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)
January 31, 2024
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments
January 31, 2024 (Unaudited)
Shares | Value | |
COMMON STOCK – (97.83%) | ||
COMMUNICATION SERVICES – (16.29%) | ||
Media & Entertainment – (16.29%) | ||
Alphabet Inc., Class C * | 128,190 | $18,177,342 |
Meta Platforms, Inc., Class A * | 129,908 | 50,682,307 |
Total Communication Services | 68,859,649 | |
CONSUMER DISCRETIONARY – (12.46%) | ||
Consumer Discretionary Distribution & Retail – (7.72%) | ||
Amazon.com, Inc. * | 210,370 | 32,649,424 |
Consumer Services – (4.74%) | ||
MGM Resorts International * | 461,449 | 20,013,043 |
Total Consumer Discretionary | 52,662,467 | |
FINANCIALS – (44.49%) | ||
Banks – (13.14%) | ||
JPMorgan Chase & Co. | 76,045 | 13,259,206 |
U.S. Bancorp | 440,983 | 18,318,434 |
Wells Fargo & Co. | 477,587 | 23,965,316 |
55,542,956 | ||
Financial Services – (26.29%) | ||
Capital Markets – (4.22%) | ||
Bank of New York Mellon Corp. | 321,490 | 17,829,835 |
Consumer Finance – (12.19%) | ||
American Express Co. | 32,298 | 6,483,500 |
Capital One Financial Corp. | 332,768 | 45,030,166 |
51,513,666 | ||
Financial Services – (9.88%) | ||
Berkshire Hathaway Inc., Class B * | 108,782 | 41,744,005 |
111,087,506 | ||
Insurance – (5.06%) | ||
Property & Casualty Insurance – (5.06%) | ||
Markel Group Inc. * | 14,289 | 21,396,777 |
Total Financials | 188,027,239 | |
HEALTH CARE – (11.39%) | ||
Health Care Equipment & Services – (6.59%) | ||
Cigna Group | 53,073 | 15,972,319 |
Humana Inc. | 280 | 105,857 |
Quest Diagnostics Inc. | 91,663 | 11,772,279 |
27,850,455 | ||
Pharmaceuticals, Biotechnology & Life Sciences – (4.80%) | ||
Viatris Inc. | 1,722,021 | 20,268,187 |
Total Health Care | 48,118,642 | |
INDUSTRIALS – (4.39%) | ||
Capital Goods – (4.39%) | ||
AGCO Corp. | 30,640 | 3,748,191 |
Owens Corning | 97,733 | 14,809,482 |
Total Industrials | 18,557,673 |
Shares | Value | |
COMMON STOCK – (CONTINUED) | ||
INFORMATION TECHNOLOGY – (7.05%) | ||
Semiconductors & Semiconductor Equipment – (7.05%) | ||
Applied Materials, Inc. | 92,469 | $15,192,657 |
Intel Corp. | 246,842 | 10,633,953 |
Texas Instruments Inc. | 24,824 | 3,974,819 |
Total Information Technology | 29,801,429 | |
MATERIALS – (1.76%) | ||
Teck Resources Ltd., Class B (Canada) | 186,075 | 7,444,861 |
Total Materials | 7,444,861 | |
TOTAL COMMON STOCK – (Identified cost $267,507,170) | 413,471,960 |
Principal | Value | |
SHORT-TERM INVESTMENTS – (2.18%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (a) | $4,706,000 | $4,706,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (b) | 4,523,000 | 4,523,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $9,229,000) | 9,229,000 | |
Total Investments – (100.01%) – (Identified cost $276,736,170) | 422,700,960 | |
Liabilities Less Other Assets – (0.01%) | (46,522 ) | |
Net Assets – (100.00%) | $422,654,438 |
* | Non-income producing security. |
(a) | Dated 01/31/24, repurchase value of $4,706,693 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%- 6.50%, 03/01/46-02/20/62, total market value $4,800,120). |
(b) | Dated 01/31/24, repurchase value of $4,523,666 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 03/15/24-10/20/73, total market value $4,613,460). |
Please refer to “Notes to Schedule of Investments” on page 5 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.
