2023 ETF SERIES TRUST

Ticker: BSMC CUSIP: 900934100 Class: BRANDES US SMALL

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (3)

ONE PLUS ONE WEALTH MANAGEMENT, LLC

Value ($000) $2,079 Shares 59,865

Bleakley Financial Group, LLC

Value ($000) $7,941 Shares 228,684

Value ($000) $7 Shares 197

Institution	Shares	Value ($000)
ONE PLUS ONE WEALTH MANAGEMENT, LLC	59,865	$2,079
Bleakley Financial Group, LLC	228,684	$7,941
UBS Group AG	197	$7

Increased Positions (5)

HANTZ FINANCIAL SERVICES, INC.

Value ($000) $119 (+8.3%) Shares 3,440,283 (+4.1%)

Brooklyn Investment Group

Value ($000) $2,895 (+954.1%) Shares 82,372 (+841.1%)

ROYAL BANK OF CANADA

Value ($000) $4,235 (+16.0%) Shares 121,977 (+11.4%)

STIFEL FINANCIAL CORP

Value ($000) $429 (+18.0%) Shares 12,355 (+13.3%)

OSAIC HOLDINGS, INC.

Value ($000) $113 (+49.1%) Shares 3,249 (+43.2%)

Institution	Prev Shares	Curr Shares	Change
HANTZ FINANCIAL SERVICES, INC.	3,305,002	3,440,283	+135,281 (+4.1%)
Brooklyn Investment Group	8,753	82,372	+73,619 (+841.1%)
ROYAL BANK OF CANADA	109,459	121,977	+12,518 (+11.4%)
STIFEL FINANCIAL CORP	10,900	12,355	+1,455 (+13.3%)
OSAIC HOLDINGS, INC.	2,269	3,249	+980 (+43.2%)

Decreased Positions (3)

JANE STREET GROUP, LLC

Value ($000) $218 (-75.9%) Shares 6,290 (-76.8%)

CITADEL ADVISORS LLC

Value ($000) $206 (-75.5%) Shares 5,946 (-76.5%)

Value ($000) $59 (+2.8%) Shares 1,710 (-1.3%)

Institution	Prev Shares	Curr Shares	Change
JANE STREET GROUP, LLC	27,117	6,290	-20,827 (-76.8%)
CITADEL ADVISORS LLC	25,288	5,946	-19,342 (-76.5%)
COMERICA BANK	1,732	1,710	-22 (-1.3%)

Exited Positions (3)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $1,655 Shares 49,624

FLOW TRADERS U.S. LLC

Value ($000) $0 Shares 9,132

Value ($000) $0 Shares 103

Institution	Prev Shares	Prev Value ($000)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	49,624	$1,655
FLOW TRADERS U.S. LLC	9,132	$0
CWM, LLC	103	$0