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Davis Fundamental ETF Trust

Filed: 23 Sep 21, 11:12am






DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT U.S. EQUITY ETF
July 31, 2021 (Unaudited)

 Shares Value
COMMON STOCK – (95.11%)
 COMMUNICATION SERVICES – (15.02%)
  Media & Entertainment – (15.02%)
 
Alphabet Inc., Class C  *
  
14,267
 
$
38,583,960
 
Facebook, Inc., Class A  *
  
55,741
  
19,860,519
     
               Total Communication Services
  
58,444,479
 CONSUMER DISCRETIONARY – (12.41%)
 Retailing – (12.41%)
 
Alibaba Group Holding Ltd., ADR  (China)*
  
77,653
  
15,157,089
 
Amazon.com, Inc.  *
  
7,635
  
25,406,150
 
Naspers Ltd. - N  (South Africa)
  
20,982
  
4,041,375
 
Vroom, Inc.  *
  
99,452
  
3,683,702
 
               Total Consumer Discretionary
  
48,288,316
 FINANCIALS – (56.06%)
 Banks – (20.86%)
 
Bank of America Corp.
  
189,820
  
7,281,495
 
Danske Bank A/S  (Denmark)
  
249,255
  
4,372,197
 
DBS Group Holdings Ltd.  (Singapore)
  
801,491
  
17,988,370
 
JPMorgan Chase & Co.
  
84,424
  
12,813,875
 
U.S. Bancorp
  
267,425
  
14,852,785
 
Wells Fargo & Co.
  
519,476
  
23,864,727
   81,173,449
 Diversified Financials – (28.04%)
 Capital Markets – (2.77%)
 
Bank of New York Mellon Corp.
  
210,244
  
10,791,825
 Consumer Finance – (17.38%)
 
American Express Co.
  
99,869
  
17,030,661
 
Capital One Financial Corp.
  
312,866
  
50,590,432
  67,621,093
 Diversified Financial Services – (7.89%)
 
Berkshire Hathaway Inc., Class B  *
  
110,256
  
30,683,142
   109,096,060
 Insurance – (7.16%)
 Life & Health Insurance – (4.31%)
 
AIA Group Ltd.  (Hong Kong)
  
639,020
  
7,655,593
 
Ping An Insurance (Group) Co. of China Ltd. - H  (China)
  
1,037,990
  
9,102,774
  16,758,367
 Property & Casualty Insurance – (2.85%)
 
Markel Corp.  *
  
9,197
  
11,093,145
   27,851,512
 
               Total Financials
  
218,121,021
 HEALTH CARE – (5.06%)
 Health Care Equipment & Services – (3.17%)
 
Cigna Corp.
  
13,196
  
3,028,350
 
Quest Diagnostics Inc.
  
65,705
  
9,316,969
   12,345,319
 Pharmaceuticals, Biotechnology & Life Sciences – (1.89%)
 
Viatris Inc.
  
521,417
  
7,336,337
 
               Total Health Care
  
19,681,656


1


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)
July 31, 2021 (Unaudited)

 Shares/Principal Value
COMMON STOCK – (CONTINUED)
 INDUSTRIALS – (1.11%)
   Capital Goods – (1.11%)
  
Raytheon Technologies Corp.
  
49,334
 
$
4,289,591
     
                                   Total Industrials
  
4,289,591
 INFORMATION TECHNOLOGY – (5.45%)
 Semiconductors & Semiconductor Equipment – (5.45%)
 
Applied Materials, Inc.
  
84,247
  
11,788,683
 
Intel Corp.
  
