# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001969674-26-000006
**Filing Date:** 2026-3
**Character Count:** 142415
**Document Hash:** be32f91036465ab5ec132dada6b46e47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001969674-26-000006.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001969674-26-000006

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 26731267

**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

### Pacific NoS Global EM Equity Active ETF (Series ID: S000088737)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255106 | Pacific NoS Global EM Equity Active ETF | GEME            |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-23883

The 2023 ETF Series Trust

234 West Florida Street, Suite 700, Milwaukee, WI 53204

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

Registrant's telephone number, including area code: <u>1-262-267-4589</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Pacific NoS Global EM Equity Active ETF

#### GEME \| Nasdaq

#### Annual Shareholder Report — December 31, 2025
![Image](iac3a0fb0a2e57933c8114d09.jpg)

This annual shareholder report contains important information about the Pacific NoS Global EM Equity Active ETF (the "Fund") for the period of January 23, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.pacificam.co.uk/geme-etf/. You can also request this information by contacting us at 844-745-5220.

# What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment<sup>Footnote Reference(a)</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference(b)</sup>** |
| Pacific NoS Global EM Equity Active ETF | $83 | 0.75% |

---

(a) The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

(b) Annualized

# How did the Fund perform last period?
GEME ended 2025 outperforming the MSCI EM Index by 9% on a total return basis. Performance was driven primarily by country allocation, notably underweights in India and overweights in Korea, alongside strong contributions from precious metals miners and select smaller markets such as Greece and Poland. These gains were partly offset by cautious positioning in Taiwan and weaker Latin American exposure. Korea remained a key driver, supported by a multi-year boom in memory production, improving corporate governance, and strong earnings linked to the AI hardware supply chain. Additional support came from increased exposure to South Africa amid falling capital costs and firm metals prices, while selective investments across South-East Asia and disciplined stock selection underpinned consistent performance through the year.

# Hypothetical Growth of a $10,000 Investment
![Growth of 10K Chart](i14f60251dd648c0e40f4b1f0.jpg)

---

| | | |
|:---|:---|:---|
| | **Pacific NoS Global EM Equity Active ETF** | **MSCI Emerging Markets Net TR USD Index** |
| **Jan 25** | $10000 | $10000 |
| **Mar 25** | $10239 | $10216 |
| **Jun 25** | $11065 | $11441 |
| **Sep 25** | $12625 | $12659 |
| **Dec 25** | $13560 | $13257 |

---

# as of (12/31/2025)

#### Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since Fund Inception (1/23/2025)** |
| Pacific NoS Global EM Equity Active ETF | 35.67% |
| MSCI Emerging Markets Net TR USD Index | 32.57% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 844-745-5220 or visit https://www.pacificam.co.uk/geme-etf/ for current month-end performance.

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $74366754 |
| Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 56 |
| Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $327995 |
| Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 80% |

---

# What did the Fund invest in?
as of (12/31/2025)

# **Sector Allocation** 

---

| | |
|:---|:---|
|  | **Percentage of Net Assets** |
| Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.5% |
| Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 22.5% |
| Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.2% |
| Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.0% |
| Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.9% |
| Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.7% |
| Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.5% |
| Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5% |
| Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2% |

---

# **Ten Largest Holdings** 

---

| | |
|:---|:---|
|  | **Percentage of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 8.2% |
| Samsung Electronics Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 7.0% |
| Alibaba Group Holding, Ltd. - Class W........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6% |
| MediaTek, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.4% |
| ICICI Bank, Ltd. - ADR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0% |
| SK Square Co., Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4% |
| Pan American Silver Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4% |
| Kia Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.3% |
| Contemporary Amperex Technology Co., Ltd. - Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2% |
| Naspers, Ltd. - Class N........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.7% |

---

#### Country Diversification

---

| | |
|:---|:---|
|  | **Percentage of Net Assets** |
| China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 26.9% |
| Republic of Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 19.1% |
| Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.0% |
| South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.5% |
| United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.0% |
| Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.7% |
| India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.9% |
| Greece........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0% |
| Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1% |
| Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0% |
| Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4% |
| Argentina........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4% |
| Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2% |
| Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.1% |
| Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.7% |

---

#### Material Fund Changes
On February 3, 2026, Pinnacle Investment Management announced that it had agreed to acquire the remaining equity interests in Pacific Asset Management that it did not already own. The transaction is expected to be completed in the first half of 2026.

The Fund has hired Tidal Investments as an additional sub-advisor to the Fund effective March 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](iac3a0fb0a2e57933c8114d09.jpg)

Pacific NoS Global EM Equity Active ETF

Annual Shareholder Report — December 31, 2025

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Joan Binstock is an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Fees for audit services provided to the Registrant were $17,000 and not applicable for the fiscal years ended December 31, 2025 and December 31, 2024, respectively.

(b) <u>Audit-Related Fees.</u> The aggregate fees billed in the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item were $17,000 and for the fiscal year ended December 31, 2025 and not applicable for 2024, respectively. The fees, paid by Pacific Capital Partners Limited, Advisor to the Pacific NoS Global EM Equity Active ETF, a series of The 2023 ETF Series Trust, were payment for the principal accountant performing work relating to audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

(c) <u>Tax Fees.</u> Fees for tax services, which consisted of income and excise tax compliance services, were 4,250 for the fiscal year ended December 31, 2025.

(d) <u>All Other Fees.</u> Fees for other services totaled $0 and not applicable for the fiscal years ended December 31, 2025 and December 31, 2024, respectively.

(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* 

(2) No services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

(f) All of the work in connection with the audit of the Registrant during the year ended December 31, 2025 was performed by full-time employees of the Registrant's principal accountant.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 and not applicable for the fiscal years ended December 31, 2025 and December 31, 2024, respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) December

31,

2025

The

2023

ETF

Series

Trust

Annual

Financial

Statements

and

Other

Information

Pacific

NoS

Global

EM

Equity

Active

ETF

(GEME)

Pacific

NoS

Global

EM

Equity

Active

ETF

Table

of

Contents

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Other

Federal

Tax

Information

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

December

31,

2025

See

notes

to

financial

statements.

Shares

Value

Common

Stocks

-

99.0%

Argentina

-

1.4%

#### a
YPF

SA

-

ADR

(a) .....................................................................................

29,506

$

1,066,937

Brazil

-

1.1%

Telefonica

Brasil

SA

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

137,818

832,479

Canada

-

4.7%

Capstone

Copper

Corp.

(a) ...............................................................................

102,862

1,034,060

Pan

American

Silver

Corp.

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

47,860

2,479,627

3,513,687

China

-

26.9%

Alibaba

Group

Holding,

Ltd.

