DAVIS FUNDAMENTAL ETF
TRUST |
Table of
Contents |
Management’s Discussion of Fund Performance: |
|
2 | |
4 | |
6 | |
8 | |
Fund Overview: |
|
10 | |
12 | |
13 | |
15 | |
17 | |
Schedule of Investments: |
|
18 | |
20 | |
22 | |
25 | |
27 | |
28 | |
29 | |
31 | |
37 | |
39 | |
40 | |
41 | |
44 | |
45 |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT U.S. EQUITY ETF |
1 |
The
net asset value return is based on the NAV of the Fund and the market
price return represents changes to the official closing price of the Fund
at 4:00 P.M. EST when the NAV is
determined. |
2 |
The
companies included in the Standard & Poor’s 500®
Index are divided into eleven sectors. One or more industry groups make up
a sector. For purposes of measuring concentration, the Fund generally
classifies companies at the industry group or industry level. See the SAI
for additional information regarding the Fund’s concentration
policy. |
3 |
A
company’s or sector’s contribution to or detraction from the Fund’s
performance is a product both of its appreciation or depreciation and its
weighting within the Fund. For example, a 5% holding that rises 20% has
twice as much impact as a 1% holding that rises
50%. |
4 |
This Management
Discussion of Fund Performance discusses a number of individual companies.
The information provided in this report does not provide information
reasonably sufficient upon which to base an investment decision and should
not be considered a recommendation to purchase, sell, or hold any
particular security. The Schedule of Investments lists the Fund’s holdings
of each company discussed. |
DAVIS
FUNDAMENTAL ETF TRUST |
Management’s Discussion
of Fund Performance - (Continued) |
DAVIS SELECT U.S. EQUITY ETF |
Fund
& Benchmark Index |
1-Year |
5-Year |
Since
Fund’s
Inception
(01/11/17) |
Gross
Expense
Ratio |
Net
Expense
Ratio |
DUSA - Net
Asset Value (NAV) |
(23.61)% |
4.52% |
5.95% |
0.61% |
0.61% |
DUSA -
Market Price |
(23.54)% |
4.46% |
5.97% |
0.61% |
0.61% |
S&P
500®
Index |
(14.61)% |
10.44% |
11.58% |
1-Year |
5-Year |
Since
Fund’s
Inception
(01/11/17) | |
DUSA - Net
Asset Value (NAV) |
(24.68)% |
4.09% |
5.13% |
DUSA -
Market Price |
(24.75)% |
4.08% |
5.15% |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT FINANCIAL ETF |
1 |
The
net asset value return is based on the NAV of the Fund and the market
price return represents changes to the official closing price of the Fund
at 4:00 P.M. EST when the NAV is
determined. |
2 |
The
companies included in the S&P 500®
Financials Index are divided into five industries. One or more
sub-industries make up an industry. |
3 |
A
company’s or industry’s contribution to or detraction from the Fund’s
performance is a product both of its appreciation or depreciation and its
weighting within the Fund. For example, a 5% holding that rises 20% has
twice as much impact as a 1% holding that rises
50%. |
4 |
This
Management Discussion of Fund Performance discusses a number of individual
companies. The information provided in this report does not provide
information reasonably sufficient upon which to base an investment
decision and should not be considered a recommendation to purchase, sell,
or hold any particular security. The Schedule of Investments lists the
Fund’s holdings of each company discussed. |
DAVIS FUNDAMENTAL ETF
TRUST |
Management’s Discussion
of Fund Performance - (Continued) |
DAVIS SELECT FINANCIAL ETF |
Fund
& Benchmark Index |
1-Year |
5-Year |
Since
Fund’s
Inception
(01/11/17) |
Gross
Expense
Ratio |
Net
Expense
Ratio |
DFNL - Net
Asset Value (NAV) |
(12.89)% |
5.45% |
7.31% |
0.63% |
0.63% |
DFNL -
Market Price |
(12.91)% |
5.39% |
7.32% |
0.63% |
0.63% |
S&P
500®
Financials Index |
(14.05)% |
7.26% |
8.69% |
1-Year |
5-Year |
Since
Fund’s
Inception
(01/11/17) | |
DFNL - Net
Asset Value (NAV) |
(17.55)% |
3.78% |
5.40% |
DFNL -
Market Price |
(17.73)% |
3.72% |
5.39% |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT WORLDWIDE ETF |
1 |
The
net asset value return is based on the NAV of the Fund and the market
price return represents changes to the official closing price of the Fund
at 4:00 P.M. EST when the NAV is
determined. |
2 |
The
companies included in the Morgan Stanley Capital International All Country
World Index are divided into eleven sectors. One or more industry groups
make up a sector. For purposes of measuring concentration, the Fund
generally classifies companies at the industry group or industry level.
See the SAI for additional information regarding the Fund’s concentration
policy. |
3 |
A
company’s or sector’s contribution to or detraction from the Fund’s
performance is a product both of its appreciation or depreciation and its
weighting within the Fund. For example, a 5% holding that rises 20% has
twice as much impact as a 1% holding that rises
50%. |
4 |
This Management
Discussion of Fund Performance discusses a number of individual companies.
The information provided in this report does not provide information
reasonably sufficient upon which to base an investment decision and should
not be considered a recommendation to purchase, sell, or hold any
particular security. The Schedule of Investments lists the Fund’s holdings
of each company discussed. |
DAVIS FUNDAMENTAL ETF
TRUST |
Management’s Discussion
of Fund Performance - (Continued) |
DAVIS SELECT WORLDWIDE ETF |
Fund
& Benchmark Index |
1-Year |
5-Year |
Since
Fund’s
Inception
(01/11/17) |
Gross
Expense
Ratio |
Net
Expense
Ratio |
DWLD - Net
Asset Value (NAV) |
(28.27)% |
(1.05)% |
2.92% |
0.63% |
0.63% |
DWLD -
Market Price |
(28.03)% |
(1.09)% |
2.94% |
0.63% |
0.63% |
MSCI
ACWI® |
(19.96)% |
5.24% |
7.47% |
1-Year |
5-Year |
Since
Fund’s
Inception
(01/11/17) | |
DWLD - Net
Asset Value (NAV) |
(25.35)% |
(0.53)% |
2.92% |
DWLD -
Market Price |
(25.51)% |
(0.62)% |
2.86% |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT INTERNATIONAL ETF |
1 |
The
net asset value return is based on the NAV of the Fund and the market
price return represents changes to the official closing price of the Fund
at 4:00 P.M. EST when the NAV is
determined. |
2 |
The
companies included in the Morgan Stanley Capital International All Country
World Index ex USA are divided into eleven sectors. One or more industry
groups make up a sector. For purposes of measuring concentration, the Fund
generally classifies companies at the industry group or industry level.
See the SAI for additional information regarding the Fund’s concentration
policy. |
3 |
A
company’s or sector’s contribution to or detraction from the Fund’s
performance is a product both of its appreciation or depreciation and its
weighting within the Fund. For example, a 5% holding that rises 20% has
twice as much impact as a 1% holding that rises
50%. |
4 |
This
Management Discussion of Fund Performance discusses a number of individual
companies. The information provided in this report does not provide
information reasonably sufficient upon which to base an investment
decision and should not be considered a recommendation to purchase, sell,
or hold any particular security. The Schedule of Investments lists the
Fund’s holdings of each company discussed. |
DAVIS FUNDAMENTAL ETF
TRUST |
Management’s Discussion
of Fund Performance - (Continued) |
DAVIS SELECT INTERNATIONAL ETF |
Fund
& Benchmark Index |
1-Year |
Since
Fund’s
Inception
(03/01/18) |
Gross
Expense
Ratio |
Net
Expense
Ratio |
DINT - Net
Asset Value (NAV) |
(28.12)% |
(5.39)% |
0.66% |
0.66% |
DINT -
Market Price |
(28.00)% |
(5.41)% |
0.66% |
0.66% |
MSCI
ACWI®
ex USA |
(24.73)% |
(1.18)% |
1-Year |
Since
Fund’s
Inception
(03/01/18) | |
DINT - Net
Asset Value (NAV) |
(22.82)% |
(4.85)% |
DINT -
Market Price |
(22.75)% |
(4.88)% |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT U.S. EQUITY ETF |
October 31,
2022 |
Portfolio
Composition |
Industry
Weightings | |||||
(% of Fund’s 10/31/22
Net Assets) |
