2023 ETF SERIES TRUST

Ticker: BUSA CUSIP: 900934308 Class: BRANDES US VALUE

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (6)

NKCFO LLC
Value ($000) $3 Shares 82,100
STEPH & CO
Value ($000) $268 Shares 7,337
CITADEL ADVISORS LLC
Value ($000) $259 Shares 7,095
STIFEL FINANCIAL CORP
Value ($000) $211 Shares 5,768
Kestra Advisory Services, LLC
Value ($000) $66 Shares 1,800
HUNTINGTON NATIONAL BANK
Value ($000) $18 Shares 504

Increased Positions (7)

HANTZ FINANCIAL SERVICES, INC.
Value ($000) $231 (+8.4%) Shares 6,306,589 (+3.4%)
Brooklyn Investment Group
Value ($000) $6,523 (+575.4%) Shares 176,240 (+507.1%)
ROYAL BANK OF CANADA
Value ($000) $2,532 (+25.4%) Shares 69,294 (+19.7%)
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $793 (+118429.1%) Shares 21,695 (+13.1%)
OSAIC HOLDINGS, INC.
Value ($000) $19 (+125.5%) Shares 514 (+114.2%)
Steward Partners Investment Advisory, LLC
Value ($000) $40 (+21.4%) Shares 1,095 (+15.9%)
SIGNATUREFD, LLC
Value ($000) $19 (+16.4%) Shares 524 (+11.0%)

Decreased Positions (2)

UBS Group AG
Value ($000) $30 (-59.4%) Shares 829 (-61.2%)
MORGAN STANLEY
Value ($000) $58 (-37.3%) Shares 1,588 (-40.2%)

Exited Positions (4)

SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $451 Shares 12,938
ENVESTNET ASSET MANAGEMENT INC
Value ($000) $248 Shares 7,108
JPMORGAN CHASE & CO
Value ($000) $35 Shares 995
CWM, LLC
Value ($000) $0 Shares 226