NPORT-EX 3 etfnport_0722.htm







DAVIS FUNDAMENTAL ETF TRUST
Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF
July 31, 2022 (Unaudited)

 
Shares
 
Value
COMMON STOCK – (98.75%)
 
COMMUNICATION SERVICES – (13.57%)
   
Media & Entertainment – (13.57%)
     
Alphabet Inc., Class C  *
   
285,205
 
$
33,266,311
 
Meta Platforms, Inc., Class A  *
   
73,003
   
11,614,778
     
Total Communication Services
   
44,881,089
 
CONSUMER DISCRETIONARY – (11.11%)
 
Retailing – (11.11%)
 
Amazon.com, Inc.  *
   
191,743
   
25,875,718
 
JD.com, Inc., Class A, ADR  (China)
   
130,966
   
7,792,477
 
Naspers Ltd. - N  (South Africa)
   
7,553
   
1,067,136
 
Prosus N.V., Class N  (Netherlands)
   
30,543
   
1,992,472
 
Total Consumer Discretionary
   
36,727,803
 
FINANCIALS – (52.48%)
 
Banks – (21.58%)
 
Bank of America Corp.
   
169,036
   
5,715,107
 
Danske Bank A/S  (Denmark)
   
249,240
   
3,485,446
 
DBS Group Holdings Ltd.  (Singapore)
   
766,591
   
17,492,339
 
JPMorgan Chase & Co.
   
69,274
   
7,991,449
 
U.S. Bancorp
   
315,867
   
14,908,923
 
Wells Fargo & Co.
   
496,775
   
21,793,519
     
71,386,783
 
Diversified Financials – (23.47%)
 
Capital Markets – (2.80%)
 
Bank of New York Mellon Corp.
   
213,034
   
9,258,458
 
Consumer Finance – (10.65%)
 
American Express Co.
   
29,823
   
4,593,338
 
Capital One Financial Corp.
   
278,854
   
30,626,535
   
35,219,873
 
Diversified Financial Services – (10.02%)
 
Berkshire Hathaway Inc., Class B  *
   
110,207
   
33,128,224
     
77,606,555
 
Insurance – (7.43%)
 
Life & Health Insurance – (3.77%)
 
AIA Group Ltd.  (Hong Kong)
   
636,220
   
6,391,876
 
Ping An Insurance (Group) Co. of China, Ltd. - H  (China)
   
1,036,590
   
6,092,079
   
12,483,955
 
Property & Casualty Insurance – (3.66%)
 
Markel Corp.  *
   
9,320
   
12,089,345
     
24,573,300
 
Total Financials
   
173,566,638
 
HEALTH CARE – (9.42%)
 
Health Care Equipment & Services – (6.46%)
 
Cigna Corp.
   
52,849
   
14,552,501
 
Quest Diagnostics Inc.
   
49,962
   
6,823,310
     
21,375,811
 
Pharmaceuticals, Biotechnology & Life Sciences – (2.96%)
 
Viatris Inc.
   
1,008,645
   
9,773,770
 
Total Health Care
   
31,149,581


1


DAVIS FUNDAMENTAL ETF TRUST
Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)
July 31, 2022 (Unaudited)

 
Shares/Principal
 
Value
COMMON STOCK – (CONTINUED)
 
INDUSTRIALS – (1.39%)
   
Capital Goods – (1.39%)
     
Owens Corning
   
49,583
 
$                     
4,598,327
           
Total Industrials
   
4,598,327
 
INFORMATION TECHNOLOGY – (9.15%)
 
Semiconductors & Semiconductor Equipment – (6.38%)
 
Applied Materials, Inc.
   
85,366
   
9,047,089
 
Intel Corp.
   
332,359
   
12,067,955
     
21,115,044
 
Technology Hardware & Equipment – (2.77%)
 
Samsung Electronics Co., Ltd.  (South Korea)
   
193,370
   
9,153,196
 
Total Information Technology
   
30,268,240
 
MATERIALS – (1.63%)
 
Teck Resources Ltd., Class B  (Canada)
   
183,722
   
5,399,590
 
Total Materials
   
5,399,590
 
 
                         TOTAL COMMON STOCK – (Identified cost $268,230,878)

   
 326,591,268
SHORT-TERM INVESTMENTS – (1.17%)
 
StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $2,365,443 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.00%, 08/15/22-07/20/52, total market value
$2,412,300)
 
$
2,365,000
   
2,365,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $1,513,284 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 0.00%-4.00%,
09/15/29-06/01/52, total market value $1,543,260)
   
