Davis Fundamental ETF Trust NPORT-P Davis Select Financial ETF (Jul 2021 report)

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	July 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (95.11%)
	COMMUNICATION SERVICES – (15.02%)
		Media & Entertainment – (15.02%)
				Alphabet Inc., Class C  *			14,267	$	38,583,960
				Facebook, Inc., Class A  *			55,741		19,860,519
					Total Communication Services				58,444,479
	CONSUMER DISCRETIONARY – (12.41%)
		Retailing – (12.41%)
				Alibaba Group Holding Ltd., ADR  (China)*			77,653		15,157,089
				Amazon.com, Inc.  *			7,635		25,406,150
				Naspers Ltd. - N  (South Africa)			20,982		4,041,375
				Vroom, Inc.  *			99,452		3,683,702
					Total Consumer Discretionary				48,288,316
	FINANCIALS – (56.06%)
		Banks – (20.86%)
				Bank of America Corp.			189,820		7,281,495
				Danske Bank A/S  (Denmark)			249,255		4,372,197
				DBS Group Holdings Ltd.  (Singapore)			801,491		17,988,370
				JPMorgan Chase & Co.			84,424		12,813,875
				U.S. Bancorp			267,425		14,852,785
				Wells Fargo & Co.			519,476		23,864,727
									81,173,449
		Diversified Financials – (28.04%)
			Capital Markets – (2.77%)
				Bank of New York Mellon Corp.			210,244		10,791,825
			Consumer Finance – (17.38%)
				American Express Co.			99,869		17,030,661
				Capital One Financial Corp.			312,866		50,590,432
									67,621,093
			Diversified Financial Services – (7.89%)
				Berkshire Hathaway Inc., Class B  *			110,256		30,683,142
									109,096,060
		Insurance – (7.16%)
			Life & Health Insurance – (4.31%)
				AIA Group Ltd.  (Hong Kong)			639,020		7,655,593
				Ping An Insurance (Group) Co. of China Ltd. - H  (China)			1,037,990		9,102,774
									16,758,367
			Property & Casualty Insurance – (2.85%)
				Markel Corp.  *			9,197		11,093,145
									27,851,512
					Total Financials				218,121,021
	HEALTH CARE – (5.06%)
		Health Care Equipment & Services – (3.17%)
				Cigna Corp.			13,196		3,028,350
				Quest Diagnostics Inc.			65,705		9,316,969
									12,345,319
		Pharmaceuticals, Biotechnology & Life Sciences – (1.89%)
				Viatris Inc.			521,417		7,336,337
					Total Health Care				19,681,656

1

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	July 31, 2021 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (1.11%)
			Capital Goods – (1.11%)
				Raytheon Technologies Corp.							49,334	$	4,289,591
								Total Industrials					4,289,591
	INFORMATION TECHNOLOGY – (5.45%)
			Semiconductors & Semiconductor Equipment – (5.45%)
				Applied Materials, Inc.							84,247		11,788,683
				Intel Corp.							175,406		9,422,810
								Total Information Technology					21,211,493
						TOTAL COMMON STOCK – (Identified cost $242,541,339)							370,036,556
SHORT-TERM INVESTMENTS – (4.32%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.045%, 08/02/21, dated 07/30/21, repurchase value of $7,298,027 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-3.625%, 11/15/22-04/15/28, total market value $7,443,960)						$	7,298,000		7,298,000
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $7,704,032 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 07/31/21-08/15/56, total market value $7,858,080)							7,704,000		7,704,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $1,825,008 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 07/01/31-07/01/51, total market value $1,861,500)							1,825,000		1,825,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $16,827,000)							16,827,000
					Total Investments – (99.43%) – (Identified cost $259,368,339)								386,863,556
					Other Assets Less Liabilities – (0.57%)								2,215,216
							Net Assets – (100.00%)					$	389,078,772
	ADR: American Depositary Receipt
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

2

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF	July 31, 2021 (Unaudited)

