NPORT-EX 3 edgar.htm N-PORT F EDGAR HTML
 
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, 2025
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments
January 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (95.57%)
COMMUNICATION SERVICES – (13.84%)
Media & Entertainment – (13.84%)
Alphabet Inc., Class C 
138,038
$28,380,613
Meta Platforms, Inc., Class A 
90,955
62,684,367
Total Communication Services
91,064,980
CONSUMER DISCRETIONARY – (14.07%)
Consumer Discretionary Distribution & Retail – (6.39%)
Amazon.com, Inc. *
176,913
42,048,682
Consumer Services – (7.68%)
MGM Resorts International *
1,101,622
37,983,926
Restaurant Brands International Inc. (Canada) 
203,140
12,501,236
 
50,485,162
Total Consumer Discretionary
92,533,844
CONSUMER STAPLES – (0.72%)
Food, Beverage & Tobacco – (0.72%)
Tyson Foods, Inc., Class A 
84,006
4,745,499
Total Consumer Staples
4,745,499
ENERGY – (3.08%)
ConocoPhillips 
90,973
8,990,862
Tourmaline Oil Corp. (Canada) 
247,500
11,275,312
Total Energy
20,266,174
FINANCIALS – (36.01%)
Banks – (10.46%)
JPMorgan Chase & Co. 
23,382
6,250,009
U.S. Bancorp 
837,020
39,992,815
Wells Fargo & Co. 
286,707
22,592,512
 
68,835,336
Financial Services – (20.85%)
Capital Markets – (2.39%)
Bank of New York Mellon Corp. 
182,744
15,703,192
Consumer Finance – (11.30%)
American Express Co. 
22,220
7,053,739
Capital One Financial Corp. 
330,223
67,269,727
 
74,323,466
Financial Services – (7.16%)
Berkshire Hathaway Inc., Class B *
100,584
47,140,703
 
137,167,361
Insurance – (4.70%)
Property & Casualty Insurance – (4.70%)
Markel Group Inc. *
16,915
30,933,814
Total Financials
236,936,511
HEALTH CARE – (17.73%)
Health Care Equipment & Services – (14.29%)
Cigna Group 
58,074
17,085,952
CVS Health Corp. 
535,390
30,238,827
Humana Inc. 
72,331
21,209,619
Quest Diagnostics Inc. 
100,293
16,357,788
Solventum Corp. *
123,359
9,135,968
 
94,028,154
Pharmaceuticals, Biotechnology & Life Sciences – (3.44%)
Viatris Inc. 
2,007,956
22,649,743
Total Health Care
116,677,897
 
Shares
Value
COMMON STOCK – (CONTINUED)
INDUSTRIALS – (3.25%)
Capital Goods – (3.25%)
AGCO Corp. 
54,170
$5,656,973
Owens Corning 
85,251
15,733,072
Total Industrials
21,390,045
INFORMATION TECHNOLOGY – (5.60%)
Semiconductors & Semiconductor Equipment – (5.60%)
Applied Materials, Inc. 
176,560
31,842,596
Texas Instruments Inc. 
27,163
5,014,561
Total Information Technology
36,857,157
MATERIALS – (1.27%)
Teck Resources Ltd., Class B (Canada) 
203,595
8,322,964
Total Materials
8,322,964
TOTAL COMMON STOCK –
(Identified cost $402,732,316)
628,795,071
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (4.41%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.33%, 02/03/25  (a)
$7,210,000
$7,210,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.33%, 02/03/25  (b)
21,773,000
21,773,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $28,983,000)
28,983,000
Total Investments – (99.98%) –
(Identified cost $431,715,316)
657,778,071
Other Assets Less Liabilities – (0.02%)
128,751
Net Assets – (100.00%)
$657,906,822
 
*
Non-income producing security.
(a)
Dated 01/31/25, repurchase value of $7,212,602 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.50%-
6.50%, 07/01/49-08/01/54, total fair value $7,354,200).
(b)
Dated 01/31/25, repurchase value of $21,780,856 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.455%, 04/01/26-08/20/74, total fair value
$22,208,460).
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 Financial Statements.
1
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Schedule of Investments
January 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (96.83%)
CONSUMER DISCRETIONARY – (0.96%)
Consumer Discretionary Distribution & Retail – (0.96%)
Prosus N.V., Class N (Netherlands) 
64,221
$2,453,083
Total Consumer Discretionary
2,453,083
FINANCIALS – (95.87%)
Banks – (44.24%)
Bank of America Corp. 
133,893
6,199,246
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
104,314
3,827,281
Danske Bank A/S (Denmark) 
299,331
8,937,300
DBS Group Holdings Ltd. (Singapore) 
339,994
11,128,657
DNB Bank ASA (Norway) 
195,464
4,151,788
Fifth Third Bancorp 
282,078
12,498,876
JPMorgan Chase & Co. 
61,232
16,367,314
M&T Bank Corp. 
20,156
4,056,194
Metro Bank Holdings PLC (United Kingdom) *
1,160,296
1,464,412
PNC Financial Services Group, Inc. 
57,779
11,610,690
Truist Financial Corp. 
147,705
7,033,712
U.S. Bancorp 
236,269
11,288,933
Wells Fargo & Co. 
183,928
14,493,526
 
