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: 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: 1-262-267-4589
Date of fiscal year end:
December 31
Date of reporting period:
December 31, 2025
Item 1. Reports to
Stockholders.
(a)
0001969674falseN-CSR2023 ETF Series TrustN-1A2025-12-31true0001969674gs:C000255106Member2025-01-012025-12-3100019696742025-01-012025-12-310001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-012025-12-310001969674gs:C000255106Member2025-01-222025-01-220001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-222025-01-220001969674gs:C000255106Member2025-01-232025-03-310001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-232025-03-310001969674gs:C000255106Member2025-01-232025-06-300001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-232025-06-300001969674gs:C000255106Member2025-01-232025-09-300001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-232025-09-300001969674gs:C000255106Member2025-01-232025-12-310001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-232025-12-310001969674gs:C000255106Memberoef:WithoutSalesLoadMember2025-01-222025-12-310001969674gs:MSCIEmergingMarketsNetTRUSDIndex4626BroadBasedIndexMember2025-01-222025-12-310001969674gs:C000255106Member2025-12-310001969674gs:C000255106Membergs:TaiwanSemiconductorManufacturingCoLtd6889106CTIMember2025-12-310001969674gs:C000255106Membergs:SamsungElectronicsCoLtd6771720CTIMember2025-12-310001969674gs:C000255106Membergs:AlibabaGroupHoldingLtdBK6YZP5CTIMember2025-12-310001969674gs:C000255106Membergs:MediaTekInc6372480CTIMember2025-12-310001969674gs:C000255106Membergs:ICICIBankLtd45104G104CTIMember2025-12-310001969674gs:C000255106Membergs:SKSquareCoLtdBMG3GS6CTIMember2025-12-310001969674gs:C000255106Membergs:PanAmericanSilverCorp697900108CTIMember2025-12-310001969674gs:C000255106Membergs:KiaCorp6490928CTIMember2025-12-310001969674gs:C000255106Membergs:ContemporaryAmperexTechnologyCoLtdBHQPSY7CTIMember2025-12-310001969674gs:C000255106Membergs:NaspersLtdBV2FFX7CTIMember2025-12-310001969674gs:C000255106Membercountry:CN2025-12-310001969674gs:C000255106Membercountry:KR2025-12-310001969674gs:C000255106Membercountry:TW2025-12-310001969674gs:C000255106Membercountry:ZA2025-12-310001969674gs:C000255106Membercountry:AE2025-12-310001969674gs:C000255106Membercountry:CA2025-12-310001969674gs:C000255106Membercountry:IN2025-12-310001969674gs:C000255106Membercountry:GR2025-12-310001969674gs:C000255106Membercountry:MX2025-12-310001969674gs:C000255106Membercountry:ID2025-12-310001969674gs:C000255106Membercountry:MY2025-12-310001969674gs:C000255106Membercountry:AR2025-12-310001969674gs:C000255106Membercountry:SA2025-12-310001969674gs:C000255106Membercountry:BR2025-12-310001969674gs:C000255106Membergs:CountryOtherCTIMember2025-12-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dgs:Holding
Pacific NoS Global EM Equity Active ETF
Annual Shareholder Report — December 31, 2025
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
investmentFootnote Reference(a) | Costs paid as a percentage of a
$10,000 investmentFootnote Reference(b) |
|---|
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
| Pacific NoS Global EM Equity Active ETF | MSCI Emerging Markets Net TR USD Index |
|---|
Jan 25 | $10,000 | $10,000 |
|---|
Mar 25 | $10,239 | $10,216 |
|---|
Jun 25 | $11,065 | $11,441 |
|---|
Sep 25 | $12,625 | $12,659 |
|---|
Dec 25 | $13,560 | $13,257 |
|---|
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.
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $74,366,754 |
|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 56 |
|---|
Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $327,995 |
|---|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 80% |
|---|
What did the Fund invest in?
| 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% |
|---|
| 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% |
|---|
| 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% |
|---|
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.
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.
(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) Audit-Related Fees. 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)
Tax Fees. 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) All Other Fees. 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.
(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
3
Statement
of
Assets
and
Liabilities
6
Statement
of
Operations
7
Statement
of
Changes
in
Net
Assets
8
Financial
Highlights
9
Notes
to
Financial
Statements
10
Report
of
Independent
Registered
Public
Accounting
Firm
20
Other
Federal
Tax
Information
22
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%
a
Telefonica
Brasil
SA
..................................................................................
137,818
832,479
Canada
-
4.7%
a
Capstone
Copper
Corp.
(a)
...............................................................................
102,862
1,034,060
Pan
American
Silver
Corp.
..............................................................................
47,860
2,479,627
a
3,513,687
China
-
26.9%
a
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
a
20,001,268
Greece
-
4.0%
a
Eurobank
SA
.......................................................................................
401,312
1,614,278
National
Bank
of
Greece
SA
............................................................................
85,410
1,304,031
a
2,918,309
India
-
3.9%
a
ICICI
Bank,
Ltd.
-
ADR
...............................................................................
97,849
2,915,900
Indonesia
-
3.0%
a
Bank
Central
Asia
TBK
PT
.............................................................................
1,696,425
821,507
Bank
Mandiri
Persero
TBK
PT
..........................................................................
4,517,523
1,381,671
a
2,203,178
Malaysia
-
1.4%
a
Malayan
Banking
BHD
................................................................................
402,600
1,039,736
Mexico
-
3.1%
a
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
..............................................................
106,517
989,012
Wal-Mart
de
Mexico
SAB
de
CV
.........................................................................
426,922
1,332,803
a
2,321,815
Republic
of
Korea
-
19.1%
a
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
a
14,236,801
Saudi
Arabia
-
1.2%
a
Saudi
Awwal
Bank
...................................................................................
101,515
876,361
South
Africa
-
7.5%
a
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
a
5,634,640
Switzerland
-
0.7%
a
Coca-Cola
HBC
AG
(a)
.................................................................................
9,415
486,535
Taiwan
-
16.0%
a
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
a
11,874,768
United
Arab
Emirates
-
5.0%
a
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
a
3,687,809
a
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 American
Depositary
Receipt
PLC
Public
Limited
Company
SA
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
50
10/19/26
Effective
Federal
Funds
Rate
(b)
+
90
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
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
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)
.................................................................................
80
(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
1
—
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
1
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
4
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
2
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
3
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
1
Level
2
Level
3
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,
4
2
7
$
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.
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)(2) Not applicable.
(a)(4) Not Applicable.
(a)(5) Not Applicable.
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) The 2023 ETF
Series Trust
By (Signature and
Title) /s/ Eric W. Falkeis
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) /s/
Eric W. Falkeis
Eric W. Falkeis,
President
Date_________________________________________________3/6/2026________________________________________________
By (Signature and
Title) /s/
Aaron Perkovich
Aaron Perkovich,
Treasurer
Date_____________________________________________3/6/2026__________________________________________________
