Davis Select U.S. Equity ETF | DUSA
Davis Select International ETF | DINT
Davis Select Worldwide ETF | DWLD
Davis Select Financial ETF | DFNL
(part of Davis Fundamental ETF Trust)
July 31, 2025
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments
July 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (96.53%)
COMMUNICATION SERVICES – (14.82%)
Media & Entertainment – (14.82%)
Alphabet Inc., Class C 
156,498
$30,182,205
Meta Platforms, Inc., Class A 
94,280
72,919,923
Pinterest, Inc., Class A *
231,040
8,918,144
Total Communication Services
112,020,272
CONSUMER DISCRETIONARY – (14.37%)
Consumer Discretionary Distribution & Retail – (5.68%)
Amazon.com, Inc. *
183,395
42,934,603
Consumer Services – (8.69%)
MGM Resorts International *
1,373,386
50,059,920
Restaurant Brands International Inc. (Canada) 
230,330
15,630,194
 
65,690,114
Total Consumer Discretionary
108,624,717
CONSUMER STAPLES – (3.27%)
Food, Beverage & Tobacco – (3.27%)
Tyson Foods, Inc., Class A 
472,166
24,694,282
Total Consumer Staples
24,694,282
ENERGY – (6.19%)
ConocoPhillips 
123,063
11,732,827
Coterra Energy Inc. 
949,548
23,159,476
Tourmaline Oil Corp. (Canada) 
280,683
11,945,638
Total Energy
46,837,941
FINANCIALS – (33.03%)
Banks – (9.63%)
U.S. Bancorp 
1,035,826
46,570,737
Wells Fargo & Co. 
325,112
26,213,780
 
72,784,517
Financial Services – (18.77%)
Capital Markets – (2.44%)
Bank of New York Mellon Corp. 
181,586
18,421,900
Consumer Finance – (10.86%)
Capital One Financial Corp. 
381,855
82,098,825
Financial Services – (5.47%)
Berkshire Hathaway Inc., Class B *
87,725
41,395,673
 
141,916,398
Insurance – (4.63%)
Property & Casualty Insurance – (4.63%)
Markel Group Inc. *
17,441
35,026,586
Total Financials
249,727,501
HEALTH CARE – (15.24%)
Health Care Equipment & Services – (12.61%)
Cigna Group 
59,214
15,832,639
CVS Health Corp. 
555,052
34,468,729
Humana Inc. 
71,986
17,987,142
Solventum Corp. *
216,671
15,461,642
UnitedHealth Group Inc. 
46,380
11,574,593
 
95,324,745
Pharmaceuticals, Biotechnology & Life Sciences – (2.63%)
Viatris Inc. 
2,280,601
19,932,453
Total Health Care
115,257,198
 
Shares
Value
COMMON STOCK – (CONTINUED)
INDUSTRIALS – (2.74%)
Capital Goods – (2.74%)
AGCO Corp. 
61,388
$7,241,942
Owens Corning 
96,559
13,463,222
Total Industrials
20,705,164
INFORMATION TECHNOLOGY – (6.00%)
Semiconductors & Semiconductor Equipment – (6.00%)
Applied Materials, Inc. 
220,714
39,741,763
Texas Instruments Inc. 
30,975
5,608,333
Total Information Technology
45,350,096
MATERIALS – (0.87%)
Teck Resources Ltd., Class B (Canada) 
202,305
6,566,820
Total Materials
6,566,820
TOTAL COMMON STOCK –
(Identified cost $515,836,700)
729,783,991
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (4.00%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.37%, 08/01/25  (a)
$9,018,000
$9,018,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.37%, 08/01/25  (b)
21,210,000
21,210,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $30,228,000)
30,228,000
Total Investments – (100.53%) –
(Identified cost $546,064,700)
760,011,991
Liabilities Less Other Assets – (0.53%)
(3,977,290
)
Net Assets – (100.00%)
$756,034,701
 
