ITEM 1. REPORT TO STOCKHOLDERS

 
 



Davis Select U.S. Equity ETF | DUSA
Davis Select International ETF | DINT
Davis Select Worldwide ETF | DWLD
Davis Select Financial ETF | DFNL
(part of Davis Fundamental ETF Trust)
October 31, 2023
ANNUAL REPORT 

DAVIS FUNDAMENTAL ETF TRUST
Table of Contents
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This Annual  Report is authorized for use by existing shareholders. Prospective shareholders must receive a current Davis Fundamental ETF Trust (the “Funds”) prospectus, which contains more information about investment strategies, risks, charges, and expenses. Please read the prospectus carefully before investing or sending money.
The views in this report were as of October 31, 2023 and may not necessarily reflect the same views on the date this report is first published or any time thereafter. These views are intended to help shareholders in understanding the Funds’ investment methodology and do not constitute investment advice.
Shares of the Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.
Portfolio Proxy Voting Policies and Procedures
The Board of Trustees has directed Davis Selected Advisers, L.P. (“Adviser”)  to vote the Funds’ portfolio securities in conformance with the Adviser’s Proxy Voting Policies and Procedures. A description of these policies and procedures is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds’ website at www.davisetfs.com, and (iii) on the SEC’s website at www.sec.gov.
In addition, the Funds are required to file Form N-PX, with their complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Funds’ Form N-PX filing is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds’ website at www.davisetfs.com, and (iii) on the SEC’s website at www.sec.gov.
Quarterly Schedule of Investments and Daily Holdings
The Funds file their complete schedule of investments with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Form N-PORT Part F (as of the end of the first and third quarters). The Funds’ Forms N-CSR (Annual and Semi-Annual Reports) and N-PORT Part F are available without charge, upon request, by calling 1-800-279-0279, on the Funds’ website at www.davisetfs.com, and on the SEC’s website at www.sec.gov. A list of the Funds’ daily holdings is also available at www.davisetfs.com.

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Management’s Discussion of Fund Performance
Performance Overview
Davis Select U.S. Equity ETF’s net asset value and market price returns1 (19.06% and 18.88%, respectively) outperformed the 10.14% return of the Standard & Poor’s 500® Index (“S&P 500®” or the “Index”) for the twelve-month period ended October 31, 2023 (the “period”). 
Index Overview
S&P 500®
•
Strongest performing sectors2
-
Communication Services (+36%), Information Technology (+31%), and Consumer Discretionary (+8%)
•
Weakest performing sectors
-
Utilities (-8%), Real Estate (-7%), and Health Care (-4%)
Contributors3 to Performance
•
Communication Services - significantly outperformed the Index sector (+104% vs +36%) and overweight (average weighting 15% vs 8%)
-
Meta Platforms4 (+223%) - largest individual contributor
-
Alphabet (+32%)
•
Financials - outperformed the Index sector (+5% vs -1%)
-
Berkshire Hathaway (+16%), Markel (+22%), Danske Bank (+48%), and Ping An Insurance (+45%)
-
Danske Bank and Ping An Insurance - no longer Fund holdings
•
No exposure in Consumer Staples, Energy, Utilities, or Real Estate and underweight in Health Care (average weighting 10% vs 14%)
•
Individual holdings
-
Amazon.com (+30%), Applied Materials (+51%), Owens Corning (+35%), and Intel (+33%) 
Detractors from Performance
•
Significantly overweight in Financials sector - (average weighting 49% vs 13%)
-
U.S. Bancorp (-21%), Wells Fargo (-11%), Bank of America (-25%), and Capital One Financial (-2%)
•
Significantly underweight in Information Technology sector - (average weighting 8% vs 27%)
•
Health Care - underperformed the Index sector (-6% vs -4%)
-
Viatris (-8%), Cigna Group (-3%), and Quest Diagnostics (-8%)
•
Consumer Discretionary holdings
-
MGM Resorts (-19%) - largest individual detractor (purchased in July)
-
JD.com (-31%)

Davis Select U.S. Equity ETF’s investment objective is long-term capital growth and capital preservation. There can be no assurance that the Fund will achieve its objective. Davis Select U.S. Equity ETF’s principal risks are: stock market risk, common stock risk, market trading risk, exchange-traded fund risk, focused portfolio risk, financial services risk, foreign country risk, headline risk, large-capitalization companies risk, manager risk, authorized participant concentration risk, cybersecurity risk, depositary receipts risk, fees and expenses risk, foreign currency risk, and mid- and small-capitalization companies risk. See the prospectus for a full description of each risk.
Davis Select U.S. Equity ETF focuses its investments in fewer companies, and it may be subject to greater risks than a more diversified fund that is not allowed to focus its investments in a few companies. The Fund’s investment performance, both positive and negative, is expected to reflect the economic performance of its more focused portfolio.
Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2023, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2023, unless otherwise noted.
1The 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.
2The 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.
3A 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%.
4Management's 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.
2

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Management’s Discussion of Fund Performance - (Continued)
Comparison of a $10,000 investment in Davis Select U.S. Equity ETF (DUSA) versus the
Standard & Poor's 500® Index for an investment made at NAV on January 11, 2017
Average Annual Total Return for periods ended October 31, 2023
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)
19.06%
7.87%
7.78%
0.61%
0.61%
DUSA - Market Price
18.88%
7.87%
7.77%
0.61%
0.61%
S&P 500® Index
10.14%
11.00%
11.36%
The Standard & Poor’s 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the Index.
The performance data quoted in this report represents past performance and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. The NAV 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. NAV and market price returns assume that all distributions were reinvested at NAV. Market price returns do not include brokerage commissions that may be payable on secondary market transactions or annual fees to financial intermediaries. If brokerage commissions or annual fees were included, market price returns would be lower. Current performance may be higher or lower than performance data quoted. The operating expense ratios may vary in future years. The Adviser has contractually agreed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 0.65% until March 1, 2024. After that date, there is no assurance that the Adviser will continue to waive fees and/or reimburse expenses. The agreement cannot be terminated prior to that date, without the consent of the Board of Trustees. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com.
Average Annual Total Return for periods ended September 30, 2023
 
