DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	July 31, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (97.10%)
	COMMUNICATION SERVICES – (15.91%)
		Media & Entertainment – (15.91%)
				Alphabet Inc., Class C  *			18,789	$	27,863,335
				Facebook, Inc., Class A  *			52,518		13,322,241
					Total Communication Services				41,185,576
	CONSUMER DISCRETIONARY – (18.83%)
		Automobiles & Components – (0.14%)
				Adient plc  *			21,543		358,475
		Consumer Services – (4.43%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			81,913		11,484,203
		Retailing – (14.26%)
				Alibaba Group Holding Ltd., ADR  (China)*			29,105		7,305,937
				Amazon.com, Inc.  *			8,198		25,944,047
				Naspers Ltd. - N  (South Africa)			19,950		3,673,297
									36,923,281
					Total Consumer Discretionary				48,765,959
	FINANCIALS – (42.74%)
		Banks – (15.98%)
				Bank of America Corp.			178,060		4,430,133
				DBS Group Holdings Ltd.  (Singapore)			413,290		5,946,683
				JPMorgan Chase & Co.			92,798		8,967,999
				U.S. Bancorp			287,963		10,608,557
				Wells Fargo & Co.			471,184		11,430,924
									41,384,296
		Diversified Financials – (21.16%)
			Capital Markets – (2.73%)
				Bank of New York Mellon Corp.			197,224		7,070,480
			Consumer Finance – (10.61%)
				American Express Co.			93,681		8,742,311
				Capital One Financial Corp.			293,490		18,724,662
									27,466,973
			Diversified Financial Services – (7.82%)
				Berkshire Hathaway Inc., Class B  *			103,424		20,248,351
									54,785,804
		Insurance – (5.60%)
			Life & Health Insurance – (2.12%)
				AIA Group Ltd.  (Hong Kong)			608,220		5,497,311
			Property & Casualty Insurance – (3.48%)
				Markel Corp.  *			8,623		9,007,069
									14,504,380
					Total Financials				110,674,480
	HEALTH CARE – (3.03%)
		Health Care Equipment & Services – (3.03%)
				Quest Diagnostics Inc.			61,631		7,831,451
					Total Health Care				7,831,451
	INDUSTRIALS – (11.11%)
		Capital Goods – (11.11%)
				Carrier Global Corp.			465,904		12,691,225
				Ferguson PLC  (United Kingdom)			79,315		7,051,681