-

Class

W

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

225,416

4,135,595

Baidu,

Inc.

-

ADR

(a) ...................................................................................

6,254

817,148

Contemporary

Amperex

Technology

Co.,

Ltd.

-

Class

A

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

44,500

2,338,684

Dongfang

Electric

Corp.,

Ltd.

-

Class

H

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

345,200

1,108,756

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

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

157,988

1,695,211

Haidilao

International

Holding,

Ltd.

(b) ......................................................................

704,000

1,288,880

JD.com,

Inc.

-

ADR

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

57,586

1,652,718

Kuaishou

Technology

-

Class

W

(b) ........................................................................

97,000

796,961

Ningbo

Deye

Technology

Co.,

Ltd.

-

Class

A

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

128,300

1,582,602

PICC

Property

&

Casualty

Co.,

Ltd.

-

Class

H

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

538,000

1,130,813

Sinotruk

Hong

Kong,

Ltd.

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

373,000

1,323,602

Tongcheng

Travel

Holdings,

Ltd.

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

226,800

653,869

Vipshop

Holdings,

Ltd.

-

ADR

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

28,785

509,207

Yutong

Bus

Co.,

Ltd.

-

Class

A

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

206,700

967,222

20,001,268

Greece

-

4.0%

Eurobank

SA

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

401,312

1,614,278

National

Bank

of

Greece

SA

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

85,410

1,304,031

2,918,309

India

-

3.9%

ICICI

Bank,

Ltd.

-

ADR

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

97,849

2,915,900

Indonesia

-

3.0%

Bank

Central

Asia

TBK

PT

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

1,696,425

821,507

Bank

Mandiri

Persero

TBK

PT

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

4,517,523

1,381,671

2,203,178

Malaysia

-

1.4%

Malayan

Banking

BHD

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

402,600

1,039,736

Mexico

-

3.1%

Grupo

Financiero

Banorte

SAB

de

CV

-

Class

O

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

106,517

989,012

Wal-Mart

de

Mexico

SAB

de

CV

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

426,922

1,332,803

2,321,815

Republic

of

Korea

-

19.1%

HD

Hyundai

Co.,

Ltd.

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

550

71,969

Kia

Corp.

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

28,338

2,396,008

KT

Corp.

-

ADR

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

62,330

1,182,400

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

—

continued

December

31,

2025

Shares

Value

Common

Stocks

-

99.0%

(continued)

Republic

of

Korea

-

19.1%

(continued)

Samsung

Electronics

Co.,

Ltd.

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

61,485

$

5,117,526

Samsung

Electronics

Co.,

Ltd.

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

8,039

497,781

SK

Square

Co.,

Ltd.

(a) .................................................................................

9,927

$

2,535,931

SK,

Inc.

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

6,894

1,227,525

Woori

Financial

Group,

Inc.

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

62,132

1,207,661

14,236,801

Saudi

Arabia

-

1.2%

Saudi

Awwal

Bank

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

101,515

876,361

South

Africa

-

7.5%

Absa

Group,

Ltd.

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

117,626

1,699,153

FirstRand,

Ltd.

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

220,249

1,206,252

Naspers,

Ltd.

-

Class

N

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

30,276

2,018,114

Vodacom

Group,

Ltd.

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

83,386

711,121

5,634,640

Switzerland

-

0.7%

Coca-Cola

HBC

AG

(a) .................................................................................

9,415

486,535

Taiwan

-

16.0%

Lotes

Co.,

Ltd.

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

28,384

1,169,850

MediaTek

,

Inc.

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

71,003

3,231,467

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

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

122,458

6,040,957

United

Microelectronics

Corp.

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

913,902

1,432,494

11,874,768

United

Arab

Emirates

-

5.0%

Adnoc

Gas

PLC

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

1,074,877

1,038,910

ADNOC

Logistics

&

Services

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

254,984

410,985

Dubai

Islamic

Bank

PJSC

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

239,366

604,134

Emaar

Properties

PJSC

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

427,097

1,633,780

3,687,809

Total

Common

Stocks

(Cost

$61,402,905)

73,610,223

Total

Investments

-

99.0%

(Cost

$61,402,905)

73,610,223

Net

other

assets

(liabilities)

-

1.0%

756,531

Net

Assets

-

100%

$

74,366,754

(a) Non-income

producing

(b) Rule

144A,

Section

4(2),

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

This

security

has

been

deemed

liquid

based

upon

the

Fund's

Liquidity

Guidelines.

As

of

December

31,

2025,

the

aggregate

value

of

these

securities

was

$2,085,841

which

represented

2.8%

of

the

net

assets

of

the

Fund.

ADR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American

Depositary

Receipt

PLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Public

Limited

Company

SA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Special

Assessment

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

Schedule

of

Investments

—

continued

December

31,

2025

There

are

no

upfront

payments

or

receipts

associated

with

total

return

swaps

in

the

Fund

as

of

December

31,

2025. Total

Return

Swap

Agreements-

Long

Pay/Receive

(a) Reference

Entity

Counterparty

Shares

Termination

Date

Financing

Rate

Payment

Frequency

Notional

Amount

Unrealized

Appreciation

(Depreciation)

Receive

SK

Square

Co.,

Ltd.

Goldman

Sachs

International

10/19/26

Effective

Federal

Funds

Rate

(b) +

bps

Monthly

$

12,772

$

2,830

(a) Receive

represents

that

the

Fund

receives

payment

for

any

positive

return

on

the

underlying

reference.

The

Fund

makes

payments

for

any

negative

return

on

such

underlying

reference.

Pay

represents

that

the

Fund

receives

payments

for

any

negative

return

on

the

underlying

reference.

The

Fund

makes

payments

for

any

positive

return

on

such

underlying

reference.

(b) The

Effective

Federal

Funds

Rate

at

December

31,

2025

was

3.64%

Forward

Currency

Contracts

At

December

31,

2025,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Foreign

Exchange

Appreciation

(Depreciation)

U.S.

Dollar

4,000,000

Taiwanese

Dollar

127,520,000

Citigroup

3/6/26

$

(75,295)

Taiwanese

Dollar

34,872,000

U.S.

Dollar

1,200,000

Citigroup

3/6/26

(85,558)

Taiwanese

Dollar

23,872,000

U.S.

Dollar

800,000

BTIG,

LLC

4/21/26

(34,821)

U.S.

Dollar

1,900,000

Taiwanese

Dollar

59,375,000

Citibank

4/21/26

(3,170)

Taiwanese

Dollar

25,560,000

U.S.

Dollar

900,000

Citigroup

5/7/26

(80,047)

$

(278,891)

U.S.

