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
(portfolios of Davis Fundamental ETF Trust)
January 31, 2026
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments
January 31, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (94.12%)
COMMUNICATION SERVICES – (13.88%)
Media & Entertainment – (13.88%)
Alphabet Inc., Class C 
171,598
$58,091,071
Meta Platforms, Inc., Class A 
100,430
71,958,095
Pinterest, Inc., Class A *
631,170
13,967,792
Total Communication Services
144,016,958
CONSUMER DISCRETIONARY – (12.13%)
Consumer Discretionary Distribution & Retail – (4.69%)
Amazon.com, Inc. *
203,455
48,686,782
Consumer Services – (7.44%)
MGM Resorts International *
1,431,616
48,016,401
Restaurant Brands International Inc.
(Canada) 
435,450
29,170,795
 
77,187,196
Total Consumer Discretionary
125,873,978
CONSUMER STAPLES – (7.33%)
Food, Beverage & Tobacco – (7.33%)
Tyson Foods, Inc., Class A 
1,164,586
76,082,403
Total Consumer Staples
76,082,403
ENERGY – (9.14%)
ConocoPhillips 
153,433
15,992,322
Coterra Energy Inc. 
2,159,738
62,308,441
Tourmaline Oil Corp. (Canada) 
350,143
16,570,495
Total Energy
94,871,258
FINANCIALS – (26.65%)
Banks – (9.98%)
U.S. Bancorp 
1,191,796
66,871,673
Wells Fargo & Co. 
405,622
36,704,735
 
103,576,408
Financial Services – (12.41%)
Consumer Finance – (8.35%)
Capital One Financial Corp. 
395,555
86,598,856
Financial Services – (4.06%)
Berkshire Hathaway Inc., Class B *
87,725
42,154,495
 
128,753,351
Insurance – (4.26%)
Property & Casualty Insurance – (4.26%)
Markel Group Inc. *
21,691
44,263,522
Total Financials
276,593,281
HEALTH CARE – (14.26%)
Health Care Equipment & Services – (9.52%)
Cigna Group 
59,214
16,231,150
CVS Health Corp. 
608,122
45,317,252
Solventum Corp. *
270,121
20,791,213
UnitedHealth Group Inc. 
57,510
16,501,344
 
98,840,959
Pharmaceuticals, Biotechnology & Life Sciences – (4.74%)
Viatris Inc. 
3,756,451
49,171,943
Total Health Care
148,012,902
INDUSTRIALS – (2.23%)
Capital Goods – (2.23%)
AGCO Corp. 
76,548
8,681,309
Owens Corning 
120,499
14,440,600
Total Industrials
23,121,909
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (7.45%)
Semiconductors & Semiconductor Equipment – (7.45%)
Applied Materials, Inc. 
94,499
$30,458,918
Texas Instruments Inc. 
217,435
46,868,114
Total Information Technology
77,327,032
MATERIALS – (1.05%)
Teck Resources Ltd., Class B (Canada) 
202,305
10,875,917
Total Materials
10,875,917
TOTAL COMMON STOCK –
(Identified cost $681,992,511)
976,775,638
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (5.85%)
Brean Capital LLC Joint Repurchase
Agreement, 3.70%, 02/02/26  (a)
$5,674,000
$5,674,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.65%, 02/02/26
 (b)
7,565,000
7,565,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.70%, 02/02/26  (c)
47,489,000
47,489,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $60,728,000)
60,728,000
Total Investments – (99.97%) –
(Identified cost $742,720,511)
1,037,503,638
Other Assets Less Liabilities – (0.03%)
271,070
Net Assets – (100.00%)
$1,037,774,708
 
