144112.60 | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    820072 | NS      | $103361874.88 | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV             | AerCap Holdings NV                        | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |   1113534 | NS      | $134737614.00 | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    491739 | NS      | $137337785.31 | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     46812 | NS      | $31968382.92  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    501119 | NS      | $173036390.70 | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   1152501 | NS      | $82438396.53  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp                                | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |   1477172 | NS      | $48584187.08  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1791101 | NS      | $169420243.59 | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                   | Woodward Inc                              | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |    399723 | NS      | $101013999.33 | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    350717 | NS      | $181653870.15 | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    612887 | NS      | $130287518.46 | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                 | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     73774 | NS      | $6514981.94   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                       | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    141440 | NS      | $45702092.80  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    639229 | NS      | $155396569.90 | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    170539 | NS      | $165097100.51 | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1053127 | NS      | $231235095.39 | 7.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                   | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |    208597 | NS      | $74381518.26  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK TREASURY TRUST       | BLACKROCK TREASURY TRUST                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  92673331 | NS      | $92673331.35  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    350538 | NS      | $91199471.46  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                            | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125144 | NS      | $16535276.72  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    134829 | NS      | $99015721.02  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                       | Bayer AG                                  | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |   8564475 | NS      | $70999497.75  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    289856 | NS      | $77452421.76  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                        | PTC Inc                                   | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    227674 | NS      | $46222375.48  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   3844307 | NS      | $120788125.94 | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    164563 | NS      | $42694224.72  | 1.31%             |  |  |  | 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