Which aspect does not occur during the cycle of operations when firing the M203?

Adjusting the sights is not a step that occurs during the cycle of operations when firing the M203. The cycle of operations is a structured sequence that includes loading the round, firing the round, extracting the spent cartridge, and ejecting it. Each of these steps involves specific actions necessary for the proper functioning of the grenade launcher.

Loading the round is essential as it prepares the weapon for firing. Firing the round is the action that ultimately launches the grenade. Extracting the spent cartridge is important for clearing the chamber to allow for the loading of the next round. Adjusting the sights, while important for accuracy, is not part of this operational cycle. It is typically done prior to engaging a target but does not influence the immediate operation of firing and cycling through rounds in real time. Thus, it is correctly identified as the aspect that does not occur during the cycle of operations for the M203.