Dollar

400,000

Taiwanese

Dollar

10,760,000

Citigroup

5/7/26

54,824

Total

Net

Forward

Currency

Contracts

$

(224,067)

Summary

of

Investment

Type

Sector

Percentage

of

Net

Assets

Information

Technology

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

23.5%

Financials

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

22.5%

Industrials

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

17.2%

Consumer

Discretionary

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

17.0%

Communication

Services

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

5.9%

Materials

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

4.7%

Energy

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

3.5%

Consumer

Staples

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

2.5%

Real

Estate

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

2.2%

Net

other

assets

(liabilities)

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

1.0%

100.0%

Statement

of

Assets

and

Liabilities

December

31,

2025

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

ASSETS

Investments,

at

value

(Cost

$61,402,905)

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

$

73,610,223

C

ash

collateral

at

b

roker

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

390,000

Cash

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

1,495,063

Foreign

c

urrency,

at

value

(Cost

$151,318)

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

151,318

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

54,824

Receivables:

Investments

sold

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

3,142,142

Dividend

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

59,656

Unrealized

appreciation

on

swap

agreements

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

2,830

Total

assets

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

78,906,056

LIABILITIES

Accrued

expenses

and

other

liabilities

–

Investment

advisory

fees

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

48,349

Payables:

Investments

purchased

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

411,067

Distributions

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

3,800,995

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

278,891

Total

liabilities

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

4,539,302

NET

ASSETS

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

$

74,366,754

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

64,359,884

Total

distributable

earnings

(loss)

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

10,006,870

NET

ASSETS

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

$

74,366,754

NET

ASSET

VALUE

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

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

2,350,000

Net

asset

value

per

share:

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

$

31.65 Statement

of

Operations

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

For

the

period

January

23,

2025

(a) to

December

31,

2025

INVESTMENT

INCOME

Dividends

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

$

1,607,400

Foreign

taxes

withheld

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

(173,134)

Total

investment

income

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

1,434,266

EXPENSES

Investment

advisory

fees

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

327,995

Total

expenses

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

327,995

Net

investment

income

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

1,106,271

—

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investment

securities

sold

and

foreign

currency

transactions

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

2,103,694

Swap

agreements

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

115,456

In-kind

redemptions

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

41,666

2,260,816

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

and

foreign

currency

translations

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

12,202,438

Forward

foreign

currency

exchange

contracts

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

(224,067)

Swap

agreements

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

2,830

11,981,201

Net

realized

and

unrealized

gain

(loss)

on

investments

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

14,242,017

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$

15,348,288

(a) Commencement

of

operations

Statement

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

For

the

period

January

23,

2025

(a) to

December

31,

2025

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

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

$

1,106,271

Net

realized

gain

(loss)

from

investment

securities

sold,

foreign

currency

transactions,

in-kind

redemptions

,

and

swap

agreements

......

2,260,816

Net

change

in

unrealized

appreciation

(depreciation)

on

investment

securities,

foreign

currency

translations,

forward

foreign

currency

exchange

contracts

,

and

swap

agreements

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

11,981,201

Net

change

in

net

assets

resulting

from

operations

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

15,348,288

–

DISTRIBUTIONS

TO

SHAREHOLDERS

–

Total

distributions

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

(5,299,753)

Change

in

net

assets

resulting

from

distributions

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

(5,299,753)

CAPITAL

TRANSACTIONS

Proceeds

from

shares

issued

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

65,458,935

Cost

of

shares

redeemed

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

(1,271,045)

ETF

transaction

fees

(see

Note

5)

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

130,329

Change

in

net

assets

resulting

from

capital

transactions

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

64,318,219

NET

ASSETS

–

Beginning

of

year

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

—

End

of

year

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

$

74,366,754

SHARE

TRANSACTIONS

Issued

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

2,400,000

Redeemed

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

(50,000)

Change

in

shares

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

2,350,000

(a) Commencement

of

operations

Financial

Highlights

See

notes

to

financial

statements.

Pacific

NoS

Global

EM

Equity

Active

ETF

Selected

Per

Share

Data

For

the

period

January

23,

2025

(a) to

December

31,

2025

Net

Asset

Value, beginning

of

period

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

$

24.99 Income

(loss)

from

investment

operations:

Net

investment

income

(loss)

(b) ...............................................................................

0.70 Net

realized

and

unrealized

gain

(loss)

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

8.16 Total

from

investment

operations

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

8.86 Less

distributions

from:

Net

investment

income

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

(1.62)

Net

realized

gain

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

(0.64)

Total

distributions

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

(2.26)

ETF

transaction

fees

per

share

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

0.06 Net

Asset

V

alue,

end

of

period

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

$

31.65 Total

return

(%)

(c)(d) .......................................................................................

35.67 Ratios

to

Average

Net

Asset

and

Supplemental

Data

Net

A

ssets,

end

of

period

(000s)

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

$

74,367

Ratio

of

expenses

(%)

(e) ....................................................................................

0.75 Ratio

of

net

expenses

(%)

(e) .................................................................................

0.75 Ratio

of

net

investment

income

(%)

(e) ..........................................................................

2.52 Portfolio

turnover

rate

(%)

(d)(f) .................................................................................

(a) Commencement

of

operations

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

shares

method

(c) Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period,

if

any,

and

redemption

on

the

last

day

of

the

period

at

net

asset

value. This

percentage

is

not

an

indication

of

the

performance

of

a

shareholder's

investment

in

the

Fund

based

on

market

value

due

to

differences

between

the

market

price

of

the

shares

and

the

net

asset

value

per

share

of

the

Fund.

(d) Not

annualized

for

periods

less

than

one

year

(e) Annualized

for

periods

less

than

one

year

(f) Excludes

impact

of

in-kind

transactions

Notes

to

Financial

Statements

December

31,

2025

(1) Organization

The

2023

ETF

Series

Trust

(the

"Trust")

is

an

open-end

management

investment

company

consisting

of

multiple

investment

series.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

was

established

by

a

Declaration

of

Trust

dated

January

23,

2023. The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act")

as

an

open-end

management

investment

company

and

thus

is

determined

to

be

an

investment

company

for

accounting

purposes.

The

Trust

is

comprised

of

several

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares

of

beneficial

interest

("Shares")

in

one

or

more

series

representing

interests

in

separate

portfolios

of

securities.

The

accompanying

financial

statements

are

those

of

the Pacific

NoS

Global

EM

Equity

Active

ETF (the

"Fund").

The

Fund

is

a

non-diversified

actively-managed

exchange-traded

fund.

The

Fund's

prospectus

provides

a

description

of

the

Fund's

investment

objectives,

policies,

and

strategies.

