# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001999371-25-016688
**Filing Date:** 2025-11
**Character Count:** 31181
**Document Hash:** 957e8670ef662e7595e320fa2ea8e107
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-016688.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001999371-25-016688

**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:** 251441652

**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            |

**Summary Prospectus** November 1, 2025

![](brandes485bpos001.jpg)

**Brandes International ETF** 

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

Ticker Symbol: BINV

*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 International 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% |
| **Total annual Fund operating expenses** | 0.70% |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $72 | $224 | $390 | $871 |

---

**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 3% of the average value of its portfolio.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 1 of 7 | **The 2023 ETF Series Trust** |

---

**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 foreign companies. The types of equity securities in which the Fund invests are common and preferred stocks, American Depositary Receipts ("ADRs"), and warrants and rights. The Fund typically invests in foreign companies with market capitalizations (market value of publicly traded equity securities) greater than $5 billion at the time of purchase. A foreign company is determined to be "foreign" on the basis of its domicile being outside the U.S., its principal place of business being outside the U.S., its primary stock exchange listing being outside the U.S., and/or at least 50% of its revenues being derived from goods sold or produced, investments made, or services performed outside the U.S. Under normal market conditions, the Fund will invest in securities of companies located in at least three countries outside the United States. The Fund may invest up to 30% of its total assets, measured at the time of purchase, in securities of companies located in emerging markets (including 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 financial sector or health care sector.

The Fund may invest in companies located around the world. With respect to Fund investments in any particular country, the Fund may invest up to the greater of either (a) 20% of its total assets measured at the time of purchase or (b) 150% of the weighting of such country as represented in the Morgan Stanley Capital International Europe, Australasia, Far East ("MSCI EAFE") Index, measured at the time of purchase. As a result, the Fund may have significant exposure to any particular country.

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 Fund's investment advisor (the "Advisor"), uses the principles of value investing to analyze and select equity securities for the Fund's investment portfolio. When buying equity 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;● *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.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 2 of 7 | **The 2023 ETF Series Trust** |

---

○ *Risks of Investing in Europe and the United Kingdom*. To the extent that the Fund has direct or indirect investments in issuers located in Europe and the United Kingdom ("UK"), the Fund may be affected by the fiscal and monetary controls of the Economic and Monetary Union of the European Union ("EU"). The UK formally withdrew from the EU (commonly referred to as "Brexit") under the terms of a new trade agreement on December 31, 2020. The agreement governs the relationship between the UK and EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. The full scope and nature of the consequences of the exit are not at this time known and are unlikely to be known for a significant period of time.

&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.

&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.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 3 of 7 | **The 2023 ETF Series Trust** |

---

○ *Cash Transactions Risk*. The Fund may effect some of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund's shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund's NAV. In effecting creations and redemptions in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund's NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant.

&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.

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;● *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.

&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;● *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.

○ *Risks of Investing in China*. To the extent that the Fund has direct or indirect investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, it will be subject to risks specific to the People's Republic of China ("China"). The Chinese economy is subject to a considerable degree of economic, political and social instability. There is also a greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Unanticipated political or social developments may result in sudden and significant investment losses.

&nbsp;&nbsp;&nbsp;&nbsp;● *Financial Sector Risk.* Companies in the financial sector are subject to governmental regulation and intervention, which may adversely
affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. Governmental regulation
may change frequently, and may have adverse consequences for companies in the financial sector, including effects not intended
by such regulation. The impact of recent or future regulation in various countries on any individual financial company or on the
sector, as a whole, is not known.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 4 of 7 | **The 2023 ETF Series Trust** |

---

&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;● *Large-Capitalization Company Risk.* The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization
 companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies
 and may not respond as quickly to market changes and opportunities.

&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;● *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;● *Operational R* isk.
 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 the MSCI EAFE Index, an index that reflects a broad measure of the foreign equity market's performance. In addition, performance is shown for the MSCI EAFE 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.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 5 of 7 | **The 2023 ETF Series Trust** |

---

Calendar Year Ended December 31

![](page-15_chart.jpg)

The Fund's year-to-date return as of September 30, 2025 was 8.00%.

During the period of time shown in the bar chart, the highest return for a calendar quarter was 12.58% (quarter ended September 30, 2024) and the lowest return for a calendar quarter was -8.48% (quarter ended December 31, 2024).

**Average Annual Total Returns**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**Since Inception**<br> **(October 4, 2023)** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;7.68% | &nbsp;&nbsp;17.67% |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;6.64% | &nbsp;&nbsp;16.65% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;4.54% | &nbsp;&nbsp;13.09% |
| &nbsp;&nbsp;MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;31.71% | &nbsp;&nbsp;40.83% |
| &nbsp;&nbsp;MSCI EAFE Value Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;5.68% | &nbsp;&nbsp;14.18% |

---

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.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 6 of 7 | **The 2023 ETF Series Trust** |

---

**Portfolio Managers**

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Position with Advisor** | **Managed the Fund Since:** |
| Brent V. Woods, CFA | Executive Director and International Large Cap Investment Committee Voting Member | 2023 |
| Amelia Maccoun Morris, CFA | Director, Investments Group and International Large Cap Investment Committee Voting Member | 2023 |
| Jeffrey Germain, CFA | Director, Investments Group and International Large Cap Investment Committee Voting Member | 2023 |
| Shingo Omura, CFA | Director, Investments Group and International Large Cap Investment Committee Voting Member | 2023 |
| Luiz G. Sauerbronn<br>| Director, Investments Group, International Large Cap Investment Committee Voting Member and Small 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.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 7 of 7 | **The 2023 ETF Series Trust** |

---