1,513,000
   
1,513,000
 
 
                         TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,878,000)

   
 3,878,000
 
 
          Total Investments – (99.92%) – (Identified cost $272,108,878)
   
330,469,268
 
          Other Assets Less Liabilities – (0.08%)
   
251,058
 
          Net Assets – (100.00%)
 
$
330,720,326
 
 
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, 2022 (Unaudited)

 
Shares
 
Value
COMMON STOCK – (99.11%)
 
CONSUMER DISCRETIONARY – (1.19%)
   
Retailing – (1.19%)
     
Prosus N.V., Class N  (Netherlands)
   
31,530
 
$
2,056,859
     
Total Consumer Discretionary
   
2,056,859
 
FINANCIALS – (97.92%)
 
Banks – (45.10%)
 
Banks – (42.82%)
 
Bank of America Corp.
   
205,431
   
6,945,622
 
Bank of N.T. Butterfield & Son Ltd.  (Bermuda)
   
127,031
   
4,305,080
 
Danske Bank A/S  (Denmark)
   
340,478
   
4,761,346
 
DBS Group Holdings Ltd.  (Singapore)
   
330,686
   
7,545,708
 
DNB Bank ASA  (Norway)
   
216,427
   
4,269,189
 
Fifth Third Bancorp
   
132,719
   
4,528,372
 
JPMorgan Chase & Co.
   
68,822
   
7,939,306
 
M&T Bank Corp.
   
21,565
   
3,826,709
 
Metro Bank PLC  (United Kingdom)*
   
295,258
   
294,656
 
PNC Financial Services Group, Inc.
   
48,651
   
8,073,147
 
Truist Financial Corp.
   
28,518
   
1,439,303
 
U.S. Bancorp
   
232,560
   
10,976,832
 
Wells Fargo & Co.
   
213,677
   
9,374,010
   
74,279,280
 
Thrifts & Mortgage Finance – (2.28%)
 
Rocket Companies, Inc., Class A
   
415,838
   
3,958,778
     
78,238,058
 
Diversified Financials – (34.13%)
 
Capital Markets – (14.85%)
 
Bank of New York Mellon Corp.
   
192,809
   
8,379,479
 
Charles Schwab Corp.
   
90,131
   
6,223,546
 
Julius Baer Group Ltd.  (Switzerland)
   
175,258
   
9,062,599
 
State Street Corp.
   
29,496
   
2,095,396
   
25,761,020
 
Consumer Finance – (12.13%)
 
American Express Co.
   
47,108
   
7,255,574
 
Capital One Financial Corp.
   
125,465
   
13,779,821
   
21,035,395
 
Diversified Financial Services – (7.15%)
 
Berkshire Hathaway Inc., Class B  *
   
41,287
   
12,410,872
     
59,207,287
 
Insurance – (18.69%)
 
Life & Health Insurance – (1.08%)
 
Ping An Insurance (Group) Co. of China, Ltd. - H  (China)
   
319,000
   
1,874,775
 
Property & Casualty Insurance – (16.18%)
 
Chubb Ltd.
   
64,916
   
12,245,754
 
Loews Corp.
   
103,345
   
6,019,846
 
Markel Corp.  *
   
7,567
   
9,815,459
   
28,081,059
 
Reinsurance – (1.43%)
 
Everest Re Group, Ltd.
   
6,676
   
1,744,773


3


DAVIS FUNDAMENTAL ETF TRUST
Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)
July 31, 2022 (Unaudited)

 
Shares/Principal
 
Value
COMMON STOCK – (CONTINUED)
 
FINANCIALS – (CONTINUED)
   
Insurance – (Continued)
     
Reinsurance – (Continued)
   
Greenlight Capital Re, Ltd., Class A  *
   
101,438
 
$                            
729,339
   
2,474,112
     
32,429,946
           
Total Financials
   
169,875,291
 
 
                    TOTAL COMMON STOCK – (Identified cost $160,915,677)

   
 171,932,150
SHORT-TERM INVESTMENTS – (0.73%)
 
StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $775,145 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.00%, 08/15/22-07/20/52, total market value $790,500)
 
$
775,000
   
775,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $495,093 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 0.00%-4.00%,
11/15/27-09/01/47, total market value $504,900)
   
495,000
   
495,000
 
 
                    TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,270,000)

   
 1,270,000
 
 
          Total Investments – (99.84%) – (Identified cost $162,185,677)
   
173,202,150
 
          Other Assets Less Liabilities – (0.16%)
   