1-Year
5-Year
Since Fund's
Inception
(01/11/17)
DUSA - Net Asset Value (NAV)
27.03%
6.02%
8.13%
DUSA - Market Price
26.79%
5.97%
8.12%
3

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Management’s Discussion of Fund Performance
Performance Overview
Davis Select Financial ETF’s net asset value and market price returns1 (-1.02% and -1.39%, respectively) outperformed the -2.69% return of the S&P 500® Financials Index (the “Index”) for the twelve-month period ended October 31, 2023 (the “period”).
Index Overview
S&P 500® Financials Index
•
Strongest performing industries2
-
Insurance (+9%) and Financial Services (+8%)
•
Weakest performing industries
-
Banks (-15%), Consumer Finance (-5%), and Capital Markets (-4%)
Contributors3 to Performance
•
Banks - outperformed the Index industry (-10% vs -15%)
-
Danske Bank4 (+51%) - largest individual contributor
-
JPMorgan Chase (+14%) and DBS Group Holdings (+6%)
•
Capital Markets - outperformed the Index industry (+5% vs -4%)
-
Julius Baer Group (+28%)
•
Insurance - outperformed the Index industry (+14% vs +9%)
-
Markel (+22%), Loews (+13%), Everest Group (+25%), and Ping An Insurance (+35%)
•
Financial Services holding - Berkshire Hathaway (+16%)
•
Select non-financial company - Prosus (+40%)
Detractors from Performance
•
Significantly overweight in Banks - (average weighting 44% vs 28%)
-
Fifth Third Bancorp (-30%), U.S. Bancorp (-21%), PNC Financial (-26%), Bank of America (-25%), and
Truist Financial (-33%) - five largest individual detractors
-
M&T Bank (-31%), Wells Fargo (-11%), and Bank of N.T. Butterfield (-22%)
•
Underweight in Financial Services - (average weighting 9% vs 26%)
•
Individual holdings from Capital Markets
-
Charles Schwab (-34%) and State Street (-10%)

Davis Select Financial ETF’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Select Financial ETF’s principal risks are: stock market risk, common stock risk, market trading risk, exchange-traded fund risk, financial services risk, credit risk, interest rate sensitivity risk, focused portfolio risk, headline risk, foreign country risk, large-capitalization companies risk, manager risk, authorized participant concentration risk, cybersecurity risk, depositary receipts risk, fees and expenses risk, foreign currency risk, emerging market risk, and mid- and small-capitalization companies risk. See the prospectus for a full description of each risk.
Davis Select Financial ETF concentrates its investments in the financial sector, and it may be subject to greater risks than a fund that does not concentrate its investments in a particular sector. The Fund’s investment performance, both positive and negative, is expected to reflect the economic performance of the financial sector more than a fund that does not concentrate its portfolio.
Davis Select Financial ETF focuses its investments in fewer companies, and it may be subject to greater risks than a more diversified fund that is not allowed to focus its investments in a few companies. The Fund’s investment performance, both positive and negative, is expected to reflect the economic performance of its more focused portfolio.
Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2023, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2023, unless otherwise noted.
1The 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.
2The companies included in the S&P 500® Financials Index are divided into five industries. One or more sub-industries make up an industry.
3A 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%.
4Management's 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.
4

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Management’s Discussion of Fund Performance - (Continued)
Comparison of a $10,000 investment in Davis Select Financial ETF (DFNL) versus the
Standard & Poor’s 500® Financials Index for an investment made at NAV on January 11, 2017
Average Annual Total Return for periods ended October 31, 2023
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)
(1.02)%
5.19%
6.04%
0.64%
0.64%
DFNL - Market Price
(1.39)%
5.10%
6.00%
0.64%
0.64%
S&P 500® Financials Index
(2.69)%
6.54%
6.94%
The Standard & Poor’s 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. The S&P 500® Financials Index comprises those companies included in the Standard & Poor’s 500® Index that are classified as members of the GICS® Financials sector. Investments cannot be made directly in the Index.
The performance data quoted in this report represents past performance and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. The NAV 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. NAV and market price returns assume that all distributions were reinvested at NAV. Market price returns do not include brokerage commissions that may be payable on secondary market transactions or annual fees to financial intermediaries. If brokerage commissions or annual fees were included, market price returns would be lower. Current performance may be higher or lower than performance data quoted. The operating expense ratios may vary in future years. The Adviser has contractually agreed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 0.65% until March 1, 2024. After that date, there is no assurance that the Adviser will continue to waive fees and/or reimburse expenses. The agreement cannot be terminated prior to that date, without the consent of the Board of Trustees. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com.
Average Annual Total Return for periods ended September 30, 2023
 
1-Year
5-Year
Since Fund's
Inception
(01/11/17)
DFNL - Net Asset Value (NAV)
13.17%
4.27%
6.52%
DFNL - Market Price
13.09%
4.20%
6.50%
5