The

assets

of

the

Fund

are

segregated

and

a

shareholder's

interest

is

limited

to

the

Fund

in

which

shares

are

held. The

Fund commenced

operations

on

January

23,

2025. Under

the

Trust's

organizational

documents,

its

officers

and

Board

of

Trustees

(the

"Board")

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Trust

may

enter

into

contracts

with

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

that

risk

of

loss

to

be

remote.

(2) Significant

Accounting

Policies

Shares

of

the

Fund

are

listed

and

traded

on the

Nasdaq

Stock

Market,

LLC. Market

prices

for

the

Shares

may

be

different

from

their

net

asset

value

("NAV").

The

Fund

issues

and

redeems

Shares

on

a

continuous

basis

at

NAV

only

in

large

blocks

of

Shares

called

"Creation

Units".

Creation

Units

are

issued

and

redeemed

principally

in-kind

for

securities

included

in

a

specified

universe.

Once

created,

Shares

generally

trade

in

the

secondary

market

at

market

prices

that

change

throughout

the

day

in

amounts

less

than

a

Creation

Unit.

Shares

of

the

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

("Authorized

Participants").

An

Authorized

Participant

is

either

(i) a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation

or

(ii) a

DTC

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

Foreside

Fund

Services,

LLC

(the

"Distributor").

Most

retail

investors

do

not

qualify

as

Authorized

Participants

nor

have

the

resources

to

buy

and

sell

whole

Creation

Units.

Therefore,

they

are

unable

to

purchase

or

redeem

the

shares

directly

from

the

Fund.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

These

policies

are

in

conformity

with

generally

accepted accounting

principles

in

the

United

States

of

America

("GAAP").

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

A. Investment

Valuations

The

Fund

holds

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

expected

to

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

below.

Security

values

are

ordinarily

obtained

through

the

use

of

independent

pricing

services

in

accordance

with

Rule

2a-5

under

the

1940

Act

pursuant

to

procedures

adopted

by

the

Board.

Pursuant

to

these

procedures,

the

Fund

may

use

a

pricing

service,

bank,

or

broker-dealer

experienced

in

such

matters

to

value

the

Fund's

securities.

If

market

quotations

are

not

readily

available,

securities

will

be

valued

at

their

fair

market

as

determined

using

the

fair

value

procedures

approved

by

the

Board.

The

Board

has

delegated

the

execution

of

these

procedures

to

the

Advisor

as

fair

value

designee.

The

fair

valuation

process

is

designed

to

value

the

subject

security

at

the

price

the

Fund

would

reasonably

expect

to

receive

upon

its

current

sale.

Additional

consideration

is

given

to

securities

that

have

experienced

a

decrease

in

the

volume

or

level

of

activity

or

to

circumstances

that

indicate

that

a

transaction

is

not

orderly.

The Trust

uses

a

three-tier

fair

value

hierarchy

that

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Notes

to

Financial

Statements

(continued)

December

31,

2025

• Level

—

Quoted

prices

in

active

markets

for

identical

assets

that

the

Fund

has

the

ability

to

access.

• Level

2 —

Other

observable

pricing

inputs

at

the

measurement

date

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

• Level

3 —

Significant

unobservable

pricing

inputs

at

the

measurement

date

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Common

stocks

and

exchange-traded

funds

("ETFs")

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's

last

traded

price

or

official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

The

Fund

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

price.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

The

prices

of

securities

traded

in

foreign

currencies

will

be

expressed

in

U.S.

dollars

by

using

the

mid-rate

prices

for

the

U.S.

dollar

as

quoted

by

generally

recognized

reliable

sources

at

p.m.

London

time.

The

Fund

owns

securities

that

are

primarily

listed

on

foreign

exchanges

which

may

trade

on

days

when

the

Fund

does

not

price

its

shares;

therefore

the

value

of

securities

held

by

the

Fund

may

change

on

days

when

the

shareholders

will

not

be

able

to

purchase

or

redeem

shares.

Derivative

Instruments:

Forward

currency

contracts

are

valued

using

the

sum

of

the

spot

rate,

the

available

forward

point

quotation

nearest

and

prior

to

settlement

date,

and

the

linear

interpolation

of

the

available

forward

point

quotations

nearest

to,

before

and

after

the

settlement

date.

Futures

contracts

are

valued

using

the

settlement

price

established

each

day

on

the

exchange

on

which

they

are

traded.

The

value

of

such

futures

contracts

held

by

the

Fund

is

determined

each

day

as

of

such

exchanges

close.

Swaps

are

generally

valued

at

the

last

quoted

sales

price

of

the

swap

(if

exchange-listed)

or

of

the

underlying

security

(if

such

security

is

exchange-listed),

or

in

the

absence

of

a

sale,

fair

valued

at

the

mean

between

the

current

bid

and

ask

prices,

and

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Other

types

of

swaps

may

be

fair

valued

by

a

pricing

agent

covering

the

specific

type

of

swap.

The

Fund

did

not

hold

any

Level

investments

as

of

December

31,

2025. The

following

table

summarizes

the

Fund's

investments,

based

on

their

valuation

inputs,

as

of December

31,

2025,

while

the

breakdown,

by

category,

of

investments

is

disclosed

in

the

Schedule

of

Investments

for

the

Fund:

Pacific

NoS

Global

EM

Equity

Active

ETF

Level

Level

Level

Total

Assets

Common

Stocks

(a) $73,610,223

$—

$—

$73,610,223

Total

Investments

$73,610,223

$—

$—

$73,610,223

Financial

Instruments

Assets

Total

Return

Swap

Agreements

(b) —

2,830

—

2,830

Forward

Currency

Contracts

(b) —

54,824

—

54,824

Liabilities

Forward

Currency

Contracts

(b) —

(278,891)

—

(278,891)

Total

Forward

Currency

Contracts

$—

$(221,237)

$—

$(221,237)

(a) Please

see

the

Schedule

of

Investments

for

industry

classifications

(b) Valued

at

the

unrealized

appreciation

(depreciation)

of

the

investment

Notes

to

Financial

Statements

(continued)

December

31,

2025

B. Security

Transactions

and

Related

Income

Investment

transactions

are

accounted

for

no

later

than

the

first

calculation

of

the

NAV

on

the

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

security

transactions

are

accounted

for

on

the

trade

date

on

the

last

business

day

of

the

reporting

period.

Securities'

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

and

expenses

are

accrued

daily.

Dividends

and

dividend

expense,

less

foreign

tax

withholding,

if

any,

are

recorded

on

the

ex-dividend

date.

Investment

income

from

non-U.S.

sources

received

by the

Fund

is

generally

subject

to

non-U.S.

withholding

taxes

at

rates

ranging

up

to

30%.