(% of 10/31/22 Stock
Holdings) | |||||
Fund |
S&P 500® | |||||
Common Stock (U.S.) |
79.14% |
Diversified Financials |
24.99% |
5.19% | ||
Common Stock (Foreign) |
16.45% |
Banks |
24.65% |
3.88% | ||
Short-Term Investments |
4.94% |
Media & Entertainment |
12.32% |
6.17% | ||
Other Assets & Liabilities |
(0.53)% |
Health Care |
11.61% |
15.32% | ||
100.00% |
Retailing |
8.76% |
5.84% | |||
Information Technology |
7.50% |
26.29% | ||||
Insurance |
6.86% |
2.38% | ||||
Materials |
1.85% |
2.53% | ||||
Capital Goods |
1.46% |
5.76% | ||||
Energy |
– |
5.37% | ||||
Food, Beverage & Tobacco |
– |
3.75% | ||||
Other |
– |
17.52% | ||||
100.00% |
100.00% |
Berkshire Hathaway Inc., Class B |
Diversified Financial Services |
10.20% |
Capital One Financial Corp. |
Consumer Finance |
9.27% |
Alphabet Inc., Class C |
Media & Entertainment |
8.47% |
Wells Fargo & Co. |
Banks |
7.17% |
Amazon.com, Inc. |
Retailing |
6.16% |
DBS Group Holdings Ltd. |
Banks |
5.81% |
Cigna Corp. |
Health Care Equipment & Services |
5.35% |
U.S. Bancorp |
Banks |
4.43% |
Markel Corp. |
Property & Casualty Insurance |
3.71% |
Viatris Inc. |
Pharmaceuticals, Biotechnology & Life Sciences |
3.37% |
DAVIS FUNDAMENTAL ETF
TRUST |
Fund Overview -
(Continued) |
DAVIS SELECT U.S. EQUITY ETF |
October 31,
2022 |
Security |
Industry |
Date of 1st
Purchase |
% of Fund’s
10/31/22
Net Assets |
Alibaba Group Holding Ltd., ADR |
Retailing |
11/04/21 |
– |
Owens Corning |
Capital Goods |
04/05/22 |
1.40% |
Samsung Electronics Co., Ltd. |
Technology Hardware & Equipment |
07/08/22 |
2.54% |
Security |
Industry |
Date of
Final Sale |
Realized
Gain
(Loss) | |
Alibaba Group Holding Ltd., ADR |
Retailing |
07/08/22 |
$ |
(2,859,013) |
Raytheon Technologies Corp. |
Capital Goods |
11/16/21 |
1,666,622 | |
Vroom, Inc. |
Retailing |
05/10/22 |
(3,524,524) |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT FINANCIAL ETF |
October 31,
2022 |
Portfolio
Composition |
Industry
Weightings | |||||
(% of Fund’s 10/31/22
Net Assets) |
(% of
10/31/22 Stock Holdings) | |||||
Fund |
S&P 500®
Financials | |||||
Common Stock (U.S.) |
79.69% |
Banks |
43.97% |
33.89% | ||
Common Stock (Foreign) |
19.04% |
Insurance |
19.44% |
20.81% | ||
Short-Term Investments |
1.17% |
Capital Markets |
15.13% |
26.31% | ||
Other Assets & Liabilities |
0.10% |
Consumer Finance |
11.86% |
4.70% | ||
100.00% |
Diversified Financial Services |
7.12% |
14.29% | |||
Thrifts & Mortgage Finance |
1.68% |
– | ||||
Retailing |
0.80% |
– | ||||
100.00% |
100.00% |
Chubb Ltd. |
Property & Casualty Insurance |
8.05% |
Capital One Financial Corp. |
Consumer Finance |
7.68% |
Berkshire Hathaway Inc., Class B |
Diversified Financial Services |
7.03% |
U.S. Bancorp |
Banks |
5.70% |
Wells Fargo & Co. |
Banks |
5.67% |
Markel Corp. |
Property & Casualty Insurance |
5.27% |
JPMorgan Chase & Co. |
Banks |
5.00% |
Julius Baer Group Ltd. |
Capital Markets |
4.85% |
Bank of New York Mellon Corp. |
Capital Markets |
4.69% |
DBS Group Holdings Ltd. |
Banks |
4.61% |
New Positions Added
(11/01/21-10/31/22) | ||||
Security |
Industry |
Date of 1st
Purchase |
% of Fund’s
10/31/22
Net Assets | |
Fifth Third Bancorp |
Banks |
05/06/22 |
2.73% | |
Prosus N.V., Class N |
Retailing |
03/10/22 |
0.79% | |
Position Closed
(11/01/21-10/31/22) | ||||
Security |
Industry |
Date of
Final Sale |
Realized
Gain | |
Alleghany Corp. |
Reinsurance |
06/15/22 |
$ |
2,292,676 |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT WORLDWIDE ETF |
October 31,
2022 |
Portfolio
Composition |
Industry
Weightings | |||||
(% of Fund’s 10/31/22
Net Assets) |
(% of 10/31/22 Stock
Holdings) | |||||
MSCI | ||||||
Fund |
ACWI® | |||||
Common Stock (Foreign) |
53.94% |
Banks |
23.21% |
7.15% | ||
Common Stock (U.S.) |
45.43% |
Retailing |
16.32% |
4.72% | ||
Short-Term Investments |
0.67% |
Diversified Financials |
14.71% |
4.45% | ||
Other Assets & Liabilities |
(0.04)% |
Information Technology |
13.16% |
20.90% | ||
100.00% |
Media & Entertainment |
11.24% |
4.93% | |||
Health Care |
7.86% |
13.25% | ||||
Insurance |
6.11% |
3.18% | ||||
Materials |
3.21% |
4.63% | ||||
Food, Beverage & Tobacco |
1.57% |
4.31% | ||||
Capital Goods |
1.49% |
6.62% | ||||
Consumer Durables & Apparel |
1.12% |
1.63% | ||||
Energy |
– |
5.81% | ||||
Other |
– |
18.42% | ||||
100.00% |
100.00% |
Country
Diversification |
Top 10 Long-Term
Holdings | |||
(% of 10/31/22 Stock
Holdings) |
(% of Fund’s 10/31/22
Net Assets) | |||
United States |
45.72% |
DBS Group Holdings Ltd. |
7.53% | |
China |
15.84% |
Wells Fargo & Co. |
7.35% | |
Singapore |
7.58% |
Berkshire Hathaway Inc., Class B |
6.48% | |
South Korea |
6.37% |
Danske Bank A/S |
5.96% | |
Denmark |
5.99% |
Julius Baer Group Ltd. |
4.76% | |
Switzerland |
4.79% |
Hollysys Automation Technologies Ltd. |
4.72% | |
Hong Kong |
3.30% |
Cigna Corp. |
4.43% | |
Canada |
3.21% |
Samsung Electronics Co., Ltd. |
4.13% | |
Netherlands |
2.85% |
Alphabet Inc., Class C |
4.11% | |
Bermuda |
2.06% |
Meta Platforms, Inc., Class A |
3.61% | |
Germany |
1.20% |
|||
South Africa |
0.91% |
|||
United Kingdom |
0.18% |
|||
100.00% |
DAVIS FUNDAMENTAL ETF
TRUST |
Fund Overview -
(Continued) |
DAVIS SELECT WORLDWIDE ETF |
October 31,
2022 |
Security |
Industry |
Date of 1st
Purchase |
% of Fund’s
10/31/22
Net Assets |
Coupang, Inc., Class A |
Retailing |
01/26/22 |
1.08% |
Delivery Hero SE |
Retailing |
05/13/22 |
1.19% |
Fila Holdings Corp. |
Consumer Durables & Apparel |
03/02/22 |
1.11% |
Owens Corning |
Capital Goods |
04/05/22 |
1.48% |
Security |
Industry |
Date of
Final Sale |
Realized
Gain
(Loss) | |
Baidu, Inc., Class A, ADR |
Media & Entertainment |
05/26/22 |
$ |
(2,189,358) |
DiDi Global Inc., Class A, ADS |
Transportation |
04/29/22 |
(2,320,113) | |
DNB Bank ASA |
Banks |
03/14/22 |
2,862,551 | |
Kuaishou Technology, Class B |
Media & Entertainment |
01/27/22 |
(18,788) | |
Quotient Technology Inc. |
Retailing |
01/12/22 |
(1,490,408) | |
Vroom, Inc. |
Retailing |
05/10/22 |
(7,570,654) |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT INTERNATIONAL ETF |
October 31,
2022 |
Portfolio
Composition |
Industry
Weightings | |||||
(% of Fund’s 10/31/22
Net Assets) |
(% of 10/31/22 Stock
Holdings) | |||||
MSCI | ||||||
ACWI® | ||||||
Fund |
EX USA | |||||
Common Stock (Foreign) |
95.21% |
Banks |
28.40% |
12.98% | ||
Short-Term Investments |
4.60% |
Retailing |
23.01% |
2.85% | ||
Other Assets & Liabilities |
0.19% |
Information Technology |
12.38% |
10.91% | ||
100.00% |
Insurance |
8.08% |
4.46% | |||
Diversified Financials |
6.60% |
3.46% | ||||
Capital Goods |
6.56% |
8.21% | ||||
Health Care |
4.16% |
10.02% | ||||
Materials |
4.01% |
8.11% | ||||
Consumer Durables & Apparel |
3.52% |
3.05% | ||||
Media & Entertainment |
3.28% |
2.49% | ||||
Energy |
– |
6.61% | ||||
Food, Beverage & Tobacco |
– |
5.47% | ||||
Other |
– |
21.38% | ||||
100.00% |
100.00% |
Country
Diversification |
Top 10 Long-Term
Holdings | |||
(% of 10/31/22 Stock
Holdings) |
(% of Fund’s 10/31/22
Net Assets) | |||
China |
23.99% |
DBS Group Holdings Ltd. |
8.92% | |
South Korea |
11.85% |
Bank of N.T. Butterfield & Son Ltd. |
6.71% | |
Switzerland |
9.85% |
Danske Bank A/S |
6.45% | |
Singapore |
9.37% |
Julius Baer Group Ltd. |
5.42% | |
Bermuda |
7.05% |
Hollysys Automation Technologies Ltd. |
5.30% | |
Denmark |
6.77% |
Samsung Electronics Co., Ltd. |
5.13% | |
Norway |
4.97% |
DNB Bank ASA |
4.74% | |
Hong Kong |
4.52% |
AIA Group Ltd. |
4.30% | |
Netherlands |
4.12% |
Prosus N.V., Class N |
3.92% | |
South Africa |
4.03% |
Naspers Ltd. - N |
3.83% | |
Canada |
4.01% |
|||
United Kingdom |
3.56% |
|||
France |
3.22% |
|||
Japan |
1.43% |
|||
Germany |
1.26% |
|||
100.00% |
DAVIS
FUNDAMENTAL ETF TRUST |
Fund Overview -
(Continued) |
DAVIS SELECT
INTERNATIONAL ETF |
October 31,
2022 |
Security |
Industry |
Date of 1st
Purchase |
% of Fund’s
10/31/22
Net Assets |