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Management’s Discussion of Fund Performance
Performance Overview
Davis Select Worldwide ETF’s net asset value and market price returns1 (21.94% and 21.72%, respectively) outperformed the 10.50% return of the Morgan Stanley Capital International All Country World Index (“MSCI” or the “Index”) for the twelve-month period ended October 31, 2023 (the “period”).
Index Overview
MSCI
•
Strongest performing sectors2
-
Information Technology (+28%), Communication Services (+28%),  and Consumer Discretionary (+13%)
•
Weakest performing sectors
-
Real Estate (-3%), Health Care (-1%), and Utilities (-1%)
Contributors3 to Performance
•
Communication Services - significantly outperformed the Index sector (+96% vs +28%) and overweight (average weighting 14% vs 7%)
-
Meta Platforms4 (+223%) - largest individual contributor
-
Alphabet (+32%)
•
Financials - outperformed the Index sector (+15% vs +6%)
-
Danske Bank (+51%), Ping An Insurance (+35%), and Julius Baer Group (+28%)
•
Consumer Discretionary and Information Technology holdings
-
Amazon.com (+30%), Prosus (+40%), and Alibaba (+49%)
-
Alibaba - no longer a Fund holding
-
Hollysys Automation Technologies (+29%) and Applied Materials (+51%)
•
No exposure in Energy or Utilities and underweight in Health Care (average weighting 5% vs 12%), Consumer Staples (average weighting 1% vs 7%), and Real Estate (average weighting less than 1% vs 2%), the five weakest performing sectors of the Index
Detractors from Performance
•
Information Technology - underperformed the Index sector (+26% vs +28%) and underweight (average weighting 12% vs 21%)
-
Clear Secure (-37%)
•
Significantly overweight in Financials sector - (average weighting 41% vs 16%)
-
Wells Fargo (-11%) and Bank of N.T. Butterfield (-22%)
•
Consumer Discretionary holdings
-
MGM Resorts (-19%) - largest individual detractor (purchased in July)
-
JD.com (-31%), Delivery Hero (-23%), and Meituan (-11%)
•
Other individual holdings - Darling Ingredients (-44%), Viatris (-8%), and IAC (-13%)

Davis Select Worldwide ETF’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Select Worldwide ETF’s principal risks are: stock market risk, common stock risk, market trading risk, exchange-traded fund risk, foreign country risk, exposure to industry or sector risk, China risk-generally, headline risk, foreign market risk, large-capitalization companies risk, manager risk, authorized participant concentration risk, cybersecurity risk, emerging market risk, depositary receipts risk, fees and expenses risk, foreign currency risk, and mid- and small-capitalization companies risk. See the prospectus for a full description of each risk.
Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2023, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2023, unless otherwise noted.
1The 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.
2The 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.
3A 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%.
4Management's 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.
6

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Management’s Discussion of Fund Performance - (Continued)
Comparison of a $10,000 investment in Davis Select Worldwide ETF (DWLD) versus the
Morgan Stanley Capital International All Country World Index (MSCI ACWI®)
for an investment made at NAV on January 11, 2017
Average Annual Total Return for periods ended October 31, 2023
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)
21.94%
5.16%
5.52%
0.63%
0.63%
DWLD - Market Price
21.72%
5.13%
5.51%
0.63%
0.63%
MSCI ACWI®
10.50%
7.47%
7.91%
The MSCI ACWI® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.
The performance data quoted in this report represents past performance and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. The NAV 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. NAV and market price returns assume that all distributions were reinvested at NAV. Market price returns do not include brokerage commissions that may be payable on secondary market transactions or annual fees to financial intermediaries. If brokerage commissions or annual fees were included, market price returns would be lower. Current performance may be higher or lower than performance data quoted. The operating expense ratios may vary in future years. The Adviser has contractually agreed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 0.65% until March 1, 2024. After that date, there is no assurance that the Adviser will continue to waive fees and/or reimburse expenses. The agreement cannot be terminated prior to that date, without the consent of the Board of Trustees. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com.
Average Annual Total Return for periods ended September 30, 2023
 
1-Year
5-Year
Since Fund's
Inception
(01/11/17)
DWLD - Net Asset Value (NAV)
26.38%
3.17%
6.11%
DWLD - Market Price
26.41%
3.09%
6.07%
7

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Management’s Discussion of Fund Performance
Performance Overview
Davis Select International ETF’s net asset value and market price returns1 (17.60% and 18.11%, respectively) outperformed the 12.07% return of the Morgan Stanley Capital International All Country World Index ex USA (“MSCI” or the “Index”) for the twelve-month period ended October 31, 2023 (the “period”).
Index Overview
MSCI
•
Strongest performing sectors2
-
Information Technology (+21%), Consumer Discretionary (+19%), and Energy (+14%)
•
Weakest performing sectors
-
Real Estate (+5%), Health Care (+6%), and Consumer Staples (+7%)
Contributors3 to Performance
•
Information Technology - outperformed the Index sector (+33% vs +21%) and overweight (average weighting 14% vs 11%)
-
Tokyo Electron4 (+51%), Hollysys Automation Technologies (+29%), and Samsung Electronics (+21%)
•
Industrials - outperformed the Index sector (+33% vs +14%)
-
Ferguson (+40%)
•
Financials - outperformed the Index sector (+15% vs +13%)
-
Danske Bank (+51%) - largest individual contributor
-
Ping An Insurance (+35%) and Julius Baer Group (+28%)
•
Overweight in stronger performing Consumer Discretionary sector (average weighting 29% vs 12%)
-
Naspers (+50%), Prosus (+40%), and Alibaba (+30%)
•
Communication Services - outperformed the Index sector (+56% vs +13%)
•
No exposure at end of period in weaker performing Health Care or Consumer Staples sectors
Detractors from Performance
•
Consumer Discretionary - underperformed the Index Sector (+12% vs +19%)
-
JD.com (-31%) - largest individual detractor
-
Delivery Hero (-23%) and Meituan (-11%)
•
Overweight in Financials sector - (average weighting 37% vs 21%)
-
Bank of N.T. Butterfield (-22%), Noah Holdings (-11%), and Metro Bank Holdings (-36%)
•
Individual Real Estate holding
-
KE Holdings (-9%) - purchased in September

Davis Select International ETF’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Select International ETF’s principal risks are: stock market risk, common stock risk, market trading risk, exchange-traded fund risk, foreign country risk, exposure to industry or sector risk, China risk-generally, headline risk, foreign market risk, large-capitalization companies risk, manager risk, authorized participant concentration risk, cybersecurity risk, emerging market risk, depositary receipts risk, fees and expenses risk, foreign currency risk, and mid- and small-capitalization companies risk. See the prospectus for a full description of each risk.
Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2023, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2023, unless otherwise noted.
1The 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.
2The 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.
3A 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%.
4Management's 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.
8