Such

withholding

taxes

may

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties.

The

Fund

may

be

subject

to

foreign

taxes

on

gains

in

investments

or

currency

repatriation.

The

Fund

accrues

such

taxes,

as

applicable,

based

on its

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which it

invests.

The

Fund

may

own

shares

of

ETFs

that

may

invest

in

real

estate

investments

trusts

and

master

limited

partnerships

which

report

information

on

the

source

of

their

distributions

annually.

Distributions

received

from

investments

are

recorded

as

realized

gain

and/or

as

a

reduction

to

the

cost

of

the

ETF.

C. Dividends

and

Distributions

to

Shareholders

Distributions

are

recorded

on

the

ex-dividend

date.

The

Fund

intends

to

distribute

to

its

shareholders

net

investment

income

and

net

realized

capital

gains,

if

any,

at

least

annually.

The

amount

of

dividends

from

net

investment

income

and

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

"book/tax"

differences

are

considered

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

distributions

and

income

received

from

pass-through

investments),

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

Fund

may

utilize

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

D. Foreign

Currency

Translations

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Financial

instruments

and

other

assets

and

liabilities

of

the

Fund

denominated

in

a

foreign

currency,

if

any,

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

financial

instruments,

income

receipts

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rate

on

the

date

of

the

transaction.

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

values

to

financial

instruments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

or

losses

from

investments.

Realized

foreign

exchange

gains

or

losses

arise

from

transactions

in

financial

instruments

and

foreign

currencies,

currency

exchange

fluctuations

between

the

trade

and

settlement

date

of

such

transactions,

and

the

difference

between

the

amount

of

assets

and

liabilities

recorded

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

financial

instruments,

resulting

from

changes

in

currency

exchange

rates.

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

(a

portion

of

which

may

be

reclaimable).

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

E. Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

Fund's

Schedule

of

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

Fund,

including

the

primary

underlying

risk

exposure

related

to

each

instrument

type.

The

Fund's

derivative

contracts

are

not

accounted

for

as

hedging

instruments

under

GAAP.

1. Forward

Currency

Contracts

The

Fund

may

enter

into

foreign

currency

exchange

transactions,

including

foreign

currency

forward

contracts,

in

connection

with

the

settlement

of

foreign

securities

or

to

transfer

cash

balances

from

one

currency

to

another

currency.

The

decision

to

hedge

a

Fund's

currency

exposure

with

respect

to

a

foreign

market

will

be

based

primarily

on

the

Fund's

existing

exposure

to

a

given

foreign

currency.

Each

contract

is

valued

daily

and

the

change

in

value

is

recorded

by

a

Fund

as

an

unrealized

gain

or

loss,

which

is

presented

in

the

Fund's

Statement

of

Operations

as

the

"Net

change

in

unrealized

appreciation

(depreciation)

on:

Forward

foreign

currency

exchange

contracts".

Notes

to

Financial

Statements

(continued)

December

31,

2025

When

the

contract

is

closed

or

offset

with

the

same

counterparty,

a

Fund

records

a

realized

gain

or

loss

equal

to

the

change

in

the

value

of

the

contract

when

it

was

opened

and

the

value

at

the

time

it

was

closed

or

offset.

This

is

presented

in

the

Statement

of

Operations

as

a

"Net

realized

gain

(loss)

from:

Forward

foreign

currency

exchange

contracts".

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

contracts

and

from

unanticipated

movements

in

the

value

of

foreign

currency

relative

to

the

U.S.

dollar.

2. Swap

Agreements

The

Fund

may

enter

into

swap

agreements

("swaps")

for

purposes

of

attempting

to

gain

exposure

to

the

securities

making

up

an

index

without

actually

purchasing

those

instruments,

to

hedge

a

position

or

to

gain

exposure

to

a

particular

instrument

or

currency.

A

swap

is

a

two-party

contract

entered

into

for

periods

ranging

from

one

day

to

more

than

one

year.

In

a

standard

swap

transaction,

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

predetermined

investments

or

instruments.

The

gross

returns

to

be

exchanged

or

"swapped"

between

the

parties

are

calculated

with

respect

to

a

"notional

amount,"

i.e.,

the

return

on

or

increase

in

value

of

a

particular

dollar

amount

invested

in

a

"basket"

of

securities

representing

a

particular

index.

Swaps

are

marked

to

market

daily

based

upon

valuations

as

determined

from

the

underlying

contract

or

in

accordance

with

the

requirements

of

the

clearing

organization.

Changes

in

market

value,

if

any,

are

reflected

as

a

component

of

net

change

in

appreciation

or

depreciation

on

swap

agreements

on

the

Statement

of

Operations

and

daily

changes

in

valuation

of

centrally

cleared

swaps,

if

any,

are

recorded

as

"Variation

margin

on

swap

agreements"

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

may

enter

into

total

return

swaps

to

gain

or

mitigate

exposure

to

the

underlying

securities

or

indices.

In

"long"

total

return

swaps,

the

counterparty

will

generally

agree

to

pay

the

Fund

the

amount,

if

any,

by

which

the

notional

amount

of

the

swaps

would

have

increased

in

value

had

it

been

invested

in

the

particular

instruments,

plus

an

amount

equal

to

any

dividends

or

interest

that

would

have

been

received

on

those

instruments.

The

Fund

will

agree

to

pay

to

the

counterparty

an

amount

equal

to

a

fixed

or

floating

rate

of

interest

on

the

notional

amount

of

the

swaps

plus

the

amount,

if

any,

by

which

the

notional

amount

would

have

decreased

in

value

had

it

been

invested

in

such

instruments

plus,

in

certain

instances,

commissions

or

trading

spreads

on

the

notional

amount.

Total

return

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

instruments.

The

net

amount

of

the

excess,

if

any,

of

the

Fund's

obligations

over

its

entitlements

with

respect

to

each

swap

is

accrued

on

a

daily

basis

and

an

amount

of

cash

or

liquid

assets,

having

an

aggregate

value

at

least

equal

to

such

accrued

excess,

is

maintained

at

the

broker-dealer

or

the

Fund's

custodian.

Until

a

total

return

swap

is

settled

in

cash,

the

gain

or

loss

on

the

notional

amount

is

recorded

as

"Net

change

in

unrealized

appreciation

(depreciation)

on:

Swap

agreements"

and,

when

cash

is

exchanged,

the

gain

or

loss

realized

is

recorded

as

"Net

realized

gain

(loss)

from:

Swap

agreements".

