Brandes International ETF

BINV | Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | June 30, 2024

The annual shareholder report contains important information about the Brandes International ETF for the period October 4, 2023 (commencement of operations) through June 30, 2024. You can find additional information about the Fund at https://www.brandes.com/etfs/resources. You can also request this information by contacting us at (866) 307-0477.

What were the Fund costs for the period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brandes International ETF	$57^{Footnote Reference(1)}	0.70%

Footnote	Description
Footnote⁽¹⁾	Based on the period October 4, 2023 (commencement of operations) through June 30, 2024. Expenses would have been higher if based on the full reporting period.

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

From the October 4, 2023 commencement of operations of the Fund through June 30, 2024, the Brandes International ETF returned 18.84% (based on net asset value), trailing the 19.63% return of the MSCI EAFE Index and outperforming the 16.65% return of the MSCI EAFE Value Index. Notable contributors included holdings in the United Kingdom, Germany, and Taiwan. Meanwhile, allocations to France and Japan weighed on relative returns, as did exposure to the Netherlands. From a sector standpoint, holdings in industrials and financials were standout performers, whereas allocations to health care and consumer discretionary detracted from relative returns. Additionally, although our overweight to consumer staples, the worst-performing sector within the MSCI EAFE Index, hurt relative returns, the overall performance of our holdings more than offset the allocation effect, making the overall impact positive.

TOP PERFORMANCE CONTRIBUTORS

Aerospace & Defense| Embraer (Brazil) and Rolls-Royce (United Kingdom). Rolls-Royce continued to benefit from the ongoing recovery in its end-markets. Recently, the market reacted favorably to the firm’s announcement that it would leave its 2024 guidance unchanged.

Banks | Intesa Sanpaolo (Italy), Barclays (United Kingdom), and Erste Group Bank (Austria).

Information Technology | SAP (Germany) and Taiwan Semiconductor Manufacturing Company (TSMC). TSMC received Taiwanese government approval to finance the construction of manufacturing facilities in Japan and the U.S., positioning it to support the growing demand for artificial intelligence and high-performance computing technologies.

TOP PERFORMANCE DETRACTORS

Health Care | Astellas Pharma and Takeda Pharmaceutical (Japan), and Grifols (Spain). Grifols declined mainly in the first quarter 2024 following a short seller’s report that questioned the company’s debt and corporate governance practices. We continue to believe there is a meaningful upside potential in Grifols. The company recently completed the sale of an ownership stake in Shanghai RAAS, which should help it improve its financial leverage in the near term.

Consumer Discretionary | Alibaba Group Holding Limited (China), Kering (France), and Swatch Group (Switzerland).

Overweight to Consumer Staples | Mainly to the consumer staples distributions & retail and beverages industries.

Fund Performance

Growth of an Assumed $10,000 Investment

	Brandes International ETF - NAV	MSCI EAFE Index (Regulatory Benchmark)	MSCI EAFE Value Index (Performance Benchmark)
10/04/23	10,000	10,000	10,000
10/31/23	9,939	9,867	9,862
11/30/23	10,877	10,783	10,643
12/31/23	11,370	11,356	11,163
01/31/24	11,323	11,422	11,156
02/29/24	11,433	11,631	11,176
03/31/24	11,926	12,013	11,663
04/30/24	11,800	11,705	11,544
05/31/24	12,400	12,159	11,999
06/30/24	11,883	11,963	11,665

AVERAGE ANNUAL TOTAL RETURN Fund/Index	Commencement of Operations^{Footnote Reference*}
Brandes International ETF - NAV	18.84%
Brandes International ETF - Market	19.16%
MSCI EAFE Index (Regulatory Benchmark)	19.63%
MSCI EAFE Value Index (Performance Benchmark)	16.65%

Footnote	Description
Footnote*	Since Commencement of operations October 4, 2023

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table to do not reflect the deduction of taxes that a shareholder would pay to on fund distributions or redemption of fund shares.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets$99,184,794
Total advisory fees paid$267,185
Total number of portfolio holdings63
Portfolio Turnover Rate10%

Tabular Representation of Holdings

The table below shows the investment makeup of the Fund.

Sectors	% of Net Assets
Health Care	18.0%
Consumer Staples	17.7%
Financials	14.9%
Consumer Discretionary	11.9%
Industrials	10.1%
Communication Services	7.5%
Information Technology	6.0%
Energy	5.4%
Materials	4.1%
Real Estate	1.5%
Utilities	1.2%
Money Market Funds	2.7%
Liabilities in Excess of Other Assets	(1.0)%
Total	100.0%

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.