286,145
 
Net Assets – (100.00%)
 
$
173,488,295
 
 
*
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, 2022 (Unaudited)

 
Shares
 
Value
COMMON STOCK – (98.84%)
 
COMMUNICATION SERVICES – (11.64%)
   
Media & Entertainment – (11.64%)
     
Alphabet Inc., Class C  *
   
104,004
 
$
12,131,027
 
IAC Inc.  *
   
32,222
   
2,207,207
 
iQIYI, Inc., Class A, ADR  (China)*
   
249,981
   
954,927
 
Liberty Media Corp., Liberty Formula One, Series A  *
   
68,811
   
4,265,594
 
Liberty Media Corp., Liberty Formula One, Series C  *
   
42,652
   
2,890,526
 
Meta Platforms, Inc., Class A  *
   
51,381
   
8,174,717
 
Vimeo, Inc.  *
   
53,302
   
296,359
     
Total Communication Services
   
30,920,357
 
CONSUMER DISCRETIONARY – (21.63%)
 
Consumer Durables & Apparel – (0.95%)
 
Fila Holdings Corp.  (South Korea)
   
108,188
   
2,537,065
 
Retailing – (20.68%)
 
Alibaba Group Holding Ltd., ADR  (China)*
   
77,254
   
6,904,190
 
Amazon.com, Inc.  *
   
64,931
   
8,762,438
 
Coupang, Inc., Class A  (South Korea)*
   
150,257
   
2,597,944
 
Delivery Hero SE  (Germany)*
   
85,394
   
4,119,949
 
JD.com, Inc., Class A, ADR  (China)
   
205,498
   
12,227,131
 
Meituan, Class B  (China)*
   
321,240
   
7,206,489
 
Naspers Ltd. - N  (South Africa)
   
20,978
   
2,963,906
 
Prosus N.V., Class N  (Netherlands)
   
155,597
   
10,150,369
     
54,932,416
 
Total Consumer Discretionary
   
57,469,481
 
CONSUMER STAPLES – (1.22%)
 
Food, Beverage & Tobacco – (1.22%)
 
Darling Ingredients Inc.  *
   
46,793
   
3,241,819
 
Total Consumer Staples
   
3,241,819
 
FINANCIALS – (40.61%)
 
Banks – (19.32%)
 
Bank of N.T. Butterfield & Son Ltd.  (Bermuda)
   
142,102
   
4,815,837
 
Danske Bank A/S  (Denmark)
   
870,164
   
12,168,633
 
DBS Group Holdings Ltd.  (Singapore)
   
746,736
   
17,039,281
 
Metro Bank PLC  (United Kingdom)*
   
523,889
   
522,820
 
Wells Fargo & Co.
   
382,901
   
16,797,867
     
51,344,438
 
Diversified Financials – (13.74%)
 
Capital Markets – (5.17%)
 
Julius Baer Group Ltd.  (Switzerland)
   
234,462
   
12,124,041
 
Noah Holdings Ltd., Class A, ADS  (China)*
   
91,911
   
1,599,251
   
13,723,292
 
Consumer Finance – (2.62%)
 
Capital One Financial Corp.
   
63,376
   
6,960,586
 
Diversified Financial Services – (5.95%)
 
Berkshire Hathaway Inc., Class B  *
   
52,599
   
15,811,259
     
36,495,137
 
Insurance – (7.55%)
 
Life & Health Insurance – (7.55%)
 
AIA Group Ltd.  (Hong Kong)
   
1,035,890
   
10,407,218


5


DAVIS FUNDAMENTAL ETF TRUST
Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)
July 31, 2022 (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)
   
1,643,275
 
$                
9,657,590
     
20,064,808
       
Total Financials
   
107,904,383
 
HEALTH CARE – (6.27%)
 
Health Care Equipment & Services – (3.40%)
 
Cigna Corp.
   
32,845
   
9,044,199
 
Pharmaceuticals, Biotechnology & Life Sciences – (2.87%)
 
Viatris Inc.
   
786,270
   
7,618,956
 
Total Health Care
   
16,663,155
 
INDUSTRIALS – (1.42%)
 
Capital Goods – (1.42%)
 
Owens Corning
   
40,725
   
3,776,837
 
Total Industrials
   
3,776,837
 
INFORMATION TECHNOLOGY – (13.31%)
 
Semiconductors & Semiconductor Equipment – (5.11%)
 
Applied Materials, Inc.
   
49,261
   
5,220,681
 
Intel Corp.
   