175,406
  
9,422,810
 
                                   Total Information Technology
  
21,211,493
 
 
                              TOTAL COMMON STOCK – (Identified cost $242,541,339)

  
 370,036,556
SHORT-TERM INVESTMENTS – (4.32%)
 
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.045%, 08/02/21, dated 07/30/21, repurchase value of $7,298,027
(collateralized by: U.S. Government agency obligations in a pooled cash
account, 0.00%-3.625%, 11/15/22-04/15/28, total market value
$7,443,960)
 
$
7,298,000
  
7,298,000
 
StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $7,704,032 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 07/31/21-08/15/56, total market value
$7,858,080)
  
7,704,000
  
7,704,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $1,825,008 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 1.50%-3.00%,
07/01/31-07/01/51, total market value $1,861,500)
  
1,825,000
  
1,825,000
 
 
                              TOTAL SHORT-TERM INVESTMENTS – (Identified cost $16,827,000)

  
 16,827,000
 
 
          Total Investments – (99.43%) – (Identified cost $259,368,339)
  386,863,556
 
          Other Assets Less Liabilities – (0.57%)
  2,215,216
 
                              Net Assets – (100.00%)
 
$
389,078,772
 
 
ADR: American Depositary Receipt
 
 
*
Non-income producing security.
 
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
 
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.


2


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT FINANCIAL ETF
July 31, 2021 (Unaudited)

 Shares Value
COMMON STOCK – (97.48%)
 FINANCIALS – (97.48%)
  Banks – (44.09%)
  Banks – (41.82%)
  
Bank of America Corp.
  
244,575
 
$
9,381,897
 
Bank of N.T. Butterfield & Son Ltd.  (Bermuda)
  
141,031
  
4,673,767
 
Danske Bank A/S  (Denmark)
  
383,512
  
6,727,208
 
DBS Group Holdings Ltd.  (Singapore)
  
372,486
  
8,359,939
 
DNB Bank ASA  (Norway)
  
342,881
  
7,026,640
 
JPMorgan Chase & Co.
  
60,768
  
9,223,367
 
M&T Bank Corp.
  
24,295
  
3,251,886
 
Metro Bank PLC  (United Kingdom)*
  
332,578
  
443,792
 
PNC Financial Services Group, Inc.
  
54,227
  
9,891,547
 
Truist Financial Corp.
  
32,110
  
1,747,747
 
U.S. Bancorp
  
267,905
  
14,879,444
 
Wells Fargo & Co.
  
264,074
  
12,131,559
  87,738,793
 Thrifts & Mortgage Finance – (2.27%)
 
Rocket Companies, Inc., Class A
  
276,654
  
4,769,515
   92,508,308
 Diversified Financials – (33.82%)
 Capital Markets – (12.79%)
 
Bank of New York Mellon Corp.
  
172,597
  
8,859,404
 
Charles Schwab Corp.
  
101,531
  
6,899,031
 
Julius Baer Group Ltd.  (Switzerland)
  
133,827
  
8,855,319
 
State Street Corp.
  
25,500
  
2,222,070
  26,835,824
 Consumer Finance – (14.86%)
 
American Express Co.
  
53,062
  
9,048,663
 
Capital One Financial Corp.
  
136,923
  
22,140,449
  31,189,112
 Diversified Financial Services – (6.17%)
 
Berkshire Hathaway Inc., Class B  *
  
46,507
  
12,942,433
   70,967,369
 Insurance – (19.57%)
 Life & Health Insurance – (1.04%)
 
Ping An Insurance (Group) Co. of China Ltd. - H (China)
  
249,150
  
2,184,950
 Property & Casualty Insurance – (14.15%)
 
Chubb Ltd.
  
67,920
  
11,460,821
 
Loews Corp.
  
148,323
  
7,954,562
 
Markel Corp.  *
  
8,509
  
10,263,301
  29,678,684
 Reinsurance – (4.38%)
 
Alleghany Corp.  *
  
9,485
  
6,289,504
 
Everest Re Group, Ltd.
  