113,057,929
Financial Services – (35.45%)
Capital Markets – (12.81%)
Bank of New York Mellon Corp. 
164,559
14,140,555
Charles Schwab Corp. 
37,154
3,073,379
Julius Baer Group Ltd. (Switzerland) 
165,510
11,629,447
State Street Corp. 
38,268
3,888,794
 
32,732,175
Consumer Finance – (14.35%)
American Express Co. 
33,581
10,660,288
Capital One Financial Corp. 
127,755
26,024,971
 
36,685,259
Financial Services – (8.29%)
Berkshire Hathaway Inc., Class B *
34,779
16,299,874
Rocket Companies, Inc., Class A *
388,580
4,896,108
 
21,195,982
 
90,613,416
Insurance – (16.18%)
Life & Health Insurance – (0.65%)
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
296,500
1,669,498
Property & Casualty Insurance – (12.89%)
Chubb Ltd. 
42,944
11,675,615
Loews Corp. 
89,131
7,616,244
Markel Group Inc. *
7,466
13,653,671
 
32,945,530
 
Shares
Value
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (Continued)
Reinsurance – (2.64%)
Everest Group, Ltd. 
6,024
$2,093,400
RenaissanceRe Holdings Ltd. 
19,937
4,636,948
 
6,730,348
 
41,345,376
Total Financials
245,016,721
TOTAL COMMON STOCK –
(Identified cost $162,398,362)
247,469,804
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (2.98%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.33%, 02/03/25  (a)
$1,896,000
$1,896,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.33%, 02/03/25  (b)
5,725,000
5,725,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $7,621,000)
7,621,000
Total Investments – (99.81%) –
(Identified cost $170,019,362)
255,090,804
Other Assets Less Liabilities – (0.19%)
489,322
Net Assets – (100.00%)
$255,580,126
 
*
Non-income producing security.
(a)
Dated 01/31/25, repurchase value of $1,896,684 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
6.95%, 02/01/37-06/01/53, total fair value $1,933,920).
(b)
Dated 01/31/25, repurchase value of $5,727,066 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.455%, 04/01/26-08/20/74, total fair value $5,839,500).
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 Financial Statements.
2
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Schedule of Investments
January 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (98.56%)
COMMUNICATION SERVICES – (14.11%)
Media & Entertainment – (14.11%)
Alphabet Inc., Class C 
48,881
$10,049,933
IAC Inc. *
44,172
1,869,801
Meta Platforms, Inc., Class A 
38,095
26,254,312
NetEase, Inc., ADR (China) 
58,600
6,027,010
Sea Limited, Class A, ADR (Singapore) *
44,254
5,389,695
Total Communication Services
49,590,751
CONSUMER DISCRETIONARY – (27.68%)
Consumer Discretionary Distribution & Retail – (9.31%)
Amazon.com, Inc. *
44,079
10,476,697
Coupang, Inc., Class A (South Korea) *
116,359
2,735,600
Naspers Ltd. - N (South Africa) 
22,492
4,741,992
Prosus N.V., Class N (Netherlands) 
386,838
14,776,255
 
32,730,544
Consumer Durables & Apparel – (0.64%)
FILA Holdings Corp. (South Korea) 
83,699
2,253,513
Consumer Services – (17.73%)
Delivery Hero SE (Germany) *
165,670
4,281,597
Entain plc (United Kingdom) 
569,922
4,948,578
Meituan, Class B (China) *
962,640
18,321,495
MGM Resorts International *
417,253
14,386,884
Restaurant Brands International Inc. (Canada) 
56,180
3,457,317
Trip.com Group Ltd., ADR (China) *
241,080
16,916,584
 