229,936
   
8,348,976
     
13,569,657
 
Software & Services – (0.55%)
 
Clear Secure, Inc., Class A  *
   
57,922
   
1,466,585
 
Technology Hardware & Equipment – (7.65%)
 
Hollysys Automation Technologies Ltd.  (China)
   
623,481
   
9,832,296
 
Samsung Electronics Co., Ltd.  (South Korea)
   
221,483
   
10,483,929
     
20,316,225
 
Total Information Technology
   
35,352,467
 
MATERIALS – (2.74%)
 
Teck Resources Ltd., Class B  (Canada)
   
247,337
   
7,269,234
 
Total Materials
   
7,269,234
 
 
               TOTAL COMMON STOCK – (Identified cost $267,171,725)

   
 262,597,733
SHORT-TERM INVESTMENTS – (0.69%)
 
StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $1,107,208 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.00%, 08/15/22-07/20/52, total market value
$1,129,140)
 
$
1,107,000
   
1,107,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $708,133 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
3.50%-4.90%, 06/01/31-04/01/45, total market value $722,160)
   
708,000
   
708,000
 
 
               TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,815,000)

   
 1,815,000


6


DAVIS FUNDAMENTAL ETF TRUST
Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)
July 31, 2022 (Unaudited)

   
 
Total Investments – (99.53%) – (Identified cost $268,986,725)
 
$       
264,412,733
 
Other Assets Less Liabilities – (0.47%)
   
1,260,260
   
Net Assets – (100.00%)
 
$
265,672,993
 
 
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, 2022 (Unaudited)

 
Shares
 
Value
COMMON STOCK – (96.36%)
 
COMMUNICATION SERVICES – (4.87%)
   
Media & Entertainment – (4.87%)
     
Baidu, Inc., Class A, ADR  (China)*
   
40,569
 
$
5,540,508
 
iQIYI, Inc., Class A, ADR  (China)*
   
325,669
   
1,244,056
     
Total Communication Services
   
6,784,564
 
CONSUMER DISCRETIONARY – (29.70%)
 
Consumer Durables & Apparel – (2.88%)
 
Fila Holdings Corp.  (South Korea)
   
170,987
   
4,009,734
 
Retailing – (26.82%)
 
Alibaba Group Holding Ltd., ADR  (China)*
   
61,850
   
5,527,535
 
Coupang, Inc., Class A  (South Korea)*
   
197,756
   
3,419,201
 
Delivery Hero SE  (Germany)*
   
44,320
   
2,138,278
 
JD.com, Inc., Class A, ADR  (China)
   
117,204
   
6,973,638
 
Meituan, Class B  (China)*
   
257,670
   
5,780,401
 
Naspers Ltd. - N  (South Africa)
   
45,229
   
6,390,243
 
Prosus N.V., Class N  (Netherlands)
   
109,993
   
7,175,392
     
37,404,688
 
Total Consumer Discretionary
   
41,414,422
 
FINANCIALS – (38.19%)
 
Banks – (22.82%)
 
Bank of N.T. Butterfield & Son Ltd.  (Bermuda)
   
237,263
   
8,040,843
 
Danske Bank A/S  (Denmark)
   
487,659
   
6,819,569
 
DBS Group Holdings Ltd.  (Singapore)
   
451,090
   
10,293,128
 
DNB Bank ASA  (Norway)
   
322,679
   
6,365,091
 
Metro Bank PLC  (United Kingdom)*
   
314,840
   
314,198
     
31,832,829
 
Diversified Financials – (6.07%)
 
Capital Markets – (6.07%)
 
Julius Baer Group Ltd.  (Switzerland)
   
138,218
   
7,147,259
 
Noah Holdings Ltd., Class A, ADS  (China)*
   
75,643
   
1,316,188
     
8,463,447
 
Insurance – (9.30%)
 
Life & Health Insurance – (9.30%)
 
AIA Group Ltd.  (Hong Kong)
   
693,090
   
6,963,228
 
Ping An Insurance (Group) Co. of China, Ltd. - H  (China)
   
1,021,746
   
6,004,841
     
12,968,069
 
Total Financials
   
53,264,345
 
HEALTH CARE – (3.52%)
 
Pharmaceuticals, Biotechnology & Life Sciences – (3.52%)
 
Novartis AG, ADR  (Switzerland)
   
29,471
   
2,529,496
 
Roche Holding AG - Genusschein  (Switzerland)
   
7,165
   
2,378,812
 
Total Health Care
   
4,908,308
 
INDUSTRIALS – (6.01%)
 