1

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	July 31, 2020 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Capital Goods – (Continued)
				Raytheon Technologies Corp.							159,374	$	9,033,318
								Total Industrials					28,776,224
	INFORMATION TECHNOLOGY – (5.48%)
		Semiconductors & Semiconductor Equipment – (5.48%)
				Applied Materials, Inc.							98,286		6,322,738
				Intel Corp.							164,542		7,853,590
								Total Information Technology					14,176,328
						TOTAL COMMON STOCK – (Identified cost $217,330,643)							251,410,018
SHORT-TERM INVESTMENTS – (2.92%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.11%, 08/03/20, dated 07/31/20, repurchase value of $7,570,069 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 08/15/20-06/01/51, total market value $7,721,400)						$	7,570,000		7,570,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,570,000)							7,570,000
					Total Investments – (100.02%) – (Identified cost $224,900,643)								258,980,018
					Liabilities Less Other Assets – (0.02%)								(53,472)
							Net Assets – (100.00%)					$	258,926,546
	ADR: American Depositary Receipt
	*		Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 9 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, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (98.62%)
	COMMUNICATION SERVICES – (2.46%)
		Media & Entertainment – (2.46%)
				Alphabet Inc., Class C  *			2,160	$	3,203,193
					Total Communication Services				3,203,193
	FINANCIALS – (96.16%)
		Banks – (41.81%)
				Bank of America Corp.			256,712		6,386,995
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			139,551		3,632,512
				Danske Bank A/S  (Denmark)*			162,461		2,611,012
				DBS Group Holdings Ltd.  (Singapore)			291,232		4,190,434
				DNB ASA  (Norway)			339,269		5,164,414
				JPMorgan Chase & Co.			62,861		6,074,887
				M&T Bank Corp.			17,453		1,849,145
				Metro Bank PLC  (United Kingdom)*			329,079		444,980
				PNC Financial Services Group, Inc.			58,197		6,207,874
				Truist Financial Corp.			38,899		1,457,157
				U.S. Bancorp			286,825		10,566,633
				Wells Fargo & Co.			240,924		5,844,816
									54,430,859
		Diversified Financials – (37.59%)
			Capital Markets – (16.79%)
				Bank of New York Mellon Corp.			170,783		6,122,570
				Charles Schwab Corp.			100,461		3,330,282
				Goldman Sachs Group, Inc.			9,007		1,783,026
				Julius Baer Group Ltd.  (Switzerland)			133,430		5,835,876
				State Street Corp.			74,949		4,780,997
									21,852,751
			Consumer Finance – (13.72%)
				American Express Co.			79,729		7,440,310
				Capital One Financial Corp.			163,313		10,419,370
									17,859,680
			Diversified Financial Services – (7.08%)
				Berkshire Hathaway Inc., Class B  *			47,077		9,216,735
									48,929,166
		Insurance – (16.76%)
			Property & Casualty Insurance – (11.24%)
				Chubb Ltd.			27,302		3,473,907
				Loews Corp.			83,171		3,028,256
				Markel Corp.  *			7,785		8,131,744
									14,633,907
			Reinsurance – (5.52%)
				Alleghany Corp.			5,354		2,796,501
				Everest Re Group, Ltd.			7,445		1,628,892
				Greenlight Capital Re, Ltd., Class A  *			113,074		730,458

3

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	July 31, 2020 (Unaudited)

										Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Swiss Re AG  (Switzerland)							25,796	$	2,024,078
														7,179,929
														21,813,836
									Total Financials					125,173,861
							TOTAL COMMON STOCK – (Identified cost $151,579,785)							128,377,054
SHORT-TERM INVESTMENTS – (1.25%)
					INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.11%, 08/03/20, dated 07/31/20, repurchase value of $1,627,015 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 08/15/20-06/01/51, total market value $1,659,540)						$	1,627,000		1,627,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,627,000)							1,627,000
						Total Investments – (99.87%) – (Identified cost $153,206,785)								130,004,054
						Other Assets Less Liabilities – (0.13%)								168,524
								Net Assets – (100.00%)					$	130,172,578
	*		Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 9 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, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (97.96%)
	COMMUNICATION SERVICES – (15.69%)
		Media & Entertainment – (15.69%)
				58.com, Inc., Class A, ADR  (China)*			202,535	$	11,214,363
				Alphabet Inc., Class C  *			11,719		17,378,808
				Baidu, Inc., Class A, ADR  (China)*			12,635		1,508,619
				Facebook, Inc., Class A  *			49,719		12,612,219
					Total Communication Services				42,714,009
	CONSUMER DISCRETIONARY – (32.49%)
		Automobiles & Components – (0.23%)
				Adient plc  *			37,144		618,076
		Consumer Services – (7.32%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			142,127		19,926,205
		Retailing – (24.94%)
				Alibaba Group Holding Ltd., ADR  (China)*			62,634		15,722,387
				Amazon.com, Inc.  *			4,947		15,655,672
				JD.com, Inc., Class A, ADR  (China)*			214,156		13,661,011
				Meituan Dianping, Class B  (China)*			355,940		8,813,193
				Naspers Ltd. - N  (South Africa)			64,843		11,939,230
				Quotient Technology Inc.  *			259,446		2,078,162
									67,869,655
					Total Consumer Discretionary				88,413,936
	FINANCIALS – (30.43%)
		Banks – (16.30%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			151,894		3,953,801
				Danske Bank A/S  (Denmark)*			517,276		8,313,466
				DBS Group Holdings Ltd.  (Singapore)			684,980		9,855,935
				DNB ASA  (Norway)			618,672		9,417,537
				Metro Bank PLC  (United Kingdom)*			560,007		757,240
				Wells Fargo & Co.			497,555		12,070,684
									44,368,663
		Diversified Financials – (11.95%)
			Capital Markets – (2.90%)
				Julius Baer Group Ltd.  (Switzerland)			116,932		5,114,296
				Noah Holdings Ltd., Class A, ADS  (China)*			90,983		2,772,252
									7,886,548
			Consumer Finance – (4.87%)
				Capital One Financial Corp.			199,967		12,757,895
				Yiren Digital Ltd., ADR  (China)*			139,219		499,796
									13,257,691
			Diversified Financial Services – (4.18%)
				Berkshire Hathaway Inc., Class B  *			58,046		11,364,246
									32,508,485
		Insurance – (2.18%)
			Life & Health Insurance – (2.18%)
				AIA Group Ltd.  (Hong Kong)			657,590		5,943,535
					Total Financials				82,820,683
	INDUSTRIALS – (8.97%)
		Capital Goods – (8.97%)
				Carrier Global Corp.			267,682		7,291,658
				Ferguson PLC  (United Kingdom)			103,236		9,178,431

