# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-26-006915
**Filing Date:** 2026-2
**Character Count:** 25174
**Document Hash:** e013823f7c38f2dc9ef20980d2881783
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-006915.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000940400-26-006915

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**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:** 26663190

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

## Series and Classes Contracts Data

### Brandes U.S. Value ETF (Series ID: S000081644)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000244571 | Brandes U.S. Value ETF | BUSA            |

## 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. Value ETF

- **b. EDGAR series identifier (if any):** S000081644

- **c. LEI of Series:** 5493000L3T6RZSLSQO40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $282016337.57

**Total Liabilities:** $146262.46

**Net Assets:** $281870075.11

**Cash Not Reported:** $1473276.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244571 | -0.83%               | 3.70%                | 2.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2045798.60              | $-4403663.29                               |
| Month 2  | $1616860.73              | $7594103.94                                |
| Month 3  | $1732526.94              | $3912403.48                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citigroup Inc                               | Citigroup Inc                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     71428 | NS      | $8334933.32   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                        | Labcorp Holdings Inc                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15828 | NS      | $3970928.64   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                | Chevron Corp                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40114 | NS      | $6113774.74   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                         | International Flavors & Fragrances Inc      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     53529 | NS      | $3607319.31   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                       | Truist Financial Corp                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     58598 | NS      | $2883607.58   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                    | Flex Ltd                                    | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |     51676 | NS      | $3122263.92   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                               | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     25332 | NS      | $2793106.32   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                 | Hexcel Corp                                 | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     47759 | NS      | $3529390.10   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                             | Cigna Group/The                             | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     21577 | NS      | $5938637.71   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T              | Bank of New York Mellon Corp/The            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     25745 | NS      | $2988737.05   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                         | Emerson Electric Co                         | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     39404 | NS      | $5229698.88   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                         | Cardinal Health Inc                         | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     19016 | NS      | $3907788.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                       | Micron Technology Inc                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     14396 | NS      | $4108762.36   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo Inc                                   | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     24946 | NS      | $2108186.46   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                                     | CAE Inc                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     73100 | NS      | $2223702.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9366 | NS      | $3017912.52   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                 | Textron Inc                                 | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     82264 | NS      | $7170952.88   | 2.54%             |  |  |  | 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        |   2595477 | NS      | $2595476.99   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I              | PNC Financial Services Group Inc/The        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     28446 | NS      | $5937533.58   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                              | Halliburton Co                              | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    174434 | NS      | $4929504.84   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                               | Westlake Corp                               | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     46748 | NS      | $3456547.12   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                             | CVS Health Corp                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     57953 | NS      | $4599150.08   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     19357 | NS      | $6074226.60   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                    | ICON PLC                                    | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     26461 | NS      | $4821723.42   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy Inc                                  | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     40925 | NS      | $2966653.25   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                      | UnitedHealth Group Inc                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     10572 | NS      | $3489922.92   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                                     | SLB Ltd                                     | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    111001 | NS      | $4260218.38   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     12635 | NS      | $5898776.10   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     23442 | NS      | $3024252.42   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                  | Pfizer Inc                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    244628 | NS      | $6091237.20   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                      | Arch Capital Group Ltd                      | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     57616 | NS      | $5526526.72   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                        | Progressive Corp/The                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     15293 | NS      | $3482521.96   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc              | SS&C Technologies Holdings Inc              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     69727 | NS      | $6095534.34   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                        | Bank of America Corp                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    140002 | NS      | $7700110.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                    | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |     16942 | NS      | $5567141.20   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                | Entergy Corp                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     30791 | NS      | $2846012.13   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho              | Knight-Swift Transportation Holdings Inc    | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86197 | NS      | $4506379.16   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | Open Text Corp                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     47808 | NS      | $1557584.64   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                            | Wells Fargo & Co                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     75317 | NS      | $7019544.40   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                   | Sanofi SA                                   | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    108610 | NS      | $5263240.60   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions              | Cognizant Technology Solutions Corp         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     67992 | NS      | $5643336.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                | Comcast Corp                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    171560 | NS      | $5127928.40   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                    | LKQ Corp                                    | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    107347 | NS      | $3241879.40   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                            | W R Berkley Corp                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     56446 | NS      | $3957993.52   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                  | Amdocs Ltd                                  | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |     71136 | NS      | $5727159.36   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                           | National Grid PLC                           | CUSIP: 636274409<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     37317 | NS      | $2886469.95   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                       | Becton Dickinson & Co                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     32517 | NS      | $6310574.19   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                 | Target Corp                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     30976 | NS      | $3027904.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                       | Arrow Electronics Inc                       | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     25873 | NS      | $2850687.14   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                               | McKesson Corp                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4654 | NS      | $3817629.66   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     29187 | NS      | $6040249.65   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                 | Corteva Inc                                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     70087 | NS      | $4697931.61   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                  | FedEx Corp                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     19279 | NS      | $5568931.94   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group Inc                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     65845 | NS      | $5316983.75   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                       | Mohawk Industries Inc                       | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     30206 | NS      | $3301515.80   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                  | Kenvue Inc                                  | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    161826 | NS      | $2791498.50   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp PLC                   | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     78862 | NS      | $1693167.14   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                           | World Kinect Corp                           | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     98631 | NS      | $2310924.33   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                              | Merck & Co Inc                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     86614 | NS      | $9116989.64   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                            | EPAM Systems Inc                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     26275 | NS      | $5383222.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                  | Sysco Corp                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     53701 | NS      | $3957226.69   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                  | Fiserv Inc                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     48805 | NS      | $3278231.85   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                | AutoZone Inc                                | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       641 | NS      | $2173951.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings               | Allison Transmission Holdings Inc           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     33023 | NS      | $3232951.70   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

**Name of Applicant:** 2023 ETF Series Trust

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer