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DAVIS FUNDAMENTAL ETF TRUST
2025-04-30
Davis Select U.S. Equity ETF
DUSA
This Semi-Annual shareholder report contains important information about the Davis Select U.S. Equity ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #083e1c; font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisetfs.com/literature/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisetfs.com/literature/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: #083e1c; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Select U.S. Equity ETF</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: #000000; text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
30
0.0059
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund delivered a total return of 1.85%, versus a -1.74% return for the S&P 500. The Fund invests principally in common stocks issued by large companies with market capitalizations of at least $10 billion. The Fund is non-diversified and, therefore, allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund continues to invest a significant portion of its assets in financial services companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Consumer Staples (+6%), Financials (+6%), and Communication Services (+1%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Materials (-9%), Energy (-8%), and Information Technology (-6%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+9% vs +6%) and significantly overweight (average weighting 35% vs 14%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Berkshire Hathaway (+18%) and Capital One Financial (+11%) - two largest individual contributors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Markel Group (+18%), Wells Fargo (+11%), Bank of New York Mellon (+8%), and JPMorgan Chase (+12%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+5% vs -4%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">CVS Health (+21%), Quest Diagnostics (+16%), and Cigna Group (+9%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Significantly underweight in weaker performing Information Technology sector - (average weighting 5% vs 31%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Repurchase agreement position (cash) in a down-market environment (6% average position)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">New Fund holding - Restaurant Brands (+7%)</div>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - underperformed the Index sector (-16% vs -6%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Applied Materials (-17%) and Texas Instruments (-20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (-4% vs +1%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (-7%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (-16% vs -1%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Owens Corning (-17%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Underweight in stronger performing Consumer Staples sector (average weighting 1% vs 6%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (-26%) and U.S. Bancorp (-15%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">MGM Resorts (-15%), Teck Resources (-27%), ConocoPhillips (-17%), and Solventum (-9%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"></div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: #083e1c; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception<br/>(01/11/17)</td>
</tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis Select U.S. Equity ETF — Net Asset Value (NAV)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.78<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.30<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.45<span>%</span></td>
</tr>
</table>
2017-01-11
Davis Select U.S. Equity ETF — Net Asset Value (NAV)
0.1014
0.1506
0.1078
S&P 500 Index
0.1210
0.1560
0.1330
Russell 1000 Value Index
0.0855
0.1299
0.0845
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 04/30/25 (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>657.6</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7</td>
</tr>
</table>
657600000
30
0.03
1700000
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>04/30/25</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.48<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.00<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.57<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.31<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.90<span>%</span></td>
</tr>
</table>
0.3648
0.1900
0.1357
0.1131
0.0590
Davis Select Financial ETF
DFNL
This Semi-Annual shareholder report contains important information about the Davis Select Financial ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #083e1c; font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisetfs.com/literature/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisetfs.com/literature/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: #083e1c; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Select Financial ETF</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: #000000; text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
32
0.0062
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund underperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund delivered a total return of 4.95%, versus a 5.72% return for the Index. The Fund outperformed the -1.74% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks issued by companies principally engaged in the financial services sector. The Fund is non-diversified and, therefore, allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund continues to invest a significant portion of its assets in foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500 Financials</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing industries - Financial Services (+12%) and Insurance (+5%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing industries - Capital Markets (less than 1%) and Banks (+3%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financial Services - underperformed the Index industry (+7% vs +12%) and significantly underweight (average weighting 10% vs 32%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Rocket Companies (-15%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Exor (-3%) - new purchase during the period</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Banks - underperformed the Index industry (+2% vs +3%) and overweight (average weighting 44% vs 25%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Fifth Third Bancorp (-16%), U.S. Bancorp (-15%), and PNC Financial Services (-13%) - three largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Truist Financial (-9%), M&T Bank (-12%), and Bank of America (-4%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">RenaissanceRe Holdings (-8%) and State Street (-4%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Capital Markets - outperformed the Index industry (+9% vs less than 1%) and underweight (average weighting 12% vs 23%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Julius Baer Group (+12%) and Bank of New York Mellon (+8%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Finance - outperformed the Index industry (+8% vs +5%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Capital One Financial (+11%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Insurance - outperformed the Index industry (+7% vs +5%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Markel Group (+18%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Berkshire Hathaway (+18%) and Danske Bank (+30%) - two largest individual contributors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">JPMorgan Chase (+12%), DBS Group Holdings (+14%), Wells Fargo (+11%), and DNB Bank (+29%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"></div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: #083e1c; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception<br/>(01/11/17)</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis Select Financial ETF — Net Asset Value (NAV)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.92<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.58<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.30<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Financials Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.76<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td>
</tr>
</table>
2017-01-11
Davis Select Financial ETF — Net Asset Value (NAV)
0.2204
0.1892
0.1058
S&P 500 Index
0.1210
0.1560
0.1330
S&P 500 Financials Index
0.2282
0.1876
0.1135
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 04/30/25 (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>252.1</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in thousands)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>676.1</td>
</tr>
</table>
252100000
31
0.01
676100
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Industries</b> <b> as of </b> <b>04/30/25</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.32<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.19<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.08<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.95<span>%</span></td>
</tr>
</table>
0.4332
0.1719
0.1296
0.1208
0.1195
Davis Select Worldwide ETF
DWLD