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	July 31, 2020 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Capital Goods – (Continued)
				Raytheon Technologies Corp.							140,070	$	7,939,168
								Total Industrials					24,409,257
	INFORMATION TECHNOLOGY – (10.38%)
		Semiconductors & Semiconductor Equipment – (7.75%)
				Applied Materials, Inc.							200,942		12,926,599
				Intel Corp.							171,230		8,172,808
													21,099,407
		Technology Hardware & Equipment – (2.63%)
				Hollysys Automation Technologies Ltd.  (China)							591,807		7,160,864
								Total Information Technology					28,260,271
						TOTAL COMMON STOCK – (Identified cost $238,262,609)							266,618,156
SHORT-TERM INVESTMENTS – (1.66%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.11%, 08/03/20, dated 07/31/20, repurchase value of $4,510,041 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 08/15/20-06/01/51, total market value $4,600,200)						$	4,510,000		4,510,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,510,000)							4,510,000
					Total Investments – (99.62%) – (Identified cost $242,772,609)								271,128,156
					Other Assets Less Liabilities – (0.38%)								1,026,529
							Net Assets – (100.00%)					$	272,154,685
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*		Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 9 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.

6

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF	July 31, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (84.49%)
	COMMUNICATION SERVICES – (7.01%)
		Media & Entertainment – (7.01%)
				58.com, Inc., Class A, ADR  (China)*			186,670	$	10,335,918
				Baidu, Inc., Class A, ADR  (China)*			13,320		1,590,408
				iQIYI, Inc., Class A, ADR  (China)*			141,387		2,983,265
					Total Communication Services				14,909,591
	CONSUMER DISCRETIONARY – (33.21%)
		Consumer Services – (8.44%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			128,033		17,950,227
		Retailing – (24.77%)
				Alibaba Group Holding Ltd., ADR  (China)*			60,315		15,140,271
				JD.com, Inc., Class A, ADR  (China)*			167,665		10,695,350
				Meituan Dianping, Class B  (China)*			682,270		16,893,232
				Naspers Ltd. - N  (South Africa)			45,354		8,350,814
				Trip.com Group Ltd., ADR  (China)*			58,464		1,590,221
									52,669,888
					Total Consumer Discretionary				70,620,115
	FINANCIALS – (26.88%)
		Banks – (17.42%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			200,012		5,206,312
				Danske Bank A/S  (Denmark)*			707,571		11,371,817
				DBS Group Holdings Ltd.  (Singapore)			640,890		9,221,540
				DNB ASA  (Norway)			700,962		10,670,170
				Metro Bank PLC  (United Kingdom)*			421,793		570,347
									37,040,186
		Diversified Financials – (5.84%)
			Capital Markets – (5.61%)
				Julius Baer Group Ltd.  (Switzerland)			207,993		9,097,064
				Noah Holdings Ltd., Class A, ADS  (China)*			92,560		2,820,303
									11,917,367
			Consumer Finance – (0.23%)
				Yiren Digital Ltd., ADR  (China)*			137,173		492,451
									12,409,818
		Insurance – (3.62%)
			Life & Health Insurance – (3.62%)
				AIA Group Ltd.  (Hong Kong)			852,590		7,706,015
					Total Financials				57,156,019
	HEALTH CARE – (3.42%)
		Pharmaceuticals, Biotechnology & Life Sciences – (3.42%)
				Novartis AG, ADR  (Switzerland)			38,160		3,134,462
				Roche Holding AG - Genusschein  (Switzerland)			11,952		4,131,023
					Total Health Care				7,265,485
	INDUSTRIALS – (11.56%)
		Capital Goods – (11.56%)
				Brenntag AG  (Germany)			38,850		2,385,188
				Ferguson PLC  (United Kingdom)			90,201		8,019,525
				Safran S.A.  (France)*			49,541		5,219,437
				Schneider Electric SE  (France)			77,463		8,964,163
					Total Industrials				24,588,313