7,528
  
1,903,304
 
Greenlight Capital Re, Ltd., Class A  *
  
114,264
  
1,005,523
  9,198,331
   41,061,965
    
                                        Total Financials
  
204,537,642
 
 
                         TOTAL COMMON STOCK – (Identified cost $159,765,224)

  
 204,537,642


3


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)
July 31, 2021 (Unaudited)

 Principal Value
SHORT-TERM INVESTMENTS – (2.56%)
 
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.045%, 08/02/21, dated 07/30/21, repurchase value of $2,330,009
(collateralized by: U.S. Government agency obligation in a pooled cash
account, 0.00%, 02/15/39, total market value $2,376,600)
 
$
2,330,000
 
$
2,330,000
 
StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $2,459,010 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 07/31/21-08/15/56, total market value
$2,508,180)
  
2,459,000
  
2,459,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $582,002 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 1.50%-2.00%,
07/01/31-07/01/36, total market value $593,640)
  
582,000
  
582,000
 
 
                         TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,371,000)

  
 5,371,000
 
 
               Total Investments – (100.04%) – (Identified cost $165,136,224)
  209,908,642
 
               Liabilities Less Other Assets – (0.04%)
  (90,364)
      
          Net Assets – (100.00%)
 
$
209,818,278
 
 
*
Non-income producing security.
 
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
 
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.


4


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT WORLDWIDE ETF
July 31, 2021 (Unaudited)

 Shares Value
COMMON STOCK – (98.11%)
 COMMUNICATION SERVICES – (16.48%)
  Media & Entertainment – (16.48%)
   
Alphabet Inc., Class C  *
  
7,068
 
$
19,114,840
 
Baidu, Inc., Class A, ADR  (China)*
  
43,993
  
7,215,292
 
Facebook, Inc., Class A  *
  
47,299
  
16,852,634
 
IAC/InterActiveCorp  *
  
39,880
  
5,475,125
 
iQIYI, Inc., Class A, ADR  (China)*
  
306,277
  
3,418,051
 
Kuaishou Technology, Class B  (China)*
  
4,200
  
59,505
 
Liberty Media Corp., Liberty Formula One, Series A  *
  
84,293
  
3,494,788
 
Liberty Media Corp., Liberty Formula One, Series C  *
  
112,090
  
5,260,384
 
Vimeo, Inc.  *
  
64,738
  
2,900,262
   
               Total Communication Services
  
63,790,881
 CONSUMER DISCRETIONARY – (24.58%)
 Retailing – (24.58%)
 
Alibaba Group Holding Ltd., ADR  (China)*
  
93,451
  
18,240,701
 
Amazon.com, Inc.  *
  
4,021
  
13,380,239
 
JD.com, Inc., Class A, ADR  (China)*
  
283,266
  
20,077,894
 
Meituan, Class B  (China)*
  
390,340
  
10,799,315
 
Naspers Ltd. - N  (South Africa)
  
71,467
  
13,765,370
 
Prosus N.V., Class N  (Netherlands)
  
84,880
  
7,536,561
 
Quotient Technology Inc.  *
  
300,280
  
3,261,041
 
Vroom, Inc.  *
  
218,912
  
8,108,500
 
               Total Consumer Discretionary
  
95,169,621
 CONSUMER STAPLES – (0.97%)
 Food, Beverage & Tobacco – (0.97%)
 
Darling Ingredients Inc.  *
  
54,493
  
3,763,832
 
               Total Consumer Staples
  
3,763,832
 FINANCIALS – (39.00%)
 Banks – (19.89%)
 
Bank of N.T. Butterfield & Son Ltd.  (Bermuda)
  
175,796
  
5,825,879
 
Danske Bank A/S  (Denmark)
  
1,064,336
  
18,669,584
 
DBS Group Holdings Ltd.  (Singapore)
  
943,636
  
21,178,620
 
DNB Bank ASA  (Norway)
  
237,275
  
4,862,462
 
Metro Bank PLC  (United Kingdom)*
  
648,169
  
864,917
 
Wells Fargo & Co.
  
