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)
July 31, 2023
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
|
|
Shares
|
Value
|
|
COMMON STOCK – (96.49%)
|
||
|
COMMUNICATION SERVICES – (15.12%)
|
||
|
Media & Entertainment – (15.12%)
|
||
|
Alphabet Inc., Class C *
|
124,354
|
$16,552,761
|
|
Meta Platforms, Inc., Class A *
|
131,750
|
41,975,550
|
|
Total Communication Services
|
58,528,311
|
|
|
CONSUMER DISCRETIONARY – (11.87%)
|
||
|
Consumer Discretionary Distribution & Retail – (10.01%)
|
||
|
Amazon.com, Inc. *
|
221,527
|
29,613,730
|
|
JD.com, Inc., Class A, ADR (China)
|
128,678
|
5,315,688
|
|
Naspers Ltd. - N (South Africa)
|
7,419
|
1,457,814
|
|
Prosus N.V., Class N (Netherlands)
|
30,010
|
2,376,702
|
|
|
|
38,763,934
|
|
Consumer Services – (1.86%)
|
||
|
MGM Resorts International *
|
141,590
|
7,188,524
|
|
Total Consumer Discretionary
|
45,952,458
|
|
|
FINANCIALS – (46.16%)
|
||
|
Banks – (18.39%)
|
||
|
Bank of America Corp.
|
177,616
|
5,683,712
|
|
Danske Bank A/S (Denmark)
|
244,884
|
5,811,903
|
|
DBS Group Holdings Ltd. (Singapore)
|
492,891
|
12,698,963
|
|
JPMorgan Chase & Co.
|
72,799
|
11,499,330
|
|
U.S. Bancorp
|
331,899
|
13,169,752
|
|
Wells Fargo & Co.
|
483,956
|
22,339,409
|
|
|
|
71,203,069
|
|
Financial Services – (21.96%)
|
||
|
Capital Markets – (2.62%)
|
||
|
Bank of New York Mellon Corp.
|
223,846
|
10,153,655
|
|
Consumer Finance – (9.58%)
|
||
|
American Express Co.
|
31,332
|
5,291,348
|
|
Capital One Financial Corp.
|
271,657
|
31,789,302
|
|
|
|
37,080,650
|
|
Financial Services – (9.76%)
|
||
|
Berkshire Hathaway Inc., Class B *
|
107,363
|
37,787,482
|
|
|
|
85,021,787
|
|
Insurance – (5.81%)
|
||
|
Life & Health Insurance – (2.14%)
|
||
|
AIA Group Ltd. (Hong Kong)
|
89,790
|
891,119
|
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
1,023,090
|
7,379,093
|
|
|
|
8,270,212
|
|
Property & Casualty Insurance – (3.67%)
|
||
|
Markel Group Inc. *
|
9,800
|
14,207,158
|
|
|
|
22,477,370
|
|
Total Financials
|
178,702,226
|
|
|
HEALTH CARE – (9.58%)
|
||
|
Health Care Equipment & Services – (5.76%)
|
||
|
Cigna Group
|
51,484
|
15,192,929
|
|
Quest Diagnostics Inc.
|
52,497
|
7,098,119
|
|
|
|
22,291,048
|
|
Pharmaceuticals, Biotechnology & Life Sciences – (3.82%)
|
||
|
Viatris Inc.
|
1,405,001
|
14,794,660
|
|
Total Health Care
|
37,085,708
|
|
|
|
Shares
|
Value
|
|
COMMON STOCK – (CONTINUED)
|
||
|
INDUSTRIALS – (3.76%)
|
||
|
Capital Goods – (3.76%)
|
||
|
Owens Corning
|
104,129
|
$14,577,019
|
|
Total Industrials
|
14,577,019
|
|
|
INFORMATION TECHNOLOGY – (7.93%)
|
||
|
Semiconductors & Semiconductor Equipment – (5.72%)
|
||
|
Applied Materials, Inc.
|
89,704
|
13,598,229
|
|
Intel Corp.