*
Non-income producing security.
(a)
Dated 01/30/26, repurchase value of $5,675,749 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 4.235%-7.625%, 01/01/29-11/20/71, total fair value
$5,787,480).
(b)
Dated 01/30/26, repurchase value of $7,567,301 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.00%-
6.00%, 07/01/53-12/01/54, total fair value $7,716,300).
(c)
Dated 01/30/26, repurchase value of $47,503,642 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/01/26-01/20/56, total fair value $48,438,780).
Please refer to “Notes to Schedule of Investments” on page 5 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Financial Statements.
1
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Schedule of Investments
January 31, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (93.56%)
CONSUMER DISCRETIONARY – (1.17%)
Consumer Discretionary Distribution & Retail – (1.17%)
Prosus N.V., Class N (Netherlands) 
95,047
$5,459,130
Total Consumer Discretionary
5,459,130
FINANCIALS – (92.39%)
Banks – (38.62%)
Bank of America Corp. 
198,165
10,542,378
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
154,407
7,998,283
Danske Bank A/S (Denmark) 
220,707
11,262,438
DBS Group Holdings Ltd. (Singapore) 
262,794
12,229,703
DNB Bank ASA (Norway) 
289,342
8,313,268
Fifth Third Bancorp 
466,705
23,437,925
JPMorgan Chase & Co. 
61,890
18,931,532
M&T Bank Corp. 
29,849
6,613,643
Metro Bank Holdings PLC (United
Kingdom) *
1,050,266
1,914,260
PNC Financial Services Group, Inc. 
96,471
21,541,974
Truist Financial Corp. 
220,277
11,326,643
U.S. Bancorp 
444,190
24,923,501
Wells Fargo & Co. 
230,211
20,831,793
 
179,867,341
Financial Services – (36.07%)
Capital Markets – (9.50%)
Bank of New York Mellon Corp. 
92,312
11,070,055
Charles Schwab Corp. 
55,009
5,716,535
Julius Baer Group Ltd. (Switzerland) 
239,537
20,023,131
State Street Corp. 
56,637
7,411,518
 
44,221,239
Consumer Finance – (12.58%)
American Express Co. 
49,724
17,511,301
Capital One Financial Corp. 
187,631
41,078,055
 
58,589,356
Financial Services – (13.99%)
Berkshire Hathaway Inc., Class B *
51,080
24,545,472
Chime Financial, Inc., Class A *
451,186
11,469,148
Exor N.V. (Netherlands) 
149,084
12,211,121
Fiserv, Inc. *
102,843
6,554,184
Rocket Companies, Inc., Class A 
579,491
10,390,274
 
65,170,199
 
167,980,794
Insurance – (17.70%)
Life & Health Insurance – (0.83%)
Ping An Insurance (Group) Co. of China, Ltd.
- H (China) 
416,500
3,875,981
Property & Casualty Insurance – (11.99%)
Chubb Ltd. 
63,066
19,522,711
Loews Corp. 
131,969
13,931,967
Markel Group Inc. *
10,965
22,375,618
 
55,830,296
 
Shares
Value
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (Continued)
Reinsurance – (4.88%)
Everest Group, Ltd. 
29,638
$9,818,477
RenaissanceRe Holdings Ltd. 
45,926
12,937,354
 
22,755,831
 
82,462,108
Total Financials
430,310,243
TOTAL COMMON STOCK –
(Identified cost $313,217,471)
435,769,373
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (6.27%)
Brean Capital LLC Joint Repurchase
Agreement, 3.70%, 02/02/26  (a)
$2,729,000
$2,729,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.65%, 02/02/26  (b)
3,638,000
3,638,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.70%, 02/02/26  (c)
22,837,000
22,837,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $29,204,000)
29,204,000
Total Investments – (99.83%) –
(Identified cost $342,421,471)
464,973,373
Other Assets Less Liabilities – (0.17%)
811,308
Net Assets – (100.00%)
$465,784,681
 
