Atlas America Fund

USAF | The Nasdaq Stock Market LLC

Annual Shareholder Report — June 30, 2026

This annual shareholder report contains important information about the Atlas America Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.actfund.io. You can also request this information by contacting us at (855) 511-0520.

What were the Fund’s costs for the period?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Atlas America Fund	$78	0.76%

Fund Performance

Summary of Results

For the twelve months ended June 30, 2026, Atlas America Fund (NASDAQ: USAF) returned 6.16% at NAV. The Fund seeks to preserve purchasing power through diversified exposure to productive U.S. assets. Unlike traditional balanced portfolios, the Fund emphasizes liquid U.S. assets selected for their potential to preserve purchasing power across a range of macroeconomic environments rather than maintaining strategic allocations to broad equity and bond markets. During the period, the Fund returned 6.16%, compared with 22.34% for the S&P 500^® Total Return Index and 2.74% for the Bloomberg U.S. Treasury 7–10 Year Total Return Index. A comparison with the Fund's broad-based securities market index appears in the Performance section of this report.

Results Drivers

Persistent inflation concerns, elevated fiscal deficits, evolving interest rate expectations and heightened geopolitical uncertainty shaped markets during the fiscal year. Against this backdrop, gold and agricultural commodities were the Fund's strongest contributors to performance, reflecting continued investor demand for inflation-sensitive assets. Short-duration U.S. Treasuries, the Fund's largest allocation, continued to provide income, liquidity and reduced interest rate sensitivity, while defense and cybersecurity equities benefited from increased investment in national security and cyber resilience. REITs produced mixed results as improving operating fundamentals were offset by higher financing costs. The Fund also maintained a modest option overlay to support risk management.

Portfolio Positioning

The Adviser managed the portfolio using its proprietary "16 States of the World" macroeconomic framework, which dynamically allocates the portfolio among liquid U.S. asset classes based on prevailing macroeconomic conditions. At June 30, 2026, the portfolio remained invested exclusively through U.S.-listed ETFs and publicly traded REITs, with its largest allocation to short-duration U.S. Treasuries, complemented by exposures to gold, REITs, agricultural commodities, and defense and cybersecurity equities. The Fund also maintained cash to preserve liquidity and support portfolio rebalancing, while a modest option overlay continued to support the Fund's risk management objectives.

Fund Performance

Growth of an Assumed $10,000 Investment

A line chart as described in the following paragraph

Table Summary
	Atlas America Fund - NAV	S&P 500 Total Return Index	Bloomberg 7-10 Year Total Return Index
11/20/24	$10,000	$10,000	$10,000
12/31/24	$10,056	$9,957	$9,926
3/31/25	$10,346	$9,531	$10,312
6/30/25	$10,542	$10,574	$10,457
9/30/25	$10,897	$11,433	$10,640
12/31/25	$10,960	$11,737	$10,759
3/31/26	$11,208	$11,228	$10,729
6/30/26	$11,192	$12,935	$10,743

Table Summary
AVERAGE ANNUAL TOTAL RETURN Fund/Index	1 Year	Commencement of Operations^{Footnote Reference*}
Atlas America Fund - NAV	6.16%	7.24%
S&P 500 Total Return Index	22.34%	17.33%
Bloomberg 7-10 Year Total Return Index	2.74%	4.55%

Footnote	Description
Footnote^*	Since Commencement of operations November 20, 2024

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.

Key Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

Table Summary
Total Net Assets	$17,513,130
# of Portfolio Holdings	72
Portfolio Turnover Rate	41%
Investment Advisory Fees Paid	$134,424

What did the Fund invest in?

The Fund invested in a variety of ETF and REIT securities. The Fund will continue to allocate to the asset classes based on market conditions, as described in the prospectus.

Table Summary
Tabular Representation of Holdings
Sector Allocation	% of Net Assets
U.S. Treasury	27.8%
Gold	14.1
REITs	13.8
Agricultural Commodities	12.4
TIPS	8.1
Equity Funds	5.5
Information Technology	4.2
Money-Market Funds	3.8
Industrials	3.7
Financials	2.9
Purchased Put Option	1.4
Written Put Option	(0.3)

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.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee

(a)(2) The audit committee financial expert is Joan Binstock who is independent as defined in Form N-CSR Item 3(a)(2).

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

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

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

Atlas America Fund (the “Fund”) is a newly organized, non-diversified, separate operating series of The 2023 ETF Series Trust (the “Trust”), a Delaware statutory trust since January 23, 2023, that is registered with the Securities and Exchange Commission as an open-end management investment company. The Fund is managed by Atlas Capital Team Inc., an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as the Fund’s investment adviser (the “Adviser”).