556,885
  
25,583,297
   76,984,759
 Diversified Financials – (12.38%)
 Capital Markets – (3.32%)
 
Julius Baer Group Ltd.  (Switzerland)
  
135,326
  
8,954,507
 
Noah Holdings Ltd., Class A, ADS  (China)*
  
101,252
  
3,908,327
  12,862,834
 Consumer Finance – (4.23%)
 
Capital One Financial Corp.
  
101,104
  
16,348,517
 Diversified Financial Services – (4.83%)
 
Berkshire Hathaway Inc., Class B  *
  
67,192
  
18,698,862
   47,910,213
 Insurance – (6.73%)
 Life & Health Insurance – (6.73%)
 
AIA Group Ltd.  (Hong Kong)
  
1,282,390
  
15,363,300


5


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)
July 31, 2021 (Unaudited)

 Shares/Principal Value
COMMON STOCK – (CONTINUED)
 FINANCIALS – (CONTINUED)
  Insurance – (Continued)
  Life & Health Insurance – (Continued)
  
Ping An Insurance (Group) Co. of China Ltd. - H  (China)
  
1,220,645
 
$
10,704,588
   26,067,888
    
                    Total Financials
  
150,962,860
 HEALTH CARE – (4.06%)
 Health Care Equipment & Services – (1.34%)
 
Cigna Corp.
  
22,568
  
5,179,130
 Pharmaceuticals, Biotechnology & Life Sciences – (2.72%)
 
Viatris Inc.
  
749,352
  
10,543,383
 
                    Total Health Care
  
15,722,513
 INDUSTRIALS – (0.53%)
 Transportation – (0.53%)
 
DiDi Global Inc., Class A, ADS  (China)*
  
200,258
  
2,064,660
 
                    Total Industrials
  
2,064,660
 INFORMATION TECHNOLOGY – (12.49%)
 Semiconductors & Semiconductor Equipment – (5.89%)
 
Applied Materials, Inc.
  
86,776
  
12,142,566
 
Intel Corp.
  
198,192
  
10,646,874
   22,789,440
 Software & Services – (0.89%)
 
Clear Secure, Inc., Class A  *
  
69,668
  
3,443,689
 Technology Hardware & Equipment – (5.71%)
 
Hollysys Automation Technologies Ltd.  (China)
  
682,227
  
10,287,983
 
Samsung Electronics Co., Ltd.  (South Korea)
  
173,065
  
11,811,000
   22,098,983
 
                    Total Information Technology
  
48,332,112
 
 
                         TOTAL COMMON STOCK – (Identified cost $304,741,714)

  
 379,806,479
SHORT-TERM INVESTMENTS – (2.20%)
 
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.045%, 08/02/21, dated 07/30/21, repurchase value of $3,694,014
(collateralized by: U.S. Government agency obligation in a pooled cash
account, 3.375%, 04/15/32, total market value $3,767,880)
 
$
3,694,000
  
3,694,000
 
StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $3,899,016 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 07/31/21-08/15/56, total market value
$3,976,980)
  
3,899,000
  
3,899,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $924,004 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 2.00%-3.00%,
07/01/41-07/01/51, total market value $942,480)
  
924,000
  
924,000
 
 
                         TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,517,000)

  
 8,517,000


6


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)
July 31, 2021 (Unaudited)

 
 
     Total Investments – (100.31%) – (Identified cost $313,258,714)
 
$
388,323,479
 
     Liabilities Less Other Assets – (0.31%)
  (1,208,337)
   
               Net Assets – (100.00%)
 
$
387,115,142
 
 
ADR: American Depositary Receipt
 
 
ADS: American Depositary Share
 
 
*
Non-income producing security.
 
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
 
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.