Coupang, Inc., Class A |
Retailing |
01/26/22 |
2.80% |
Delivery Hero SE |
Retailing |
05/13/22 |
1.20% |
Security |
Industry |
Date of
Final Sale |
Realized
Gain
(Loss) | |
Brenntag SE |
Capital Goods |
05/17/22 |
$ |
933,458 |
DiDi Global Inc., Class A, ADS |
Transportation |
04/29/22 |
(2,083,827) | |
Kuaishou Technology, Class B |
Media & Entertainment |
01/27/22 |
(15,468) | |
Trip.com Group Ltd., ADR |
Consumer Services |
06/29/22 |
(727,044) |
DAVIS FUNDAMENTAL ETF
TRUST |
Beginning |
Ending |
Expenses
Paid | |||
Account Value |
Account Value |
During
Period* | |||
(05/01/22) |
(10/31/22) |
(05/01/22-10/31/22) | |||
Davis Select U.S. Equity ETF |
|||||
(annualized expense ratio
0.61%**) |
|||||
Actual |
$1,000.00 |
$890.09 |
$2.91 | ||
Hypothetical |
$1,000.00 |
$1,022.13 |
$3.11 | ||
Davis Select Financial ETF |
|||||
(annualized expense ratio
0.63%**) |
|||||
Actual |
$1,000.00 |
$971.23 |
$3.13 | ||
Hypothetical |
$1,000.00 |
$1,022.03 |
$3.21 | ||
Davis Select Worldwide ETF |
|||||
(annualized expense ratio
0.63%**) |
|||||
Actual |
$1,000.00 |
$879.79 |
$2.99 | ||
Hypothetical |
$1,000.00 |
$1,022.03 |
$3.21 | ||
Davis Select International ETF |
|||||
(annualized expense ratio
0.66%**) |
|||||
Actual |
$1,000.00 |
$881.91 |
$3.13 | ||
Hypothetical |
$1,000.00 |
$1,021.88 |
$3.36 |
Hypothetical assumes 5% annual return
before expenses. |
*Expenses are equal to each Fund’s
annualized operating expense ratio, multiplied by the average account
value over the period, multiplied by 184/365 (to reflect the one-half year
period). |
**The expense ratios reflect the impact,
if any, of certain reimbursements and/or waivers from the
Adviser. |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT U.S. EQUITY ETF |
October 31,
2022 |
Shares |
Value (Note 1) | |||||||||||
COMMON STOCK – (95.59%) | ||||||||||||
COMMUNICATION SERVICES –
(11.78%) | ||||||||||||
Media &
Entertainment – (11.78%) | ||||||||||||
Alphabet Inc., Class C * |
285,205 |
$ |
26,997,505 | |||||||||
Meta Platforms, Inc., Class A * |
113,259 |
10,551,209 | ||||||||||
Total
Communication Services |
37,548,714 | |||||||||||
CONSUMER DISCRETIONARY –
(8.37%) | ||||||||||||
Retailing –
(8.37%) | ||||||||||||
Amazon.com, Inc. * |
191,743 |
19,642,153 | ||||||||||
JD.com, Inc., Class A, ADR (China) |
132,086 |
4,925,487 | ||||||||||
Naspers Ltd. - N (South Africa) |
7,617 |
787,918 | ||||||||||
Prosus N.V., Class N (Netherlands) |
30,805 |
1,340,711 | ||||||||||
Total Consumer
Discretionary |
26,696,269 | |||||||||||
FINANCIALS – (54.01%) | ||||||||||||
Banks –
(23.56%) | ||||||||||||
Bank of America Corp. |
177,892 |
6,411,228 | ||||||||||
Danske Bank A/S (Denmark) |
251,370 |
4,056,991 | ||||||||||
DBS Group Holdings Ltd. (Singapore) |
766,591 |
18,520,353 | ||||||||||
JPMorgan Chase & Co. |
72,910 |
9,177,911 | ||||||||||
U.S. Bancorp |
332,415 |
14,111,017 | ||||||||||
Wells Fargo & Co. |
496,775 |
22,846,682 | ||||||||||
75,124,182 | ||||||||||||
Diversified Financials
– (23.89%) | ||||||||||||
Capital Markets –
(2.96%) | ||||||||||||
Bank of New York Mellon Corp. |
224,194 |
9,440,809 | ||||||||||
Consumer Finance –
(10.73%) | ||||||||||||
American Express Co. |
31,383 |
4,658,806 | ||||||||||
Capital One Financial Corp. |
278,854 |
29,564,101 | ||||||||||
34,222,907 | ||||||||||||
Diversified Financial
Services – (10.20%) | ||||||||||||
Berkshire Hathaway Inc., Class B * |
110,207 |
32,520,984 | ||||||||||
76,184,700 | ||||||||||||
Insurance –
(6.56%) | ||||||||||||
Life & Health
Insurance – (2.85%) | ||||||||||||
AIA Group Ltd. (Hong Kong) |
644,620 |
4,882,085 | ||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H
(China) |
1,050,090 |
4,200,548 | ||||||||||
9,082,633 | ||||||||||||
Property & Casualty
Insurance – (3.71%) | ||||||||||||
Markel Corp. * |
9,812 |
11,834,253 | ||||||||||
20,916,886 | ||||||||||||
Total
Financials |
172,225,768 | |||||||||||
HEALTH CARE – (11.09%) | ||||||||||||
Health Care Equipment
& Services – (7.72%) | ||||||||||||
Cigna Corp. |
52,849 |
17,073,398 | ||||||||||
Quest Diagnostics Inc. |
52,578 |
7,552,829 | ||||||||||
24,626,227 | ||||||||||||
Pharmaceuticals,
Biotechnology & Life Sciences – (3.37%) | ||||||||||||
Viatris Inc. |
1,061,505 |
10,753,046 | ||||||||||
Total Health
Care |
35,379,273 |
DAVIS FUNDAMENTAL ETF
TRUST |
Schedule of Investments
- (Continued) |
DAVIS SELECT U.S. EQUITY ETF |
October 31,
2022 |
Shares/Principal |
Value (Note 1) | ||||||||||||||
COMMON STOCK – (CONTINUED) | |||||||||||||||
INDUSTRIALS – (1.40%) | |||||||||||||||
Capital Goods –
(1.40%) | |||||||||||||||
Owens Corning |
52,187 |
$
|
4,467,729 | ||||||||||||
Total Industrials |
4,467,729 | ||||||||||||||
INFORMATION TECHNOLOGY –
(7.17%) | |||||||||||||||
Semiconductors &
Semiconductor Equipment – (4.63%) | |||||||||||||||
Applied Materials, Inc. |
89,842 |
7,932,150 | |||||||||||||
Intel Corp. |
239,829 |
6,818,339 | |||||||||||||
14,750,489 | |||||||||||||||
Technology Hardware
& Equipment – (2.54%) | |||||||||||||||
Samsung Electronics Co., Ltd. (South Korea) |
194,218 |
8,098,950 | |||||||||||||
Total Information Technology |
22,849,439 | ||||||||||||||
MATERIALS – (1.77%) | |||||||||||||||
Teck Resources Ltd., Class B (Canada) |
185,292 |
5,640,288 | |||||||||||||
Total Materials |
5,640,288 | ||||||||||||||
TOTAL COMMON STOCK – (Identified cost $272,730,998)
|
304,807,480 | ||||||||||||||
SHORT-TERM INVESTMENTS – (4.94%) | |||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.05%,
11/01/22,
dated 10/31/22, repurchase value of $8,588,728 (collateralized by:
U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.70%-9.50%, 03/15/23-09/20/70, total market value
$8,759,760) |
$ |
8,588,000 |
8,588,000 | ||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.04%,
11/01/22,
dated 10/31/22, repurchase value of $7,149,604 (collateralized by:
U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-5.30%, 01/15/23-10/01/52, total market value
$7,291,980) |
7,149,000 |
7,149,000 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $15,737,000)
|
15,737,000 | ||||||||||||||
Total Investments – (100.53%) – (Identified cost $288,467,998) |
320,544,480 | ||||||||||||||
Liabilities Less Other Assets – (0.53%) |
(1,687,402) | ||||||||||||||
Net Assets – (100.00%) |
$ |
318,857,078 | |||||||||||||
ADR: American Depositary Receipt | |||||||||||||||
* |
Non-income producing security. | ||||||||||||||
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT FINANCIAL ETF |
October 31,
2022 |
Shares |
Value (Note 1) | |||||||||||
COMMON STOCK – (98.73%) | ||||||||||||
CONSUMER DISCRETIONARY –
(0.79%) | ||||||||||||
Retailing –
(0.79%) | ||||||||||||
Prosus N.V., Class N (Netherlands) |
31,530 |
$ |
1,372,265 | |||||||||
Total Consumer
Discretionary |
1,372,265 | |||||||||||
FINANCIALS – (97.94%) | ||||||||||||
Banks –
(45.07%) | ||||||||||||
Banks –
(43.41%) | ||||||||||||
Bank of America Corp. |
205,431 |
7,403,733 | ||||||||||
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) |
127,031 |
4,387,651 | ||||||||||
Danske Bank A/S (Denmark) |
340,478 |
5,495,152 | ||||||||||
DBS Group Holdings Ltd. (Singapore) |
330,686 |
7,989,165 | ||||||||||
DNB Bank ASA (Norway) |
216,427 |
3,830,511 | ||||||||||
Fifth Third Bancorp |
132,719 |
4,736,741 | ||||||||||
JPMorgan Chase & Co. |
68,822 |
8,663,314 | ||||||||||
M&T Bank Corp. |
21,565 |
3,630,899 | ||||||||||
Metro Bank PLC (United Kingdom)* |
295,258 |
240,407 | ||||||||||
PNC Financial Services Group, Inc. |
48,651 |
7,873,191 | ||||||||||
Truist Financial Corp. |
28,518 |
1,277,321 | ||||||||||
U.S. Bancorp |
232,560 |
9,872,172 | ||||||||||
Wells Fargo & Co. |
213,677 |
9,827,005 | ||||||||||
75,227,262 | ||||||||||||
Thrifts & Mortgage
Finance – (1.66%) | ||||||||||||
Rocket Companies, Inc., Class A |
415,838 |
2,869,282 | ||||||||||
78,096,544 | ||||||||||||
Diversified Financials
– (33.68%) | ||||||||||||