62,312,455
Total Consumer Discretionary
97,296,512
CONSUMER STAPLES – (0.81%)
Food, Beverage & Tobacco – (0.81%)
Tyson Foods, Inc., Class A 
50,354
2,844,497
Total Consumer Staples
2,844,497
ENERGY – (3.21%)
Tourmaline Oil Corp. (Canada) 
247,596
11,279,686
Total Energy
11,279,686
FINANCIALS – (29.61%)
Banks – (4.37%)
Danske Bank A/S (Denmark) 
437,591
13,065,410
Metro Bank Holdings PLC (United Kingdom) *
1,806,628
2,280,149
 
15,345,559
Financial Services – (13.66%)
Capital Markets – (4.88%)
Julius Baer Group Ltd. (Switzerland) 
230,154
16,171,613
Noah Holdings Ltd., Class A, ADS (China) 
93,014
984,088
 
17,155,701
Consumer Finance – (5.43%)
Capital One Financial Corp. 
93,703
19,088,238
Financial Services – (3.35%)
Berkshire Hathaway Inc., Class B *
25,078
11,753,306
 
47,997,245
Insurance – (11.58%)
Life & Health Insurance – (7.29%)
AIA Group Ltd. (Hong Kong) 
1,045,690
7,351,351
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
3,249,015
18,294,174
 
25,645,525
Property & Casualty Insurance – (4.29%)
Markel Group Inc. *
8,239
15,067,319
 
40,712,844
Total Financials
104,055,648
HEALTH CARE – (12.44%)
Health Care Equipment & Services – (10.07%)
Cigna Group 
16,839
4,954,202
CVS Health Corp. 
161,360
9,113,613
Humana Inc. 
30,070
8,817,426
Quest Diagnostics Inc. 
16,318
2,661,466
Solventum Corp. *
133,061
9,854,497
 
35,401,204
 
Shares
Value
COMMON STOCK – (CONTINUED)
HEALTH CARE – (CONTINUED)
Pharmaceuticals, Biotechnology & Life Sciences – (2.37%)
Viatris Inc. 
737,163
$8,315,199
Total Health Care
43,716,403
INDUSTRIALS – (2.48%)
Capital Goods – (0.87%)
AGCO Corp. 
29,311
3,060,948
Transportation – (1.61%)
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
503,200
5,666,032
Total Industrials
8,726,980
INFORMATION TECHNOLOGY – (4.87%)
Semiconductors & Semiconductor Equipment – (1.33%)
Applied Materials, Inc. 
25,807
4,654,292
Software & Services – (0.30%)
Clear Secure, Inc., Class A 
44,853
1,061,671
Technology Hardware & Equipment – (3.24%)
Samsung Electronics Co., Ltd. (South Korea) 
319,204
11,399,962
Total Information Technology
17,115,925
MATERIALS – (2.29%)
Teck Resources Ltd., Class B (Canada) 
196,959
8,051,684
Total Materials
8,051,684
REAL ESTATE – (1.06%)
Real Estate Management & Development – (1.06%)
KE Holdings Inc., Class A, ADR (China) 
214,568
3,739,920
Total Real Estate
3,739,920
TOTAL COMMON STOCK –
(Identified cost $268,639,534)
346,418,006
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (1.27%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.33%, 02/03/25  (a)
$1,112,000
$1,112,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.33%, 02/03/25  (b)
3,359,000
3,359,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $4,471,000)
4,471,000
Total Investments – (99.83%) –
(Identified cost $273,110,534)
350,889,006
Other Assets Less Liabilities – (0.17%)
598,471
Net Assets – (100.00%)
$351,487,477
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 01/31/25, repurchase value of $1,112,401 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
4.50%, 11/01/33-02/20/62, total fair value $1,134,240).
(b)
Dated 01/31/25, repurchase value of $3,360,212 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.455%, 04/01/26-08/20/74, total fair value $3,426,180).
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 Financial Statements.
3
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Schedule of Investments
January 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (99.89%)
COMMUNICATION SERVICES – (6.36%)
Media & Entertainment – (6.36%)
NetEase, Inc., ADR (China) 
59,181
$6,086,766
Sea Limited, Class A, ADR (Singapore) *
57,264
6,974,182
Total Communication Services
13,060,948
CONSUMER DISCRETIONARY – (37.23%)
Consumer Discretionary Distribution & Retail – (13.98%)
Coupang, Inc., Class A (South Korea) *
313,365
7,367,211
JD.com, Inc., Class A, ADR (China) 
59,019
2,403,254
Naspers Ltd. - N (South Africa) 
43,502
9,171,534
Prosus N.V., Class N (Netherlands) 
255,115
9,744,762
 