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in a portfolio of investments in the following asset classes: real estate investment trusts ("REITs"), investment grade fixed income securities including U.S. government securities, municipal securities, and corporate bonds, gold trusts, structured securities (also known as structured notes or commodity-linked notes), equity securities of U.S. and non-U.S. companies, including common stocks, American Depository Receipts ("ADRs"), preferred stocks, and alternative strategies which are designed to provide returns having low or negative correlation to the Fund's other portfolio holdings. The Fund commenced operations on November 20, 2024.

The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940 (the “1940 Act”). A “non-diversified” classification means that the Fund is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer.

The Fund offers shares that are listed and traded on The Nasdaq Stock Market LLC (the “Exchange”).

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

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

The Fund’s investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Valuation Committee of the Fund’s Adviser, in accordance with valuation procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder.

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

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

The following is a summary of the valuations as of June 30, 2026. for the Fund based upon three levels defined above:

The net asset value (“NAV”) per share of the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of the Fund outstanding, rounded to the nearest cent.

The NAV per share of the Fund is determined as of the close of regular trading on the Exchange, generally at 4:00 p.m. Eastern time. Any assets or liabilities denominated in currencies other than the U.S. dollar are typically translated into U.S. dollars at the close of regular trading on the Exchange, generally at 4:00 p.m. Eastern time, at then current exchange rates or at such other rates as deemed appropriate.

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

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.

It is the policy of the Fund to continue to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 (the “Code”) and to distribute substantially all of its net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required as long as 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 each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. In general, tax positions taken in previous tax years remain subject to examination by tax authorities (generally three years for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require 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 June 30, 2026, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

The Fund pays out dividends from its net investment income annually and distributes its net capital gains, if any, to investors at least annually. The Fund may make distributions on a more frequent basis to comply with the distributions requirement of the Code, in all events in a manner consistent with the provisions of the 1940 Act. There are distributions to shareholders paid for the year ended June 30, 2026.

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

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

The Fund is authorized to write and purchase put and call options. When the Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

The Fund has adopted authoritative standards of accounting for derivative instruments which establish enhanced disclosure requirements. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why the Fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect the Fund’s financial position and results of operations. The Fund uses derivative instruments as part of its principal investment strategies to seek to achieve its investment objective.

At June 30, 2026, the fair value of the equity derivative instruments on the Statement of Assets and Liabilities is shown as an asset for Options Purchased in the amount of $255,365 included within Investments at Fair Value and a liability for Options Written, at value in the amount of $57,970.

Transactions in equity derivative instruments during the year ended June 30, 2026 is shown on the Statement of Operations as a Realized Gain from Options Written of $310,205 and a Realized Loss from Options Purchased of $(274,786). The Change in net unrealized appreciation (depreciation) on the equity derivative instruments is shown on the Statement of Operations as change in net unrealized depreciation on Options Written of $(30,310) and change in net unrealized appreciation on Options Purchased of $121,922, included within change in net unrealized appreciation on investments.

For the year ended June 30, 2026, the average volume of the derivatives opened by the Fund was $26,721 for Options Written and $94,913 for Options Purchased. The amounts disclosed represent the average market value for Options Written and Options Purchased, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal period.

Atlas Capital Team Inc. (the “Adviser”) serves as the investment advisor to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For such investment advisory services, the Fund has agreed to pay the Adviser a unitary advisory fee payable at the annual rate of 0.75% of the Fund’s average daily net assets. Under the Advisory Agreement, the Adviser bears all of its own costs associated with providing services to the Fund.

Under the investment advisory agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee; interest charges on any borrowings; taxes; brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Adviser, such as a change of control of the Adviser); fees and expense related to the provision of securities lending services; acquired fund fees and expenses; taxes, including accrued deferred tax liability; legal fees or expenses in connection with any arbitration, litigation, or pending or threatened arbitration or litigation, including any settlements in connection therewith; extraordinary expenses (as mutually determined by the Board and the Adviser); and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Fund has adopted a Distribution Plan (the “Distribution Plan”) that allows the Fund to pay distribution fees to Foreside Fund Services, LLC (the “Distributor”) and other firms that provide distribution services (“Service Providers”). Under the Distribution Plan, if a Service Provider provides distribution services, the Fund would pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. The Distributor would, in turn, pay the Service Provider out of its fees. The Board currently has determined not to implement any 12b-1 fees pursuant to the Plan. 12b-1 fees may only be imposed after approval by the Board.