							Shares		Value
COMMON STOCK – (97.48%)
	FINANCIALS – (97.48%)
		Banks – (44.09%)
			Banks – (41.82%)
				Bank of America Corp.				244,575	$	9,381,897
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)				141,031		4,673,767
				Danske Bank A/S  (Denmark)				383,512		6,727,208
				DBS Group Holdings Ltd.  (Singapore)				372,486		8,359,939
				DNB Bank ASA  (Norway)				342,881		7,026,640
				JPMorgan Chase & Co.				60,768		9,223,367
				M&T Bank Corp.				24,295		3,251,886
				Metro Bank PLC  (United Kingdom)*				332,578		443,792
				PNC Financial Services Group, Inc.				54,227		9,891,547
				Truist Financial Corp.				32,110		1,747,747
				U.S. Bancorp				267,905		14,879,444
				Wells Fargo & Co.				264,074		12,131,559
										87,738,793
			Thrifts & Mortgage Finance – (2.27%)
				Rocket Companies, Inc., Class A				276,654		4,769,515
										92,508,308
		Diversified Financials – (33.82%)
			Capital Markets – (12.79%)
				Bank of New York Mellon Corp.				172,597		8,859,404
				Charles Schwab Corp.				101,531		6,899,031
				Julius Baer Group Ltd.  (Switzerland)				133,827		8,855,319
				State Street Corp.				25,500		2,222,070
										26,835,824
			Consumer Finance – (14.86%)
				American Express Co.				53,062		9,048,663
				Capital One Financial Corp.				136,923		22,140,449
										31,189,112
			Diversified Financial Services – (6.17%)
				Berkshire Hathaway Inc., Class B  *				46,507		12,942,433
										70,967,369
		Insurance – (19.57%)
			Life & Health Insurance – (1.04%)
				Ping An Insurance (Group) Co. of China Ltd. - H (China)				249,150		2,184,950
			Property & Casualty Insurance – (14.15%)
				Chubb Ltd.				67,920		11,460,821
				Loews Corp.				148,323		7,954,562
				Markel Corp.  *				8,509		10,263,301
										29,678,684
			Reinsurance – (4.38%)
				Alleghany Corp.  *				9,485		6,289,504
				Everest Re Group, Ltd.				7,528		1,903,304
				Greenlight Capital Re, Ltd., Class A  *				114,264		1,005,523
										9,198,331
										41,061,965
						Total Financials				204,537,642
					TOTAL COMMON STOCK – (Identified cost $159,765,224)					204,537,642

3

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	July 31, 2021 (Unaudited)

							Principal			Value
SHORT-TERM INVESTMENTS – (2.56%)
			Nomura Securities International, Inc. Joint Repurchase Agreement, 0.045%, 08/02/21, dated 07/30/21, repurchase value of $2,330,009 (collateralized by: U.S. Government agency obligation in a pooled cash account, 0.00%, 02/15/39, total market value $2,376,600)					$	2,330,000	$	2,330,000
			StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $2,459,010 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 07/31/21-08/15/56, total market value $2,508,180)						2,459,000		2,459,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $582,002 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-2.00%, 07/01/31-07/01/36, total market value $593,640)						582,000		582,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,371,000)						5,371,000
				Total Investments – (100.04%) – (Identified cost $165,136,224)							209,908,642
				Liabilities Less Other Assets – (0.04%)							(90,364)
						Net Assets – (100.00%)				$	209,818,278
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

4

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF	July 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (98.11%)
	COMMUNICATION SERVICES – (16.48%)
		Media & Entertainment – (16.48%)
				Alphabet Inc., Class C  *			7,068	$	19,114,840
				Baidu, Inc., Class A, ADR  (China)*			43,993		7,215,292
				Facebook, Inc., Class A  *			47,299		16,852,634
				IAC/InterActiveCorp  *			39,880		5,475,125
				iQIYI, Inc., Class A, ADR  (China)*			306,277		3,418,051
				Kuaishou Technology, Class B  (China)*			4,200		59,505
				Liberty Media Corp., Liberty Formula One, Series A  *			84,293		3,494,788
				Liberty Media Corp., Liberty Formula One, Series C  *			112,090		5,260,384
				Vimeo, Inc.  *			64,738		2,900,262
					Total Communication Services				63,790,881
	CONSUMER DISCRETIONARY – (24.58%)
		Retailing – (24.58%)
				Alibaba Group Holding Ltd., ADR  (China)*			93,451		18,240,701
				Amazon.com, Inc.  *			4,021		13,380,239
				JD.com, Inc., Class A, ADR  (China)*			283,266		20,077,894
				Meituan, Class B  (China)*			390,340		10,799,315
				Naspers Ltd. - N  (South Africa)			71,467		13,765,370
				Prosus N.V., Class N  (Netherlands)			84,880		7,536,561
				Quotient Technology Inc.  *			300,280		3,261,041
				Vroom, Inc.  *			218,912		8,108,500
					Total Consumer Discretionary				95,169,621
	CONSUMER STAPLES – (0.97%)
		Food, Beverage & Tobacco – (0.97%)
				Darling Ingredients Inc.  *			54,493		3,763,832
					Total Consumer Staples				3,763,832
	FINANCIALS – (39.00%)
		Banks – (19.89%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			175,796		5,825,879
				Danske Bank A/S  (Denmark)			1,064,336		18,669,584
				DBS Group Holdings Ltd.  (Singapore)			943,636		21,178,620
				DNB Bank ASA  (Norway)			237,275		4,862,462
				Metro Bank PLC  (United Kingdom)*			648,169		864,917
				Wells Fargo & Co.			556,885		25,583,297
									76,984,759
		Diversified Financials – (12.38%)
			Capital Markets – (3.32%)
				Julius Baer Group Ltd.  (Switzerland)			135,326		8,954,507
				Noah Holdings Ltd., Class A, ADS  (China)*			101,252		3,908,327
									12,862,834
			Consumer Finance – (4.23%)
				Capital One Financial Corp.			101,104		16,348,517
			Diversified Financial Services – (4.83%)
				Berkshire Hathaway Inc., Class B  *			67,192		18,698,862
									47,910,213
		Insurance – (6.73%)
			Life & Health Insurance – (6.73%)
				AIA Group Ltd.  (Hong Kong)			1,282,390		15,363,300