*
Non-income producing security.
(a)
Dated 01/30/26, repurchase value of $2,729,841 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 4.235%-7.625%, 01/01/29-11/20/71, total fair value
$2,783,580).
(b)
Dated 01/30/26, repurchase value of $3,639,107 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.50%-
5.50%, 07/01/48-08/01/55, total fair value $3,710,760).
(c)
Dated 01/30/26, repurchase value of $22,844,041 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/01/26-01/20/56, total fair value $23,293,740).
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, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (96.94%)
COMMUNICATION SERVICES – (8.86%)
Media & Entertainment – (8.86%)
Alphabet Inc., Class C 
47,953
$16,233,529
Meta Platforms, Inc., Class A 
30,967
22,187,856
NetEase, Inc., ADR (China) 
34,038
4,385,116
Pinterest, Inc., Class A *
179,696
3,976,672
Total Communication Services
46,783,173
CONSUMER DISCRETIONARY – (21.35%)
Automobiles & Components – (1.53%)
AUMOVIO SE (Germany) *
166,750
8,048,595
Consumer Discretionary Distribution & Retail – (7.29%)
Amazon.com, Inc. *
43,247
10,349,007
Naspers Ltd. - N (South Africa) 
43,590
2,675,508
Prosus N.V., Class N (Netherlands) 
379,518
21,798,038
Sea Limited, Class A, ADR (Singapore) *
31,614
3,682,715
 
38,505,268
Consumer Services – (12.53%)
Entain plc (United Kingdom) 
713,605
5,907,593
Meituan, Class B (China) *
944,240
11,748,458
MGM Resorts International *
544,783
18,272,021
Restaurant Brands International Inc. (Canada) 
55,116
3,692,221
Trip.com Group Ltd., ADR (China) 
432,846
26,563,759
 
66,184,052
Total Consumer Discretionary
112,737,915
CONSUMER STAPLES – (6.80%)
Food, Beverage & Tobacco – (6.80%)
JBS N.V., Class A (Brazil) *
1,003,230
15,800,873
Tyson Foods, Inc., Class A 
307,470
20,087,015
Total Consumer Staples
35,887,888
ENERGY – (6.92%)
Coterra Energy Inc. 
868,960
25,069,496
Tourmaline Oil Corp. (Canada) 
242,916
11,495,984
Total Energy
36,565,480
FINANCIALS – (22.67%)
Banks – (1.96%)
Metro Bank Holdings PLC (United
Kingdom) *
1,431,137
2,608,451
U.S. Bancorp 
137,724
7,727,694
 
10,336,145
Financial Services – (9.72%)
Capital Markets – (3.87%)
Julius Baer Group Ltd. (Switzerland) 
244,120
20,406,228
Consumer Finance – (3.81%)
Capital One Financial Corp. 
91,965
20,133,897
Financial Services – (2.04%)
Berkshire Hathaway Inc., Class B *
22,396
10,761,950
 
51,302,075
Insurance – (10.99%)
Life & Health Insurance – (7.87%)
AIA Group Ltd. (Hong Kong) 
1,026,490
11,871,759
Ping An Insurance (Group) Co. of China, Ltd.
- H (China) 
3,189,015
29,677,218
 
41,548,977
Property & Casualty Insurance – (3.12%)
Markel Group Inc. *
8,087
16,502,656
 
58,051,633
Total Financials
119,689,853
HEALTH CARE – (9.21%)
Health Care Equipment & Services – (5.19%)
CVS Health Corp. 
158,312
11,797,410
Solventum Corp. *
130,541
10,047,741
UnitedHealth Group Inc. 
19,334
5,547,505
 
27,392,656
Pharmaceuticals, Biotechnology & Life Sciences – (4.02%)
Viatris Inc. 
1,621,989
21,231,836
Total Health Care
48,624,492
 
Shares
Value
COMMON STOCK – (CONTINUED)
INDUSTRIALS – (10.24%)
Capital Goods – (1.75%)
ITOCHU Corp. (Japan) 
355,050
$4,521,863
SANY Heavy Industry Co., Ltd - H (China) *
1,555,240
4,730,163
 
9,252,026
Transportation – (8.49%)
DiDi Global Inc., Class A, ADS (China) *
3,247,410
15,295,301
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
2,985,597
29,557,410
 