The

average

volume

(based

on

the

open

positions

at

each

fiscal

month-end)

of

derivative

activity

for

the

period

ended

December

31,

2025

was

as

follows:

(a) Average

amount

of

Currency

Purchased/Sold

in

USD

The

following

is

a

summary

of

the

fair

value

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025:

Total

Return

Swaps

Forward

Currency

Contracts

(a) Pacific

NoS

Global

EM

Equity

Active

ETF

$

1,457

$

6,391,667

Assets

Unrealized

Appreciation

on

Swap

Agreements

(a) Equity

Risk

Exposure:

Total

Return

Swaps

$2,830

Notes

to

Financial

Statements

(continued)

December

31,

2025

(a) Presented

on

Statement

of

Assets

and

Liabilities

as

Unrealized

appreciation

on:

Swap

agreements

(b) Presented

on

Statement

of

Assets

and

Liabilities

as

Unrealized

appreciation

on:

Forward

foreign

currency

exchange

contracts

(c) Presented

on

Statement

of

Assets

and

Liabilities

as

Unrealized

depreciation

on:

Forward

foreign

currency

exchange

contracts

The

following

is

a

summary

of

the

realized

and

change

in

unrealized

gains

and

losses

from

the

Fund's

derivative

instrument

holdings

categorized

by

primary

risk

exposure

for

the period ended

December

31,

2025. (a)

Presented

on

the

Statement

of

Operations

as

Net

realized

gain

(loss)

from:

Swap

agreements

(b) Presented

on

the

Statement

of

Operations

as

Net

change

in

unrealized

appreciation

(depreciation)

on:

Swap

agreements

(c) Presented

on

the

Statement

of

Operations

as

Net

change

in

unrealized

appreciation

(depreciation)

on:

Forward

foreign

currency

exchange

contracts

Offsetting

of

Derivative

Assets

and

Derivative

Liabilities:

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

mitigate

counterparty

risk,

the

Fund

has

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

a

similar

agreement

with

certain

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

over-the-counter

derivatives

and

forward

currency

contracts

and

typically

contains,

among

other

things,

provisions

in

the

event

of

a

default

and/or

termination

event

and

may

also

include

collateral

posting

items.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments'

payables

and/or

receivables

with

collateral

held

and/or

posted,

if

any,

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out),

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

financial

reporting

purposes, the Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Assets

Liabilities

Unr

ealized

Appreciation

on

Forward

Currency

Contracts

(b)

Unr

ealized

Depreciation

on

Forward

Currency

Contracts

(c)

Currency

Risk

Exposure:

Pacific

NoS

Global

EM

Equity

Active

ETF

$

54,824

$278,891

Realized

Gain

(Loss)

from:

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Swap

Agreements

(a) Swap

Agreements

(b) Equity

Risk

Exposure:

Pacific

NoS

Global

EM

Equity

Active

ETF

$

115,456

$

2,830

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Forward

Currency

Contracts

(c) Currency

Risk

Exposure:

Pacific

NoS

Global

EM

Equity

Active

ETF

$

(224,067)

Notes

to

Financial

Statements

(continued)

December

31,

2025

As

of

December

31,

2025,

the

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

as

of

December

31,

2025

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund.

(a) The

actual

collateral

received

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statement

of

Assets

and

Liabilities.

(b) The

actual

collateral

pledged

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statement

of

Assets

and

Liabilities.

F. Federal

Income

Tax

It

is

the

policy

of

the

Fund

to

qualify

and

continue

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986

and

to

distribute

substantially

all

of

its

net

investment

income

and

capital

gains,

if

any,

to

its

shareholders.

Therefore,

no

federal

income

tax

provision

is

required

as

long

as

the

Fund

qualifies

as

a

regulated

investment

company.

Management

of

the

Fund

has

evaluated

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

it

is

more-likely-than-not

(i.e.,

greater

than

50%)

that

the

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

A

tax

position

that

meets

the

more-likely-than-not

recognition

threshold

is

measured

to

determine

the

amount

of

benefit

to

recognize

in

the

financial

statements.

Differences

between

tax

positions

taken

in

a

tax

return

and

amounts

recognized

in

the

financial

statements

will

generally

result

in

an

increase

in

a

liability

for

taxes

payable

(or

a

reduction

of

a

tax

refund

receivable),

including

the

recognition

of

any

related

interest

and

penalties

as

an

operating

expense.

In

general,

tax

positions

taken

in

previous

tax

years

remain

subject

to

examination

by

tax

authorities

(generally

three

years

for

federal

income

tax

purposes).

The

determination

has

been

made

that

there

are

not

any

uncertain

tax

positions

that

would

require

the

Fund

to

record

a

tax

liability

and,

therefore,

there

is

no

impact

to

the

Fund's

financial

statements.

The

Fund's

policy

is

to

classify

interest

and

penalties

associated

with

underpayment

of

federal

and

state

income

taxes,

if

any,

as

income

tax

expense

on

its

Statement

of

Operations.

As

of

December

31,

2025,

the

Fund

did

not

have

any

interest

or

penalties

associated

with

the

underpayment

of

any

income

taxes.

Pacific

NoS

Global

EM

Equity

Active

ETF

Assets

Liabilities

Derivative

Financial

Instruments

:

Forward

currency

contracts

$54,824

$278,891

Swap

agreements

2,830

—

Total

derivative

assets

a

nd

liabilities

in

the

Statement

of

Assets

and

Liabilities

57,654

278,891

Derivative

asset

s

and

liabilities

not

subject

to

a

master

netting

agree

ment

or

similar

agreement

("

MNA

")

—

—

Total

assets

and

liabilities

subject

to

an

MNA

$57,654

$278,891

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

(a) Cash

Collateral

Received

(a) Net

Amount

of

Derivative

Assets

Citigroup

$

54,824

$(54,824)

$

—

$

—

$

—

Goldman

Sachs

International

2,830

—

—

—

2,830

$

57,654

$

(54,824)

$—

$

—

$2,830

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Pledged

(b) Cash

Collateral

Pledged

(b) Net

Amount

of

Derivative

Liabilities

BTIG,

LLC

$

34,821

$

—

$—

$

—

$34,821

Citigroup

244,070

(54,824)

—

(189,246)

—

$

278,891

$(54,824)

$—

$

(189,246)

$34,821

Notes

to

Financial

Statements

(continued)

December

31,

2025

As

of

December

31,

2025,

the

tax

cost

of

securities

and

the

breakdown

of

unrealized

appreciation

(depreciation)

for the

Fund

were

as

follows:

The

tax

character

of

distributions

paid

during

the period

ended December

31,

2025

was

as

follows:

As

of December

31,

2025,

the

components

of distributable

earnings

(accumulated

losses)

on

a

tax

basis

were

as

follows:

(a) The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

primarily

attributable

to

wash

sale

activity,

passive

foreign

investment

company

adjustments

and

derivatives.

