A newly filed Form 4 shows that Harrison Street Real Assets Fund LLC, identified as a 10%-plus owner of 2023 ETF Series Trust (NFRX), purchased 372,856 shares on August 4, 2026, in an open-market transaction. The insider paid $26.82 per share, bringing the total outlay to $9,999,997.92 — just shy of the $10 million mark.
Following the purchase, Harrison Street Real Assets Fund LLC’s directly held stake in NFRX rose to 4,203,172 shares. Because the filer holds more than 10% of the trust, this transaction falls under the SEC’s beneficial-ownership reporting requirements that apply to major holders, officers, and directors alike.
What the Filing Shows
The disclosure is straightforward: this was an open-market buy, meaning Harrison Street Real Assets Fund LLC used its own capital to acquire shares at the prevailing market price rather than receiving them through options, grants, or other compensation-linked mechanisms. Our internal classification tags this as an ‘open market buy’ — the category typically associated with the clearest signal of insider conviction, since it involves a discretionary cash purchase rather than a routine or scheduled transaction.
2023 ETF Series Trust operates NFRX as an exchange-traded fund vehicle, and Harrison Street Real Assets Fund LLC’s position as a greater-than-10% owner means its trading activity is closely tied to the fund’s underlying real assets strategy. A purchase of this size — nearly $10 million — from an entity already holding a substantial stake suggests continued commitment to the position rather than an initial entry.
Context for Readers
Form 4 filings like this one are part of routine SEC disclosure requirements designed to give the public visibility into transactions by insiders and large holders. Academic research on insider trading patterns has found that clustered or sizable open-market purchases can, in aggregate across many companies, correlate with periods of subsequent outperformance relative to broader benchmarks. That said, this pattern is a statistical observation drawn from large datasets over time — it does not indicate how any single filing, including this one, will play out for NFRX specifically.
No additional transactions were disclosed in this filing beyond the August 4, 2026 purchase. Readers interested in the underlying regulatory filing can consult the official SEC record for full details, including any accompanying footnotes or explanatory remarks the filer may have included.
WhoIsBuyingNow.com will continue to monitor subsequent filings from 2023 ETF Series Trust and its major holders as they become available.
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Source: original SEC Form 4 filing.