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Management’s Discussion of Fund Performance - (Continued)
Comparison of a $10,000 investment in Davis Select International ETF (DINT) versus the
Morgan Stanley Capital International All Country World Index ex USA (MSCI ACWI® ex USA)
for an investment made at NAV on March 01, 2018
Average Annual Total Return for periods ended October 31, 2023
Fund & Benchmark Index
1-Year
5-Year
Since Fund's
Inception
(03/01/18)
Gross
Expense
Ratio
Net
Expense
Ratio
DINT - Net Asset Value (NAV)
17.60%
1.90%
(1.69)%
0.66%
0.66%
DINT - Market Price
18.11%
1.96%
(1.63)%
0.66%
0.66%
MSCI ACWI® ex USA
12.07%
3.46%
1.04%
The MSCI ACWI® ex USA is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.
The performance data quoted in this report represents past performance and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. The NAV 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. NAV and market price returns assume that all distributions were reinvested at NAV. Market price returns do not include brokerage commissions that may be payable on secondary market transactions or annual fees to financial intermediaries. If brokerage commissions or annual fees were included, market price returns would be lower. Current performance may be higher or lower than performance data quoted. The operating expense ratios may vary in future years. The Adviser has contractually agreed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 0.75% until March 1, 2024. After that date, there is no assurance that the Adviser will continue to waive fees and/or reimburse expenses. The agreement cannot be terminated prior to that date, without the consent of the Board of Trustees. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com.
Average Annual Total Return for periods ended September 30, 2023
 
1-Year
5-Year
Since Fund's
Inception
(03/01/18)
DINT - Net Asset Value (NAV)
20.85%
0.83%
(0.69)%
DINT - Market Price
20.48%
0.70%
(0.77)%
9

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Fund Overview 
October 31, 2023 
Portfolio Composition
(% of Fund’s 10/31/23 Net Assets)
Common Stock (U.S.)
92.86%
Short-Term Investments
4.45%
Common Stock (Foreign)
2.74%
Other Assets & Liabilities
(0.05)%
 
100.00%
Industry Weightings
(% of 10/31/23 Stock Holdings)
 
Fund
S&P 500®
Financial Services
25.98%
7.53%
Media & Entertainment
16.07%
7.76%
Banks
13.23%
2.94%
Health Care
12.86%
13.15%
Consumer Discretionary Distribution
& Retail
9.15%
5.66%
Insurance
6.40%
2.29%
Information Technology
6.10%
28.06%
Consumer Services
4.71%
2.12%
Capital Goods
3.61%
5.56%
Materials
1.89%
2.42%
Energy
–
4.54%
Food, Beverage & Tobacco
–
3.17%
Utilities
–
2.50%
Equity REITs
–
2.21%
Automobiles & Components
–
1.89%
Other
–
8.20%
 
100.00%
100.00%
Top 10 Long-Term Holdings
(% of Fund’s 10/31/23 Net Assets)
Meta Platforms, Inc., Class A
Media & Entertainment
10.95%
Berkshire Hathaway Inc., Class B
Financial Services
10.38%
Capital One Financial Corp.
Consumer Finance
9.42%
Amazon.com, Inc.
Consumer Discretionary Distribution & Retail
7.82%
Markel Group Inc.
Property & Casualty Insurance
6.12%
Wells Fargo & Co.
Banks
5.43%
Viatris Inc.
Pharmaceuticals, Biotechnology & Life Sciences
4.51%
Cigna Group
Health Care Equipment & Services
4.51%
MGM Resorts International
Consumer Services
4.50%
Alphabet Inc., Class C
Media & Entertainment
4.41%
10

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Fund Overview  - (Continued)
October 31, 2023 
New Positions Added (11/01/22-10/31/23)
 
Security
Industry
Date of 1st
Purchase
% of Fund’s
10/31/23
Net Assets
AGCO Corp.
Capital Goods
10/24/23
0.41%
MGM Resorts International
Consumer Services
07/07/23
4.50%
Positions Closed (11/01/22-10/31/23)
(Gains and losses greater than $1,000,000 are highlighted)
Security
Industry
Date of
Final Sale
Realized
Gain (Loss)
AIA Group Ltd.
Life & Health Insurance
08/04/23
$ 23,341
Danske Bank A/S
Banks
10/27/23
1,417,851
DBS Group Holdings Ltd.
Banks
10/17/23
4,103,895
Naspers Ltd. - N
Consumer Discretionary Distribution &
Retail
10/13/23
138,829
Ping An Insurance (Group) Co. of China,
Ltd. - H
Life & Health Insurance
10/16/23
(3,631,465)
Prosus N.V., Class N
Consumer Discretionary Distribution &
Retail
10/16/23
(702,693)
Samsung Electronics Co., Ltd.
Technology Hardware & Equipment
10/16/23
669,279
11

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Fund Overview 
October 31, 2023 
Portfolio Composition
(% of Fund’s 10/31/23 Net Assets)
Common Stock (U.S.)
77.78%
Common Stock (Foreign)
21.61%
Short-Term Investments
0.40%
Other Assets & Liabilities
0.21%
 
100.00%
Industry Weightings
(% of 10/31/23 Stock Holdings)
 
Fund
S&P 500®
Financials
Banks
44.49%
23.06%
Insurance
19.17%
17.93%
Capital Markets
13.73%
21.55%
Consumer Finance
11.54%
3.48%
Financial Services
9.90%
33.98%
Consumer Discretionary Distribution
& Retail
1.17%
–
 
100.00%
100.00%
Top 10 Long-Term Holdings
(% of Fund’s 10/31/23 Net Assets)
Berkshire Hathaway Inc., Class B
Financial Services
7.99%
Capital One Financial Corp.
Consumer Finance
7.66%
Markel Group Inc.
Property & Casualty Insurance
6.70%
Chubb Ltd.
Property & Casualty Insurance
6.15%
JPMorgan Chase & Co.
Banks
5.87%
Julius Baer Group Ltd.
Capital Markets
5.86%
Wells Fargo & Co.
Banks
5.12%
Bank of New York Mellon Corp.
Capital Markets
4.94%
DBS Group Holdings Ltd.
Banks
4.78%
U.S. Bancorp
Banks
4.62%
Positions Closed (11/01/22-10/31/23)
Security
Industry
Date of
Final Sale
Realized
Loss
Greenlight Capital Re, Ltd., Class A
Reinsurance
04/11/23
$ (356,190)
12

