BECKER ROBERT 4

What Happened
Robert Becker, a portfolio manager at the fund’s adviser, purchased 1,000 shares of 2023 ETF Series Trust (NFRX) in an open-market/private purchase on February 27, 2026. The reported price was $27.75 per share for a reported total of $27,745. This was a purchase (acquisition), which is generally viewed as a bullish signal relative to sales.

Key Details

• Transaction date: 2026-02-27; Reported on Form 4 filed 2026-03-02 (timely filing).
• Transaction type/code: Purchase (P) — open market or private purchase.
• Shares bought: 1,000; Price: $27.75 per share; Reported total value: $27,745.
• Shares owned after transaction: Not specified in the filing.
• No footnotes (e.g., 10b5-1 plan or tax withholding) were reported on the Form 4.

Context
Becker is a portfolio manager at the fund’s adviser (an investment professional managing the ETF), not an issuer executive or 10% owner. Insider purchases can be informative, but this single modest purchase should be viewed in context of other filings and the fund’s overall holdings before drawing conclusions.