Capital Markets –
(14.94%) | ||||||||||||
Bank of New York Mellon Corp. |
192,809 |
8,119,187 | ||||||||||
Charles Schwab Corp. |
90,131 |
7,180,736 | ||||||||||
Julius Baer Group Ltd. (Switzerland) |
175,258 |
8,395,792 | ||||||||||
State Street Corp. |
29,496 |
2,182,704 | ||||||||||
25,878,419 | ||||||||||||
Consumer Finance –
(11.71%) | ||||||||||||
American Express Co. |
47,108 |
6,993,183 | ||||||||||
Capital One Financial Corp. |
125,465 |
13,301,799 | ||||||||||
20,294,982 | ||||||||||||
Diversified Financial
Services – (7.03%) | ||||||||||||
Berkshire Hathaway Inc., Class B * |
41,287 |
12,183,381 | ||||||||||
58,356,782 | ||||||||||||
Insurance –
(19.19%) | ||||||||||||
Life & Health
Insurance – (0.73%) | ||||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H
(China) |
319,000 |
1,276,057 | ||||||||||
Property & Casualty
Insurance – (16.72%) | ||||||||||||
Chubb Ltd. |
64,916 |
13,949,799 | ||||||||||
Loews Corp. |
103,345 |
5,892,732 | ||||||||||
Markel Corp. * |
7,567 |
9,126,559 | ||||||||||
28,969,090 | ||||||||||||
Reinsurance –
(1.74%) | ||||||||||||
Everest Re Group, Ltd. |
6,676 |
2,154,078 |
DAVIS FUNDAMENTAL ETF
TRUST |
Schedule of Investments
- (Continued) |
DAVIS SELECT FINANCIAL ETF |
October 31,
2022 |
Shares/Principal |
Value (Note 1) | |||||||||||||||
COMMON STOCK – (CONTINUED) | ||||||||||||||||
FINANCIALS – (CONTINUED) | ||||||||||||||||
Insurance –
(Continued) | ||||||||||||||||
Reinsurance –
(Continued) | ||||||||||||||||
Greenlight Capital Re, Ltd., Class A * |
101,438 |
$ |
856,137 | |||||||||||||
|
3,010,215 | |||||||||||||||
33,255,362 | ||||||||||||||||
Total Financials |
169,708,688 | |||||||||||||||
TOTAL COMMON STOCK – (Identified cost $160,915,677)
|
171,080,953 | |||||||||||||||
SHORT-TERM INVESTMENTS – (1.17%) | ||||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.05%,
11/01/22,
dated 10/31/22, repurchase value of $1,104,094 (collateralized by:
U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.70%-9.50%, 03/15/23-09/20/70, total market value
$1,126,080) |
$ |
1,104,000 |
1,104,000 | |||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.04%,
11/01/22,
dated 10/31/22, repurchase value of $919,078 (collateralized by:
U.S.
Government agency mortgages and obligation in a pooled cash
account,
3.00%-5.00%, 01/12/26-10/01/52, total market value
$937,380) |
919,000 |
919,000 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,023,000)
|
2,023,000 | |||||||||||||||
Total Investments – (99.90%) – (Identified cost $162,938,677) |
173,103,953 | |||||||||||||||
Other Assets Less Liabilities – (0.10%) |
177,245 | |||||||||||||||
Net Assets – (100.00%) |
$ |
173,281,198 | ||||||||||||||
* |
Non-income producing security. | |||||||||||||||
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT WORLDWIDE ETF |
October 31,
2022 |
Shares |
Value (Note 1) | |||||||||||
COMMON STOCK – (99.37%) | ||||||||||||
COMMUNICATION SERVICES –
(11.17%) | ||||||||||||
Media &
Entertainment – (11.17%) | ||||||||||||
Alphabet Inc., Class C * |
89,928 |
$ |
8,512,584 | |||||||||
IAC Inc. * |
27,846 |
1,355,543 | ||||||||||
iQIYI, Inc., Class A, ADR (China)* |
216,157 |
436,637 | ||||||||||
Liberty Media Corp., Liberty Formula One, Series A
* |
59,489 |
3,094,618 | ||||||||||
Liberty Media Corp., Liberty Formula One, Series C
* |
36,887 |
2,129,487 | ||||||||||
Meta Platforms, Inc., Class A * |
80,336 |
7,484,102 | ||||||||||
Vimeo, Inc. * |
29,628 |
112,586 | ||||||||||
Total
Communication Services |
23,125,557 | |||||||||||
CONSUMER DISCRETIONARY –
(17.33%) | ||||||||||||
Consumer Durables &
Apparel – (1.11%) | ||||||||||||
Fila Holdings Corp. (South Korea) |
100,216 |
2,300,582 | ||||||||||
Retailing –
(16.22%) | ||||||||||||
Alibaba Group Holding Ltd., ADR (China)* |
66,796 |
4,246,890 | ||||||||||
Amazon.com, Inc. * |
56,151 |
5,752,108 | ||||||||||
Coupang, Inc., Class A (South Korea)* |
129,922 |
2,243,753 | ||||||||||
Delivery Hero SE (Germany)* |
75,018 |
2,472,453 | ||||||||||
JD.com, Inc., Class A, ADR (China) |
180,533 |
6,732,075 | ||||||||||
Meituan, Class B (China)* |
277,840 |
4,417,322 | ||||||||||
Naspers Ltd. - N (South Africa) |
18,140 |
1,876,438 | ||||||||||
Prosus N.V., Class N (Netherlands) |
134,541 |
5,855,563 | ||||||||||
33,596,602 | ||||||||||||
Total Consumer
Discretionary |
35,897,184 | |||||||||||
CONSUMER STAPLES – (1.56%) | ||||||||||||
Food, Beverage &
Tobacco – (1.56%) | ||||||||||||
Darling Ingredients Inc. * |
41,098 |
3,225,371 | ||||||||||
Total Consumer
Staples |
3,225,371 | |||||||||||
FINANCIALS – (43.76%) | ||||||||||||
Banks –
(23.06%) | ||||||||||||
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) |
122,875 |
4,244,103 | ||||||||||
Danske Bank A/S (Denmark) |
764,429 |
12,337,519 | ||||||||||
DBS Group Holdings Ltd. (Singapore) |
645,436 |
15,593,325 | ||||||||||
Metro Bank PLC (United Kingdom)* |
452,989 |
368,836 | ||||||||||
Wells Fargo & Co. |
331,088 |
15,226,737 | ||||||||||
47,770,520 | ||||||||||||
Diversified Financials
– (14.62%) | ||||||||||||
Capital Markets –
(5.34%) | ||||||||||||
Julius Baer Group Ltd. (Switzerland) |
205,961 |
9,866,629 | ||||||||||
Noah Holdings Ltd., Class A, ADS (China)* |
90,461 |
1,186,849 | ||||||||||
11,053,478 | ||||||||||||
Consumer Finance –
(2.80%) | ||||||||||||
Capital One Financial Corp. |
54,798 |
5,809,684 | ||||||||||
Diversified Financial
Services – (6.48%) | ||||||||||||
Berkshire Hathaway Inc., Class B * |
45,472 |
13,418,332 | ||||||||||
30,281,494 |
DAVIS FUNDAMENTAL ETF
TRUST |
Schedule of Investments
- (Continued) |
DAVIS SELECT WORLDWIDE ETF |
October 31,
2022 |
Shares/Principal |
Value (Note 1) | ||||||||||||
COMMON STOCK – (CONTINUED) | |||||||||||||
FINANCIALS – (CONTINUED) | |||||||||||||
Insurance –
(6.08%) | |||||||||||||
Life & Health
Insurance – (6.08%) | |||||||||||||
AIA Group Ltd. (Hong Kong) |
896,690 |
$
|
6,791,159 | ||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H
(China) |
1,448,275 |
5,793,358 | |||||||||||
12,584,517 | |||||||||||||
Total
Financials |
90,636,531 | ||||||||||||
HEALTH CARE – (7.81%) | |||||||||||||
Health Care Equipment
& Services – (4.43%) | |||||||||||||
Cigna Corp. |
28,415 |
9,179,750 | |||||||||||
Pharmaceuticals,
Biotechnology & Life Sciences – (3.38%) | |||||||||||||
Viatris Inc. |
690,729 |
6,997,085 | |||||||||||
Total Health
Care |
16,176,835 | ||||||||||||
INDUSTRIALS – (1.48%) | |||||||||||||
Capital Goods –
(1.48%) | |||||||||||||
Owens Corning |
35,784 |
3,063,468 | |||||||||||
Total
Industrials |
3,063,468 | ||||||||||||
INFORMATION TECHNOLOGY –
(13.07%) | |||||||||||||
Semiconductors &
Semiconductor Equipment – (3.57%) | |||||||||||||
Applied Materials, Inc. |
42,600 |
3,761,154 | |||||||||||
Intel Corp. |
127,502 |
3,624,882 | |||||||||||
7,386,036 | |||||||||||||
Software & Services
– (0.65%) | |||||||||||||
Clear Secure, Inc., Class A * |
50,075 |
1,353,027 | |||||||||||
Technology Hardware
& Equipment – (8.85%) | |||||||||||||
Hollysys Automation Technologies Ltd. (China) |
613,671 |
9,781,915 | |||||||||||
Samsung Electronics Co., Ltd. (South Korea) |
205,163 |
8,555,360 | |||||||||||
18,337,275 | |||||||||||||
Total Information
Technology |
27,076,338 | ||||||||||||
MATERIALS – (3.19%) | |||||||||||||
Teck Resources Ltd., Class B (Canada) |
217,276 |
6,613,881 | |||||||||||
Total
Materials |
6,613,881 | ||||||||||||
TOTAL COMMON STOCK – (Identified cost $239,120,180)
|
205,815,165 | ||||||||||||
SHORT-TERM INVESTMENTS – (0.67%) | |||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.05%,
11/01/22,
dated 10/31/22, repurchase value of $754,064 (collateralized by:
U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.70%-9.50%, 03/15/23-09/20/70, total market value
$769,080) |
$ |
754,000 |
754,000 | ||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.04%,
11/01/22,
dated 10/31/22, repurchase value of $628,053 (collateralized by:
U.S.