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

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended June 30, 2026 were as follows:

Purchases and sales of in-kind transactions for the year ended June 30, 2026 were as follows:

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

The Fund issues and redeems its shares on a continuous basis, at NAV, only in Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Fund Shares may only be purchased from or redeemed directly from the Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

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

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

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. The Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. The Fund may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fees for Atlas America Fund is $200, regardless of the number of Creation Units created in the transaction.

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Fund’s securities to the account of the Trust. The non-standard charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of the Fund’s securities and the cash redemption amount and other transactions costs. The standard redemption transaction fees for Atlas America Fund is $200, regardless of the number of Creation Units redeemed in the transaction.

At June 30, 2026, the effect of permanent book/tax reclassifications resulted in an increase/(decrease) to the components of net assets as follows:

The differences between book-basis and tax-basis components of net assets are primarily attributable to redemption in-kind sales.

At June 30, 2026, the components of distributable earnings/loss on a tax basis were as follows:

At June 30, 2026, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

The differences between book and tax net unrealized appreciation (depreciation) are primarily due to wash sales, option mark-to-market, and grantor trust basis adjustments.

At June 30, 2026, for Federal income tax purposes, the Fund has capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

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 Investment Risks”.

In 2025, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the 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.

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

To the Shareholders of Atlas America Fund and Board of Trustees of The 2023 ETF Series Trust:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Atlas America Fund (the “Fund”), a series of The 2023 ETF Series Trust, as of June 30, 2026, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year then ended and for the period from November 20, 2024 (commencement of operations) through June 30, 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 June 30, 2026, the results of its operations for the year then ended, and the changes in net assets and financial highlights for the year then ended and for the period from November 20, 2024 (commencement of operations) through June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

The Adviser votes proxies relating to the Fund’s portfolio securities in accordance with procedures adopted by the Adviser. You may obtain a description of these procedures, free of charge, by calling toll-free 1-866-307-0477. This information is also available through the Commission’s website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-307-0477. This information is also available through the Commission’s website at http://www.sec.gov.

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

The Information regarding how often shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at https://actfund.io.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2026.

(b) The registrant’s Financial Highlights are included as 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.

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

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

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

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

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

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

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

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

	Shares		Value
Exchange-Traded Funds — 78.7%
Agricultural Commodities — 12.4%
Invesco Agriculture Commodity Strategy No K-1 ETF		45,176	$	1,609,169
Simplify Commodities Strategy No K-1 ETF		19,041		564,756
Total Agricultural Commodities				2,173,925

Equity Funds — 5.5%
Vanguard Short-Term Inflation-Protected Securities ETF		19,143		961,553

Financials — 2.9%
ProShares UltraShort 20+ Year Treasury ETF		14,660		512,220

Gold — 14.1%
iShares Gold Trust*		368		27,788
iShares Gold Trust Micro*		33,181		1,327,572
SPDR Gold MiniShares Trust*		14,091		1,119,107
Total Gold				2,474,467

Industrials — 3.7%
Global X Defense Tech ETF		6,559		391,638
SPDR S&P Aerospace & Defense ETF		873		247,749
Total Industrials				639,387

Information Technology — 4.2%
Global X Cybersecurity ETF		11,702		446,899
iShares Cybersecurity and Tech ETF		4,808		291,894
Total Information Technology				738,793

TIPS — 8.1%
iShares 0-5 Year TIPS Bond ETF		13,841		1,413,996

U.S. Treasury — 27.8%
iShares 1-3 Year Treasury Bond ETF		14,204		1,166,290
Schwab Short-Term U.S. Treasury ETF		48,364		1,167,507
SPDR Portfolio Short Term Treasury ETF		40,180		1,165,622
U.S. Treasury 2 Year Note ETF		307		14,724
Vanguard Short-Term Treasury ETF		23,156		1,347,679
Total U.S. Treasury				4,861,822

Total Exchange-Traded Funds
(Cost $13,245,437)				13,776,163

Real Estate Investment Trusts — 13.8%
REITs — 13.8%
Acadia Realty Trust		740		15,473
Agree Realty Corp.		585		44,308
Alexandria Real Estate Equities, Inc.		1,057		55,862
American Assets Trust, Inc.		390		9,629
American Healthcare REIT, Inc.		1,115		58,147
American Tower Corp.		1,379		225,563
Apartment Investment and Management Co.		415		1,233