1
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
DAVIS SELECT FINANCIAL ETF
Schedule of Investments
January 31, 2024 (Unaudited)
Shares | Value | |
COMMON STOCK – (98.84%) | ||
CONSUMER DISCRETIONARY – (1.00%) | ||
Consumer Discretionary Distribution & Retail – (1.00%) | ||
Prosus N.V., Class N (Netherlands) | 62,775 | $1,856,693 |
Total Consumer Discretionary | 1,856,693 | |
FINANCIALS – (97.84%) | ||
Banks – (44.71%) | ||
Bank of America Corp. | 130,883 | 4,451,331 |
Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 101,971 | 3,092,780 |
Danske Bank A/S (Denmark) | 292,588 | 7,856,414 |
DBS Group Holdings Ltd. (Singapore) | 302,086 | 7,154,992 |
DNB Bank ASA (Norway) | 191,063 | 3,714,209 |
Fifth Third Bancorp | 285,115 | 9,762,338 |
JPMorgan Chase & Co. | 63,917 | 11,144,568 |
M&T Bank Corp. | 19,695 | 2,719,880 |
Metro Bank Holdings PLC (United Kingdom) * | 1,134,168 | 513,741 |
PNC Financial Services Group, Inc. | 57,428 | 8,683,688 |
Truist Financial Corp. | 144,376 | 5,350,575 |
U.S. Bancorp | 219,663 | 9,124,801 |
Wells Fargo & Co. | 195,169 | 9,793,580 |
83,362,897 | ||
Financial Services – (36.09%) | ||
Capital Markets – (12.67%) | ||
Bank of New York Mellon Corp. | 176,111 | 9,767,116 |
Charles Schwab Corp. | 36,315 | 2,284,940 |
Julius Baer Group Ltd. (Switzerland) | 161,785 | 8,807,802 |
State Street Corp. | 37,413 | 2,763,698 |
23,623,556 | ||
Consumer Finance – (13.62%) | ||
American Express Co. | 39,493 | 7,927,825 |
Capital One Financial Corp. | 129,127 | 17,473,465 |
25,401,290 | ||
Financial Services – (9.80%) | ||
Berkshire Hathaway Inc., Class B * | 35,437 | 13,598,594 |
Rocket Companies, Inc., Class A * | 379,824 | 4,675,634 |
18,274,228 | ||
67,299,074 | ||
Insurance – (17.04%) | ||
Life & Health Insurance – (0.66%) | ||
Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 291,500 | 1,225,332 |
Property & Casualty Insurance – (15.17%) | ||
Chubb Ltd. | 43,408 | 10,634,960 |
Loews Corp. | 87,121 | 6,347,636 |
Markel Group Inc. * | 7,547 | 11,301,105 |
28,283,701 |
Shares | Value | |
COMMON STOCK – (CONTINUED) | ||
FINANCIALS – (CONTINUED) | ||
Insurance – (Continued) | ||
Reinsurance – (1.21%) | ||
Everest Group, Ltd. | 5,891 | $2,267,858 |
31,776,891 | ||
Total Financials | 182,438,862 | |
TOTAL COMMON STOCK – (Identified cost $152,500,331) | 184,295,555 |
Principal | Value | |
SHORT-TERM INVESTMENTS – (0.97%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (a) | $923,000 | $923,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (b) | 888,000 | 888,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,811,000) | 1,811,000 | |
Total Investments – (99.81%) – (Identified cost $154,311,331) | 186,106,555 | |
Other Assets Less Liabilities – (0.19%) | 357,079 | |
Net Assets – (100.00%) | $186,463,634 |
* | Non-income producing security. |
(a) | Dated 01/31/24, repurchase value of $923,136 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%- 5.00%, 08/01/42-05/01/52, total market value $941,460). |
(b) | Dated 01/31/24, repurchase value of $888,131 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 03/15/24-10/20/73, total market value $905,760). |
Please refer to “Notes to Schedule of Investments” on page 5 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
DAVIS SELECT WORLDWIDE ETF
DAVIS SELECT WORLDWIDE ETF
Schedule of Investments
January 31, 2024 (Unaudited)
Shares | Value | |
COMMON STOCK – (99.55%) | ||
COMMUNICATION SERVICES – (14.08%) | ||
Media & Entertainment – (14.08%) | ||
Alphabet Inc., Class C * | 51,259 | $7,268,526 |
IAC Inc. * | 46,322 | 2,325,828 |
Liberty Media Corp., Liberty Formula One, Series A * | 55,858 | 3,412,365 |
Liberty Media Corp., Liberty Formula One, Series C * | 34,644 | 2,329,809 |
Meta Platforms, Inc., Class A * | 55,945 | 21,826,382 |
Total Communication Services | 37,162,910 | |
CONSUMER DISCRETIONARY – (21.88%) | ||
Consumer Discretionary Distribution & Retail – (12.45%) | ||
Amazon.com, Inc. * | 76,708 | 11,905,082 |
Coupang, Inc., Class A (South Korea) * | 122,006 | 1,708,084 |
JD.com, Inc., Class A, ADR (China) | 202,641 | 4,569,555 |
Naspers Ltd. - N (South Africa) | 17,414 | 2,920,744 |