Distributed by Foreside Fund Services, LLC.

Brandes U.S. Small-Mid Cap Value ETF

BSMC | Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | June 30, 2024

The annual shareholder report contains important information about the Brandes U.S. Small-Mid Cap Value ETF for the period October 4, 2023 (commencement of operations) through June 30, 2024. You can find additional information about the Fund at https://www.brandes.com/etfs/resources. You can also request this information by contacting us at (866) 307-0477.

What were the Fund costs for the period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brandes U.S. Small-Mid Cap Value ETF	$56^{Footnote Reference(1)}	0.70%

Footnote	Description
Footnote⁽¹⁾	Based on the period October 4, 2023 (commencement of operations) through June 30, 2024. Expenses would have been higher if based on the full reporting period.

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

From the October 4, 2023 commencement of operations of the Fund through June 30, 2024, the Brandes U.S. Small-Mid Cap Value ETF returned 15.40% (based on net asset value), trailing the 19.43% return of the Russell 2500 Value Index. Notably, our holdings in the materials sector, particularly the chemicals industry, contributed positively to the Fund’s relative performance. Conversely, health care sector holdings, especially those in the health care providers & services industry, detracted from returns.

TOP PERFORMANCE CONTRIBUTORS

Chemicals| International Flavors & Fragrances, Sensient Technologies Corporation, and Scotts Miracle-Gro Company.

Aerospace & Defense| Embraer and Moog. Both Embraer and Moog Inc. continued to benefit from ongoing recovery in passenger air travel and their other end-markets, which has led to solid revenue growth, expanding profit margins, healthier cash-flow generation, and healed balance sheets.

Textiles, Apparel & Luxury Goods | Levi Strauss and Skechers U.S.A.

TOP PERFORMANCE DETRACTORS

Health Care | Pediatrix Medical Group, Premier, Inc., and Grifols. Grifols’ shares declined mainly in the first quarter 2024 following a short seller’s report that questioned the company’s debt and corporate governance practices. We continue to believe there is a meaningful upside potential in Grifols. The company recently completed the sale of an ownership stake in Shanghai RAAS, which should help it improve its financial leverage in the near term.

Information Technology | Amdocs Limited and IPG Photonics Corporation.

Energy Equipment & Services | Dril-Quip.

Fund Performance

Growth of an Assumed $10,000 Investment

	Brandes U.S. Small-Mid Cap Value ETF - NAV	Russell 3000 Index (Regulatory Benchmark)	Russell 2500 Value Index (Performance Benchmark)
10/04/23	10,000	10,000	10,000
10/31/23	9,735	9,895	9,763
11/30/23	10,379	10,818	10,649
12/31/23	11,142	11,391	11,766
01/31/24	10,956	11,518	11,436
02/29/24	11,403	12,141	11,894
03/31/24	11,965	12,533	12,480
04/30/24	11,464	11,981	11,696
05/31/24	11,785	12,547	12,188
06/30/24	11,541	12,936	11,943

AVERAGE ANNUAL TOTAL RETURN Fund/Index	Commencement of Operations^{Footnote Reference*}
Brandes U.S. Small-Mid Cap Value ETF - NAV	15.40%
Brandes U.S. Small-Mid Cap Value ETF - Market	15.21%
Russell 3000 Index (Regulatory Benchmark)	29.36%
Russell 2500 Value Index (Performance Benchmark)	19.43%

Footnote	Description
Footnote*	Since Commencement of operations October 4, 2023

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets$57,315,137
Total advisory fees paid$160,261
Total number of portfolio holdings73
Portfolio Turnover Rate4%

Tabular Representation of Holdings

The table below shows the investment makeup of the Fund.

Sectors	% of Net Assets
Health Care	19.8%
Industrials	18.0%
Information Technology	14.7%
Financials	11.3%
Consumer Staples	10.7%
Materials	8.9%
Energy	4.8%
Consumer Discretionary	4.7%
Communication Services	2.4%
Real Estate	1.9%
Money Market Funds	5.9%
Liabilities in Excess of Other Assets	(3.1)%
Total	100.0%

Availability of Additional Information

Distributed by Foreside Fund Services, LLC.

Brandes U.S. Value ETF

BUSA | Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | June 30, 2024

The annual shareholder report contains important information about the Brandes U.S. Value ETF for the period October 4, 2023 (commencement of operations) through June 30, 2024. You can find additional information about the Fund at https://www.brandes.com/etfs/resources. You can also request this information by contacting us at (866) 307-0477.

