# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0000940400-26-021757
**Filing Date:** 2026-5
**Character Count:** 36755
**Document Hash:** 71b60c28c4ccddb1a2f6ce8ace97dc2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021757.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021757

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261032144

**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. 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
March

31,

2026

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks

#### –

#### 97.0%

#### Communication

#### Services

#### –

#### 4.4%
Omnicom

Group,

Inc.

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

40,548

$

3,053,670

Scholastic

Corp.

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

96,449

3,767,298

6,820,968

#### Consumer

#### Discretionary

#### –

#### 3.3%
Levi

Strauss

&

Co.,

Class

A

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

82,606

1,527,385

Mohawk

Industries,

Inc.\*

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

14,899

1,466,955

Whirlpool

Corp.

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

39,005

2,103,150

5,097,490

#### Consumer

#### Staples

#### –

#### 12.8%
Conagra

Brands,

Inc.

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

93,132

1,464,035

Edgewell

Personal

Care

Co.

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

158,432

3,380,939

Ingles

Markets,

Inc.,

Class

A

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

52,976

4,762,012

Ingredion,

Inc.

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

14,939

1,683,028

Molson

Coors

Beverage

Co.,

Class

B

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

59,328

2,554,664

The

Campbell's

Company

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

104,474

2,326,636

The

Marzetti

Company

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

10,987

1,519,832

Tyson

Foods,

Inc.,

Class

A

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

32,149

2,059,786

19,750,932

#### Energy

#### –

#### 7.1%
Expand

Energy

Corp.

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

16,458

1,806,759

Halliburton

Co.

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

84,826

3,307,366

Innovex

International,

Inc.\*

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

176,248

4,298,689

World

Kinect

Corp.

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

65,487

1,510,785

10,923,599

#### Financials

#### –

#### 9.0%
Citizens

Financial

Group,

Inc.

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

51,558

3,091,933

CNA

Financial

Corp.

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

18,264

838,683

Old

Republic

International

Corp.

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

25,167

1,004,163

OneMain

Holdings,

Inc.

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

39,633

2,119,969

SEI

Investments

Co.

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

26,639

2,090,363

State

Street

Corp.

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

15,304

1,936,874

White

Mountains

Insurance

Group

Ltd.

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

660

1,449,994

Willis

Towers

Watson

PLC

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

4,971

1,445,070

13,977,049

#### Health

#### Care

#### –

#### 19.1%
Dentsply

Sirona,

Inc.

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

325,414

3,774,802

Elanco

Animal

Health,

Inc.\*

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

180,360

4,316,015

Fortrea

Holdings,

Inc.\*

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

167,690

1,579,640

Grifols

SA,

ADR

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

263,731

2,115,123

Henry

Schein,

Inc.\*

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

15,630

1,151,931

Koninklijke

Philips

NV

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

57,172

1,566,513

Organon

&

Co.

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

233,310

1,397,527

Pediatrix

Medical

Group,

Inc.\*

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

153,942

3,292,819

Prestige

Consumer

Healthcare,

Inc.\*

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

25,463

1,509,192

Sotera

Health

Co.\*

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

105,053

1,506,460

Teleflex,

Inc.

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

21,345

2,553,075

United

Therapeutics

Corp.\*

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

2,519

1,493,717

#### Brandes

#### U.S.

#### Small-Mid

#### Cap

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

March

31,

2026

(Unaudited)

#### Shares

#### Value

#### Common

#### Stocks
(continued)

#### Health

#### Care
(continued)

Zimmer

Biomet

Holdings,

Inc.

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

36,382

$

3,289,660

29,546,474

#### Industrials

#### –

#### 21.0%
AGCO

Corp.

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

15,109

1,750,680

Balfour

Beatty

PLC

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

256,926

2,570,892

Embraer

SA,

ADR

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

22,508

1,335,625

Healthcare

Services

Group,

Inc.\*

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

173,196

3,212,786

Heartland

Express,

Inc.

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

174,123

1,810,879

Kennametal,

Inc.

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

98,766

3,568,416

Knight-Swift

Transportation

Holdings,

Inc.

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

38,005

2,188,328

Landstar

System,

Inc.

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

5,155

826,398

Moog,

Inc.,

Class

A

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

5,182

1,516,460

National

Presto

Industries,

Inc.

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

25,230

3,458,024

Textron,

Inc.

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

34,595

3,029,138

Timken

Co.

(The)

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

19,721

1,983,341

TransUnion

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

21,559

1,491,667

UniFirst

Corp.

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

14,968

3,765,799

32,508,433

#### Information

#### Technology

#### –

#### 14.5%
Amdocs

Ltd.