|
239,457
|
8,565,377
|
|
|
|
22,163,606
|
|
Technology Hardware & Equipment – (2.21%)
|
||
|
Samsung Electronics Co., Ltd. (South Korea)
|
156,212
|
8,554,190
|
|
Total Information Technology
|
30,717,796
|
|
|
MATERIALS – (2.07%)
|
||
|
Teck Resources Ltd., Class B (Canada)
|
180,510
|
8,020,059
|
|
Total Materials
|
8,020,059
|
|
|
TOTAL COMMON STOCK –
(Identified cost $263,084,777)
|
373,583,577
|
|
|
|
Principal
|
Value
|
|
SHORT-TERM INVESTMENTS – (3.47%)
|
||
|
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 08/01/23 (a)
|
$6,724,000
|
$6,724,000
|
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 08/01/23 (b)
|
6,694,000
|
6,694,000
|
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $13,418,000)
|
13,418,000
|
|
|
Total Investments – (99.96%) –
(Identified cost $276,502,777)
|
387,001,577
|
|
|
Other Assets Less Liabilities – (0.04%)
|
156,904
|
|
|
Net Assets – (100.00%)
|
$387,158,481
|
|
|
ADR:
|
American Depositary Receipt
|
|
*
|
Non-income producing security.
|
|
(a)
|
Dated 07/31/23, repurchase value of $6,724,990 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
5.50%, 09/01/48-09/01/53, total market value $6,858,480).
|
|
(b)
|
Dated 07/31/23, repurchase value of $6,694,986 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-10.00%, 08/25/23-04/20/73, total market value
$6,827,880).
|
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
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
|
|
Shares
|
Value
|
|
COMMON STOCK – (98.06%)
|
||
|
CONSUMER DISCRETIONARY – (1.35%)
|
||
|
Consumer Discretionary Distribution & Retail – (1.35%)
|
||
|
Prosus N.V., Class N (Netherlands)
|
30,042
|
$2,379,237
|
|
Total Consumer Discretionary
|
2,379,237
|
|
|
FINANCIALS – (96.71%)
|
||
|
Banks – (44.12%)
|
||
|
Bank of America Corp.
|
195,723
|
6,263,136
|
|
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
|
121,031
|
3,888,726
|
|
Danske Bank A/S (Denmark)
|
305,198
|
7,243,353
|
|
DBS Group Holdings Ltd. (Singapore)
|
315,086
|
8,117,952
|
|
DNB Bank ASA (Norway)
|
199,298
|
4,111,792
|
|
Fifth Third Bancorp
|
272,384
|
7,926,374
|
|
JPMorgan Chase & Co.
|
65,570
|
10,357,437
|
|
M&T Bank Corp.
|
20,545
|
2,873,424
|
|
Metro Bank Holdings PLC (United Kingdom) *
|
271,890
|
412,435
|
|
PNC Financial Services Group, Inc.
|
46,353
|
6,345,262
|
|
Truist Financial Corp.
|
66,014
|
2,192,985
|
|
U.S. Bancorp
|
221,574
|
8,792,056
|
|
Wells Fargo & Co.
|
203,583
|
9,397,391
|
|
|
|
77,922,323
|
|
Financial Services – (35.71%)
|
||
|
Capital Markets – (14.03%)
|
||
|
Bank of New York Mellon Corp.
|
183,701
|
8,332,677
|
|
Charles Schwab Corp.
|
37,880
|
2,503,868
|
|
Julius Baer Group Ltd. (Switzerland)
|
157,255
|
11,108,203
|
|
State Street Corp.
|
39,028
|
2,827,188
|
|
|
|
24,771,936
|
|
Consumer Finance – (11.86%)
|
||
|
American Express Co.
|
41,193
|
6,956,674
|
|
Capital One Financial Corp.