7


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT INTERNATIONAL ETF
July 31, 2021 (Unaudited)

 Shares Value
COMMON STOCK – (97.82%)
 COMMUNICATION SERVICES – (5.13%)
  Media & Entertainment – (5.13%)
   
Baidu, Inc., Class A, ADR  (China)*
  
49,450
 
$
8,110,295
 
iQIYI, Inc., Class A, ADR  (China)*
  
516,526
  
5,764,430
 
Kuaishou Technology, Class B  (China)*
  
3,480
  
49,304
   
               Total Communication Services
  
13,924,029
 CONSUMER DISCRETIONARY – (26.48%)
 Consumer Durables & Apparel – (3.88%)
 
Fila Holdings Corp.  (South Korea)
  
231,915
  
10,524,636
 Retailing – (22.60%)
 
Alibaba Group Holding Ltd., ADR  (China)*
  
76,986
  
15,026,897
 
JD.com, Inc., Class A, ADR  (China)*
  
195,605
  
13,864,482
 
Meituan, Class B  (China)*
  
504,070
  
13,945,819
 
Naspers Ltd. - N  (South Africa)
  
54,523
  
10,501,760
 
Prosus N.V., Class N  (Netherlands)
  
69,769
  
6,194,844
 
Trip.com Group Ltd., ADR  (China)*
  
70,274
  
1,822,205
   61,356,007
 
               Total Consumer Discretionary
  
71,880,643
 FINANCIALS – (36.55%)
 Banks – (20.80%)
 
Bank of N.T. Butterfield & Son Ltd.  (Bermuda)
  
408,967
  
13,553,167
 
Danske Bank A/S  (Denmark)
  
814,007
  
14,278,547
 
DBS Group Holdings Ltd.  (Singapore)
  
761,690
  
17,095,091
 
DNB Bank ASA  (Norway)
  
528,947
  
10,839,679
 
Metro Bank PLC  (United Kingdom)*
  
516,133
  
688,728
   56,455,212
 Diversified Financials – (7.26%)
 Capital Markets – (7.26%)
 
Julius Baer Group Ltd.  (Switzerland)
  
234,236
  
15,499,371
 
Noah Holdings Ltd., Class A, ADS  (China)*
  
109,243
  
4,216,780
   19,716,151
 Insurance – (8.49%)
 Life & Health Insurance – (8.49%)
 
AIA Group Ltd.  (Hong Kong)
  
1,159,690
  
13,893,328
 
Ping An Insurance (Group) Co. of China Ltd. - H (China)
  
1,042,216
  
9,139,834
   23,033,162
 
               Total Financials
  
99,204,525
 HEALTH CARE – (3.68%)
 Pharmaceuticals, Biotechnology & Life Sciences – (3.68%)
 
Novartis AG, ADR  (Switzerland)
  
46,712
  
4,315,721
 
Roche Holding AG - Genusschein  (Switzerland)
  
14,629
  
5,657,968
 
               Total Health Care
  
9,973,689
 INDUSTRIALS – (13.76%)
 Capital Goods – (13.02%)
 
Brenntag SE  (Germany)
  
47,549
  
4,749,299
 
Ferguson PLC  (United Kingdom)
  
108,724
  
15,248,660
 
Schneider Electric SE  (France)
  
91,544
  
15,344,335
   35,342,294


8


DAVIS FUNDAMENTAL ETF TRUSTSchedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)
July 31, 2021 (Unaudited)

 Shares/Principal Value
COMMON STOCK – (CONTINUED)
 INDUSTRIALS – (CONTINUED)
  Transportation – (0.74%)
  
DiDi Global Inc., Class A, ADS  (China)*
  
194,689
 
$
2,007,243
      
                                                                 Total Industrials
  
37,349,537
 INFORMATION TECHNOLOGY – (12.22%)
 Semiconductors & Semiconductor Equipment – (4.36%)
 
Tokyo Electron Ltd.  (Japan)
  
28,900
  
11,833,444
 Technology Hardware & Equipment – (7.86%)
 
Hollysys Automation Technologies Ltd.  (China)
  
519,696
  
7,837,016
 
Samsung Electronics Co., Ltd.  (South Korea)
  
197,782
  
13,497,837
   21,334,853
 
                                                                 Total Information Technology
  
33,168,297
 
 
                                                  TOTAL COMMON STOCK – (Identified cost $218,555,038)