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

55,651

3,631,784

Arlo

Technologies,

Inc.\*

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

101,218

1,440,332

Arrow

Electronics,

Inc.\*

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

13,267

1,902,621

Avnet,

Inc.

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

23,104

1,423,669

EPAM

Systems,

Inc.\*

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

18,409

2,492,579

F5,

Inc.\*

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

4,586

1,326,867

IPG

Photonics

Corp.\*

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

30,331

3,475,629

NETGEAR,

Inc.\*

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

136,168

2,973,909

Nice

Ltd.,

ADR\*

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

13,958

1,539,009

Qorvo

,

Inc.\*

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

29,868

2,311,783

22,518,182

#### Materials

#### –

#### 5.8%
International

Flavors

&

Fragrances,

Inc.

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

56,773

4,118,881

Scotts

Miracle-

Gro

Co.

(The)

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

22,700

1,380,387

Sealed

Air

Corp.

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

736

30,949

Sonoco

Products

Co.

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

27,752

1,501,106

Winpak

Ltd.

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

61,305

1,989,294

9,020,617

Total

Common

Stocks

(Cost

$134,623,642)

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

150,163,744

#### Money

#### Market

#### Funds

#### –

#### 3.0%
JP

Morgan

US

Treasury

Plus

Money

Market

Fund,

3.56%

(a) (Cost

$4,603,568)

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

4,603,568

4,603,568

Total

Investments

–

100.0%

(Cost

$139,227,210)

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

$

154,767,312

Other

Assets

in

Excess

of

Liabilities

–

0.0%†

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

67,388

#### Net

#### Assets

#### –

#### 100.0%

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

#### $

#### 154,834,700

#### Brandes

#### U.S.

#### Small-Mid

#### Cap

#### Value

#### ETF

#### Schedule

#### of

#### Investments
(Continued)

March

31,

2026

(Unaudited)

\*

Non

Income

Producing

†

Less

than

0.05%

(a) Rate

shown

reflects

the

7-day

yield

as

of

March

31,

2026. 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:** 2026-03-31

**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:** $154936344.80

**Total Liabilities:** $101646.13

**Net Assets:** $154834698.67

**Cash Not Reported:** $43.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244570 | 5.88%                | 5.25%                | -6.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $476746.68               | $7753302.78                                |
| Month 2  | $1631386.08              | $6250522.98                                |
| Month 3  | $1542315.83              | $-11789202.59                              |