Government agency mortgages in a pooled cash account,
2.50%-5.00%,
07/01/32-10/01/52, total market value $640,560) |
628,000 |
628,000 | |||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,382,000)
|
1,382,000 |
DAVIS FUNDAMENTAL ETF
TRUST |
Schedule of Investments
- (Continued) |
DAVIS SELECT WORLDWIDE ETF |
October 31,
2022 |
Total Investments – (100.04%) – (Identified cost
$240,502,180) |
$ |
207,197,165 | ||||||
Liabilities Less Other Assets – (0.04%) |
(79,387) | |||||||
Net Assets – (100.00%) |
$ |
207,117,778 | ||||||
ADR: American Depositary Receipt | ||||||||
ADS: American Depositary Share | ||||||||
* |
Non-income producing security. | |||||||
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
DAVIS SELECT INTERNATIONAL ETF |
October 31,
2022 |
Shares |
Value (Note 1) | |||||||||||
COMMON STOCK – (95.21%) | ||||||||||||
COMMUNICATION SERVICES –
(3.12%) | ||||||||||||
Media &
Entertainment – (3.12%) | ||||||||||||
Baidu, Inc., Class A, ADR (China)* |
39,354 |
$ |
3,013,336 | |||||||||
iQIYI, Inc., Class A, ADR (China)* |
315,919 |
638,156 | ||||||||||
Total
Communication Services |
3,651,492 | |||||||||||
CONSUMER DISCRETIONARY –
(25.27%) | ||||||||||||
Consumer Durables &
Apparel – (3.36%) | ||||||||||||
Fila Holdings Corp. (South Korea) |
170,987 |
3,925,217 | ||||||||||
Retailing –
(21.91%) | ||||||||||||
Alibaba Group Holding Ltd., ADR (China)* |
59,288 |
3,769,531 | ||||||||||
Coupang, Inc., Class A (South Korea)* |
189,566 |
3,273,805 | ||||||||||
Delivery Hero SE (Germany)* |
42,486 |
1,400,259 | ||||||||||
JD.com, Inc., Class A, ADR (China) |
112,346 |
4,189,382 | ||||||||||
Meituan, Class B (China)* |
247,170 |
3,929,706 | ||||||||||
Naspers Ltd. - N (South Africa) |
43,353 |
4,484,521 | ||||||||||
Prosus N.V., Class N (Netherlands) |
105,436 |
4,588,840 | ||||||||||
25,636,044 | ||||||||||||
Total Consumer
Discretionary |
29,561,261 | |||||||||||
FINANCIALS – (41.01%) | ||||||||||||
Banks –
(27.04%) | ||||||||||||
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) |
227,435 |
7,855,605 | ||||||||||
Danske Bank A/S (Denmark) |
467,457 |
7,544,533 | ||||||||||
DBS Group Holdings Ltd. (Singapore) |
432,190 |
10,441,437 | ||||||||||
DNB Bank ASA (Norway) |
313,019 |
5,540,079 | ||||||||||
Metro Bank PLC (United Kingdom)* |
305,415 |
248,677 | ||||||||||
31,630,331 | ||||||||||||
Diversified Financials
– (6.28%) | ||||||||||||
Capital Markets –
(6.28%) | ||||||||||||
Julius Baer Group Ltd. (Switzerland) |
132,492 |
6,347,072 | ||||||||||
Noah Holdings Ltd., Class A, ADS (China)* |
76,549 |
1,004,323 | ||||||||||
7,351,395 | ||||||||||||
Insurance –
(7.69%) | ||||||||||||
Life & Health
Insurance – (7.69%) | ||||||||||||
AIA Group Ltd. (Hong Kong) |
664,090 |
5,029,543 | ||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H
(China) |
991,746 |
3,967,161 | ||||||||||
8,996,704 | ||||||||||||
Total
Financials |
47,978,430 | |||||||||||
HEALTH CARE – (3.95%) | ||||||||||||
Pharmaceuticals,
Biotechnology & Life Sciences – (3.95%) | ||||||||||||
Novartis AG, ADR (Switzerland) |
28,591 |
2,319,588 | ||||||||||
Roche Holding AG - Genusschein (Switzerland) |
6,950 |
2,308,106 | ||||||||||
Total Health
Care |
4,627,694 | |||||||||||
INDUSTRIALS – (6.25%) | ||||||||||||
Capital Goods –
(6.25%) | ||||||||||||
Ferguson plc (United Kingdom) |
34,100 |
3,718,968 | ||||||||||
Schneider Electric SE (France) |
28,325 |
3,590,276 | ||||||||||
Total
Industrials |
7,309,244 |
DAVIS FUNDAMENTAL ETF
TRUST |
Schedule of Investments
- (Continued) |
DAVIS SELECT INTERNATIONAL ETF |
October 31,
2022 |
Shares/Principal |
Value (Note 1) | ||||||||||||||
COMMON STOCK – (CONTINUED) | |||||||||||||||
INFORMATION TECHNOLOGY –
(11.79%) | |||||||||||||||
Semiconductors &
Semiconductor Equipment – (1.36%) | |||||||||||||||
Tokyo Electron Ltd. (Japan) |
6,000 |
$
|
1,593,463 | ||||||||||||
Technology Hardware
& Equipment – (10.43%) | |||||||||||||||
Hollysys Automation Technologies Ltd. (China) |
389,294 |
6,205,347 | |||||||||||||
Samsung Electronics Co., Ltd. (South Korea) |
143,782 |
5,995,753 | |||||||||||||
12,201,100 | |||||||||||||||
Total Information Technology |
13,794,563 | ||||||||||||||
MATERIALS – (3.82%) | |||||||||||||||
Teck Resources Ltd., Class B (Canada) |
146,860 |
4,470,418 | |||||||||||||
Total Materials |
4,470,418 | ||||||||||||||
TOTAL COMMON STOCK – (Identified cost
$147,897,896)
|
111,393,102 | ||||||||||||||
SHORT-TERM INVESTMENTS – (4.60%) | |||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.05%,
11/01/22,
dated 10/31/22, repurchase value of $2,937,249 (collateralized by:
U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.70%-9.50%, 03/15/23-09/20/70, total market value
$2,995,740) |
$ |
2,937,000 |
2,937,000 | ||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.04%,
11/01/22,
dated 10/31/22, repurchase value of $2,445,206 (collateralized by:
U.S.