As

of

December

31,

2025 the

Fund

has

no

net

capital

loss

carryforwards.

During

the

period

ended

December

31,

2025 no

capital

loss

carryforwards

were

utilized.

Permanent

book

and

tax

differences,

primarily

attributable

to

the

book/tax

basis

treatment

of

in-kind

redemptions,

resulted

in

reclassifications

for

the

Fund

for

the

period

ended

December

31,

2025,

as

follows:

(3) Investment

Advisory

and

Other

Contractual

Services

A. Investment

Advisory

Fees

Pacific

Capital

Partners

Limited

(the

"Advisor")

serves

as

the

investment

advisor

to

the

Fund

pursuant

to

an

investment

advisory

agreement.

Subject

at

all

times

to

the oversight

and

approval

of

the

Board,

the

Advisor

is

responsible

for

the

overall

management

of

the

Fund.

The

Fund

pays

the

Advisor

a

management

fee

of

0.75%

of

its

average

daily

net

assets,

calculated

daily

and

paid

monthly.

North

of

South

Capital

LLP

serves

as

the

sub-advisor

to

the

Fund

and

receives

50%

of

the

Advisory

Fee and

is

paid

for

its

services directly

by

the

Advisor,

not

the

Fund.

The

Adviser

has

agreed

to

pay

all

expenses

incurred

by

the

Fund

except

for

the

advisory

fee

and

any

value-added-tax

or

other

sales

tax

calculated

on

such

fee;

interest

charges

on

any

borrowings,

taxes,

brokerage

commissions,

and

other

expenses

incurred

in

placing

orders

for

the

purchase

and

sale

of

securities

and

other

investment

instruments;

fees

and

expense

related

to

the

provision

of

securities

lending

services;

acquired

fund

fees

and

expenses;

accrued

deferred

tax

liability;

legal

fees

or

expenses

in

connection

with

any

arbitration,

litigation

or

pending

or

threatened

arbitration

or

litigation,

including

any

settlements

in

connection

therewith;

extraordinary

expenses

(as

determined

by

the

Board);

and

distribution

fees

and

expenses

paid

by

the

Trust

under

any

distribution

plan

adopted

pursuant

to

Rule

12b-1

under

the

1940

Act.

Fund

Tax

Cost

of

Securities

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

Pacific

NoS

Global

EM

Equity

Active

ETF

$

64,602,219

$

13,43

2,410

$

(4,424,406)

$

9,008,004

Net

Investment

Income

Net

Long-Term

Gains

Total

Taxable

Distributions

Total

Distributions

Paid

Pacific

NoS

Global

EM

Equity

Active

ETF

$

5,299,753

$

—

$

5,299,753

$

5,299,753

Undistributed

Ordinary

Income

and

Short-Term

Capital

Gains

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Capital

Loss

Carryforwards

Unrealized

Appreciation

(Depreciation)

(a) Total

Accumulated

Earnings

(Deficit)

Other

Earnings

(Deficit)

Pacific

NoS

Global

EM

Equity

Active

ETF

$

1,225,386

$

2,

$

1,227,813

$

—

$

9,008,004

$

10,235,817

$

(228,947)

Total

Distributable

Earnings

(Loss)

Paid-In

Capital

Pacific

NoS

Global

EM

Equity

Active

ETF

$

(41,665)

$

41,665

Notes

to

Financial

Statements

(continued)

December

31,

2025

B. Administration,

Custodian, Transfer

Agent

and

Accounting

Services

Citi

Fund

Services

Ohio,

Inc.

serves

as

administrator

and

dividend

disbursing

agent

for

the

Fund

pursuant

to

a

Services

Agreement.

Citibank,

N.A.

serves

as

the

custodian

and

transfer

agent

of

the

Fund

pursuant

to

a

Global

Custodial

and

Agency

Services

Agreement.

C. Distribution

Foreside

Fund

Services,

LLC

is

the

principal

underwriter

and

distributor

for

the

Fund's

Shares.

The

Distributor

is

compensated

by

the

Advisor

in

accordance

with

an

ETF Distribution

Agreement

between

the

Advisor

and

the

Distributor.

(4) Investment

Transactions

Purchases

and

sales

of

investments,

excluding

in-kind

transactions

and

short-term

investments,

for

the period

ended

December

31,

2025 were

as

follows:

Purchases

and

sales

of

in-kind

transactions

for

the period

ended

December

31,

2025

were

as

follows:

There

were

no

purchases

or

sales

of

U.S.

government

securities

during

the period ended

December

31,

2025. (5) Capital

Share

Transactions

Shares

are

issued

and

redeemed

by

the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Transactions

in

shares

for

the

Fund

are

disclosed

in

detail

on

the

Statement

of

Changes

in

Net

Assets.

The

consideration

for

the

purchase

of

Creation

Units

of

a

Fund

generally

consists

of

the

in-kind

deposit

of

a

designated

basket

of

securities,

which

constitutes

an

optimized

representation

of

the

securities

of

that

Fund's

specified

universe,

and

an

amount

of

cash.

Investors

purchasing

and

redeeming

Creation

Units

may

be

charged

a

transaction

fee

to

cover

the

transfer

and

other

transactional

costs

the

Fund

incurs

to

issue

or

redeem

Creation

Units.

The

transaction

fees

for

the

Fund,

regardless

of

the

number

of

Creation

Units

issued

or

redeemed,

are

listed

below:

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

on

the

Statement

of

Assets

and

Liabilities.

As

of

December

31,

2025,

there

were

no

unsettled

in-kind

capital

transactions.

The

Advisor

may

charge

an

additional,

variable

fee

(sometimes

referred

to

as

a

"cash-in-lieu"

fee)

to

the

extent

the

Fund

permits

Authorized

Participants

to

create

or

redeem

Creation

Units

for

cash,

or

otherwise

substitute

cash

for

any

Deposit

Security.

Such

cash-

in-lieu

fees

are

payable

to

the

Fund

and

are

charged

to

defray

the

transaction

cost

to

the

Fund

of

buying

(or

selling)

Deposit

Securities,

to

cover

spreads

and

slippage

costs

and

to

protect

existing

shareholders.