Prosus N.V., Class N (Netherlands) | 397,420 | 11,754,469 |
32,857,934 | ||
Consumer Durables & Apparel – (1.14%) | ||
Fila Holdings Corp. (South Korea) | 98,651 | 3,005,302 |
Consumer Services – (8.29%) | ||
Delivery Hero SE (Germany) * | 137,856 | 3,127,854 |
Meituan, Class B (China) * | 1,138,040 | 9,153,509 |
MGM Resorts International * | 221,529 | 9,607,713 |
21,889,076 | ||
Total Consumer Discretionary | 57,752,312 | |
CONSUMER STAPLES – (0.64%) | ||
Food, Beverage & Tobacco – (0.64%) | ||
Darling Ingredients Inc. * | 39,064 | 1,691,471 |
Total Consumer Staples | 1,691,471 | |
ENERGY – (0.99%) | ||
Tourmaline Oil Corp. (Canada) | 60,295 | 2,606,976 |
Total Energy | 2,606,976 | |
FINANCIALS – (39.27%) | ||
Banks – (17.21%) | ||
Danske Bank A/S (Denmark) | 691,751 | 18,574,522 |
DBS Group Holdings Ltd. (Singapore) | 470,036 | 11,132,936 |
Metro Bank Holdings PLC (United Kingdom) * | 1,894,348 | 858,078 |
Wells Fargo & Co. | 296,009 | 14,853,731 |
45,419,267 | ||
Financial Services – (14.65%) | ||
Capital Markets – (4.32%) | ||
Julius Baer Group Ltd. (Switzerland) | 189,480 | 10,315,556 |
Noah Holdings Ltd., Class A, ADS (China) | 91,166 | 1,075,759 |
11,391,315 | ||
Consumer Finance – (5.61%) | ||
Capital One Financial Corp. | 109,481 | 14,814,969 |
Financial Services – (4.72%) | ||
Berkshire Hathaway Inc., Class B * | 32,482 | 12,464,643 |
38,670,927 | ||
Insurance – (7.41%) | ||
Life & Health Insurance – (5.23%) | ||
AIA Group Ltd. (Hong Kong) | 659,890 | 5,175,132 |
Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 2,053,615 | 8,632,455 |
13,807,587 | ||
Property & Casualty Insurance – (2.18%) | ||
Markel Group Inc. * | 3,843 | 5,754,623 |
19,562,210 | ||
Total Financials | 103,652,404 | |
HEALTH CARE – (5.81%) | ||
Health Care Equipment & Services – (2.86%) | ||
Cigna Group | 17,659 | 5,314,476 |
Humana Inc. | 120 | 45,367 |
Quest Diagnostics Inc. | 17,120 | 2,198,722 |
7,558,565 |
Shares | Value | |
COMMON STOCK – (CONTINUED) | ||
HEALTH CARE – (CONTINUED) | ||
Pharmaceuticals, Biotechnology & Life Sciences – (2.95%) | ||
Viatris Inc. | 661,413 | $7,784,831 |
Total Health Care | 15,343,396 | |
INDUSTRIALS – (1.88%) | ||
Capital Goods – (1.88%) | ||
AGCO Corp. | 21,064 | 2,576,759 |
Owens Corning | 15,644 | 2,370,535 |
Total Industrials | 4,947,294 | |
INFORMATION TECHNOLOGY – (9.55%) | ||
Semiconductors & Semiconductor Equipment – (2.49%) | ||
Applied Materials, Inc. | 39,991 | 6,570,521 |
Software & Services – (0.34%) | ||
Clear Secure, Inc., Class A | 47,029 | 894,962 |
Technology Hardware & Equipment – (6.72%) | ||
Hollysys Automation Technologies Ltd. (China) * | 273,901 | 6,776,311 |
Samsung Electronics Co., Ltd. (South Korea) | 201,808 | 10,965,607 |
17,741,918 | ||
Total Information Technology | 25,207,401 | |
MATERIALS – (3.13%) | ||
Teck Resources Ltd., Class B (Canada) | 206,513 | 8,262,585 |
Total Materials | 8,262,585 | |
REAL ESTATE – (2.32%) | ||
Real Estate Management & Development – (2.32%) | ||
KE Holdings Inc., Class A, ADR (China) * | 432,768 | 6,132,323 |
Total Real Estate | 6,132,323 | |
TOTAL COMMON STOCK – (Identified cost $234,959,675) | 262,759,072 |
Principal | Value | |
SHORT-TERM INVESTMENTS – (0.47%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (a) | $632,000 | $632,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (b) | 607,000 | 607,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,239,000) | 1,239,000 | |
Total Investments – (100.02%) – (Identified cost $236,198,675) | 263,998,072 | |
Liabilities Less Other Assets – (0.02%) | (60,546 ) | |
Net Assets – (100.00%) | $263,937,526 |
ADR: | American Depositary Receipt |
ADS: | American Depositary Share |
* | Non-income producing security. |
(a) | Dated 01/31/24, repurchase value of $632,093 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 4.84%, 12/01/29-09/20/50, total market value $644,640). |
(b) | Dated 01/31/24, repurchase value of $607,089 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 03/15/24-10/20/73, total market value $619,140). |
Please refer to “Notes to Schedule of Investments” on page 5 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.