What were the Fund costs for the period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brandes U.S. Value ETF	$49^{Footnote Reference(1)}	0.60%

Footnote	Description
Footnote⁽¹⁾	Based on the period October 4, 2023 (commencement of operations) through June 30, 2024. Expenses would have been higher if based on the full reporting period.

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

From the October 4, 2023 commencement of operations of the Fund through June 30, 2024, the Brandes U.S. Value ETF returned 20.23% (based on net asset value) versus the 19.34% return of the Russell 1000 Value Index. The financial sector, particularly banks, bolstered the Fund’s relative performance. Amid a solid performance period, only a few of the Fund’s holdings declined, including select energy and health care positions.

TOP PERFORMANCE CONTRIBUTORS

Banks| Wells Fargo & Company, Bank of America, and Citigroup.

Semiconductors & Semiconductor Equipment | Micron Technology and Applied Materials. Both Micron Technology and Applied Materials benefited from investor optimism surrounding the growing structural demand for semiconductor content, fueled by the proliferation of artificial intelligence (AI) applications.

Insurance | Willis Towers Watson, American International Group, and W.R. Berkley Corporation.

TOP PERFORMANCE DETRACTORS

Health Care | Sanofi, Fortrea Holdings, and CVS Health Corporation. Fortrea revised its 2024 guidance downward, leading to investor skepticism that management could achieve its full-year targets. Similarly, CVS recently cut its earnings outlook on rising Medicare Advantage costs. Despite the headwinds, CVS continues to enjoy a favorable competitive position as a vertically integrated company in the health care sector. In our view, both Fortrea and CVS remain attractive long-term investments at their current valuation levels.

Energy | Halliburton Company and Chevron Corporation.

IT Services | Amdocs Limited and Cognizant Technology Solutions.

Fund Performance

Growth of an Assumed $10,000 Investment

	Brandes U.S. Value ETF - NAV	Russell 1000 Index (Regulatory Benchmark)	Russell 1000 Value Index (Performance Benchmark)
10/04/23	10,000	10,000	10,000
10/31/23	9,854	9,910	9,861
11/30/23	10,453	10,835	10,605
12/31/23	11,081	11,370	11,193
01/31/24	11,276	11,528	11,204
02/29/24	11,728	12,151	11,617
03/31/24	12,416	12,540	12,198
04/30/24	11,882	12,007	11,677
05/31/24	12,119	12,572	12,047
06/30/24	12,023	12,988	11,934

AVERAGE ANNUAL TOTAL RETURN Fund/Index	Commencement of Operations^{Footnote Reference*}
Brandes U.S. Value ETF - NAV	20.23%
Brandes U.S. Value ETF - Market	20.31%
Russell 1000 Index (Regulatory Benchmark)	29.88%
Russell 1000 Value Index (Performance Benchmark)	19.34%

Footnote	Description
Footnote*	Since Commencement of operations October 4, 2023

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets$140,112,252
Total advisory fees paid$327,179
Total number of portfolio holdings55
Portfolio Turnover Rate6%

Tabular Representation of Holdings

The table below shows the investment makeup of the Fund.

Sectors	% of Net Assets
Financials	28.4%
Health Care	20.1%
Industrials	13.0%
Information Technology	10.6%
Communication Services	8.9%
Energy	7.5%
Consumer Discretionary	3.3%
Consumer Staples	2.7%
Materials	2.2%
Utilities	1.2%
Money Market Funds	2.4%
Liabilities in Excess of Other Assets	(0.3)%
Total	100.0%

Availability of Additional Information

Distributed by Foreside Fund Services, LLC.

All services to be performed by the Registrant's principal auditors must be pre-approved by the Registrant's audit committee.

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

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF (each a "Fund" and collectively the “Funds”) are newly organized, diversified, separate operating series of exchange-traded funds (ETFs) of The 2023 ETF Series Trust (the “Trust”), a Delaware statutory trust since January 23, 2023 that is registered with the Securities and Exchange Commission as open end management investment company.

The Funds are managed by Brandes Investment Partners, L.P. an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as the Funds' investment advisor (the “Advisor”).

The Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF commenced operations on October 4, 2023. Each Fund is an actively managed ETF and uses an active investment strategy in seeking to meet its investment objective. The investment objective of each Fund is long-term capital appreciation.

Each Fund offers shares that are listed and traded on the CBOE BZX Exchange, Inc.

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services- Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2024 for each Fund based upon the three levels defined above:

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund’s understanding of the applicable tax rules and regulations.

The accounting records of each Fund are maintained in U.S. dollars. Financial instruments and other assets and liabilities of each 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. Each 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. Each 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 each Fund invests.