### 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 COM NPV                                             | CUSIP: 97535P104<br>LEI: 549300FWDGJBHZHH8U59 | Long             | EC               | CORP              | CA        |     61305 | NS      | $1989294.59   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                    | Arlo Technologies Inc COM                                      | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |    101218 | NS      | $1440332.14   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Limited                             | Nice Limited SPONSORED ADR                                     | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     13958 | NS      | $1539009.08   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated             | Ingles Markets, Incorporated CL A                              | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     52976 | NS      | $4762012.64   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company           | The Scotts Miracle-Gro Company CL A                            | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     22700 | NS      | $1380387.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                 | Elanco Animal Health Inc COM                                   | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    180360 | NS      | $4316014.80   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                                | Moog Inc. CL A                                                 | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      5182 | NS      | $1516460.48   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LTD                               | Amdocs Limited SHS                                             | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     55651 | NS      | $3631784.26   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTERA HEALTH CO                         | Sotera Health Company COM                                      | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105053 | NS      | $1506460.02   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.               | Innovex International Inc. COM                                 | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    176248 | NS      | $4298688.72   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| The Timken Company                       | The Timken Company COM                                         | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     19721 | NS      | $1983340.97   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                      | Expand Energy Corp. COM                                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     16458 | NS      | $1806759.24   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC | Knight-Swift Transportation Holdings Inc. CL A                 | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38005 | NS      | $2188327.90   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols S.A.                             | Grifols S.A. SP ADR REP B NVT                                  | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |    263731 | NS      | $2115122.62   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                        | Tyson Foods, Inc. CL A                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     32149 | NS      | $2059786.43   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc.                    | Fortrea Holdings Inc. COMMON STOCK                             | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |    167690 | NS      | $1579639.80   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                | Qorvo Inc COM                                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     29868 | NS      | $2311783.20   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc.                   | Heartland Express Inc. COM                                     | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |    174123 | NS      | $1810879.20   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corporation                 | World Kinect Corporation COM                                   | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     65487 | NS      | $1510785.09   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                     | Landstar System Inc. COM                                       | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      5155 | NS      | $826398.05    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                         | Sealed Air Corp. COM                                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |       736 | NS      | $30948.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                             | Textron Inc. COM                                               | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     34595 | NS      | $3029138.20   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIS TOWERS WATSON PLC                 | Willis Towers Watson Public Limited Company COM USD0.000304635 | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      4971 | NS      | $1445069.70   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                   | Ingredion Incorporated COM                                     | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     14939 | NS      | $1683027.74   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc               | Zimmer Biomet Holdings Inc COM                                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     36382 | NS      | $3289660.44   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                        | Omnicom Group Inc COM                                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     40548 | NS      | $3053669.88   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc.                    | OneMain Holdings Inc. COM                                      | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     39633 | NS      | $2119969.17   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                               | TransUnion COM                                                 | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     21559 | NS      | $1491667.21   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corporation                | CNA Financial Corporation COM                                  | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |     18264 | NS      | $838682.88    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE MOUNTAINS INSURANCE GROUP LTD      | White Mountains Insurance Group Ltd. COM                       | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |       660 | NS      | $1449993.60   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                       | IPG Photonics Corp COM                                         | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     30331 | NS      | $3475629.29   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.  | International Flavors & Fragrances Inc. COM                    | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     56773 | NS      | $4118881.15   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                | Edgewell Personal Care Co COM                                  | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    158432 | NS      | $3380938.88   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                       | State Street Corp. COM                                         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     15304 | NS      | $1936874.24   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation   | Old Republic International Corporation COM                     | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     25167 | NS      | $1004163.30   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                           | Kennametal Inc COM                                             | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     98766 | NS      | $3568415.58   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.                             | Marzetti Co. COM                                               | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |     10987 | NS      | $1519831.71   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                  | Mohawk Industries, Inc. COM                                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     14899 | NS      | $1466955.54   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet, Inc.                              | Avnet, Inc. COM                                                | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     23104 | NS      | $1423668.48   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                      | Dentsply Sirona Inc COM                                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    325414 | NS      | $3774802.40   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.           | Healthcare Services Group Inc. COM                             | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    173196 | NS      | $3212785.80   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                             | Embraer S.A. SPONSORED ADS                                     | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     22508 | NS      | $1335624.72   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corporation          | United Therapeutics Corporation COM                            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      2519 | NS      | $1493716.62   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                        | EPAM Systems Inc. COM                                          | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     18409 | NS      | $2492578.60   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc         | Prestige Consumer Healthcare Inc COM                           | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25463 | NS      | $1509192.01   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                       | Henry Schein, Inc. COM                                         | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     15630 | NS      | $1151931.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                         | Agco Corporation COM                                           | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     15109 | NS      | $1750679.83   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHOLASTIC CORP                          | Scholastic Corporation COM                                     | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96449 | NS      | $3767297.94   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc             | Citizens Financial Group Inc COM                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     51558 | NS      | $3091933.26   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics, Inc.                  | Arrow Electronics, Inc. COM                                    | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     13267 | NS      | $1902620.47   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL PRESTO INDUSTRIES INC           | National Presto Industries Inc. COM                            | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25230 | NS      | $3458023.80   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                            | Unifirst Corp COM                                              | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     14968 | NS      | $3765799.12   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                   | Koninklijke Philips NV NY REGIS SHS NEW                        | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     57172 | NS      | $1566512.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                             | Organon & Co COMMON STOCK                                      | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    233310 | NS      | $1397526.90   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| The Campbells Co.                        | The Campbells Co. COM                                          | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |    104474 | NS      | $2326635.98   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc              | Pediatrix Medical Group Inc COM                                | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153942 | NS      | $3292819.38   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company            | Molson Coors Beverage Company CL B                             | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     59328 | NS      | $2554663.68   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Incorporated                    | Teleflex Incorporated COM                                      | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     21345 | NS      | $2553075.45   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Balfour Beatty PLC                       | Balfour Beatty PLC GBP0.50                                     | CUSIP: 000000000<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |    256926 | NS      | $2570892.31   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                  | Sonoco Products Company COM                                    | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     27752 | NS      | $1501105.68   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co.                       | Levi Strauss & Co. CL A COM STK                                | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     82606 | NS      | $1527384.94   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                       | Conagra Brands Inc COM                                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     93132 | NS      | $1464035.04   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                       | SEI Investments Co COM                                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     26639 | NS      | $2090362.33   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp.                          | Whirlpool Corp. COM                                            | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     39005 | NS      | $2103149.60   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Netgear Inc                              | Netgear Inc COM                                                | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |    136168 | NS      | $2973909.12   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                      | Halliburton Company COM                                        | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     84826 | NS      | $3307365.74   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                   | F5 Inc COM                                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      4586 | NS      | $1326867.38   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust Ii                       | JP Morgan Trust Ii US TREAS CAP                                | CUSIP: 4812C2239<br>LEI: 549300IMXLYKELY96B40 | Long             | STIV             | RF                | US        |   4603568 | NS      | $4603567.68   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

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

**Signature:** Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Principal Financial Officer