Government agency mortgages in a pooled cash account,
3.00%-5.00%,
07/01/32-10/01/52, total market value $2,493,900) |
2,445,000 |
2,445,000 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost
$5,382,000)
|
5,382,000 | ||||||||||||||
Total Investments – (99.81%) – (Identified cost $153,279,896) |
116,775,102 | ||||||||||||||
Other Assets Less Liabilities – (0.19%) |
224,252 | ||||||||||||||
Net Assets
– (100.00%) |
$ |
116,999,354 | |||||||||||||
ADR: American Depositary Receipt | |||||||||||||||
ADS: American Depositary Share | |||||||||||||||
* |
Non-income producing security. | ||||||||||||||
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
At October 31,
2022 |
Davis Select
U.S. Equity
ETF |
Davis Select
Financial ETF |
Davis Select
Worldwide ETF |
Davis Select
International
ETF | ||||||||||||||
ASSETS: |
|||||||||||||||||
Investments in securities at value*
(see accompanying Schedule of
Investments) |
$ |
320,544,480 |
$ |
173,103,953 |
$ |
207,197,165 |
$ |
116,775,102 | |||||||||
Cash |
332 |
288 |
681 |
29 | |||||||||||||
Receivables: |
|||||||||||||||||
Dividends and interest |
169,666 |
331,446 |
227,431 |
379,946 | |||||||||||||
Investment securities sold |
– |
– |
2,022,420 |
– | |||||||||||||
Prepaid expenses |
1,108 |
621 |
1,061 |
710 | |||||||||||||
Total assets |
320,715,586 |
173,436,308 |
209,448,758 |
117,155,787 | |||||||||||||
LIABILITIES: |
|||||||||||||||||
Payables: |
|||||||||||||||||
Investment securities purchased |
1,617,195 |
– |
2,114,105 |
– | |||||||||||||
Accrued audit fees |
18,144 |
18,144 |
18,144 |
18,144 | |||||||||||||
Accrued accounting, custodian,
and transfer agent fees |
63,100 |
47,320 |
80,670 |
69,000 | |||||||||||||
Accrued investment advisory fees |
146,376 |
78,578 |
104,510 |
57,876 | |||||||||||||
Other accrued expenses |
13,693 |
11,068 |
13,551 |
11,413 | |||||||||||||
Total liabilities |
1,858,508 |
155,110 |
2,330,980 |
156,433 | |||||||||||||
NET ASSETS |
$ |
318,857,078 |
$ |
173,281,198 |
$ |
207,117,778 |
$ |
116,999,354 | |||||||||
SHARES OUTSTANDING |
12,050,000 |
6,350,000 |
9,400,000 |
8,100,000 | |||||||||||||
NET ASSET VALUE, per
share
(Net assets ÷ Shares outstanding) |
$ |
26.46 |
$ |
27.29 |
$ |
22.03 |
$ |
14.44 | |||||||||
NET ASSETS CONSIST OF: |
|||||||||||||||||
Paid-in capital |
$ |
283,975,163 |
$ |
158,374,072 |
$ |
262,749,119 |
$ |
176,218,220 | |||||||||
Distributable earnings (losses) |
34,881,915 |
14,907,126 |
(55,631,341) |
(59,218,866) | |||||||||||||
Net Assets |
$ |
318,857,078 |
$ |
173,281,198 |
$ |
207,117,778 |
$ |
116,999,354 | |||||||||
*Including: |
|||||||||||||||||
Cost of
investments |
$ |
288,467,998 |
$ |
162,938,677 |
$ |
240,502,180 |
$ |
153,279,896 |
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
For the year ended
October 31, 2022 |
Davis Select
U.S. Equity
ETF |
Davis Select
Financial ETF |
Davis Select
Worldwide ETF |
Davis Select
International
ETF | ||||||||||||
INVESTMENT INCOME: |
|||||||||||||||
Income: |
|||||||||||||||
Dividends* |
$ |
5,530,387 |
$ |
4,577,066 |
$ |
4,969,086 |
$ |
3,459,045 | |||||||
Interest |
64,577 |
16,500 |
23,747 |
51,538 | |||||||||||
Total income |
5,594,964 |
4,593,566 |
4,992,833 |
3,510,583 | |||||||||||
Expenses: |
|||||||||||||||
Investment advisory fees (Note 3) |
1,923,826 |
1,052,490 |
1,627,829 |
913,948 | |||||||||||
Accounting, custodian, and transfer agent fees |
101,974 |
76,699 |
133,035 |
114,753 | |||||||||||
Audit fees |
18,144 |
18,144 |
18,144 |
18,144 | |||||||||||
Legal fees |
16,620 |
9,220 |
13,346 |
7,100 | |||||||||||
Reports to shareholders |
12,846 |
10,113 |
15,267 |
7,267 | |||||||||||
Trustees’ fees and expenses |
23,993 |
14,758 |
21,246 |
13,882 | |||||||||||
Registration and filing fees |
26 |
14 |
22 |
12 | |||||||||||
Miscellaneous |
23,406 |
19,456 |
25,448 |
23,025 | |||||||||||
Total expenses |
2,120,835 |
1,200,894 |
1,854,337 |
1,098,131 | |||||||||||
Net investment income |
3,474,129 |
3,392,672 |
3,138,496 |
2,412,452 | |||||||||||
REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND
FOREIGN CURRENCY
TRANSACTIONS: |
|||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||
Investment transactions |
71,618 |
2,280,969 |
(14,831,305) |
2,899,372 | |||||||||||
In-kind redemptions |
7,863,846 |
17,379,643 |
18,650,869 |
23,284,959 | |||||||||||
Foreign currency transactions |
17,876 |
(16,440) |
(41,957) |
(36,044) | |||||||||||
Net realized gain |
7,953,340 |
19,644,172 |
3,777,607 |
26,148,287 | |||||||||||
Net change in unrealized
appreciation (depreciation) |
(103,370,998) |
(49,823,777) |
(102,898,096) |
(80,721,507) | |||||||||||
Net realized and unrealized
loss on investments and
foreign currency
transactions |
(95,417,658) |
(30,179,605) |
(99,120,489) |
(54,573,220) | |||||||||||
Net decrease in net assets
resulting from operations |
$ |
(91,943,529) |
$ |
(26,786,933) |
$ |
(95,981,993) |
$ |
(52,160,768) | |||||||
*Net of foreign taxes withheld of |
$ |
79,342 |
$ |
126,267 |
$ |
201,129 |
$ |
317,454 |
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
For the year ended
October 31, 2022 |
Davis Select
U.S. Equity
ETF |
Davis Select
Financial ETF |
Davis Select
Worldwide ETF |
Davis Select
International
ETF | ||||||||||||
OPERATIONS: |
|||||||||||||||
Net investment income |
$ |
3,474,129 |
$ |
3,392,672 |
$ |
3,138,496 |
$ |
2,412,452 | |||||||
Net realized gain from
investments, in-kind redemptions,
and foreign currency transactions |
7,953,340 |
19,644,172 |
3,777,607 |
26,148,287 | |||||||||||
Net change in unrealized
appreciation (depreciation) on
investments and foreign currency
transactions |
(103,370,998) |
(49,823,777) |
(102,898,096) |
(80,721,507) | |||||||||||
Net decrease in net assets
resulting from operations |
(91,943,529) |
(26,786,933) |
(95,981,993) |
(52,160,768) | |||||||||||
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS: |
(4,358,400) |
(4,857,450) |
(3,744,800) |
(5,087,400) | |||||||||||
CAPITAL SHARE
TRANSACTIONS: |
|||||||||||||||
Proceeds from shares sold |
36,932,165 |
19,169,363 |
9,974,597 |
9,502,774 | |||||||||||
Cost of shares redeemed |
(17,576,289) |
(43,257,005) |
(87,988,474) |
(93,964,180) | |||||||||||
Net increase (decrease) in
net assets resulting from
capital share transactions |
19,355,876 |
(24,087,642) |
(78,013,877) |
(84,461,406) | |||||||||||
Total decrease in net assets |
(76,946,053) |
(55,732,025) |
(177,740,670) |
(141,709,574) | |||||||||||
NET ASSETS: |
|||||||||||||||
Beginning of year |
395,803,131 |
229,013,223 |
384,858,448 |
258,708,928 | |||||||||||
End of year |
$ |
318,857,078 |
$ |
173,281,198 |
$ |
207,117,778 |
$ |
116,999,354 | |||||||
CHANGES IN SHARES OUTSTANDING: |
|||||||||||||||
Shares outstanding, beginning of
year |
11,300,000 |
7,150,000 |
12,400,000 |
12,600,000 | |||||||||||
Shares sold |
1,250,000 |
600,000 |
400,000 |
550,000 | |||||||||||
Shares redeemed |
(500,000) |
(1,400,000) |
(3,400,000) |
(5,050,000) | |||||||||||
Shares outstanding, end of
year |
12,050,000 |
6,350,000 |
9,400,000 |
8,100,000 |
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
Statements of Changes in
Net Assets |
For the year ended
October 31, 2021 |
Davis Select
U.S. Equity
ETF |
Davis Select
Financial ETF |
Davis Select
Worldwide ETF |
Davis Select
International
ETF | |||||||||||
OPERATIONS: |
||||||||||||||
Net investment income |
$ |
1,857,162 |
$ |
2,693,145 |
$ |
2,039,351 |
$ |
3,041,039 | ||||||
Net realized gain (loss) from
investments, in-kind redemptions,
and foreign currency transactions |
11,989,585 |
6,217,358 |
14,263,920 |
(16,910,340) | ||||||||||
Net change in unrealized
appreciation (depreciation) on
investments and foreign currency
transactions |
92,033,857 |
78,443,084 |
31,375,271 |
6,952,690 | ||||||||||
Net increase (decrease) in
net assets resulting from
operations |
105,880,604 |
87,353,587 |
47,678,542 |
(6,916,611) | ||||||||||
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREHOLDERS: |
(1,579,400) |
(2,255,500) |
(825,000) |
(764,800) | ||||||||||
CAPITAL SHARE
TRANSACTIONS: |
||||||||||||||
Proceeds from shares sold |
27,920,180 |
18,419,065 |
56,894,441 |
54,334,418 | ||||||||||
Cost of shares redeemed |
(4,537,560) |
– |
(3,143,143) |
(24,077,147) | ||||||||||
Net increase in net assets
resulting from capital share
transactions |
23,382,620 |
18,419,065 |
53,751,298 |
30,257,271 | ||||||||||
Total increase in net assets |
127,683,824 |
103,517,152 |
100,604,840 |
22,575,860 | ||||||||||
NET ASSETS: |
||||||||||||||
Beginning of year |
268,119,307 |
125,496,071 |
284,253,608 |
236,133,068 | ||||||||||
End of year |
$ |
395,803,131 |
$ |
229,013,223 |
$ |
384,858,448 |
$ |
258,708,928 | ||||||
CHANGES IN SHARES OUTSTANDING: |
||||||||||||||
Shares outstanding, beginning of
year |
10,600,000 |
6,500,000 |
10,800,000 |
11,450,000 | ||||||||||
Shares sold |
850,000 |
650,000 |
1,700,000 |
2,300,000 | ||||||||||
Shares redeemed |
(150,000) |
– |
(100,000) |
(1,150,000) | ||||||||||
Shares outstanding, end of
year |
11,300,000 |
7,150,000 |
12,400,000 |
12,600,000 |
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
|
October 31,
2022 |
DAVIS FUNDAMENTAL ETF
TRUST |
Notes to Financial
Statements - (Continued) |
October 31,
2022 |
Level 1 – |
quoted prices in active markets for identical securities |
Level 2 – |
other significant observable inputs (including quoted prices for
similar investments, interest rates,
prepayment speeds, credit risk, etc.) |
Level 3 – |
significant unobservable inputs (including the Fund’s own assumptions
in determining the fair value of
investments) |
Investments
in Securities at Value | |||||||||||
Davis
Select |
Davis
Select |
Davis
Select |
Davis
Select | ||||||||
U.S.