It is the policy of each Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the “Code”) 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 each Fund qualifies as a regulated investment company.

Management of each Fund has evaluated tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each 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 each Fund to record a tax liability and, therefore, there is no impact to the Fund’s financial statements. Each 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 Statements of Operations. As of June 30, 2024, the Funds did not have any interest or penalties associated with the underpayment of any income taxes.

Each Fund pays out dividends from its net investment income at least quarterly and distributes its net capital gains, if any, to investors at least annually. Each Fund may make distributions on a more frequent basis to comply with the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification.

Pursuant to Rule 22e-4 under the 1940 Act, a portfolio may not acquire any “illiquid investment” if, immediately after the acquisition, the portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An “illiquid investment” is any investment that a portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board has approved the designation of the Advisor to administer the Trust’s liquidity risk management program and related procedures. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). These investments will be valued at their fair value, as outlined within these Notes to Financial Statements.

Under the Funds' organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds may enter into contracts that contain representations and that provide general indemnifications. The Funds' maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds.

Brandes Investment Partners, L.P., (the “Advisor”) serves as the investment advisor to each Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). Under the Advisory Agreement, the Advisor provides investment advisory services to each Fund and is responsible for the day-to-day management of each Fund, including, among other things, ensuring each Fund has a continuous investment program, trading portfolio securities on behalf of each Fund, and selecting broker-dealers to execute purchase and sale transactions, subject to the oversight of the Board. For the services the Advisor provides to the Funds, each Fund pays the Advisor a fee, calculated daily and paid monthly, at an annual rate of the average daily net assets of each Fund as follows.

Under the investment advisory agreement, the Advisor has agreed to pay all expenses incurred by the Funds except for the advisory 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; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Advisor, such as a change of control of the Advisor); fees and expense related to the provision of securities lending services; acquired fund fees and expenses; taxes, including 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 mutually determined by the Board and the Advisor); and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

Foreside Fund Services, LLC (the “Distributor”), a Delaware limited liability company, is the principal underwriter and distributor of each Fund’s Shares. The Distributor does not maintain any secondary market in any Fund’s Shares.

The Trust has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund’s assets, and directly impact the NAV per share of each Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

Certain officers and trustees of the Trust are also officers of the Advisor and receive no compensation directly from the Funds for serving in their role.

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended June 30, 2024 were as follows:

Purchases and sales of in-kind transactions for the period ended June 30, 2024 were as follows:

Fund Shares are listed and traded on the Exchange each day that the Exchange is open for business (“Business Day”). Each Fund’s Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund’s Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to NAV, greater than NAV (premium) or less than NAV (discount).

Each Fund offers and redeems Shares on a continuous basis at NAV only in Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Fund Shares may only be purchased from or redeemed directly from each Fund 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 Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of each Fund, by the time as set forth in a Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A Participant Agreement may permit each Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of each Fund acquiring such shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from each Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. Each Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Each Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Advisor may retain all or a portion of the transaction fee to the extent the Advisor bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fees for Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF, and Brandes U.S. Value are $650, $300 and $300, respectively, regardless of the number of Creation Units created in the transaction.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. Each Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to each Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for each Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting each Fund’s securities to the account of the Trust. The non-standard charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of each Fund’s securities and the cash redemption amount and other transactions costs. The standard redemption transaction fees for Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF, and Brandes U.S. Value are $650, $300 and $300, respectively, regardless of the number of Creation Units redeemed in the transaction.

At June 30, 2024, the effect of permanent book/tax reclassifications resulted in increase/(decrease) to the components of net assets as follows:

The tax character of distributions paid during the year indicated was as follows:

The differences between book-basis and tax-basis components of net assets are primarily attributable to Foreign Currency Realized Gain/ Loss Reclass, Redemption In-Kind Sales and PFIC Sales Adjustment treated as ordinary income for tax purposes.

At June 30, 2024, the components of distributable earnings/loss on a tax basis were as follows:

At June 30, 2024, gross unrealized appreciation and depreciation of investments owned by each Fund, based on cost for federal income tax purposes were as follows:

At June 30, 2024, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

Significant market disruptions, such as those caused by pandemics (e.g. Covid-19 pandemic), war (e.g. Russia’s invasion of Ukraine or war in the Middle East), natural disasters, acts of terrorism, or other events, may adversely impact global economic and market activity, and contribute to significant volatility in financial markets. Any such disruptions could have an adverse impact on the prices and liquidity of the Funds’ investments.

In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.