|
119,537
|
13,988,219
|
|
|
|
20,944,893
|
|
Financial Services – (9.82%)
|
||
|
Berkshire Hathaway Inc., Class B *
|
36,966
|
13,010,553
|
|
Rocket Companies, Inc., Class A *
|
396,194
|
4,330,401
|
|
|
|
17,340,954
|
|
|
|
63,057,783
|
|
Insurance – (16.88%)
|
||
|
Life & Health Insurance – (1.24%)
|
||
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
304,000
|
2,192,617
|
|
Property & Casualty Insurance – (14.38%)
|
||
|
Chubb Ltd.
|
45,278
|
9,255,276
|
|
Loews Corp.
|
90,876
|
5,693,381
|
|
Markel Group Inc. *
|
7,207
|
10,448,060
|
|
|
|
25,396,717
|
|
|
Shares
|
Value
|
|
COMMON STOCK – (CONTINUED)
|
||
|
FINANCIALS – (CONTINUED)
|
||
|
Insurance – (Continued)
|
||
|
Reinsurance – (1.26%)
|
||
|
Everest Group, Ltd.
|
6,146
|
$2,215,695
|
|
|
|
29,805,029
|
|
Total Financials
|
170,785,135
|
|
|
TOTAL COMMON STOCK –
(Identified cost $151,571,681)
|
173,164,372
|
|
|
|
Principal
|
Value
|
|
SHORT-TERM INVESTMENTS – (1.75%)
|
||
|
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 08/01/23 (a)
|
$1,552,000
|
$1,552,000
|
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 08/01/23 (b)
|
1,546,000
|
1,546,000
|
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $3,098,000)
|
3,098,000
|
|
|
Total Investments – (99.81%) –
(Identified cost $154,669,681)
|
176,262,372
|
|
|
Other Assets Less Liabilities – (0.19%)
|
329,813
|
|
|
Net Assets – (100.00%)
|
$176,592,185
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Dated 07/31/23, repurchase value of $1,552,228 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
4.682%, 07/01/37-12/01/49, total market value $1,583,040).
|
|
(b)
|
Dated 07/31/23, repurchase value of $1,546,228 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-10.00%, 08/25/23-04/20/73, total market value
$1,576,920).
|
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
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
|
|
Shares
|
Value
|
|
COMMON STOCK – (98.27%)
|
||
|
COMMUNICATION SERVICES – (15.56%)
|
||
|
Media & Entertainment – (15.56%)
|
||
|
Alphabet Inc., Class C *
|
52,679
|
$7,012,102
|
|
IAC Inc. *
|
36,977
|
2,573,599
|
|
iQIYI, Inc., Class A, ADR (China) *
|
210,138
|
1,332,275
|
|
Liberty Media Corp., Liberty Formula One,
Series A *
|
57,835
|
3,717,634
|
|
Liberty Media Corp., Liberty Formula One,
Series C *
|
35,864
|
2,603,726
|
|
Meta Platforms, Inc., Class A *
|
84,731
|
26,995,297
|
|
Total Communication Services
|
44,234,633
|
|
|
CONSUMER DISCRETIONARY – (22.44%)
|
||
|
Consumer Discretionary Distribution & Retail – (14.30%)
|
||
|
Amazon.com, Inc. *
|
119,979
|
16,038,793
|
|
Coupang, Inc., Class A (South Korea) *
|
126,312
|
2,292,563
|
|
JD.com, Inc., Class A, ADR (China)
|
205,242
|
8,478,547
|
|
Naspers Ltd. - N (South Africa)
|
17,638
|
3,465,821
|
|
Prosus N.V., Class N (Netherlands)
|
130,795
|
10,358,573
|
|
|
|
40,634,297
|
|
Consumer Durables & Apparel – (1.10%)
|
||
|
Fila Holdings Corp. (South Korea)
|
100,761
|
3,138,282
|
|
Consumer Services – (7.04%)
|
||
|
Delivery Hero SE (Germany) *
|
140,521
|
6,375,562
|
|
Meituan, Class B (China) *
|
447,240
|
8,389,800
|
|
MGM Resorts International *
|
103,200
|
5,239,464
|
|
|
|
20,004,826
|
|
Total Consumer Discretionary
|
63,777,405
|
|
|
CONSUMER STAPLES – (0.99%)
|
||
|
Food, Beverage & Tobacco – (0.99%)
|
||
|
Darling Ingredients Inc. *
|
40,441
|
2,800,539
|
|
Total Consumer Staples
|
2,800,539
|
|
|
FINANCIALS – (38.98%)
|
||
|
Banks – (17.13%)
|
||
|
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
|
119,459
|
3,838,218
|
|
Danske Bank A/S (Denmark)
|
728,095
|
17,280,090
|
|
DBS Group Holdings Ltd. (Singapore)
|
486,336
|
12,530,078
|
|
Metro Bank Holdings PLC (United Kingdom) *
|
440,379
|
668,019
|
|
Wells Fargo & Co.