Capital Goods – (6.01%)
 
Ferguson plc  (United Kingdom)
   
35,152
   
4,422,076
 
Schneider Electric SE  (France)
   
28,675
   
3,965,862
 
Total Industrials
   
8,387,938
 
INFORMATION TECHNOLOGY – (10.88%)
 
Semiconductors & Semiconductor Equipment – (1.65%)
 
Tokyo Electron Ltd.  (Japan)
   
6,700
   
2,306,096


8


DAVIS FUNDAMENTAL ETF TRUST
Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)
July 31, 2022 (Unaudited)

 
Shares/Principal
 
Value
COMMON STOCK – (CONTINUED)
 
INFORMATION TECHNOLOGY – (CONTINUED)
   
Technology Hardware & Equipment – (9.23%)
     
Hollysys Automation Technologies Ltd.  (China)
   
384,686
 
$                    
6,066,498
 
Samsung Electronics Co., Ltd.  (South Korea)
   
143,782
   
6,805,942
     
12,872,440
           
Total Information Technology
   
15,178,536
 
MATERIALS – (3.19%)
 
Teck Resources Ltd., Class B  (Canada)
   
151,395
   
4,449,499
 
Total Materials
   
4,449,499
 
 
                    TOTAL COMMON STOCK – (Identified cost $151,130,388)

   
 134,387,612
SHORT-TERM INVESTMENTS – (3.50%)
 
StoneX Financial Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $2,979,559 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.00%, 08/15/22-07/20/52, total market value
$3,038,580)
 
$
2,979,000
   
2,979,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 2.25%, 08/01/22,
dated 07/29/22, repurchase value of $1,906,357 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 0.00%-4.00%,
09/15/29-04/01/45, total market value $1,944,120)
   
1,906,000
   
1,906,000
 
 
                    TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,885,000)

   
 4,885,000
 
 
          Total Investments – (99.86%) – (Identified cost $156,015,388)
   
139,272,612
 
          Other Assets Less Liabilities – (0.14%)
   
192,016
 
Net Assets – (100.00%)
 
$
139,464,628
 
 
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, 2022 (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 for 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.


10


DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments – (Continued)
 
July 31, 2022 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2022 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
$
44,881,089
 
$
 
$
30,920,357
 
$
6,784,564
Consumer Discretionary
 
33,668,195
   
   
30,491,703
   
15,920,374
Consumer Staples
 
   
   
3,241,819
   
Financials
 
140,104,898
   
142,067,018
   
45,984,800
   
9,357,031
Health Care
 
31,149,581
   
   
16,663,155
   
2,529,496
Industrials
 
4,598,327
   
   
3,776,837
   
Information Technology
 
21,115,044
   
   
24,868,538
   
6,066,498
Materials
 
5,399,590
   
   
7,269,234
   
4,449,499
Total Level 1
 
280,916,724
   
142,067,018
   
163,216,443
   
45,107,462
 
Level 2 – Other Significant Observable Inputs:
                     
Common Stock*:
                     
Consumer Discretionary
 
3,059,608
   
2,056,859
   
26,977,778
   
25,494,048
Financials
 
33,461,740
   
27,808,273
   
61,919,583
   
43,907,314
Health Care
 
   
   
   
2,378,812
Industrials
 
   
   
   
8,387,938
Information Technology
 
9,153,196
   
   
10,483,929
   
9,112,038
Short-Term Investments
 
3,878,000
   
1,270,000
   
1,815,000
   
4,885,000
Total Level 2
 
49,552,544
   
31,135,132
   
101,196,290
   
94,165,150
 
Level 3 – Significant Unobservable Inputs:
                     
Total Level 3
 
   
   
   
Total Investments
$
330,469,268
 
$
173,202,150
 
$
264,412,733
 
$
139,272,612

*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 July 31, 2022, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

 
Davis Select
 
Davis Select
 
Davis Select
 
 Davis Select
 
U.S. Equity ETF
 
Financial ETF
 
Worldwide ETF
 
International ETF
Cost
$
272,368,864
 
$
162,677,767
 
$
271,188,378
 
$
159,188,119
 
Unrealized appreciation
 
76,578,148
   
22,606,881
   
41,468,609
   
13,409,851
Unrealized depreciation
 
(18,477,744)
   
(12,082,498)
   
(48,244,254)
   
(33,325,358)
Net unrealized appreciation
(depreciation)
$
58,100,404
 
$
10,524,383
 
$
(6,775,645)
 
$
(19,915,507)


11