To the Board of Trustees of The 2023 ETF Series Trust and Shareholders of Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Brandes International ETF, Brandes U.S. Small-Mid Cap Value ETF and Brandes U.S. Value ETF (constituting The 2023 ETF Series Trust, hereafter collectively referred to as the "Funds") as of June 30, 2024, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 4, 2023 (commencement of operations) through June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period October 4, 2023 (commencement of operations) through June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits of these financial statements 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in The 2023 ETF Series Trust since 2023.

The Advisor votes proxies relating to the Funds’ portfolio securities in accordance with procedures adopted by the Advisor. You may obtain a description of these procedures, free of charge, by calling toll-free 1-866-307-0477. This information is also available through the Commission’s website at http://www.sec.gov.

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-307-0477. This information is also available through the Commission’s website at http://www.sec.gov. .

The Trust files the Funds’ complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov. Information regarding the Trust’s Form N-PORT filings is also available, without charge, by calling toll-free, 1-866-307-0477.

Information regarding how often shares of each Fund traded on Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.brandes.com/etfs.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended June 30, 2024.

For the period ended June 30, 2024, the Fund listed below intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income (excluding any amortization/accretion of premium/discount) and foreign taxes paid were as follows:

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

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

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

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

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of the filing date and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date.

(b)There were no changes to the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) 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.

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

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached herewith.

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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.

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.

	Current Fiscal Year ⁽¹⁾
(a) Audit Fees	$	132,250
(b) Audit-Related Fees	$	-
(c) Tax Fees⁽²⁾	$	31,500
(d) All Other Fees	$	-

	Shares		Value
Common Stocks – 98.3%
Austria – 1.8%
Erste Group Bank AG		37,089	$	1,758,552
Brazil – 6.1%
Ambev SA, ADR		831,893		1,705,381
Embraer SA, ADR*		73,687		1,901,124
Petroleo Brasileiro SA, ADR		127,163		1,734,503
Telefonica Brasil SA, ADR		86,103		706,906
				6,047,914
Canada – 2.3%
CAE, Inc.*		67,983		1,263,124
Open Text Corp		34,218		1,027,909
				2,291,033
China – 2.6%
Alibaba Group Holding Ltd., ADR		36,447		2,624,184
France – 17.2%
BNP Paribas SA, ADR		63,232		2,032,277
Carrefour SA		139,348		1,971,377
Danone SA, ADR		119,069		1,459,786
Engie SA		85,319		1,219,365
Kering SA, ADR		51,032		1,851,441
Orange SA		174,694		1,751,340
Publicis Groupe SA		13,980		1,489,022
Renault SA		10,431		534,826
Sanofi SA		26,637		2,567,635
Societe BIC SA		17,710		1,043,942
TotalEnergies SE		16,662		1,113,062
				17,034,073
Germany – 10.5%
Deutsche Post AG		36,910		1,494,914
Fresenius SE & Co. KGaA*		51,655		1,543,477
Heidelberg Materials AG		17,257		1,790,711
Henkel AG & Co. KGaA		26,764		2,106,871
Infineon Technologies AG		28,704		1,055,346
SAP SE, ADR		11,920		2,404,383
				10,395,702
Hong Kong – 0.5%
First Pacific Co. Ltd		1,068,000		496,560
Ireland – 1.0%
Willis Towers Watson PLC		3,664		960,481
Italy – 4.5%
Buzzi SpA		24,625		991,809
Eni SpA		83,395		1,282,945
Intesa Sanpaolo SpA		578,269		2,151,194
				4,425,948
Japan – 12.5%
Astellas Pharma, Inc		181,900		1,797,967
Honda Motor Co. Ltd		93,800		1,002,959
Kubota Corp		89,500		1,251,865
Makita Corp		33,500		910,494
Mitsubishi UFJ Financial Group, Inc		124,800		1,341,410