|
311,545
|
14,380,917
|
|
|
|
48,697,322
|
|
Financial Services – (14.14%)
|
||
|
Capital Markets – (5.37%)
|
||
|
Julius Baer Group Ltd. (Switzerland)
|
196,169
|
13,857,015
|
|
Noah Holdings Ltd., Class A, ADS (China)
|
92,335
|
1,405,339
|
|
|
|
15,262,354
|
|
Consumer Finance – (4.61%)
|
||
|
Capital One Financial Corp.
|
111,901
|
13,094,655
|
|
Financial Services – (4.16%)
|
||
|
Berkshire Hathaway Inc., Class B *
|
33,618
|
11,832,192
|
|
|
|
40,189,201
|
|
Insurance – (7.71%)
|
||
|
Life & Health Insurance – (7.71%)
|
||
|
AIA Group Ltd. (Hong Kong)
|
685,490
|
6,803,129
|
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
2,094,275
|
15,105,075
|
|
|
|
21,908,204
|
|
Total Financials
|
110,794,727
|
|
|
HEALTH CARE – (4.42%)
|
||
|
Health Care Equipment & Services – (1.90%)
|
||
|
Cigna Group
|
18,276
|
5,393,247
|
|
|
Shares
|
Value
|
|
COMMON STOCK – (CONTINUED)
|
||
|
HEALTH CARE – (CONTINUED)
|
||
|
Pharmaceuticals, Biotechnology & Life Sciences – (2.52%)
|
||
|
Viatris Inc.
|
679,707
|
$7,157,315
|
|
Total Health Care
|
12,550,562
|
|
|
INDUSTRIALS – (1.73%)
|
||
|
Capital Goods – (1.73%)
|
||
|
Owens Corning
|
35,214
|
4,929,608
|
|
Total Industrials
|
4,929,608
|
|
|
INFORMATION TECHNOLOGY – (10.81%)
|
||
|
Semiconductors & Semiconductor Equipment – (2.56%)
|
||
|
Applied Materials, Inc.
|
41,413
|
6,277,797
|
|
Intel Corp.
|
28,286
|
1,011,790
|
|
|
|
7,289,587
|
|
Software & Services – (0.41%)
|
||
|
Clear Secure, Inc., Class A
|
48,681
|
1,154,227
|
|
Technology Hardware & Equipment – (7.84%)
|
||
|
Hollysys Automation Technologies Ltd.
(China)
|
626,421
|
10,981,160
|
|
Samsung Electronics Co., Ltd. (South Korea)
|
206,278
|
11,295,810
|
|
|
|
22,276,970
|
|
Total Information Technology
|
30,720,784
|
|
|
MATERIALS – (3.34%)
|
||
|
Teck Resources Ltd., Class B (Canada)
|
213,808
|
9,499,489
|
|
Total Materials
|
9,499,489
|
|
|
TOTAL COMMON STOCK –
(Identified cost $232,413,498)
|
279,307,747
|
|
|
|
Principal
|
Value
|
|
SHORT-TERM INVESTMENTS – (1.54%)
|
||
|
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 08/01/23 (a)
|
$2,198,000
|
$2,198,000
|
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 08/01/23 (b)
|
2,189,000
|
2,189,000
|
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $4,387,000)
|
4,387,000
|
|
|
Total Investments – (99.81%) –
(Identified cost $236,800,498)
|
283,694,747
|
|
|
Other Assets Less Liabilities – (0.19%)
|
531,755
|
|
|
Net Assets – (100.00%)
|
$284,226,502
|
|
|
ADR:
|
American Depositary Receipt
|
|
ADS:
|
American Depositary Share
|
|
*
|
Non-income producing security.
