---
ticker: "USAF"
name: "The 2023 ETF Series Trust - Atlas America Fund"
url: "https://etf.net/etf/USAF"
grade: "B"
score: 55
graded_at: "2026-10-12"
category: "Tactical Allocation"
category_rank: "21 of 46"
methodology: "https://etf.net/methodology"
---

# USAF: The 2023 ETF Series Trust - Atlas America Fund

Grade **B**, Score 55 of 100. Rank 21 of 46 in Tactical Allocation.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 51 | 23 of 46 |
| Mission | 81 | 7 of 27 |
| Risk | 57 | 21 of 46 |
| Tradability | 31 | 36 of 46 |
| Holdings | 64 | 15 of 43 |
| Durability | 17 | 44 of 46 |

## Top holdings

The fund holds 63 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | PDBA | Invesco Ac Agriculture Commodity St | 9.53% |
| 2 | VBIL | Vanguard I 0-3 Month Treasury Bill | 9.17% |
| 3 | IAUM | Ishares Gold Trust Micro | 8.41% |
| 4 | GLDM | World Gold Spdr Gold Minishares Tr( | 8.27% |
| 5 | STIP | Ishares Tr 0-5 Year Tips Bd Etf | 7.73% |
| 6 | VTIP | Vanguard M Sh-Term Infl Protected E | 5.55% |
| 7 | CLIP | Global X F 1-3 Month T-Bill Etf(P/S | 5.24% |
| 8 | SGOV | Ishares Tr Ishares 0-3 Month Treasu | 5.23% |
| 9 | SPTS | Spdr Portfolio Short Term Tre Etf | 5.02% |
| 10 | VGSH | Vanguard’s Short-Term Treasury Etf | 5.02% |
| 11 | HARD | Simplify E Commodities Strategy No | 3.58% |
| 12 | — | Cash | 3.26% |
| 13 | TBF | Proshares Short 20+ Yr Treasury Us | 3.20% |
| 14 | BUG | Global X F Cybersecurity Etf | 3.09% |
| 15 | SHLD | Global X F Defense Tech Etf | 2.19% |
| 16 | XAR | Spdr Serie St Spdr Sp Aerodef Etf | 1.50% |
| 17 | IHAK | Ishares Tr Cybersecurity and Tech E | 1.34% |
| 18 | AMT | Amer Tower Com USD0.01 | 1.32% |
| 19 | EQIX | Equinix In Com USD0.001 | 1.27% |
| 20 | DLR | Digital Re Com Stk USD0.01 | 1.24% |
| 21 | WELL | Welltower Com USD1 | 1.19% |
| 22 | O | Realty Inc Com USD1 | 1.08% |
| 23 | EQR | Vivmark Residential | 1.08% |
| 24 | CCI | Crown Cast Com USD0.01 | 0.71% |
| 25 | ESS | Essex Property Trust Inc USD0.0001 | 0.42% |
| 26 | SBAC | Sba Commun Com USD0.01 Class A | 0.41% |
| 27 | — | Dreyfus Govt Cash Man Ins | 0.35% |
| 28 | WPC | W P Carey Com USD0.001 | 0.31% |
| 29 | DOC | Healthpeak Com USD1 | 0.30% |
| 30 | AHR | Amer Helth Com USD0.01 | 0.27% |

Source: etf.net, https://etf.net/etf/USAF. Please cite the page URL.