Equity ETF |
Financial
ETF |
Worldwide
ETF |
International
ETF | ||||||||
Valuation Inputs |
|||||||||||
Level 1 – Quoted
Prices: |
|||||||||||
Common
Stock: |
|||||||||||
Communication
Services |
$ |
37,548,714 |
$ |
– |
$ |
23,125,557 |
$ |
3,651,492 | |||
Consumer
Discretionary |
26,696,269 |
1,372,265 |
35,897,184 |
29,561,261 | |||||||
Consumer Staples |
– |
– |
3,225,371 |
– | |||||||
Financials |
172,225,768 |
169,708,688 |
90,636,531 |
47,978,430 | |||||||
Health Care |
35,379,273 |
– |
16,176,835 |
4,627,694 | |||||||
Industrials |
4,467,729 |
– |
3,063,468 |
7,309,244 | |||||||
Information
Technology |
22,849,439 |
– |
27,076,338 |
13,794,563 | |||||||
Materials |
5,640,288 |
– |
6,613,881 |
4,470,418 | |||||||
Total
Level 1 |
304,807,480 |
171,080,953 |
205,815,165 |
111,393,102 | |||||||
Level 2 – Other Significant
Observable Inputs: |
|||||||||||
Short-Term
Investments |
15,737,000 |
2,023,000 |
1,382,000 |
5,382,000 | |||||||
Total
Level 2 |
15,737,000 |
2,023,000 |
1,382,000 |
5,382,000 | |||||||
Level 3 – Significant
Unobservable Inputs: |
|||||||||||
Total
Level 3 |
– |
– |
– |
– | |||||||
Total
Investments |
$ |
320,544,480 |
$ |
173,103,953 |
$ |
207,197,165 |
$ |
116,775,102 |
DAVIS FUNDAMENTAL ETF
TRUST |
Notes to Financial
Statements - (Continued) |
October 31,
2022 |
Capital
Loss Carryforwards | |||||
Davis
Select |
Davis
Select | ||||
Worldwide
ETF |
International
ETF | ||||
Character |
|||||
Short-term |
$ |
17,215,909 |
$ |
18,284,214 | |
Long-term |
5,410,530 |
3,585,070 | |||
Total |
$ |
22,626,439 |
$ |
21,869,284 | |
Utilized during year ended
October 31, 2022 |
$ |
– |
$ |
2,718,420 |
Davis
Select |
Davis
Select |
Davis
Select |
Davis
Select | ||||||||
U.S.
Equity ETF |
Financial
ETF |
Worldwide
ETF |
International
ETF | ||||||||
Cost |
$ |
288,727,985 |
$ |
163,430,767 |
$ |
241,541,709 |
$ |
154,394,611 | |||
Unrealized appreciation |
$ |
65,178,047 |
$ |
24,331,683 |
$ |
26,211,135 |
$ |
8,258,723 | |||
Unrealized depreciation |
(33,361,552) |
(14,658,497) |
(60,555,679) |
(45,878,232) | |||||||
Net unrealized appreciation
(depreciation) |
$ |
31,816,495 |
$ |
9,673,186 |
$ |
(34,344,544) |
$ |
(37,619,509) |
DAVIS FUNDAMENTAL ETF
TRUST |
Notes to Financial
Statements - (Continued) |
October 31,
2022 |
Davis
Select
U.S.
Equity ETF |
Davis
Select
Financial
ETF |
Davis
Select
Worldwide
ETF |
Davis
Select
International
ETF | ||||||||
Distributable earnings (losses) |
$ |
(7,863,846) |
$ |
(17,379,643) |
$ |
(18,643,390) |
$ |
(23,273,315) | |||
Paid-in capital |
7,863,846 |
17,379,643 |
18,643,390 |
23,273,315 |
Ordinary
Income |
Long-Term
Capital
Gain |
Total | ||||||
Davis
Select U.S. Equity ETF |
||||||||
2022 |
$ |
2,043,000 |
$ |
2,315,400 |
$ |
4,358,400 | ||
2021 |
1,579,400 |
– |
1,579,400 | |||||
Davis
Select Financial ETF |
||||||||
2022 |
4,032,600 |
824,850 |
4,857,450 | |||||
2021 |
2,255,500 |
– |
2,255,500 | |||||
Davis
Select Worldwide ETF |
||||||||
2022 |
3,744,800 |
– |
3,744,800 | |||||
2021 |
825,000 |
– |
825,000 | |||||
Davis
Select International ETF |
||||||||
2022 |
5,087,400 |
– |
5,087,400 | |||||
2021 |
764,800 |
– |
764,800 |
Davis
Select
U.S.
Equity ETF |
Davis
Select
Financial
ETF |
Davis
Select
Worldwide
ETF |
Davis
Select
International
ETF | |||||||||
Undistributed ordinary income |
$ |
3,002,612 |
$ |
3,220,788 |
$ |
1,357,694 |
$ |
299,149 | ||||
Undistributed long-term capital gain |
64,944 |
2,022,863 |
– |
– | ||||||||
Accumulated net realized
losses from investments |
– |
– |
(22,626,439) |
(21,869,284) | ||||||||
Net unrealized appreciation (depreciation)
on
investments and foreign currency
transactions |
31,814,359 |
9,663,475 |
(34,362,596) |
(37,648,731) | ||||||||
Total |
$ |
34,881,915 |
$ |
14,907,126 |
$ |
(55,631,341) |
$ |
(59,218,866) |
DAVIS FUNDAMENTAL ETF
TRUST |
Notes to Financial
Statements - (Continued) |
October 31,
2022 |
Davis
Select |
Davis
Select |
Davis
Select |
Davis
Select | ||||||||
U.S.
Equity ETF |
Financial
ETF |
Worldwide
ETF |
International
ETF | ||||||||
Cost of purchases |
$ |
55,781,161 |
$ |
16,767,355 |
$ |
51,056,340 |
$ |
22,672,116 | |||
Proceeds from sales |
41,791,706 |
13,680,704 |
54,089,074 |
38,556,844 |
Davis
Select |
Davis
Select |
Davis
Select |
Davis
Select | ||||||||
U.S.
Equity ETF |
Financial
ETF |
Worldwide
ETF |
International
ETF | ||||||||
Cost of in-kind purchases |
$ |
19,292,572 |
$ |
15,680,046 |
$ |
6,118,815 |
$ |
3,140,533 | |||
Proceeds from in-kind redemptions |
17,013,035 |
41,994,298 |
78,488,124 |
77,808,610 |
Davis
Select |
Davis
Select |
Davis
Select |
Davis
Select | |||
U.S.