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	July 31, 2021 (Unaudited)

							Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Life & Health Insurance – (Continued)
				Ping An Insurance (Group) Co. of China Ltd. - H  (China)					1,220,645	$	10,704,588
											26,067,888
						Total Financials					150,962,860
	HEALTH CARE – (4.06%)
		Health Care Equipment & Services – (1.34%)
				Cigna Corp.					22,568		5,179,130
		Pharmaceuticals, Biotechnology & Life Sciences – (2.72%)
				Viatris Inc.					749,352		10,543,383
						Total Health Care					15,722,513
	INDUSTRIALS – (0.53%)
		Transportation – (0.53%)
				DiDi Global Inc., Class A, ADS  (China)*					200,258		2,064,660
						Total Industrials					2,064,660
	INFORMATION TECHNOLOGY – (12.49%)
		Semiconductors & Semiconductor Equipment – (5.89%)
				Applied Materials, Inc.					86,776		12,142,566
				Intel Corp.					198,192		10,646,874
											22,789,440
		Software & Services – (0.89%)
				Clear Secure, Inc., Class A  *					69,668		3,443,689
		Technology Hardware & Equipment – (5.71%)
				Hollysys Automation Technologies Ltd.  (China)					682,227		10,287,983
				Samsung Electronics Co., Ltd.  (South Korea)					173,065		11,811,000
											22,098,983
						Total Information Technology					48,332,112
					TOTAL COMMON STOCK – (Identified cost $304,741,714)						379,806,479
SHORT-TERM INVESTMENTS – (2.20%)
				Nomura Securities International, Inc. Joint Repurchase Agreement, 0.045%, 08/02/21, dated 07/30/21, repurchase value of $3,694,014 (collateralized by: U.S. Government agency obligation in a pooled cash account, 3.375%, 04/15/32, total market value $3,767,880)				$	3,694,000		3,694,000
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $3,899,016 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 07/31/21-08/15/56, total market value $3,976,980)					3,899,000		3,899,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $924,004 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%-3.00%, 07/01/41-07/01/51, total market value $942,480)					924,000		924,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,517,000)						8,517,000

6

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	July 31, 2021 (Unaudited)

			Total Investments – (100.31%) – (Identified cost $313,258,714)		$	388,323,479
			Liabilities Less Other Assets – (0.31%)			(1,208,337)
				Net Assets – (100.00%)	$	387,115,142
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

7

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF	July 31, 2021 (Unaudited)

						Shares		Value
COMMON STOCK – (97.82%)
	COMMUNICATION SERVICES – (5.13%)
		Media & Entertainment – (5.13%)
				Baidu, Inc., Class A, ADR  (China)*			49,450	$	8,110,295
				iQIYI, Inc., Class A, ADR  (China)*			516,526		5,764,430
				Kuaishou Technology, Class B  (China)*			3,480		49,304
					Total Communication Services				13,924,029
	CONSUMER DISCRETIONARY – (26.48%)
		Consumer Durables & Apparel – (3.88%)
				Fila Holdings Corp.  (South Korea)			231,915		10,524,636
		Retailing – (22.60%)
				Alibaba Group Holding Ltd., ADR  (China)*			76,986		15,026,897
				JD.com, Inc., Class A, ADR  (China)*			195,605		13,864,482
				Meituan, Class B  (China)*			504,070		13,945,819
				Naspers Ltd. - N  (South Africa)			54,523		10,501,760
				Prosus N.V., Class N  (Netherlands)			69,769		6,194,844
				Trip.com Group Ltd., ADR  (China)*			70,274		1,822,205
									61,356,007
					Total Consumer Discretionary				71,880,643
	FINANCIALS – (36.55%)
		Banks – (20.80%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			408,967		13,553,167
				Danske Bank A/S  (Denmark)			814,007		14,278,547
				DBS Group Holdings Ltd.  (Singapore)			761,690		17,095,091
				DNB Bank ASA  (Norway)			528,947		10,839,679
				Metro Bank PLC  (United Kingdom)*			516,133		688,728
									56,455,212
		Diversified Financials – (7.26%)
			Capital Markets – (7.26%)
				Julius Baer Group Ltd.  (Switzerland)			234,236		15,499,371
				Noah Holdings Ltd., Class A, ADS  (China)*			109,243		4,216,780
									19,716,151
		Insurance – (8.49%)
			Life & Health Insurance – (8.49%)
				AIA Group Ltd.  (Hong Kong)			1,159,690		13,893,328
				Ping An Insurance (Group) Co. of China Ltd. - H (China)			1,042,216		9,139,834
									23,033,162
					Total Financials				99,204,525
	HEALTH CARE – (3.68%)
		Pharmaceuticals, Biotechnology & Life Sciences – (3.68%)
				Novartis AG, ADR  (Switzerland)			46,712		4,315,721
				Roche Holding AG - Genusschein  (Switzerland)			14,629		5,657,968
					Total Health Care				9,973,689
	INDUSTRIALS – (13.76%)
		Capital Goods – (13.02%)
				Brenntag SE  (Germany)			47,549		4,749,299
				Ferguson PLC  (United Kingdom)			108,724		15,248,660
				Schneider Electric SE  (France)			91,544		15,344,335
									35,342,294