	Shares		Value
Real Estate Investment Trusts — 13.8% (continued)
REITs — 13.8% (continued)
AvalonBay Communities, Inc.		688	$	129,819
BXP, Inc.		855		56,695
CBL & Associates Properties, Inc.		161		8,548
Centerspace		80		4,495
Chatham Lodging Trust		242		3,202
COPT Defense Properties		580		21,106
Crown Castle, Inc.		2,209		167,288
DiamondRock Hospitality Co.		1,093		13,313
Digital Realty Trust, Inc.		1,298		233,095
Empire State Realty Trust, Inc.		898		4,858
Equinix, Inc.		233		242,877
Equity Residential		2,027		137,694
Essex Property Trust, Inc.		369		107,597
Federal Realty Investment Trust		455		56,165
Gladstone Commercial Corp.		127		1,562
Global Net Lease, Inc.		1,074		9,602
HA Sustainable Infrastructure Capital, Inc.		638		24,914
Healthpeak Properties, Inc.		3,587		76,762
Hudson Pacific Properties, Inc.*		300		4,557
Innovative Industrial Properties, Inc.		155		9,607
JBG SMITH Properties		302		4,430
Kilroy Realty Corp.		671		25,142
LTC Properties, Inc.		248		9,536
Monarch Casino & Resort, Inc.		102		13,424
Pebblebrook Hotel Trust		627		12,170
Realty Income Corp.		3,970		245,981
Sabra Health Care REIT, Inc.		1,208		23,568
Safehold, Inc.		418		6,563
SBA Communications Corp.		531		93,700
SL Green Realty Corp.		382		19,776
Sonida Senior Living, Inc.*		202		8,242
STAG Industrial, Inc.		990		37,679
Strawberry Fields REIT, Inc.		313		4,304
UDR, Inc.		1,610		64,271
UMH Properties, Inc.		481		7,282
Vornado Realty Trust		1,098		43,151
WP Carey, Inc.		1,138		81,367

Total Real Estate Investment Trusts
(Cost $2,383,505)				2,424,557

Money Market Funds — 3.8%
Dreyfus Government Cash Management, 3.54%^(a)
(Cost $665,870)		665,870		665,870

	Notional Amount			Contracts		Value
EXCHANGE TRADED PURCHASED OPTIONS — 1.4%
SPDR Gold Shares, expiring 08/21/26, Strike Price $380.00	$	1,140,000			30	$	55,260
SPDR Gold Shares, expiring 08/21/26, Strike Price $400.00		1,600,000			40		132,160
SPDR Gold Shares, expiring 09/18/26, Strike Price $390.00		585,000			15		39,975
SPDR Gold Shares, expiring 09/30/26, Strike Price $350.00		1,050,000			30		26,250
SPX US, expiring 07/17/26, Strike Price $6850.00		2,740,000			4		1,720
Total Exchange Traded Purchased Options
(Cost $196,105)							255,365
Total Investments Before Written Options – 97.7%
(Cost $16,490,917)							17,121,955
EXCHANGE TRADED WRITTEN OPTIONS – (0.3)%
SPDR Gold Shares, expiring 08/21/26, Strike Price $320.00	$	(960,000	)		30		(4,740	)
SPDR Gold Shares, expiring 08/21/26, Strike Price $360.00		(1,440,000	)		40		(34,800	)
SPDR Gold Shares, expiring 09/18/26, Strike Price $340.00		(510,000	)		15		(8,280	)
SPDR Gold Shares, expiring 09/30/26, Strike Price $320.00		(960,000	)		30		(9,150	)
SPX US, expiring 07/17/26, Strike Price $6450.00		(2,580,000	)		4		(1,000	)
Total Exchange Traded Written Options – (0.3)%
[Premiums Received $(69,867)]							(57,970	)
Total Investments — 97.4%
(Cost $16,421,050)							17,063,985
Other Assets and Liabilities, Net — 2.6%							449,145
Net Assets — 100%						$	17,513,130

	Atlas America Fund
Assets
Investments, at fair value	$	17,121,955
Deposit with broker for options		444,799
Receivables:
Dividends		15,264
Total assets		17,582,018

Liabilities
Options Written, at value		57,970
Payables:
Investment advisory fees		10,918
Total liabilities		68,888
Net Assets	$	17,513,130

Net Assets Consists of
Paid-in capital	$	17,088,294
Distributable earnings (loss)		424,836
Net Assets	$	17,513,130
Number of Common Shares outstanding		640,000
Net Asset Value, offering and redemption price per share	$	27.36
Investments, at cost	$	16,490,917
Premiums received for options written	$	69,867

	Atlas America Fund
Investment Income
Dividend income	$	490,747
Total investment income		490,747