This Semi-Annual shareholder report contains important information about the Davis Select Worldwide ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #083e1c; font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisetfs.com/literature/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisetfs.com/literature/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: #083e1c; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Select Worldwide ETF</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: #000000; text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
31
0.0062
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund underperformed the Morgan Stanley Capital International All Country World Index (“MSCI ACWI” or the “Index”) for the period. The Fund delivered a total return of -0.44%, versus a 0.88% return for the MSCI ACWI. The Fund invests principally in common stocks (including American Depositary Receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">MSCI ACWI</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Financials (+10%), Consumer Staples (+8%), and Utilities (+5%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Information Technology (-5%), Energy (-4%), and Materials (-4%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Discretionary - underperformed the Index sector (-11% vs +2%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Meituan (-28%) - largest individual detractor</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Delivery Hero (-33%), MGM Resorts (-15%), and Trip.com Group (-8%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">PDD Holdings (-13%) - purchased and subsequently sold during the period</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Underweight in stronger performing Consumer Staples sector (average weighting 1% vs 6%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (-2% vs +3%) and underweight (average weighting 3% vs 10%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">China holdings - underperformed the Index China exposure (-11% vs +8%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Teck Resources (-27%), Viatris (-26%), Solventum (-9%), Samsung Electronics (-8%), and Ping An Insurance (-3%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+12% vs +10%) and overweight (average weighting 30% vs 17%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Danske Bank (+30%) - largest individual contributor</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Markel Group (+18%), Berkshire Hathaway (+18%), Capital One Financial (+11%), and Julius Baer Group (+12%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Wells Fargo (+14%) - no longer a Fund holding</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Significantly underweight in weaker performing Information Technology sector - (average weighting 6% vs 25%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+1% vs -4%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">CVS Health (+21%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Consumer Discretionary (average weighting 29% vs 11%) and Communications Services (average weighting 13% vs 8%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Sea (+43%) and Prosus (+11%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">NetEase (+21%) - new purchase during the period</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"></div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: #083e1c; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception<br/>(01/11/17)</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis Select Worldwide ETF — Net Asset Value (NAV)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.09<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>MSCI ACWI</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.25<span>%</span></td>
</tr>
</table>
2017-01-11
Davis Select Worldwide ETF — Net Asset Value (NAV)
0.1659
0.1218
0.0909
MSCI ACWI
0.1184
0.1306
0.1025
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 04/30/25 (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>380.3</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in thousands)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>958.6</td>
</tr>
</table>
380300000
44
0.13
958600
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>04/30/25</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.70<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.36<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.25<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.87<span>%</span></td>
</tr>
</table>
0.2970
0.2736
0.1125
0.0949
0.0687
Davis Select International ETF
DINT
This Semi-Annual shareholder report contains important information about the Davis Select International ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #083e1c; font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisetfs.com/literature/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisetfs.com/literature/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: #083e1c; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Select International ETF</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: #000000; text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: #000000; text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
33
0.0067
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: #000000; font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA (“MSCI ACWI ex USA” or the “Index”) for the period. The Fund delivered a total return of -1.37%, versus a 5.95% return for the MSCI ACWI ex USA. The Fund invests principally in common stocks (including American Depositary Receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">MSCI ACWI ex USA</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Communication Services (+16%), Financials (+15%), and Utilities (+11%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Health Care (-3%), Information Technology (-3%), and Energy (-2%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Discretionary - underperformed the Index sector (-11% vs +4%) and overweight (average weighting 38% vs 11%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Meituan (-28%) and Delivery Hero (-33%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Coupang (-9%), Trip.com Group (-8%), and JD.com (-17%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Misto Holdings (-8%) - formerly FILA Holdings</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">PDD Holdings (-13%) - purchased and subsequently sold during the period</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - underperformed the Index sector (+10% vs +15%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Noah Holdings (-25%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">China holdings - significantly underperformed the Index China exposure (-13% vs +8%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Teck Resources (-27%) and KE Holdings (-6%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">No exposure to Health Care and underweight in Information Technology (average weighting 7% vs 13%), the two weakest performing sectors of the Index, respectively</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - outperformed the Index sector (+45% vs +16%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Sea (+43%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">NetEase (+21%) - new purchase during the period</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Financials - (average weighting 31% vs 24%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Danske Bank (+30%) - largest individual contributor</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">DBS Group Holdings (+14%), Julius Baer Group (+12%), DNB Bank (+29%), Bank of N.T Butterfield (+12%), and Metro Bank Holdings (+35%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Naspers (+12%) and Prosus (+11%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"></div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: #083e1c; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception<br/>(03/01/18)</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis Select International ETF — Net Asset Value (NAV)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.62<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.55<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>MSCI ACWI ex USA</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.77<span>%</span></td>
</tr>
</table>
2018-03-01
Davis Select International ETF — Net Asset Value (NAV)
0.1862
0.0859
0.0355
MSCI ACWI ex USA
0.1193
0.1008
0.0477
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisetfs.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 04/30/25 (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>216.1</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 04/30/25</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>539.1</td>
</tr>
</table>
216100000
31
0.15
539100
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: #083e1c; letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: #083e1c; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>04/30/25</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.20<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.49<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.59<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.85<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #083e1c;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.27<span>%</span></td>
</tr>
</table>
0.3420
0.2949
0.0859
0.0685
0.0627
Annualized.
Annualized.
Annualized.
Annualized.