3
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
DAVIS SELECT INTERNATIONAL ETF
Schedule of Investments
January 31, 2024 (Unaudited)
Shares | Value | |
COMMON STOCK – (97.89%) | ||
COMMUNICATION SERVICES – (3.01%) | ||
Media & Entertainment – (3.01%) | ||
Baidu, Inc., Class A, ADR (China) * | 43,170 | $4,546,233 |
Total Communication Services | 4,546,233 | |
CONSUMER DISCRETIONARY – (28.23%) | ||
Consumer Discretionary Distribution & Retail – (16.36%) | ||
Alibaba Group Holding Ltd., ADR (China) | 29,958 | 2,162,069 |
Coupang, Inc., Class A (South Korea) * | 301,248 | 4,217,472 |
JD.com, Inc., Class A, ADR (China) | 148,945 | 3,358,710 |
Naspers Ltd. - N (South Africa) | 43,762 | 7,339,934 |
Prosus N.V., Class N (Netherlands) | 258,081 | 7,633,247 |
24,711,432 | ||
Consumer Durables & Apparel – (5.00%) | ||
Fila Holdings Corp. (South Korea) | 247,909 | 7,552,295 |
Consumer Services – (6.87%) | ||
Delivery Hero SE (Germany) * | 160,129 | 3,633,212 |
Meituan, Class B (China) * | 837,280 | 6,734,430 |
10,367,642 | ||
Total Consumer Discretionary | 42,631,369 | |
ENERGY – (0.99%) | ||
Tourmaline Oil Corp. (Canada) | 34,490 | 1,491,244 |
Total Energy | 1,491,244 | |
FINANCIALS – (32.72%) | ||
Banks – (20.12%) | ||
Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 124,432 | 3,774,023 |
Danske Bank A/S (Denmark) | 438,731 | 11,780,567 |
DBS Group Holdings Ltd. (Singapore) | 358,190 | 8,483,831 |
DNB Bank ASA (Norway) | 292,309 | 5,682,402 |
Metro Bank Holdings PLC (United Kingdom) * | 1,443,023 | 653,642 |
30,374,465 | ||
Financial Services – (4.99%) | ||
Capital Markets – (4.99%) | ||
Julius Baer Group Ltd. (Switzerland) | 120,086 | 6,537,650 |
Noah Holdings Ltd., Class A, ADS (China) | 84,539 | 997,560 |
7,535,210 | ||
Insurance – (7.61%) | ||
Life & Health Insurance – (7.61%) | ||
AIA Group Ltd. (Hong Kong) | 638,890 | 5,010,441 |
Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 1,542,326 | 6,483,231 |
11,493,672 | ||
Total Financials | 49,403,347 | |
INDUSTRIALS – (10.20%) | ||
Capital Goods – (10.20%) | ||
Ferguson plc | 37,756 | 7,059,825 |
ITOCHU Corp. (Japan) | 51,100 | 2,319,128 |
Schneider Electric SE (France) | 30,695 | 6,030,032 |
Total Industrials | 15,408,985 | |
INFORMATION TECHNOLOGY – (14.63%) | ||
Semiconductors & Semiconductor Equipment – (4.76%) | ||
Tokyo Electron Ltd. (Japan) | 38,750 | 7,190,931 |
Shares | Value | |
COMMON STOCK – (CONTINUED) | ||
INFORMATION TECHNOLOGY – (CONTINUED) | ||
Technology Hardware & Equipment – (9.87%) | ||
Hollysys Automation Technologies Ltd. (China) * | 253,199 | $6,264,143 |
Samsung Electronics Co., Ltd. (South Korea) | 158,863 | 8,632,112 |
14,896,255 | ||
Total Information Technology | 22,087,186 | |
MATERIALS – (4.81%) | ||
Teck Resources Ltd., Class B (Canada) | 181,520 | 7,262,615 |
Total Materials | 7,262,615 | |
REAL ESTATE – (3.30%) | ||
Real Estate Management & Development – (3.30%) | ||
KE Holdings Inc., Class A, ADR (China) * | 351,980 | 4,987,557 |
Total Real Estate | 4,987,557 | |
TOTAL COMMON STOCK – (Identified cost $157,363,584) | 147,818,536 |
Principal | Value | |
SHORT-TERM INVESTMENTS – (2.02%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (a) | $1,553,000 | $1,553,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 02/01/24 (b) | 1,492,000 | 1,492,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,045,000) | 3,045,000 | |
Total Investments – (99.91%) – (Identified cost $160,408,584) | 150,863,536 | |
Other Assets Less Liabilities – (0.09%) | 138,284 | |
Net Assets – (100.00%) | $151,001,820 |
ADR: | American Depositary Receipt |