|
|
(a)
|
Dated 07/31/23, repurchase value of $2,198,324 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
6.50%, 02/01/30-08/01/53, total market value $2,241,960).
|
|
(b)
|
Dated 07/31/23, repurchase value of $2,189,322 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-10.00%, 08/25/23-04/20/73, total market value
$2,232,780).
|
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
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
|
|
Shares
|
Value
|
|
COMMON STOCK – (97.94%)
|
||
|
COMMUNICATION SERVICES – (4.59%)
|
||
|
Media & Entertainment – (4.59%)
|
||
|
Baidu, Inc., Class A, ADR (China) *
|
41,210
|
$6,428,348
|
|
iQIYI, Inc., Class A, ADR (China) *
|
215,450
|
1,365,953
|
|
Total Communication Services
|
7,794,301
|
|
|
CONSUMER DISCRETIONARY – (31.13%)
|
||
|
Consumer Discretionary Distribution & Retail – (17.45%)
|
||
|
Alibaba Group Holding Ltd., ADR (China) *
|
28,598
|
2,921,572
|
|
Coupang, Inc., Class A (South Korea) *
|
287,552
|
5,219,069
|
|
JD.com, Inc., Class A, ADR (China)
|
142,177
|
5,873,332
|
|
Naspers Ltd. - N (South Africa)
|
40,210
|
7,901,159
|
|
Prosus N.V., Class N (Netherlands)
|
97,184
|
7,696,682
|
|
|
|
29,611,814
|
|
Consumer Durables & Apparel – (4.47%)
|
||
|
Fila Holdings Corp. (South Korea)
|
243,559
|
7,585,841
|
|
Consumer Services – (9.21%)
|
||
|
Delivery Hero SE (Germany) *
|
152,849
|
6,934,894
|
|
Meituan, Class B (China) *
|
463,470
|
8,694,260
|
|
|
|
15,629,154
|
|
Total Consumer Discretionary
|
52,826,809
|
|
|
FINANCIALS – (35.15%)
|
||
|
Banks – (19.54%)
|
||
|
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
|
226,266
|
7,269,926
|
|
Danske Bank A/S (Denmark)
|
438,731
|
10,412,530
|
|
DBS Group Holdings Ltd. (Singapore)
|
358,190
|
9,228,494
|
|
DNB Bank ASA (Norway)
|
279,021
|
5,756,586
|
|
Metro Bank Holdings PLC (United Kingdom) *
|
322,019
|
488,477
|
|
|
|
33,156,013
|
|
Financial Services – (5.58%)
|
||
|
Capital Markets – (5.58%)
|
||
|
Julius Baer Group Ltd. (Switzerland)
|
116,676
|
8,241,777
|
|
Noah Holdings Ltd., Class A, ADS (China)
|
80,699
|
1,228,239
|
|
|
|
9,470,016
|
|
Insurance – (10.03%)
|
||
|
Life & Health Insurance – (10.03%)
|
||
|
AIA Group Ltd. (Hong Kong)
|
623,690
|
6,189,797
|
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
1,503,246
|
10,842,245
|
|
|
|
17,032,042
|
|
Total Financials
|
59,658,071
|
|
|
INDUSTRIALS – (8.06%)
|
||
|
Capital Goods – (8.06%)
|
||
|
Ferguson plc
|
52,731
|
8,462,421
|
|
Schneider Electric SE (France)
|
29,303
|
5,220,712
|
|
Total Industrials
|
13,683,133
|
|
|
INFORMATION TECHNOLOGY – (14.47%)
|
||
|
Semiconductors & Semiconductor Equipment – (5.11%)
|
||
|
Tokyo Electron Ltd. (Japan)
|
58,050
|
8,668,838
|
|
|
Shares
|
Value
|
|
COMMON STOCK – (CONTINUED)
|
||
|
INFORMATION TECHNOLOGY – (CONTINUED)
|
||
|
Technology Hardware & Equipment – (9.36%)
|
||
|
Hollysys Automation Technologies Ltd.