44,852,711
Total Industrials
54,104,737
INFORMATION TECHNOLOGY – (8.92%)
Semiconductors & Semiconductor Equipment – (1.53%)
Applied Materials, Inc. 
25,021
8,064,769
Software & Services – (2.57%)
AppLovin Corp., Class A *
28,738
13,596,235
Technology Hardware & Equipment – (4.82%)
Samsung Electronics Co., Ltd. (South Korea) 
228,050
25,428,668
Total Information Technology
47,089,672
MATERIALS – (1.97%)
Teck Resources Ltd., Class B (Canada) 
193,231
10,388,098
Total Materials
10,388,098
TOTAL COMMON STOCK –
(Identified cost $369,439,553)
511,871,308
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (3.01%)
Brean Capital LLC Joint Repurchase
Agreement, 3.70%, 02/02/26  (a)
$1,487,000
$1,487,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.65%, 02/02/26  (b)
1,982,000
1,982,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.70%, 02/02/26  (c)
12,442,000
12,442,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $15,911,000)
15,911,000
Total Investments – (99.95%) –
(Identified cost $385,350,553)
527,782,308
Other Assets Less Liabilities – (0.05%)
261,912
Net Assets – (100.00%)
$528,044,220
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 01/30/26, repurchase value of $1,487,458 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 4.235%-7.625%, 01/01/29-11/20/71, total fair value
$1,516,740).
(b)
Dated 01/30/26, repurchase value of $1,982,603 (collateralized
by: U.S. Government agency mortgage in a pooled cash account, 5.50%,
08/01/55, total fair value $2,021,640).
(c)
Dated 01/30/26, repurchase value of $12,445,836 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/01/26-01/20/56, total fair value $12,690,840).
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, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (95.03%)
COMMUNICATION SERVICES – (2.14%)
Media & Entertainment – (2.14%)
NetEase, Inc., ADR (China) 
45,805
$5,901,058
Total Communication Services
5,901,058
CONSUMER DISCRETIONARY – (28.78%)
Automobiles & Components – (2.71%)
AUMOVIO SE (Germany) *
155,200
7,491,106
Consumer Discretionary Distribution & Retail – (11.32%)
JD.com, Inc., Class A, ADR (China) 
54,297
1,546,379
Naspers Ltd. - N (South Africa) 
163,780
10,052,642
Prosus N.V., Class N (Netherlands) 
234,727
13,481,806
Sea Limited, Class A, ADR (Singapore) *
52,691
6,137,975
 
31,218,802
Consumer Services – (14.75%)
Delivery Hero SE (Germany) *
153,265
4,287,473
Entain plc (United Kingdom) 
987,637
8,176,172
Meituan, Class B (China) *
720,480
8,964,383
Restaurant Brands International Inc. (Canada) 
97,012
6,498,834
Trip.com Group Ltd., ADR (China) 
207,919
12,759,989
 
40,686,851
Total Consumer Discretionary
79,396,759
CONSUMER STAPLES – (4.40%)
Food, Beverage & Tobacco – (4.40%)
JBS N.V., Class A (Brazil) *
770,810
12,140,258
Total Consumer Staples
12,140,258
ENERGY – (3.85%)
Tourmaline Oil Corp. (Canada) 
224,047
10,603,010
Total Energy
10,603,010
FINANCIALS – (24.81%)
Banks – (9.19%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
89,061
4,613,360
Danske Bank A/S (Denmark) 
234,643
11,973,577
DBS Group Holdings Ltd. (Singapore) 
134,389
6,254,091
Metro Bank Holdings PLC (United
Kingdom) *
1,380,809
2,516,721
 
25,357,749
Financial Services – (4.33%)
Capital Markets – (4.33%)
Julius Baer Group Ltd. (Switzerland) 
143,000
11,953,509
Insurance – (11.29%)
Life & Health Insurance – (11.29%)
AIA Group Ltd. (Hong Kong) 
1,266,090
14,642,827
Ping An Insurance (Group) Co. of China, Ltd.
- H (China) 
1,771,836
16,488,841
 