	Shares		Value
Common Stocks (continued)
Japan (continued)
Nissan Motor Co. Ltd		362,500	$	1,230,192
Sumitomo Mitsui Trust Holdings, Inc		81,500		1,859,412
Takeda Pharmaceutical Co. Ltd		118,100		3,062,994
				12,457,293
Mexico – 4.3%
America Movil SAB de CV, ADR		88,827		1,510,059
Cemex SAB de CV, ADR		199,981		1,277,878
Fibra Uno Administracion SA de CV REIT		1,246,870		1,532,889
				4,320,826
Netherlands – 4.7%
Heineken Holding NV		31,638		2,497,335
Koninklijke Philips NV*		85,305		2,149,686
				4,647,021
South Korea – 1.0%
Shinhan Financial Group Co. Ltd., ADR		29,348		1,021,604
Spain – 1.4%
Grifols SA, ADR*		215,490		1,358,664
Switzerland – 7.4%
Cie Financiere Richemont SA, Class A		10,364		1,617,573
Novartis AG, ADR		15,237		1,622,131
Swatch Group AG (The)		41,395		1,690,626
UBS Group AG		80,585		2,380,481
				7,310,811
Taiwan – 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		8,627		1,499,459
United Kingdom – 19.0%
Barclays PLC		477,307		1,260,422
GSK PLC		101,871		1,969,607
Imperial Brands PLC		68,955		1,764,233
J Sainsbury PLC		448,037		1,444,221
Kingfisher PLC		398,780		1,254,190
Marks & Spencer Group PLC		228,338		826,956
Reckitt Benckiser Group PLC, ADR		133,255		1,457,810
Rolls-Royce Holdings PLC*		374,829		2,164,407
Shell PLC, ADR		16,688		1,204,540
Smith & Nephew PLC, ADR		70,753		1,753,259
Tesco PLC		461,702		1,785,923
WPP PLC		217,975		1,996,019
				18,881,587
Total Common Stocks (Cost $96,977,681)				97,531,712
Money Market Funds – 2.7%
JPMorgan US Treasury Plus Money Market Fund, 5.18%(a)
(Cost $2,642,783)		2,642,783		2,642,783

	Value
Total Investments – 101.0%
(Cost $99,620,464)	$	100,174,495
Liabilities in Excess of Other Assets – (1.0)%		(989,701	)
Net Assets – 100.0%	$	99,184,794

	Shares		Value
Common Stocks – 97.2%
Communication Services – 2.4%
Interpublic Group of Cos., Inc. (The)		39,330	$	1,144,110
Scholastic Corp		6,596		233,960
				1,378,070
Consumer Discretionary – 4.7%
Levi Strauss & Co., Class A		40,631		783,366
Mohawk Industries, Inc.*		5,898		669,954
Skechers USA, Inc., Class A*		7,899		545,979
Whirlpool Corp		6,526		666,957
				2,666,256
Consumer Staples – 10.7%
Campbell Soup Co		12,694		573,642
Edgewell Personal Care Co		34,284		1,377,874
Ingles Markets, Inc., Class A		11,693		802,257
Ingredion, Inc		7,448		854,286
Lancaster Colony Corp		3,098		585,429
Molson Coors Beverage Co., Class B		22,580		1,147,741
Seaboard Corp		100		316,074
Weis Markets, Inc		7,996		501,909
				6,159,212
Energy – 4.8%
Chesapeake Energy Corp		11,994		985,787
Dril-Quip, Inc.*		63,979		1,190,009
World Kinect Corp		22,690		585,402
				2,761,198
Financials – 11.3%
Citizens Financial Group, Inc		28,886		1,040,762
CNA Financial Corp		12,794		589,419
Mercury General Corp		14,919		792,796
Old Republic International Corp		18,992		586,853
OneMain Holdings, Inc		19,092		925,771
SEI Investments Co		12,694		821,175
State Street Corp		7,596		562,104
White Mountains Insurance Group Ltd		300		545,235
Willis Towers Watson PLC		2,398		628,612
				6,492,727
Health Care – 19.8%
DENTSPLY SIRONA, Inc		32,330		805,340
Elanco Animal Health, Inc.*		68,367		986,536
Fortrea Holdings, Inc.*		25,385		592,486
Grifols SA, ADR*		109,927		693,090
Henry Schein, Inc.*		6,796		435,624
Koninklijke Philips NV*		26,239		661,223
Organon & Co		43,969		910,158
Pediatrix Medical Group, Inc.*		82,122		620,021
Phibro Animal Health Corp., Class A		39,182		657,082
Premier, Inc., Class A		78,034		1,456,895
Prestige Consumer Healthcare, Inc.*		8,696		598,720
Quest Diagnostics, Inc		8,296		1,135,556
Sotera Health Co.*		50,568		600,242

Schedule of Investments:
Brandes International ETF	4
Brandes U.S. Small-Mid Cap Value ETF	7
Brandes U.S. Value ETF	10
Statements of Assets and Liabilities	14
Statements of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	25
Additional Information	26

Sector	% of Net Assets
Health Care		18.0	%
Consumer Staples		17.7	%
Financials		14.9	%
Consumer Discretionary		11.9	%
Industrials		10.1	%
Communication Services		7.5	%
Information Technology		6.0	%
Energy		5.4	%
Materials		4.1	%
Real Estate		1.5	%
Utilities		1.2	%
Money Market Funds		2.7	%
Total Investments		101.0	%
Liabilities in Excess of Other Assets		(1.0	)%
Net Assets		100.0	%