ADS: | American Depositary Share |
* | Non-income producing security. |
(a) | Dated 01/31/24, repurchase value of $1,553,229 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 5.50%, 04/20/48-06/20/53, total market value $1,584,060). |
(b) | Dated 01/31/24, repurchase value of $1,492,220 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 03/15/24-10/20/73, total market value $1,521,840). |
Please refer to “Notes to Schedule of Investments” on page 5 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
Notes to Schedule of Investments
January 31, 2024 (Unaudited)
Security Valuation - The Funds' Board of Trustees has designated Davis Selected Advisers, L.P. (“Adviser”), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. 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 the 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 Pricing Committee. 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 Pricing Committee 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 for the security was readily available.
Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.
On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Funds' investments.
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.
5
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments - (Continued)
January 31, 2024 (Unaudited)
Security Valuation - (Continued)Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of January 31, 2024 in valuing each Fund's investments carried at value:
Investments in Securities at Value | ||||
Davis Select U.S. Equity ETF | Davis Select Financial ETF | Davis Select Worldwide ETF | Davis Select International ETF | |
Valuation Inputs | ||||
Level 1 – Quoted Prices: | ||||
Common Stock: | ||||
Communication Services | $68,859,649 | $– | $37,162,910 | $4,546,233 |
Consumer Discretionary | 52,662,467 | – | 27,790,434 | 9,738,251 |
Consumer Staples | – | – | 1,691,471 | – |
Energy | – | – | 2,606,976 | 1,491,244 |
Financials | 188,027,239 | 153,166,372 | 48,963,725 | 4,771,583 |
Health Care | 48,118,642 | – | 15,343,396 | – |
Industrials | 18,557,673 | – | 4,947,294 | – |
Information Technology | 29,801,429 | – | 14,241,794 | 6,264,143 |
Materials | 7,444,861 | – | 8,262,585 | 7,262,615 |
Real Estate | – | – | 6,132,323 | 4,987,557 |
Total Level 1 | 413,471,960 | 153,166,372 | 167,142,908 | 39,061,626 |
Level 2 – Other Significant Observable Inputs: | ||||
Common Stock:* | ||||
Consumer Discretionary | – | 1,856,693 | 29,961,878 | 32,893,118 |
Financials | – | 29,272,490 | 54,688,679 | 44,631,764 |
Industrials | – | – | – | 15,408,985 |
Information Technology | – | – | 10,965,607 | 15,823,043 |
Short-Term Investments | 9,229,000 | 1,811,000 | 1,239,000 | 3,045,000 |
Total Level 2 | 9,229,000 | 32,940,183 | 96,855,164 | 111,801,910 |
Level 3 – Significant Unobservable Inputs: | ||||
Total Level 3 | – | – | – | – |
Total Investments | $422,700,960 | $186,106,555 | $263,998,072 | $150,863,536 |
* | Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading. |
Federal Income Taxes
At January 31, 2024, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
Davis Select U.S. Equity ETF | Davis Select Financial ETF | Davis Select Worldwide ETF | Davis Select International ETF | |
Cost | $276,736,856 | $154,754,353 | $237,424,203 | $161,678,274 |
Unrealized appreciation | 148,743,618 | 39,296,734 | 61,603,015 | 20,504,681 |
Unrealized depreciation | (2,779,514 ) | (7,944,532 ) | (35,029,146 ) | (31,319,419 ) |
Net unrealized appreciation (depreciation) | $145,964,104 | $31,352,202 | $26,573,869 | $(10,814,738 ) |
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