31,131,668
Total Financials
68,442,926
INDUSTRIALS – (14.24%)
Capital Goods – (5.12%)
ITOCHU Corp. (Japan) 
917,350
11,683,231
SANY Heavy Industry Co., Ltd - H (China) *
803,470
2,443,702
 
14,126,933
Transportation – (9.12%)
DiDi Global Inc., Class A, ADS (China) *
2,127,020
10,018,264
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
1,529,783
15,144,852
 
25,163,116
Total Industrials
39,290,049
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (8.40%)
Semiconductors & Semiconductor Equipment – (2.06%)
Tokyo Electron Ltd. (Japan) 
21,320
$5,690,936
Technology Hardware & Equipment – (6.34%)
Samsung Electronics Co., Ltd. (South Korea) 
156,769
17,480,495
Total Information Technology
23,171,431
MATERIALS – (5.68%)
Teck Resources Ltd., Class B (Canada) 
132,474
7,121,802
Vale S.A., ADR (Brazil) 
531,123
8,535,147
Total Materials
15,656,949
REAL ESTATE – (2.73%)
Real Estate Management & Development – (2.73%)
KE Holdings Inc., Class A, ADR (China) 
402,513
7,535,043
Total Real Estate
7,535,043
TOTAL COMMON STOCK –
(Identified cost $196,947,610)
262,137,483
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (4.73%)
Brean Capital LLC Joint Repurchase
Agreement, 3.70%, 02/02/26  (a)
$1,220,000
$1,220,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.65%, 02/02/26  (b)
1,627,000
1,627,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.70%, 02/02/26  (c)
10,209,000
10,209,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $13,056,000)
13,056,000
Total Investments – (99.76%) –
(Identified cost $210,003,610)
275,193,483
Other Assets Less Liabilities – (0.24%)
651,909
Net Assets – (100.00%)
$275,845,392
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 01/30/26, repurchase value of $1,220,376 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 4.235%-7.625%, 01/01/29-11/20/71, total fair value
$1,244,400).
(b)
Dated 01/30/26, repurchase value of $1,627,495 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 1.41%-
7.50%, 05/01/28-08/01/55, total fair value $1,659,540).
(c)
Dated 01/30/26, repurchase value of $10,212,148 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/01/26-01/20/56, total fair value $10,413,180).
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.
4
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments
January 31, 2026 (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, 2026 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of January 31, 2026 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
$144,016,958
$–
$46,783,173
$5,901,058
Consumer Discretionary
125,873,978
5,459,130
112,737,915
79,396,759
Consumer Staples
76,082,403
–
35,887,888
12,140,258
Energy
94,871,258
–
36,565,480
10,603,010
Financials
276,593,281
430,310,243
119,689,853
68,442,926
Health Care
148,012,902
–
48,624,492
–
Industrials
23,121,909
–
54,104,737
39,290,049
Information Technology
77,327,032
–
47,089,672
23,171,431
Materials
10,875,917
–
10,388,098
15,656,949
Real Estate
–
–
–
7,535,043
Total Level 1
976,775,638
435,769,373
511,871,308
262,137,483
Level 2 – Other Significant Observable Inputs:
Short-Term Investments
60,728,000
29,204,000
15,911,000
13,056,000
Total Level 2
60,728,000
29,204,000
15,911,000
13,056,000
Level 3 – Significant Unobservable Inputs:
Total Level 3
–
–
–
–
Total Investments
$1,037,503,638
$464,973,373
$527,782,308
$275,193,483
Federal Income Taxes
At January 31, 2026, 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
$742,756,149
$342,966,612
$386,178,296
$211,725,425
 
Unrealized appreciation
307,167,087
123,909,052
153,724,539
69,656,056
Unrealized depreciation
(12,419,598
)
(1,902,291
)
(12,120,527
)
(6,187,998
)
Net unrealized appreciation
$294,747,489
$122,006,761
$141,604,012
$63,468,058
6