  
 265,500,720
SHORT-TERM INVESTMENTS – (2.68%)
 
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.045%, 08/02/21, dated 07/30/21, repurchase value of $3,151,012
(collateralized by: U.S. Government agency obligations in a pooled cash
account, 0.00%-3.625%, 11/15/22-08/15/40, total market value
$3,214,020)
 
$
3,151,000
  
3,151,000
 
StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $3,327,014 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 07/31/21-08/15/56, total market value
$3,393,540)
  
3,327,000
  
3,327,000
 
Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $788,003 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 1.50%-3.00%,
07/01/31-07/01/51, total market value $803,760)
  
788,000
  
788,000
 
 
                                                  TOTAL SHORT-TERM INVESTMENTS – (Identified cost $7,266,000)

  
 7,266,000
 
 
                    Total Investments – (100.50%) – (Identified cost $225,821,038)
  272,766,720
 
                    Liabilities Less Other Assets – (0.50%)
  (1,347,204)
 
                                                  Net Assets – (100.00%)
 
$
271,419,516
 
 
ADR: American Depositary Receipt
 
 
ADS: American Depositary Share
 
 
*
Non-income producing security.
 
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
 
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.


9


DAVIS FUNDAMENTAL ETF TRUSTNotes to Schedule of Investments
 
July 31, 2021 (Unaudited)

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds' Pricing Committee and Board of Trustees. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds' Board of Trustees at its next regularly scheduled meeting covering the period in which the fair valuation was determined.

Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Funds' valuation procedures are reviewed and subject to approval by the Board of Trustees. There have been no significant changes to the fair valuation procedures during the period.

Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

Level 1 – 
quoted prices in active markets for identical securities
Level 2 – 
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment
speeds, credit risk, etc.)
Level 3 – 
significant unobservable inputs (including the Fund's own assumptions in determining the fair value of
investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.


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DAVIS FUNDAMENTAL ETF TRUSTNotes to Schedule of Investments – (Continued)
 
July 31, 2021 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2021 in valuing each Fund's investments carried at value:

 Investments in Securities at Value
       Davis Select
 Davis Select Davis Select Davis Select International
 U.S. Equity ETF Financial ETF Worldwide ETF ETF
Valuation Inputs
           
Level 1 – Quoted Prices:           
Common Stock:
           
Communication Services
$
58,444,479 
$
 
$
63,790,881 
$
13,924,029
Consumer Discretionary 48,288,316    95,169,621  71,880,643
Consumer Staples     3,763,832  
Financials 218,121,021  204,537,642  150,962,860  99,204,525
Health Care 19,681,656    15,722,513  9,973,689
Industrials 4,289,591    2,064,660  37,349,537
Information Technology 21,211,493    48,332,112  33,168,297
Total Level 1 370,036,556  204,537,642  379,806,479  265,500,720
 
Level 2 – Other Significant Observable
Inputs:
           
Short-Term Investments 16,827,000  5,371,000  8,517,000  7,266,000
Total Level 2 16,827,000  5,371,000  8,517,000  7,266,000
 
Level 3 – Significant Unobservable Inputs:
           
Total Level 3       
Total Investments$386,863,556 $209,908,642 $388,323,479 $272,766,720

Federal Income Taxes

At July 31, 2021, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

       Davis Select
 Davis Select Davis Select Davis Select International
 U.S. Equity ETF Financial ETF Worldwide ETF ETF
Unrealized appreciation
$
130,222,186 
$
47,405,456 
$
87,350,177 
$
54,886,355
Unrealized depreciation
 (3,978,576)  (3,106,784)  (15,494,396)  (10,328,707)
Net unrealized appreciation
$
126,243,610 
$
44,298,672 
$
71,855,781 
$
44,557,648
 
Aggregate cost
$
260,619,946 
$
165,609,970 
$
316,467,698 
$
228,209,072


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