	Value
Total Investments – 103.1%
(Cost $57,845,816)	$	59,091,777
Liabilities in Excess of Other Assets – (3.1)%		(1,776,640	)
Net Assets – 100.0%	$	57,315,137

	Shares		Value
Common Stocks – 97.9%
Communication Services – 8.9%
Alphabet, Inc., Class C		22,390	$	4,106,774
Comcast Corp., Class A		90,010		3,524,791
Fox Corp., Class B		60,105		1,924,562
Omnicom Group, Inc		31,934		2,864,480
				12,420,607
Consumer Discretionary – 3.3%
AutoZone, Inc.*		706		2,092,655
Mohawk Industries, Inc.*		22,070		2,506,931
				4,599,586
Consumer Staples – 2.7%
Ingredion, Inc		20,899		2,397,115
Kenvue, Inc		75,994		1,381,571
				3,778,686
Energy – 7.5%
Chevron Corp		32,255		5,045,327
Halliburton Co		106,226		3,588,314
World Kinect Corp		75,605		1,950,609
				10,584,250
Financials – 28.4%
American International Group, Inc		32,738		2,430,469
Arch Capital Group Ltd.*		23,014		2,321,882
Bank of America Corp		108,706		4,323,238
Bank of New York Mellon Corp. (The)		38,509		2,306,304
Berkshire Hathaway, Inc., Class B*		3,177		1,292,404
Citigroup, Inc		53,294		3,382,037
Fiserv, Inc.*		25,211		3,757,447
JPMorgan Chase & Co		13,864		2,804,133
OneMain Holdings, Inc		28,822		1,397,579
PNC Financial Services Group, Inc. (The)		19,254		2,993,612
State Street Corp		20,664		1,529,136
Truist Financial Corp		35,689		1,386,518
W R Berkley Corp		32,404		2,546,306
Wells Fargo & Co		70,260		4,172,741
Willis Towers Watson PLC		11,975		3,139,127
				39,782,933
Health Care – 20.1%
Cardinal Health, Inc		28,875		2,838,990
Cigna Group (The)		9,860		3,259,420
CVS Health Corp		32,639		1,927,659
Fortrea Holdings, Inc.*		39,685		926,248
HCA Healthcare, Inc		7,670		2,464,218
Johnson & Johnson		13,385		1,956,352
Labcorp Holdings, Inc		9,647		1,963,261
McKesson Corp		5,732		3,347,717
Merck & Co., Inc		30,525		3,778,995
Pfizer, Inc		103,809		2,904,576
Sanofi SA, ADR		57,316		2,780,972
				28,148,408

	Brandes International ETF		Brandes U.S. Small-Mid Cap Value ETF		Brandes U.S. Value ETF
Assets
Investments, at fair value	$	100,174,495	$	59,091,777	$	140,561,063
Cash		275,235		532,340		111
Foreign currency at value (cost $68,635, $7 and $–)		68,635		7		—
Receivables:
Capital shares		1,458,424		—		—
Securities sold		400,318		—		—
Dividends		296,309		55,502		130,112
Foreign tax reclaim		113,385		—		11,166
Total assets		102,786,801		59,679,626		140,702,452
Liabilities
Payables:
Securities purchased		1,684,832		2,203,824		—
Distributions payable		1,457,971		125,348		521,883
Capital shares		400,318		—		—
Investment advisory fees		56,386		32,817		66,317
Other payables		2,500		2,500		2,000
Total liabilities		3,602,007		2,364,489		590,200
Net Assets	$	99,184,794	$	57,315,137	$	140,112,252

Net Assets Consist of
Paid-in capital	$	98,622,688	$	56,051,376	$	132,860,680
Distributable earnings (loss)		562,106		1,263,761		7,251,572
Net Assets	$	99,184,794	$	57,315,137	$	140,112,252
Number of Common Shares outstanding		3,400,000		2,000,000		4,700,000
Net Asset Value, offering and redemption price per share	$	29.17	$	28.66	$	29.81
Investments, at cost	$	99,620,464	$	57,845,816	$	133,389,845