The

cash-in-lieu

fees

will

be

negotiated

between

the

Advisor

Purchases

Sales

Pacific

NoS

Global

EM

Equity

Active

ETF

$

70,186,465

$

33,261,908

Purchases

Sales

Pacific

NoS

Global

EM

Equity

Active

ETF

$

22,695,614

$

491,054

Fee

for

In-Kind

and

Cash

Purchases

and

Sales

Pacific

NoS

Global

EM

Equity

Active

ETF

$500

Notes

to

Financial

Statements

(continued)

December

31,

2025

and

the

Authorized

Participant

and

may

be

different

for

any

given

transaction,

Business

Day

or

Authorized

Participant;

however,

in

no

instance

will

such

cash-in-lieu

fees

exceed

2%

of

the

value

of

a

Creation

Unit.

From

time

to

time,

the

Advisor,

in

its

sole

discretion,

may

adjust

the

Fund's

cash-in-lieu

fees

or

reimburse

Authorized

Participants

for

all

or

a

portion

of

the

creation

or

redemption

transaction

fees.

(6) Segment

Reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07").

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

ASU

2023-07

is,

through

improved

segment

disclosures,

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows.

The

President

and

Chief

Executive

Officer

acts

as

the

Fund's

chief

operating

decision

maker

("CODM")

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Fund's

Schedule

of

Investments,

Statement

of

Changes

in

Net

Assets

and

Financial

Highlights.

(7) New

Accounting

Pronouncement

The

Fund

adopted

the

FASB

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures" during

the period

ended

December

31,

2025. Adoption

of

the

new

standard

by

the

Fund

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Fund

for

the period

ended

December

31,

2025

were

determined

to

not

be

significant.

(8) Risk

Factors

With

all

ETFs,

shareholders

of

the

Fund

are

subject

to

the

risk

that

their

investment

could

lose

money.

The

Fund

is

subject

to

the

principal

risks,

any

of

which

may

adversely

affect

the

Fund's

NAV,

trading

price,

yield,

total

return

and

ability

to

meet

its

investment

objectives.

A

description

of

principal

risks

is

included

in

the

Fund's

prospectus

under

the

heading

"Principal

Risks

of

Investing

in

the

Fund".

(9) Subsequent

Events

On

February

3,

2026,

Pinnacle

Investment

Management

announced

that

it

had

agreed

to

acquire

the

remaining

equity

interests

in

Pacific

Asset

Management

that

it

did

not

already

own.

The

transaction

is

expected

to

be

completed

in

the

first

half

of

2026. The

Fund

has

hired

Tidal

Investments

as

an

additional

sub-advisor

to

the

Fund

effective

March

26,

2026. Management

of

the

Fund

has

evaluated

the

need

for

disclosures

and/or

adjustments

resulting

from

subsequent

events

through

the

date

these

financial

statements

were

issued.

Based

upon

this

evaluation,

no

additional

disclosures

or

adjustments

were

required

to

the

financial

statements

as

of

December

31,

2025. 20

![A company logo for Cohen & Company LLC. AI generated content](epub592267400183808.jpg)

![A logo for Cohen & Co. AI generated content](epub592267400183809.jpg)

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

of

Pacific

NoS

Global

EM

Equity

Active

ETF

and

Board

of

Trustees

of

The

2023

ETF

Series

Trust

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Pacific

NoS

Global

EM

Equity

Active

ETF

(the

"Fund"),

a

series

of

The

2023

ETF

Series

Trust,

as

of

December

31,

2025,

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

period

January

23,

2025

(commencement

of

operations)

through

December

31,

2025,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations,

the

changes

in

net

assets,

and

the

financial

highlights

for

the

period

January

23,

2025

(commencement

of

operations)

through

December

31,

2025,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Fund's

auditor

since

2026. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

February

27,

2026

Pacific

Capital

Partners

Limited

Other

Federal

Tax

Information

(Unaudited)

Period

ended

December

31,

2025

During

the

fiscal

period

ended

December

31,

2025

,

the

Fund

declared

short-term

realized

gain

distributions

in

the

following

amount:

For

the

fiscal

period

ended

December

31,

2025

,

distributions

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%,

as

provided

by

the

Jobs

and

Growth

Relief

Reconciliation

Act

of

2003. The

Fund

intends

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

20%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

During

the

fiscal

period

ended

December

31,

2025

,

the

Fund

designated

0.03%

as

interest-related

dividends

for

certain

non-U.S.

resident

investors.

The

Fund

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

outstanding

shares

on

December

31,

2025

,

are

as

follows:

The

pass-through

of

the

foreign

tax

credit

will

only

affect

those

persons

who

are

shareholders

on

the

dividend

record

date

in

December

2025

.

These

shareholders

will

receive

more

detailed

information

along

with

their

2025

Form

1099-DIV.

For

the

fiscal

period

ended

December

31,

2025,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Short-Term

Capital

Gains

Pacific

NoS

Global

EM

Equity

Active

ETF

$1,498,757

Foreign

Source

Income

Foreign

Tax

Expense

Pacific

NoS

Global

EM

Equity

Active

ETF

$

0.68 $

0.07 (b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

On December 12, 2025, the Fund replaced its existing independent registered public accounting firm, Deloitte & Touche LLP ("Deloitte"), with Cohen & Co. ("Cohen"). There were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) [The Code of Ethics is attached hereto.](ex99COE.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>The 2023 ETF Series Trust</u>

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Eric W. Falkeis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Eric W. Falkeis, President

Date___________________________________________3/6/2026__________________________________ __________________

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Eric W. Falkeis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Eric W. Falkeis, President

Date_________________________________________________3/6/2026________________________________________________

By (Signature and Title) <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Aaron Perkovich&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Aaron Perkovich, Treasurer

Date_____________________________________________3/6/2026__________________________________________________

## Ex-99.Code

Financial Code of Ethics for Principal Executive and Financial Officers

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HONEST AND ETHICAL CONDUCT

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of The 2023 ETF Series Trust (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFFIRMATION OF THE CODE

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

# Adopted: May 31, 2023
**SCHEDULE A**

Principal Executive Officer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eric Falkeis

Principal Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aaron Perkovich

## Ex-99

<u>Section 302 – CERTIFICATIONS</u>

I, Eric Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/6/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _</u>__&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Eric Falkeis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>________________________<br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eric Falkeis &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President (Principal Executive Officer)

<u>Section 302 – CERTIFICATIONS</u>

I, Aaron Perkovich, certify that:

1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

d)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

e)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

f)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

b)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/6/2026&nbsp;&nbsp;&nbsp;&nbsp; _&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _</u>__&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Aaron Perkovich&nbsp;&nbsp;&nbsp;&nbsp;</u>________________________<br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aaron Perkovich&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer (Principal Financial Officer)

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of The 2023 ETF Series Trust (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>3/6/2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_

Date

/s/Eric Falkeiz

Eric Falkeis

Principal Executive Officer

/s/ Aaron Perkovich

Aaron Perkovich

Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.