Expenses
Investment advisory fees	$	134,424
Tax expense		1,043
Total expenses		135,467
Net investment income		355,280

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(569,680	)
In-kind redemptions		883,876
Options Written		310,205
Net realized gain		624,401
Net change in net unrealized appreciation (depreciation) on:
Investments		85,443
Options Written		(30,310	)
Net change in net unrealized appreciation		55,133
Net realized and unrealized gain (loss)		679,534
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,034,814

Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Report of Independent Registered Public Accounting Firm	16
Additional Information	17

	Atlas America Fund
	For the Year Ended June 30, 2026			For the Period November 20, 2024^* to June 30, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	355,280		$	229,801
Net realized gain (loss)		624,401			(128,282	)
Net change in net unrealized appreciation		55,133			587,802
Net increase in net assets resulting from operations		1,034,814			689,321

Distributions from earnings		(428,819	)		–

Fund Shares Transactions
Proceeds from shares sold		6,317,183			17,260,400
Value of shares redeemed		(6,846,159	)		(513,610	)
Net increase (decrease) from capital share transactions		(528,976	)		16,746,790
Total increase in net assets		77,019			17,436,111

Net Assets
Beginning of period		17,436,111			–
End of period	$	17,513,130		$	17,436,111

Changes in Shares Outstanding
Common Shares outstanding, beginning of period		660,000			–
Shares sold		230,000			680,000
Shares redeemed		(250,000	)		(20,000	)
Common Shares outstanding, end of period		640,000			660,000

	For the Year Ended June 30, 2026			Period Ended June 30, 2025^(a)
Net Asset Value, beginning of period	$	26.42		$	25.06

Income (loss) from investment operations:
Net investment income^(b)		0.54			0.45
Net realized and unrealized gain (loss)		1.07			0.91
Total from investment operations		1.61			1.36

Distributions from:
Net investment income		(0.67	)		–
Net Asset Value, end of period	$	27.36		$	26.42

Total Return (%)		6.16	%		5.42	%^(c)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)	$	18		$	17
Ratio of expenses (%)		0.76	%		0.75	%^(d)
Ratio of net investment income (loss) (%)		1.98	%		2.87	%^(d)
Portfolio turnover rate (%)^(e)		41	%		67	%^(c)

Assets	Level 1			Level 2		Level 3		Total
Exchange-Traded Funds	$	13,776,163		$	—	$	—	$	13,776,163
Money Market Funds		665,870			—		—		665,870
Real Estate Investment Trusts		2,424,557			—		—		2,424,557
Total Investments in Securities		16,866,590			—		—		16,866,590
Other Financial Instruments:^(a)
Exchange Traded Purchased Options - Options on Indices		255,365			—		—		255,365
Total Investments in Securities and Other Financial Instruments	$	17,121,955		$	—	$	—	$	17,121,955
Liabilities
Other Financial Instruments:^(a)
Exchange Traded Written Options - Options on Indices	$	(57,970	)	$	—	$	—	$	(57,970	)

TOTAL	$	17,063,985		$	—	$	—	$	17,063,985

Fund		Distributable earnings (loss)				Paid-in Capital
Atlas America Fund		$	(846,796	)		$	846,796

Fund		Undistributed Ordinary Income				Net Unrealized Appreciation (Depreciation)				Accumulated Capital and Other Losses				Distributable earnings (loss)
Atlas America Fund		$	153,782			$	471,678			$	(200,623	)		$	424,837

Fund		Tax Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
Atlas America Fund		$	16,591,017			$	807,802			$	(336,124	)		$	471,678

Fund		Short-Term				Long-Term				Total Amount
Atlas America Fund		$	(200,623	)			–			$	(200,623	)

Fund	Qualified Dividend Income*	Dividends Received Deduction
Atlas America Fund	2.01%	2.41%

Investment Adviser Atlas Capital Team Inc. 6 East 1st Street, Suite 5A New York, NY 10003		Custodian, Administrator & Transfer Agent The Bank of New York 240 Greenwich Street New York, NY 10286

Distributor Foreside Fund Services, LLC 190 Middle Street - Suite 301 Portland, ME 04101	Independent Registered Public Accounting Firm Cohen & Company, Ltd. 1350 Euclid Avenue, Suite 800 Cleveland, OH 44115	Legal Counsel Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue NW Washington, DC 20004

(Registrant)	The 2023 ETF Series Trust

By (Signature and Title)	/s/ Eric W. Falkeis
	Eric W. Falkeis, President
	(Principal Executive Officer)

Date	9/4/2026