8

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	July 31, 2021 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Transportation – (0.74%)
			DiDi Global Inc., Class A, ADS  (China)*							194,689	$	2,007,243
							Total Industrials					37,349,537
	INFORMATION TECHNOLOGY – (12.22%)
		Semiconductors & Semiconductor Equipment – (4.36%)
			Tokyo Electron Ltd.  (Japan)							28,900		11,833,444
		Technology Hardware & Equipment – (7.86%)
			Hollysys Automation Technologies Ltd.  (China)							519,696		7,837,016
			Samsung Electronics Co., Ltd.  (South Korea)							197,782		13,497,837
												21,334,853
							Total Information Technology					33,168,297
					TOTAL COMMON STOCK – (Identified cost $218,555,038)							265,500,720
SHORT-TERM INVESTMENTS – (2.68%)
			Nomura Securities International, Inc. Joint Repurchase Agreement, 0.045%, 08/02/21, dated 07/30/21, repurchase value of $3,151,012 (collateralized by: U.S. Government agency obligations in a pooled cash account, 0.00%-3.625%, 11/15/22-08/15/40, total market value $3,214,020)						$	3,151,000		3,151,000
			StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $3,327,014 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 07/31/21-08/15/56, total market value $3,393,540)							3,327,000		3,327,000
			Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21, dated 07/30/21, repurchase value of $788,003 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 07/01/31-07/01/51, total market value $803,760)							788,000		788,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,266,000)							7,266,000
				Total Investments – (100.50%) – (Identified cost $225,821,038)								272,766,720
				Liabilities Less Other Assets – (0.50%)								(1,347,204)
						Net Assets – (100.00%)					$	271,419,516
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

9

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments
	July 31, 2021 (Unaudited)

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds' Pricing Committee and Board of Trustees. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds' Board of Trustees at its next regularly scheduled meeting covering the period in which the fair valuation was determined.

Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Funds' valuation procedures are reviewed and subject to approval by the Board of Trustees. There have been no significant changes to the fair valuation procedures during the period.

Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

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)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

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DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments – (Continued)
	July 31, 2021 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2021 in valuing each Fund's investments carried at value:

	Investments in Securities at Value
							Davis Select
	Davis Select		Davis Select		Davis Select		International
	U.S. Equity ETF		Financial ETF		Worldwide ETF		ETF
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	58,444,479	$	–	$	63,790,881	$	13,924,029
Consumer Discretionary		48,288,316		–		95,169,621		71,880,643
Consumer Staples		–		–		3,763,832		–
Financials		218,121,021		204,537,642		150,962,860		99,204,525
Health Care		19,681,656		–		15,722,513		9,973,689
Industrials		4,289,591		–		2,064,660		37,349,537
Information Technology		21,211,493		–		48,332,112		33,168,297
Total Level 1		370,036,556		204,537,642		379,806,479		265,500,720
Level 2 – Other Significant Observable Inputs:
Short-Term Investments		16,827,000		5,371,000		8,517,000		7,266,000
Total Level 2		16,827,000		5,371,000		8,517,000		7,266,000
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	386,863,556	$	209,908,642	$	388,323,479	$	272,766,720

Federal Income Taxes

At July 31, 2021, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

							Davis Select
	Davis Select		Davis Select		Davis Select		International
	U.S. Equity ETF		Financial ETF		Worldwide ETF		ETF
Unrealized appreciation	$	130,222,186	$	47,405,456	$	87,350,177	$	54,886,355
Unrealized depreciation		(3,978,576)		(3,106,784)		(15,494,396)		(10,328,707)
Net unrealized appreciation	$	126,243,610	$	44,298,672	$	71,855,781	$	44,557,648
Aggregate cost	$	260,619,946	$	165,609,970	$	316,467,698	$	228,209,072

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