Equity ETF |
Financial
ETF |
Worldwide
ETF |
International
ETF | |||
27% |
32% |
20% |
48% |
DAVIS FUNDAMENTAL ETF
TRUST |
Notes to Financial
Statements - (Continued) |
October 31,
2022 |
Income (Loss) from
Investment Operations | ||||
Net Asset
Value,
Beginning of
Period |
Net Investment
Incomea |
Net Realized and
Unrealized Gains
(Losses) |
Total from
Investment
Operations | |
Davis Select U.S. Equity
ETF: |
||||
Year ended October 31,
2022 |
$35.03 |
$0.31 |
$(8.50) |
$(8.19) |
Year ended October 31,
2021 |
$25.29 |
$0.17 |
$9.72 |
$9.89 |
Year ended October 31,
2020 |
$24.59 |
$0.15 |
$0.84 |
$0.99 |
Year ended October 31,
2019 |
$22.78 |
$0.18 |
$2.18 |
$2.36 |
Year ended October 31,
2018 |
$22.56 |
$0.20 |
$0.18 |
$0.38 |
Davis Select Financial
ETF: |
||||
Year ended October 31,
2022 |
$32.03 |
$0.51 |
$(4.56) |
$(4.05) |
Year ended October 31,
2021 |
$19.31 |
$0.39 |
$12.68 |
$13.07 |
Year ended October 31,
2020 |
$24.34 |
$0.35 |
$(4.74) |
$(4.39) |
Year ended October 31,
2019 |
$23.01 |
$0.36 |
$1.61 |
$1.97 |
Year ended October 31,
2018 |
$23.22 |
$0.29 |
$(0.23) |
$0.06 |
Davis Select Worldwide
ETF: |
||||
Year ended October 31,
2022 |
$31.04 |
$0.28 |
$(8.99) |
$(8.71) |
Year ended October 31,
2021 |
$26.32 |
$0.17 |
$4.63 |
$4.80 |
Year ended October 31,
2020 |
$23.58 |
$0.07 |
$3.24 |
$3.31 |
Year ended October 31,
2019 |
$22.53 |
$0.14 |
$1.71 |
$1.85 |
Year ended October 31,
2018 |
$25.10 |
$0.18 |
$(2.70) |
$(2.52) |
Davis Select International
ETF: |
||||
Year ended October 31,
2022 |
$20.53 |
$0.26 |
$(5.93) |
$(5.67) |
Year ended October 31,
2021 |
$20.62 |
$0.24 |
$(0.27) |
$(0.03) |
Year ended October 31,
2020 |
$17.93 |
$0.05 |
$3.13 |
$3.18 |
Year ended October 31,
2019 |
$16.32 |
$0.19 |
$1.48 |
$1.67 |
Period from March 1,
2018f
to October 31, 2018 |
$19.74 |
$0.13 |
$(3.55) |
$(3.42) |
a |
Per share calculations
were based on average shares outstanding for the period. |
b |
Net asset value total
return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption
at the net asset value calculated on the last business day of the fiscal
period. Market price total return is calculated assuming an initial
investment made at the market price at the beginning of the period, with
all dividends and distributions reinvested in additional shares on the
reinvestment date, and sale at the market price calculated on the last
business day of the fiscal period. Market price is determined by trading
that occurs on the Cboe Global Markets, Inc., and may be greater or less
than net asset value, depending on the 4:00 P.M. EST official closing
price of the Fund. Until December 2020, market price was determined using
the midpoint of the bid-ask prices. Total returns are not annualized for
periods of less than one year. |
c |
The ratios in this column
reflect the impact, if any, of certain reimbursements and/or waivers from
the Adviser. |
Financial
Highlights |
Dividends and
Distributions |
Ratios to Average Net
Assets |
||||||||||
Dividends
from Net
Investment
Income |
Distributions
from
Realized
Gains |
Total
Distributions |
Net Asset
Value,
End of
Period |
Total
Return Net
Asset
Valueb |
Market
Price, End
of Period |
Total
Return
Market
Priceb |
Net Assets,
End of Period
(in
thousands) |
Gross
Expense
Ratio |
Net
Expense
Ratioc |
Net
Investment
Income
(Loss) Ratio |
Portfolio
Turnoverd |
$(0.18) |
$(0.20) |
$(0.38) |
$26.46 |
(23.61)% |
$26.49 |
(23.54)% |
$318,857 |
0.61% |
0.61% |
0.99% |
12% |
$(0.15) |
$– |
$(0.15) |
$35.03 |
39.19% |
$35.03 |
39.41% |
$395,803 |
0.61% |
0.61% |
0.51% |
24% |
$(0.29) |
$– |
$(0.29) |
$25.29 |
4.02% |
$25.29 |
4.00% |
$268,119 |
0.62% |
0.62% |
0.62% |
16% |
$(0.15) |
$(0.40) |
$(0.55) |
$24.59 |
10.94% |
$24.59 |
10.82% |
$206,541 |
0.63% |
0.63% |
0.78% |
12% |
$(0.08) |
$(0.08) |
$(0.16) |
$22.78 |
1.66% |
$22.81 |
1.48% |
$131,014 |
0.65% |
0.63% |
0.83% |
28% |
$(0.40) |
$(0.29) |
$(0.69) |
$27.29 |
(12.89)% |
$27.32 |
(12.91)% |
$173,281 |
0.63% |
0.63% |
1.77% |
7% |
$(0.35) |
$– |
$(0.35) |
$32.03 |
68.35% |
$32.07 |
68.71% |
$229,013 |
0.62% |
0.62% |
1.40% |
10% |
$(0.36) |
$(0.28) |
$(0.64) |
$19.31 |
(18.70)% |
$19.32 |
(18.68)% |
$125,496 |
0.64% |
0.64% |
1.66% |
20% |
$(0.27) |
$(0.37) |
$(0.64) |
$24.34 |
9.15% |
$24.36 |
9.13% |
$144,852 |
0.64% |
0.64% |
1.59% |
15% |
$(0.10) |
$(0.17) |
$(0.27) |
$23.01 |
0.18% |
$23.02 |
(0.00)%e |
$150,692 |
0.64% |
0.64% |
1.22% |
20% |
$(0.30) |
$– |
$(0.30) |
$22.03 |
(28.27)% |
$22.06 |
(28.03)% |
$207,118 |
0.63% |
0.63% |
1.06% |
17% |
$(0.08) |
$– |
$(0.08) |
$31.04 |
18.22% |
$30.97 |
18.00% |
$384,858 |
0.62% |
0.62% |
0.53% |
32% |
$(0.57) |
$– |
$(0.57) |
$26.32 |
14.14% |
$26.34 |
14.14% |
$284,254 |
0.63% |
0.63% |
0.29% |
28% |
$(0.13) |
$(0.67) |
$(0.80) |
$23.58 |
8.99% |
$23.60 |
8.97% |
$225,199 |
0.63% |
0.63% |
0.63% |
17% |
$(0.02) |
$(0.03) |
$(0.05) |
$22.53 |
(10.08)% |
$22.55 |
(10.30)% |
$220,779 |
0.64% |
0.64% |
0.68% |
36% |
$(0.42) |
$– |
$(0.42) |
$14.44 |
(28.12)% |
$14.43 |
(28.00)% |
$116,999 |
0.66% |
0.66% |
1.45% |
14% |
$(0.06) |
$– |
$(0.06) |
$20.53 |
(0.16)% |
$20.48 |
(0.41)% |
$258,709 |
0.64% |
0.64% |
1.05% |
11% |
$(0.49) |
$– |
$(0.49) |
$20.62 |
17.94% |
$20.66 |
17.86% |
$236,133 |
0.65% |
0.65% |
0.28% |
34% |
$(0.06) |
$– |
$(0.06) |
$17.93 |
10.37% |
$17.98 |
10.50% |
$133,609 |
0.68% |
0.68% |
1.09% |
19% |
$– |
$– |
$– |
$16.32 |
(17.36)% |
$16.34 |
(17.27)% |
$60,371 |
0.85%g |
0.75%g |
1.05%g |
17% |
d |
The lesser of purchases
or sales of portfolio securities for a period, divided by the average of
the market value of portfolio securities owned during the period.
Securities received or delivered from in-kind purchases or redemptions are
excluded from the calculation. |
e |
Down less than
0.005%. |
f |
Commencement of
investment operations is the date the initial creation units were
established. |
g |
Annualized. |
See Notes to Financial
Statements |
DAVIS FUNDAMENTAL ETF
TRUST |
DAVIS FUNDAMENTAL ETF
TRUST |
Davis Select
U.S. Equity
ETF |
Davis Select
Financial
ETF |
Davis Select
Worldwide
ETF |
Davis Select
International
ETF | |||||||||
Income
dividends* |
$ |
2,043,000 |
$ |
4,032,600 |
$ |
3,943,010 |
$ |
5,362,456 | ||||
Income qualifying for corporate dividends-received deduction |
$ |
2,043,000 |
$ |
2,372,833 |
$ |
1,576,074 |
$ |
– | ||||
100% |
59% |
40% |
– | |||||||||
Qualified dividend
income |
$ |
2,043,000 |
$ |
4,032,600 |
$ |
3,943,010 |
$ |
4,556,526 | ||||
100% |
100% |
100% |
85% | |||||||||
Long-term capital
gain distributions |
$ |
2,315,400 |
$ |
824,850 |
$ |
– |
$ |
– |
DAVIS FUNDAMENTAL ETF
TRUST |
1) |
a Fund achieves satisfactory investment
results after all costs; |
2) |
Davis Advisors efficiently and
effectively handles shareholder and authorized participant requests,
provides quality
accounting, legal and compliance
services, and oversees third-party service providers;
and |
3) |
Davis Advisors fosters healthy investor
behavior. |
DAVIS FUNDAMENTAL ETF
TRUST |
Trustee Approval of
Advisory Agreement |
(Unaudited) -
(Continued) |
DAVIS FUNDAMENTAL ETF
TRUST |
Trustee Approval of
Advisory Agreement |
(Unaudited) -
(Continued) |
DAVIS FUNDAMENTAL ETF
TRUST |
DAVIS FUNDAMENTAL ETF
TRUST |
Name, Date of Birth,
Position(s) Held with
Funds,
Length of Service |
Principal Occupation(s)
During Past Five Years |
Number of
Portfolios
Overseen |
Other Directorships Held
by
Trustee During the Past
Five Years |
Ralph J. Egizi
(03/31/48)
Trustee since 2016 |
President, EGZ
International, LLC (investment and financial
consulting company);
Director, Benefits Finance and
Investments, Eastman
Chemical Company (manufacturer of
chemicals, fibers, and
plastics), from 1999 to 2013. |
4 |
None |
Thomas D. Tays
(03/07/57)
Trustee since 2016 |
Retired. Chief Legal
Officer, Davis Selected Advisers, L.P.
from 1997 to
2013. |
4
|
Director, Davis Funds SICAV.
|
Kenneth C. Eich
(08/14/53)
Trustee/Chairman
since 2016
|
Chief Operating Officer,
Davis Selected Advisers, L.P.
|
4 |
None |
DAVIS FUNDAMENTAL ETF
TRUST |
Investment Adviser |
Davis Selected Advisers, L.P. (Doing business as “Davis
Advisors”) |
2949 East Elvira Road, Suite 101 |
Tucson, Arizona 85756 |
(800) 279-0279 |
Distributor |
Foreside Fund Services, LLC |
3 Canal Plaza, Suite 100 |
Portland, Maine 04101 |
Accounting Agent, Custodian, and Transfer
Agent |
State Street Bank and Trust Co. |
One Lincoln Street |
Boston, Massachusetts 02111 |
Legal Counsel |
Greenberg Traurig, LLP |
1144 15th
Street, Suite 3300 |
Denver, Colorado 80202 |
Independent Registered Public Accounting
Firm |
KPMG LLP |
4200 Wells Fargo Center |
90 South 7th
Street |
Minneapolis, MN 55402 |