(China)
|
410,450
|
$7,195,188
|
|
Samsung Electronics Co., Ltd. (South Korea)
|
158,863
|
8,699,359
|
|
|
|
15,894,547
|
|
Total Information Technology
|
24,563,385
|
|
|
MATERIALS – (4.54%)
|
||
|
Teck Resources Ltd., Class B (Canada)
|
173,272
|
7,698,475
|
|
Total Materials
|
7,698,475
|
|
|
TOTAL COMMON STOCK –
(Identified cost $152,892,949)
|
166,224,174
|
|
|
|
Principal
|
Value
|
|
SHORT-TERM INVESTMENTS – (1.88%)
|
||
|
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 08/01/23 (a)
|
$1,597,000
|
$1,597,000
|
|
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 08/01/23 (b)
|
1,590,000
|
1,590,000
|
|
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $3,187,000)
|
3,187,000
|
|
|
Total Investments – (99.82%) –
(Identified cost $156,079,949)
|
169,411,174
|
|
|
Other Assets Less Liabilities – (0.18%)
|
304,834
|
|
|
Net Assets – (100.00%)
|
$169,716,008
|
|
|
ADR:
|
American Depositary Receipt
|
|
ADS:
|
American Depositary Share
|
|
*
|
Non-income producing security.
|
|
(a)
|
Dated 07/31/23, repurchase value of $1,597,235 (collateralized
by: U.S. Government agency mortgage in a pooled cash account, 2.50%-
7.00%, 03/01/33-06/20/53, total market value $1,628,940).
|
|
(b)
|
Dated 07/31/23, repurchase value of $1,590,234 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-10.00%, 08/25/23-04/20/73, total market value
$1,621,800).
|
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
July 31, 2023 (Unaudited)
July 31, 2023 (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)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of July 31, 2023 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
|
$58,528,311
|
$–
|
$44,234,633
|
$7,794,301
|
|
Consumer Discretionary
|
45,952,458
|
2,379,237
|
63,777,405
|
52,826,809
|
|
Consumer Staples
|
–
|
–
|
2,800,539
|
–
|
|
Financials
|
178,702,226
|
170,785,135
|
110,794,727
|
59,658,071
|
|
Health Care
|
37,085,708
|
–
|
12,550,562
|
–
|
|
Industrials
|
14,577,019
|
–
|
4,929,608
|
13,683,133
|
|
Information Technology
|
30,717,796
|
–
|
30,720,784
|
24,563,385
|
|
Materials
|
8,020,059
|
–
|
9,499,489
|
7,698,475
|
|
Total Level 1
|
373,583,577
|
173,164,372
|
279,307,747
|
166,224,174
|
|
Level 2 – Other Significant Observable Inputs:
|
|
|
|
|
|
Short-Term Investments
|
13,418,000
|
3,098,000
|
4,387,000
|
3,187,000
|
|
Total Level 2
|
13,418,000
|
3,098,000
|
4,387,000
|
3,187,000
|
|
Level 3 – Significant Unobservable Inputs:
|
|
|
|
|
|
Total Level 3
|
–
|
–
|
–
|
–
|
|
Total Investments
|
$387,001,577
|
$176,262,372
|
$283,694,747
|
$169,411,174
|
Federal Income Taxes
At July 31, 2023, 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
|
$276,755,352
|
$155,161,771
|
$237,825,520
|
$156,993,191
|
|
|
||||
|
Unrealized appreciation
|
124,234,685
|
32,437,944
|
62,955,109
|
26,364,032
|
|
Unrealized depreciation
|
(13,988,460
)
|
(11,337,343
)
|
(17,085,882
)
|
(13,946,049
)
|
|
Net unrealized appreciation
|
$110,246,225
|
$21,100,601
|
$45,869,227
|
$12,417,983
|
6