	Brandes International ETF⁽¹⁾			Brandes U.S. Small-Mid Cap Value ETF⁽¹⁾			Brandes U.S. Value ETF⁽¹⁾
Investment Income
Dividend income*	$	1,945,418		$	469,952		$	1,234,093
Expenses
Investment advisory fees		267,185			160,261			327,179
Total expenses		267,185			160,261			327,179
Net investment income (loss)		1,678,233			309,691			906,914
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(46,204	)		(9,158	)		29,809
In-kind redemptions		2,477,841			913,074			904,132
Foreign currency transactions		(12,659	)		(150	)		—
Net realized gain (loss)		2,418,978			903,766			933,941
Net change in unrealized appreciation (depreciation) on:
Investments		554,031			1,245,961			7,171,218
Foreign currency translations		(1,485	)		(102	)		—
Net change in unrealized appreciation (depreciation)		552,546			1,245,859			7,171,218
Net realized and unrealized gain (loss)		2,971,524			2,149,625			8,105,159
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,649,757		$	2,459,316		$	9,012,073
* Withholding tax	$	231,498		$	1,477		$	17,119

Brandes International ETF	Period Ended
Selected Per Share Data	June 30, 2024^(a)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)^(b)		0.95
Net realized and unrealized gain (loss)		3.76
Total from investment operations		4.71
Less distributions from:
Net investment income		(0.54	)
Total distributions		(0.54	)
Net Asset Value, end of period	$	29.17
Total Return (%)		18.84	^(c)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)	$	99
Ratio of expenses (%)		0.70	^(d)
Ratio of net investment income (loss) (%)		4.40	^(d)
Portfolio turnover rate (%)^(e)		10	^(c)

Brandes U.S. Value ETF	Period Ended
Selected Per Share Data	June 30, 2024^(a)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)^(b)		0.36
Net realized and unrealized gain (loss)		4.69
Total from investment operations		5.05
Less distributions from:
Net investment income		(0.24	)
Total distributions		(0.24	)
Net Asset Value, end of period	$	29.81
Total Return (%)		20.23	^(c)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)	$	140
Ratio of expenses (%)		0.60	^(d)
Ratio of net investment income (loss) (%)		1.66	^(d)
Portfolio turnover rate (%)^(e)		6	^(c)

Brandes International ETF
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	97,531,712	$	—	$	—	$	97,531,712
Money Market Funds		2,642,783		—		—		2,642,783
TOTAL	$	100,174,495	$	—	$	—	$	100,174,495

Fund	Investment Advisory Fee
Brandes International ETF		0.70	%
Brandes U.S. Small-Mid Cap Value ETF		0.70	%
Brandes U.S. Value ETF		0.60	%

Fund	Purchases		Sales
Brandes International ETF	$	19,057,444	$	4,812,043
Brandes U.S. Small-Mid Cap Value ETF		6,490,318		1,182,937
Brandes U.S. Value ETF		9,734,697		4,195,875

Fund	Distributable earnings (loss)			Paid-in Capital
Brandes International ETF	$	(2,477,841	)	$	2,477,841
Brandes U.S. Small-Mid Cap Value ETF		(913,074	)		913,074
Brandes U.S. Value ETF		(904,130	)		904,130

Fund	Ordinary Income^*		Long - Term Capital Gains		Return of Capital
Brandes International ETF	$	1,609,810	$	—	$	—
Brandes U.S. Small-Mid Cap Value ETF		282,481		—		—
Brandes U.S. Value ETF		856,371		—		—

Fund	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)		Accumulated Capital and Other Losses			Distributable earnings (loss)
Brandes International ETF	$	169,216	$	480,745	$	(87,855	)	$	562,106
Brandes U.S. Small-Mid Cap Value ETF		27,060		1,244,761		(8,060	)		1,263,761
Brandes U.S. Value ETF		126,466		7,125,106		-			7,251,572

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Brandes International ETF	$	99,692,266	$	5,538,962	$	(5,056,733	)	$	482,229
Brandes U.S. Small-Mid Cap Value ETF		57,846,914		3,518,758		(2,273,895	)		1,244,863
Brandes U.S. Value ETF		133,435,957		10,476,896		(3,351,790	)		7,125,106

Fund	Short-Term		Long-Term		Total Amount
Brandes International ETF	$	87,855	$	—	$	87,855
Brandes U.S. Small-Mid Cap Value ETF		8,060		—		8,060

Fund	Qualified Dividend Income*			Dividends Received Deduction
Brandes International ETF		89.23	%		0.00	%
Brandes U.S. Small-Mid Cap Value ETF		100.00	%		100.00	%
Brandes U.S. Value ETF		100.00	%		98.63	%

	By (Signature and Title)	/s/ Trent Statczar
		Trent Statczar, President (Principal Executive Officer)

	By (Signature and Title)	/s/ Michael Minella
		Michael Minella (Principal Financial Officer)