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Fund Overview 
October 31, 2023 
Portfolio Composition
(% of Fund’s 10/31/23 Net Assets)
Common Stock (Foreign)
51.85%
Common Stock (U.S.)
47.69%
Short-Term Investments
0.32%
Other Assets & Liabilities
0.14%
 
100.00%
Industry Weightings
(% of 10/31/23 Stock Holdings)
 
Fund
MSCI
ACWI®
Banks
18.07%
6.58%
Media & Entertainment
15.51%
5.89%
Financial Services
14.44%
5.86%
Information Technology
12.17%
22.07%
Consumer Discretionary Distribution
& Retail
11.67%
4.55%
Consumer Services
7.19%
2.11%
Insurance
6.79%
3.26%
Health Care
5.69%
11.70%
Materials
3.08%
4.47%
Real Estate Management &
Development
1.94%
0.57%
Capital Goods
1.61%
6.90%
Consumer Durables & Apparel
1.11%
1.73%
Food, Beverage & Tobacco
0.73%
3.79%
Energy
–
5.15%
Utilities
–
2.71%
Other
–
12.66%
 
100.00%
100.00%
Country Diversification
(% of 10/31/23 Stock Holdings)
United States
47.91%
China
16.80%
Denmark
6.95%
South Korea
6.24%
Singapore
4.75%
Switzerland
4.71%
Netherlands
3.25%
Canada
3.08%
Hong Kong
2.42%
Germany
1.45%
Bermuda
1.23%
South Africa
1.12%
United Kingdom
0.09%
 
100.00%
Top 10 Long-Term Holdings
(% of Fund’s 10/31/23 Net Assets)
Meta Platforms, Inc., Class A
9.67%
Danske Bank A/S
6.92%
Hollysys Automation Technologies
Ltd.
5.32%
Wells Fargo & Co.
5.02%
DBS Group Holdings Ltd.
4.73%
Julius Baer Group Ltd.
4.68%
Berkshire Hathaway Inc., Class B
4.65%
Capital One Financial Corp.
4.60%
Ping An Insurance (Group) Co. of
China, Ltd. - H
4.35%
Amazon.com, Inc.
4.29%
13

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Fund Overview  - (Continued)
October 31, 2023 
New Positions Added (11/01/22-10/31/23)
(Highlighted positions are those greater than 2.00% of the Fund’s 10/31/23 net assets)  
Security
Industry
Date of 1st
Purchase
% of Fund’s
10/31/23
Net Assets
AGCO Corp.
Capital Goods
10/24/23
0.41%
KE Holdings Inc., Class A, ADR
Real Estate Management & Development
09/20/23
1.93%
MGM Resorts International
Consumer Services
07/07/23
3.15%
Quest Diagnostics Inc.
Health Care Equipment & Services
10/03/23
0.92%
Positions Closed (11/01/22-10/31/23)
(Gains and losses greater than $2,000,000 are highlighted)
Security
Industry
Date of
Final Sale
Realized
Gain (Loss)
Alibaba Group Holding Ltd., ADR
Consumer Discretionary Distribution &
Retail
02/22/23
$ (4,522,091)
Atlanta Braves Holdings, Inc. Series C
Media & Entertainment
07/25/23
31,527
Intel Corp.
Semiconductors & Semiconductor
Equipment
08/03/23
(2,018,479)
iQIYI, Inc., Class A, ADR
Media & Entertainment
09/22/23
(2,319,185)
Liberty Media Corp., Liberty Live, Series A
Media & Entertainment
08/08/23
30,166
Liberty Media Corp., Liberty Live, Series C
Media & Entertainment
08/08/23
22,964
Vimeo, Inc.
Media & Entertainment
11/11/22
(561,938)
14

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Fund Overview 
October 31, 2023 
Portfolio Composition
(% of Fund’s 10/31/23 Net Assets)
Common Stock (Foreign)
93.51%
Common Stock (U.S.)
3.80%
Short-Term Investments
2.48%
Other Assets & Liabilities
0.21%
 
100.00%
Industry Weightings
(% of 10/31/23 Stock Holdings)
 
Fund
MSCI
ACWI®
ex USA
Banks
21.29%
12.80%
Information Technology
17.05%
11.51%
Consumer Discretionary Distribution
& Retail
16.67%
2.75%
Insurance
9.38%
4.85%
Consumer Services
7.46%
2.05%
Capital Goods
7.16%
8.87%
Financial Services
5.55%
3.54%
Consumer Durables & Apparel
4.66%
3.20%
Materials
4.43%
7.79%
Media & Entertainment
3.85%
2.73%
Real Estate Management &
Development
2.50%
1.25%
Health Care
–
9.54%
Energy
–
6.12%
Food, Beverage & Tobacco
–
4.94%
Automobiles & Components
–
3.76%
Other
–
14.30%
 
100.00%
100.00%
Country Diversification
(% of 10/31/23 Stock Holdings)
China
27.55%
South Korea
13.79%
Denmark
7.30%
Singapore
6.10%
Japan
5.37%
Switzerland
4.88%
South Africa
4.54%
Canada
4.43%
Netherlands
4.28%
Bermuda
4.13%
Hong Kong
3.91%
United States
3.91%
Norway
3.64%
France
3.25%
Germany
2.80%
United Kingdom
0.12%
 
