Goncu Hasan Ali 4

What Happened
Goncu Hasan Ali, a portfolio manager for the fund's adviser, purchased 800 shares of 2023 ETF Series Trust (NFRX) on 2026-02-27. The shares were acquired at $27.78 per share for a total transaction value of $22,221. This was a purchase (code P), which investors often view as a bullish signal, though it is a relatively modest dollar amount.

Key Details

• Transaction date and price: 2026-02-27 — 800 shares at $27.78 each.
• Total value: $22,221.
• Transaction type: Purchase (open market or private purchase, code P as reported).
• Shares owned after transaction: Not disclosed in the provided filing data.
• Filing date and timeliness: Form 4 filed 2026-03-03; filed within the typical 2-business-day window for a Feb 27 transaction (timely).
• Footnotes/notable items: No 10b5-1 plan, tax-withholding, or other notes provided in the supplied information.

Context: This trade was by a portfolio manager of the ETF’s adviser rather than a corporate executive or 10% owner. While purchases can signal confidence, this is a small, routine open-market buy of ETF shares and should be considered alongside other holdings, disclosures, and market information.