7

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	July 31, 2020 (Unaudited)

Shares/Principal

Value

COMMON STOCK – (CONTINUED)

INFORMATION TECHNOLOGY – (2.41%)

Technology Hardware & Equipment – (2.41%)

Hollysys Automation Technologies Ltd.  (China)

423,116

$

5,119,704

Total Information Technology

5,119,704

TOTAL COMMON STOCK – (Identified cost $152,245,736)

179,659,227

SHORT-TERM INVESTMENTS – (14.69%)

INTL FCStone Financial Inc. Joint Repurchase Agreement, 0.11%, 08/03/20, dated 07/31/20, repurchase value of $31,242,286 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-9.00%, 08/15/20-06/01/51, total market value $31,866,840)

$

31,242,000

31,242,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $31,242,000)

31,242,000

Total Investments – (99.18%) – (Identified cost $183,487,736)

210,901,227

Other Assets Less Liabilities – (0.82%)

1,746,307

Net Assets – (100.00%)

$

212,647,534

ADR: American Depositary Receipt

ADS: American Depositary Share

*

Non-income producing security.

Please refer to "Notes to Schedule of Investments" on page 9 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.

8

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments
	July 31, 2020 (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 securities 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.

9

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments – (Continued)
	July 31, 2020 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2020 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	$	41,185,576	$	3,203,193	$	42,714,009	$	14,909,591
Consumer Discretionary		48,765,959		–		88,413,936		70,620,115
Financials		110,674,480		125,173,861		82,820,683		57,156,019
Health Care		7,831,451		–		–		7,265,485
Industrials		28,776,224		–		24,409,257		24,588,313
Information Technology		14,176,328		–		28,260,271		5,119,704
Total Level 1		251,410,018		128,377,054		266,618,156		179,659,227
Level 2 – Other Significant Observable Inputs:
Short-term securities		7,570,000		1,627,000		4,510,000		31,242,000
Total Level 2		7,570,000		1,627,000		4,510,000		31,242,000
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	258,980,018	$	130,004,054	$	271,128,156	$	210,901,227

Federal Income Taxes

At July 31, 2020, 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	$	51,045,699	$	2,358,105	$	58,935,636	$	37,504,004
Unrealized depreciation		(18,163,838)		(25,752,771)		(33,873,587)		(12,352,740)
Net unrealized appreciation (depreciation)	$	32,881,861	$	(23,394,666)	$	25,062,049	$	25,151,264
Aggregate cost	$	226,098,157	$	153,398,720	$	246,066,107	$	185,749,963

CORONAVIRUS (COVID-19) PANDEMIC

The rapid and global spread of a highly contagious novel coronavirus respiratory disease, COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; significant disruptions to business operations (including business closures); disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a fund’s investments, impair a fund’s ability to satisfy redemption requests, and negatively impact fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a fund by its service providers.

10