100.00%
Top 10 Long-Term Holdings
(% of Fund’s 10/31/23 Net Assets)
Danske Bank A/S
7.10%
DBS Group Holdings Ltd.
5.94%
Hollysys Automation Technologies
Ltd.
5.92%
Samsung Electronics Co., Ltd.
5.44%
Ping An Insurance (Group) Co. of
China, Ltd. - H
5.32%
Tokyo Electron Ltd.
5.23%
Julius Baer Group Ltd.
4.75%
Fila Holdings Corp.
4.54%
Meituan, Class B
4.53%
Naspers Ltd. - N
4.41%
15

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Fund Overview  - (Continued)
October 31, 2023 
New Positions Added (11/01/22-10/31/23)
 
Security
Industry
Date of 1st
Purchase
% of Fund’s
10/31/23
Net Assets
KE Holdings Inc., Class A, ADR
Real Estate Management & Development
09/20/23
2.44%
Positions Closed (11/01/22-10/31/23)
Security
Industry
Date of
Final Sale
Realized
Loss
Novartis AG, ADR
Pharmaceuticals, Biotechnology & Life
Sciences
11/09/22
$ (214,262)
Roche Holding AG - Genusschein
Pharmaceuticals, Biotechnology & Life
Sciences
11/09/22
(2,971)
16

DAVIS FUNDAMENTAL ETF TRUST
Expense Example 
As a shareholder of each Fund, you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including advisory and administrative fees and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for each Fund is for the six-month period ended October 31, 2023.
Actual Expenses
The information represented in the row entitled “Actual” provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information represented in the row entitled “Hypothetical” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares or annual fees to financial intermediaries. Therefore, the information in the row entitled “Hypothetical” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs or annual fees were included, your costs would be higher. For additional information visit the Funds’ website at www.davisetfs.com.
 
Beginning
Account Value
(05/01/23)
Ending
Account Value
(10/31/23)
Expenses Paid
During Period*
(05/01/23-10/31/23)
 
Davis Select U.S. Equity ETF
(annualized expense ratio 0.61%**)
Actual
$1,000.00
$1,056.71
$3.16
Hypothetical
$1,000.00
$1,022.13
$3.11
 
Davis Select Financial ETF
(annualized expense ratio 0.64%**)
Actual
$1,000.00
$983.41
$3.20
Hypothetical
$1,000.00
$1,021.98
$3.26
 
Davis Select Worldwide ETF
(annualized expense ratio 0.63%**)
Actual
$1,000.00
$982.77
$3.15
Hypothetical
$1,000.00
$1,022.03
$3.21
 
Davis Select International ETF
(annualized expense ratio 0.66%**)
Actual
$1,000.00
$923.87
$3.20
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.
17

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments 
October 31, 2023 
 
Shares
Value
(Note 1)
COMMON STOCK – (95.60%)
COMMUNICATION SERVICES – (15.36%)
Media & Entertainment – (15.36%)
Alphabet Inc., Class C*
123,258
$15,444,228
Meta Platforms, Inc., Class A*
127,268
38,342,030
Total Communication Services
53,786,258
CONSUMER DISCRETIONARY – (13.25%)
Consumer Discretionary Distribution & Retail – (8.75%)
Amazon.com, Inc.*
205,795
27,389,257
JD.com, Inc., Class A, ADR (China)
127,544
3,242,168
 
30,631,425
Consumer Services – (4.50%)
MGM Resorts International*
451,419
15,763,552
Total Consumer Discretionary
46,394,977
FINANCIALS – (43.61%)
Banks – (12.65%)
Bank of America Corp.
176,052
4,637,210
JPMorgan Chase & Co.
73,120
10,168,067
U.S. Bancorp
328,975
10,487,723
Wells Fargo & Co.
477,587
18,993,635
 
44,286,635
Financial Services – (24.84%)
Capital Markets – (3.75%)
Bank of New York Mellon Corp.
309,124
13,137,770
Consumer Finance – (10.71%)
American Express Co.
31,056
4,535,108
Capital One Financial Corp.
325,533
32,973,237
 
37,508,345
Financial Services – (10.38%)
Berkshire Hathaway Inc., Class B*
106,417
36,323,315
 
86,969,430
Insurance – (6.12%)
Property & Casualty Insurance – (6.12%)
Markel Group Inc.*
14,564
21,416,653
Total Financials
152,672,718
HEALTH CARE – (12.29%)
Health Care Equipment & Services – (7.78%)
Cigna Group
51,030
15,778,476
Quest Diagnostics Inc.
88,135
11,466,363
 
27,244,839
Pharmaceuticals, Biotechnology & Life Sciences – (4.51%)
Viatris Inc.
1,773,933
15,788,004
Total Health Care
43,032,843
INDUSTRIALS – (3.45%)
Capital Goods – (3.45%)
AGCO Corp.
12,400
1,421,784
Owens Corning
93,971
10,653,492
Total Industrials
12,075,276
 
Shares
Value
(Note 1)
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (5.83%)
Semiconductors & Semiconductor Equipment – (5.83%)
Applied Materials, Inc.
88,914
$11,767,768
Intel Corp.
237,347
8,663,165
Total Information Technology
20,430,933
MATERIALS – (1.81%)
Teck Resources Ltd., Class B (Canada)
178,920
6,323,033
Total Materials
6,323,033
TOTAL COMMON STOCK –
(Identified cost $262,763,716)
334,716,038
 
Principal
Value
(Note 1)
SHORT-TERM INVESTMENTS – (4.45%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 11/01/23 (a)
$9,156,000
$9,156,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 11/01/23 (b)
6,415,000
6,415,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $15,571,000)
15,571,000
Total Investments – (100.05%) –
(Identified cost $278,334,716)
350,287,038
Liabilities Less Other Assets – (0.05%)
(166,616
)
Net Assets – (100.00%)
$350,120,422
ADR:
American Depositary Receipt
*
Non-income producing security.
(a)
Dated 10/31/23, repurchase value of $9,157,348 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 2.00%-7.50%, 05/15/24-01/01/53, total market value
$9,339,120).
(b)
Dated 10/31/23, repurchase value of $6,415,944 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.50%, 11/15/23-09/20/73, total market value
$6,543,300).
See Notes to Financial Statements
18