28,686,761
Consumer Durables & Apparel – (3.04%)
FILA Holdings Corp. (South Korea) 
232,048
6,247,664
Consumer Services – (20.21%)
Delivery Hero SE (Germany) *
166,569
4,304,830
Entain plc (United Kingdom) 
816,001
7,085,259
Meituan, Class B (China) *
783,680
14,915,430
Restaurant Brands International Inc. (Canada) 
66,500
4,092,410
Trip.com Group Ltd., ADR (China) *
157,960
11,084,053
 
41,481,982
Total Consumer Discretionary
76,416,407
ENERGY – (3.60%)
Tourmaline Oil Corp. (Canada) 
162,164
7,387,676
Total Energy
7,387,676
FINANCIALS – (31.74%)
Banks – (15.95%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
129,437
4,749,044
Danske Bank A/S (Denmark) 
433,689
12,948,905
DBS Group Holdings Ltd. (Singapore) 
306,289
10,025,428
DNB Bank ASA (Norway) 
146,706
3,116,135
Metro Bank Holdings PLC (United Kingdom) *
1,501,074
1,894,509
 
32,734,021
Financial Services – (6.36%)
Capital Markets – (6.36%)
Julius Baer Group Ltd. (Switzerland) 
144,679
10,165,770
Noah Holdings Ltd., Class A, ADS (China) 
274,134
2,900,338
 
13,066,108
Insurance – (9.43%)
Life & Health Insurance – (9.43%)
AIA Group Ltd. (Hong Kong) 
1,194,490
8,397,437
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
1,944,836
10,950,755
 
19,348,192
Total Financials
65,148,321
 
Shares
Value
COMMON STOCK – (CONTINUED)
INDUSTRIALS – (5.17%)
Capital Goods – (2.97%)
ITOCHU Corp. (Japan) 
132,170
$6,085,642
Transportation – (2.20%)
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
401,849
4,524,820
Total Industrials
10,610,462
INFORMATION TECHNOLOGY – (7.04%)
Semiconductors & Semiconductor Equipment – (2.82%)
Tokyo Electron Ltd. (Japan) 
34,350
5,794,291
Technology Hardware & Equipment – (4.22%)
Samsung Electronics Co., Ltd. (South Korea) 
242,343
8,654,970
Total Information Technology
14,449,261
MATERIALS – (5.03%)
Teck Resources Ltd., Class B (Canada) 
174,311
7,125,834
Vale S.A., ADR (Brazil) 
344,550
3,200,869
Total Materials
10,326,703
REAL ESTATE – (3.72%)
Real Estate Management & Development – (3.72%)
KE Holdings Inc., Class A, ADR (China) 
437,469
7,625,085
Total Real Estate
7,625,085
TOTAL COMMON STOCK –
(Identified cost $181,810,488)
205,024,863
Total Investments – (99.89%) –
(Identified cost $181,810,488)
205,024,863
Other Assets Less Liabilities – (0.11%)
231,533
Net Assets – (100.00%)
$205,256,396
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
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 Financial Statements.
4
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments
January 31, 2025 (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 and of sufficient credit quality are valued at amortized cost, which approximates fair 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, 2025 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of January 31, 2025 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
$91,064,980
$–
$49,590,751
$13,060,948
Consumer Discretionary
92,533,844
–
47,973,082
24,946,928
Consumer Staples
4,745,499
–
2,844,497
–
Energy
20,266,174
–
11,279,686
7,387,676
Financials
236,936,511
206,035,619
46,892,951
7,649,382
Health Care
116,677,897
–
43,716,403
–
Industrials
21,390,045
–
8,726,980
4,524,820
Information Technology
36,857,157
–
5,715,963
–
Materials
8,322,964
–
8,051,684
10,326,703
Real Estate
–
–
3,739,920
7,625,085
Total Level 1
628,795,071
206,035,619
228,531,917
75,521,542
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary
–
2,453,083
49,323,430
51,469,479
Financials
–
38,981,102
57,162,697
57,498,939
Industrials
–
–
–
6,085,642
Information Technology
–
–
11,399,962
14,449,261
Short-Term Investments
28,983,000
7,621,000
4,471,000
–
Total Level 2
28,983,000
49,055,185
122,357,089
129,503,321
Level 3 – Significant Unobservable Inputs:
Total Level 3
–
–
–
–
Total Investments
$657,778,071
$255,090,804
$350,889,006
$205,024,863
 
*
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, 2025, 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
$431,750,954
$170,462,384
$274,388,011
$184,076,909
 
Unrealized appreciation
236,387,749
89,033,918
98,445,787
36,786,943
Unrealized depreciation
(10,360,632
)
(4,405,498
)
(21,944,792
)
(15,838,989
)
Net unrealized appreciation
$226,027,117
$84,628,420
$76,500,995
$20,947,954
6