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Schedule of Investments 
October 31, 2023 
 
Shares
Value
(Note 1)
COMMON STOCK – (99.39%)
CONSUMER DISCRETIONARY – (1.16%)
Consumer Discretionary Distribution & Retail – (1.16%)
Prosus N.V., Class N (Netherlands)
63,857
$1,785,799
Total Consumer Discretionary
1,785,799
FINANCIALS – (98.23%)
Banks – (44.22%)
Bank of America Corp.
133,139
3,506,881
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
118,031
2,981,463
Danske Bank A/S (Denmark)
297,632
6,972,701
DBS Group Holdings Ltd. (Singapore)
307,286
7,372,710
DNB Bank ASA (Norway)
194,357
3,502,304
Fifth Third Bancorp
290,031
6,876,635
JPMorgan Chase & Co.
65,019
9,041,542
M&T Bank Corp.
20,035
2,258,946
Metro Bank Holdings PLC (United Kingdom)*
265,149
138,578
PNC Financial Services Group, Inc.
55,254
6,324,925
Truist Financial Corp.
146,866
4,165,120
U.S. Bancorp
223,451
7,123,618
Wells Fargo & Co.
198,535
7,895,737
 
68,161,160
Financial Services – (34.95%)
Capital Markets – (13.64%)
Bank of New York Mellon Corp.
179,147
7,613,748
Charles Schwab Corp.
36,941
1,922,410
Julius Baer Group Ltd. (Switzerland)
153,355
9,036,253
State Street Corp.
38,059
2,459,753
 
21,032,164
Consumer Finance – (11.47%)
American Express Co.
40,173
5,866,464
Capital One Financial Corp.
116,573
11,807,679
 
17,674,143
Financial Services – (9.84%)
Berkshire Hathaway Inc., Class B*
36,049
12,304,605
Rocket Companies, Inc., Class A*
386,372
2,855,289
 
15,159,894
 
53,866,201
Insurance – (19.06%)
Life & Health Insurance – (0.99%)
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
296,500
1,519,395
 
Shares
Value
(Note 1)
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (Continued)
Property & Casualty Insurance – (16.53%)
Chubb Ltd.
44,156
$9,476,761
Loews Corp.
88,623
5,672,758
Markel Group Inc.*
7,027
10,333,344
 
25,482,863
Reinsurance – (1.54%)
Everest Group, Ltd.
5,993
2,370,951
 
29,373,209
Total Financials
151,400,570
TOTAL COMMON STOCK –
(Identified cost $151,196,366)
153,186,369
 
Principal
Value
(Note 1)
SHORT-TERM INVESTMENTS – (0.40%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 11/01/23 (a)
$365,000
$365,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 11/01/23 (b)
256,000
256,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $621,000)
621,000
Total Investments – (99.79%) –
(Identified cost $151,817,366)
153,807,369
Other Assets Less Liabilities – (0.21%)
321,621
Net Assets – (100.00%)
$154,128,990
*
Non-income producing security.
(a)
Dated 10/31/23, repurchase value of $365,054 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
4.00%, 05/01/51-10/01/52, total market value $372,300).
(b)
Dated 10/31/23, repurchase value of $256,038 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.50%, 11/15/23-09/20/73, total market value $261,120).
See Notes to Financial Statements
19

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Schedule of Investments 
October 31, 2023 
 
Shares
Value
(Note 1)
COMMON STOCK – (99.54%)
COMMUNICATION SERVICES – (15.44%)
Media & Entertainment – (15.44%)
Alphabet Inc., Class C*
51,539
$6,457,837
IAC Inc.*
45,563
1,938,706
Liberty Media Corp., Liberty Formula One,
Series A*
56,583
3,256,351
Liberty Media Corp., Liberty Formula One,
Series C*
35,088
2,269,843
Meta Platforms, Inc., Class A*
77,445
23,331,855
Total Communication Services
37,254,592
CONSUMER DISCRETIONARY – (19.89%)
Consumer Discretionary Distribution & Retail – (11.62%)
Amazon.com, Inc.*
77,703
10,341,492
Coupang, Inc., Class A (South Korea)*
123,580
2,100,860
JD.com, Inc., Class A, ADR (China)
200,806
5,104,488
Naspers Ltd. - N (South Africa)
17,258
2,693,989
Prosus N.V., Class N (Netherlands)
278,916
7,800,051
 
28,040,880
Consumer Durables & Apparel – (1.11%)
Fila Holdings Corp. (South Korea)
100,761
2,667,214
Consumer Services – (7.16%)
Delivery Hero SE (Germany)*
137,481
3,486,885
Meituan, Class B (China)*
437,640
6,185,487
MGM Resorts International*
217,904
7,609,208
 
17,281,580
Total Consumer Discretionary
47,989,674
CONSUMER STAPLES – (0.73%)
Food, Beverage & Tobacco – (0.73%)
Darling Ingredients Inc.*
39,565
1,752,334
Total Consumer Staples
1,752,334
FINANCIALS – (39.12%)
Banks – (17.99%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
116,875
2,952,262
Danske Bank A/S (Denmark)
712,351
16,688,429
DBS Group Holdings Ltd. (Singapore)
475,936
11,419,127
Metro Bank Holdings PLC (United Kingdom)*
435,619
227,673
Wells Fargo & Co.
304,809
12,122,254
 
43,409,745
Financial Services – (14.37%)
Capital Markets – (5.12%)
Julius Baer Group Ltd. (Switzerland)
191,929
11,309,179
Noah Holdings Ltd., Class A, ADS (China)
92,335
1,056,312
 
12,365,491
Consumer Finance – (4.60%)
Capital One Financial Corp.
109,481
11,089,330
Financial Services – (4.65%)
Berkshire Hathaway Inc., Class B*
32,890
11,226,344
 
34,681,165
Insurance – (6.76%)
Life & Health Insurance – (6.76%)
AIA Group Ltd. (Hong Kong)
670,290
5,811,850
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
2,048,275
10,496,256
 
16,308,106
Total Financials
94,399,016
HEALTH CARE – (5.66%)
Health Care Equipment & Services – (3.21%)
Cigna Group
17,880
5,528,496
Quest Diagnostics Inc.
17,070
2,220,807
 
7,749,303
 
Shares
Value
(Note 1)
COMMON STOCK – (CONTINUED)
HEALTH CARE – (CONTINUED)
Pharmaceuticals, Biotechnology & Life Sciences – (2.45%)
Viatris Inc.
665,011
$5,918,598
Total Health Care
13,667,901
INDUSTRIALS – (1.60%)
Capital Goods – (1.60%)
AGCO Corp.
8,650
991,809
Owens Corning
25,328
2,871,435
Total Industrials
3,863,244
INFORMATION TECHNOLOGY – (12.11%)
Semiconductors & Semiconductor Equipment – (2.22%)
Applied Materials, Inc.
40,517
5,362,425
Software & Services – (0.33%)
Clear Secure, Inc., Class A
47,629
801,120
Technology Hardware & Equipment – (9.56%)
Hollysys Automation Technologies Ltd.
(China)*
626,421
12,847,894
Samsung Electronics Co., Ltd. (South Korea)
206,278
10,218,058
 
23,065,952
Total Information Technology
29,229,497
MATERIALS – (3.06%)
Teck Resources Ltd., Class B (Canada)
209,184
7,392,563
Total Materials
7,392,563
REAL ESTATE – (1.93%)
Real Estate Management & Development – (1.93%)
KE Holdings Inc., Class A, ADR (China)*
317,214
4,666,218
Total Real Estate
4,666,218
TOTAL COMMON STOCK –
(Identified cost $233,476,666)
240,215,039
 
Principal
Value
(Note 1)
SHORT-TERM INVESTMENTS – (0.32%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 11/01/23 (a)
$457,000
$457,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 11/01/23 (b)
320,000
320,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $777,000)
777,000
Total Investments – (99.86%) –
(Identified cost $234,253,666)
240,992,039
Other Assets Less Liabilities – (0.14%)
339,798
Net Assets – (100.00%)
$241,331,837
ADR:
American Depositary Receipt
ADS:
American Depositary Share
*
Non-income producing security.
(a)
Dated 10/31/23, repurchase value of $457,067 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 1.50%-
5.00%, 10/01/29-08/20/62, total market value $466,140).
(b)
Dated 10/31/23, repurchase value of $320,047 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.50%, 11/15/23-09/20/73, total market value $326,400).
See Notes to Financial Statements
20

DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Schedule of Investments 
October 31, 2023 
 
Shares
Value
(Note 1)
COMMON STOCK – (97.31%)
COMMUNICATION SERVICES – (3.75%)
Media & Entertainment – (3.75%)
Baidu, Inc., Class A, ADR (China)*
41,945
$4,404,225
iQIYI, Inc., Class A, ADR (China)*
219,296
1,021,920
Total Communication Services
5,426,145
CONSUMER DISCRETIONARY – (28.01%)
Consumer Discretionary Distribution & Retail – (16.22%)
Alibaba Group Holding Ltd., ADR (China)*
29,108
2,402,574
Coupang, Inc., Class A (South Korea)*
292,688
4,975,696
JD.com, Inc., Class A, ADR (China)
144,715
3,678,655
Naspers Ltd. - N (South Africa)
40,927
6,388,741
Prosus N.V., Class N (Netherlands)
215,601
6,029,409
 
23,475,075
Consumer Durables & Apparel – (4.54%)
Fila Holdings Corp. (South Korea)
247,909
6,562,324
Consumer Services – (7.25%)
Delivery Hero SE (Germany)*
155,579
3,945,898
Meituan, Class B (China)*
463,470
6,550,562
 
10,496,460
Total Consumer Discretionary
40,533,859
FINANCIALS – (35.25%)
Banks – (20.72%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
230,307
5,817,555
Danske Bank A/S (Denmark)
438,731
10,278,263
DBS Group Holdings Ltd. (Singapore)
358,190
8,594,048
DNB Bank ASA (Norway)
284,004
5,117,739
Metro Bank Holdings PLC (United Kingdom)*
327,770
171,307
 
29,978,912
Financial Services – (5.40%)
Capital Markets – (5.40%)
Julius Baer Group Ltd. (Switzerland)
116,676
6,874,989
Noah Holdings Ltd., Class A, ADS (China)
82,139
939,670
 
7,814,659
Insurance – (9.13%)
Life & Health Insurance – (9.13%)
AIA Group Ltd. (Hong Kong)
635,090
5,506,643
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
1,503,246
7,703,289
 
13,209,932
Total Financials
51,003,503
INDUSTRIALS – (6.96%)
Capital Goods – (6.96%)
Ferguson plc
36,681
5,497,194
Schneider Electric SE (France)
29,825
4,575,256
Total Industrials
10,072,450
INFORMATION TECHNOLOGY – (16.59%)
Semiconductors & Semiconductor Equipment – (5.23%)
Tokyo Electron Ltd. (Japan)
58,050
7,565,745
 
Shares
Value
(Note 1)
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (CONTINUED)
Technology Hardware & Equipment – (11.36%)
Hollysys Automation Technologies Ltd.
(China)*
417,779
$8,568,647
Samsung Electronics Co., Ltd. (South Korea)
158,863
7,869,338
 
16,437,985
Total Information Technology
24,003,730
MATERIALS – (4.31%)
Teck Resources Ltd., Class B (Canada)
176,365
6,232,739
Total Materials
6,232,739
REAL ESTATE – (2.44%)
Real Estate Management & Development – (2.44%)
KE Holdings Inc., Class A, ADR (China)*
239,570
3,524,075
Total Real Estate
3,524,075
TOTAL COMMON STOCK –
(Identified cost $157,097,714)
140,796,501
 
Principal