*
Non-income producing security.
(a)
Dated 07/31/25, repurchase value of $9,019,095 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
6.50%, 11/01/31-03/01/55, total fair value $9,198,360).
(b)
Dated 07/31/25, repurchase value of $21,212,575 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.50%, 09/15/25-07/20/55, total fair value $21,634,200).
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
July 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (95.37%)
CONSUMER DISCRETIONARY – (1.35%)
Consumer Discretionary Distribution & Retail – (1.35%)
Prosus N.V., Class N (Netherlands) 
68,269
$3,914,125
Total Consumer Discretionary
3,914,125
FINANCIALS – (94.02%)
Banks – (44.11%)
Bank of America Corp. 
142,325
6,727,703
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
110,886
5,046,422
Danske Bank A/S (Denmark) 
318,183
12,672,350
DBS Group Holdings Ltd. (Singapore) 
361,194
13,327,792
DNB Bank ASA (Norway) 
207,780
5,271,523
Fifth Third Bancorp 
335,160
13,932,601
JPMorgan Chase & Co. 
58,952
17,463,940
M&T Bank Corp. 
21,424
4,042,709
Metro Bank Holdings PLC (United Kingdom) *
754,276
1,285,013
PNC Financial Services Group, Inc. 
69,265
13,179,052
Truist Financial Corp. 
158,189
6,914,441
U.S. Bancorp 
319,000
14,342,240
Wells Fargo & Co. 
178,456
14,388,907
 
128,594,693
Financial Services – (34.16%)
Capital Markets – (10.19%)
Bank of New York Mellon Corp. 
94,803
9,617,764
Charles Schwab Corp. 
39,494
3,859,749
Julius Baer Group Ltd. (Switzerland) 
172,006
11,693,655
State Street Corp. 
40,680
4,545,990
 
29,717,158
Consumer Finance – (13.60%)
American Express Co. 
35,693
10,683,272
Capital One Financial Corp. 
134,773
28,976,195
 
39,659,467
Financial Services – (10.37%)
Berkshire Hathaway Inc., Class B *
36,691
17,313,749
Chime Financial, Inc., Class A *
100
3,441
Exor N.V. (Netherlands) 
69,818
6,752,563
Rocket Companies, Inc., Class A 
416,153
6,146,580
 
30,216,333
 
99,592,958
Insurance – (15.75%)
Life & Health Insurance – (0.74%)
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
314,500
2,161,436
Property & Casualty Insurance – (12.50%)
Chubb Ltd. 
45,304
12,052,676
Loews Corp. 
94,747
8,578,394
Markel Group Inc. *
7,876
15,817,292
 
36,448,362
 
Shares
Value
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (Continued)
Reinsurance – (2.51%)
Everest Group, Ltd. 
6,404
$2,150,463
RenaissanceRe Holdings Ltd. 
21,189
5,164,607
 
7,315,070
 
45,924,868
Total Financials
274,112,519
TOTAL COMMON STOCK –
(Identified cost $183,287,152)
278,026,644
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (4.39%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.37%, 08/01/25  (a)
$3,820,000
$3,820,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.37%, 08/01/25  (b)
8,985,000
8,985,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $12,805,000)
12,805,000
Total Investments – (99.76%) –
(Identified cost $196,092,152)
290,831,644
Other Assets Less Liabilities – (0.24%)
707,907
Net Assets – (100.00%)
$291,539,551
 
*
Non-income producing security.
(a)
Dated 07/31/25, repurchase value of $3,820,464 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.00%-
6.50%, 04/20/52-12/01/54, total fair value $3,896,400).
(b)
Dated 07/31/25, repurchase value of $8,986,091 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.50%, 09/15/25-07/20/55, total fair value $9,164,700).
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
July 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (98.69%)
COMMUNICATION SERVICES – (13.07%)
Media & Entertainment – (13.07%)
Alphabet Inc., Class C 
48,881
$9,427,190
Meta Platforms, Inc., Class A 
38,095
29,464,197
NetEase, Inc., ADR (China) 
58,600
7,635,580
Pinterest, Inc., Class A *
101,730
3,926,778
Sea Limited, Class A, ADR (Singapore) *
44,254
6,932,389
Total Communication Services
57,386,134
CONSUMER DISCRETIONARY – (26.95%)
Consumer Discretionary Distribution & Retail – (9.76%)
Amazon.com, Inc. *
44,079
10,319,335
Coupang, Inc., Class A (South Korea) *
116,359
3,424,445
Naspers Ltd. - N (South Africa) 
22,492
6,970,523
Prosus N.V., Class N (Netherlands) 
386,838
22,178,916
 
42,893,219
Consumer Durables & Apparel – (0.06%)
Misto Holdings Corp. (South Korea) 
9,848
255,290
Consumer Services – (17.13%)
Delivery Hero SE (Germany) *
165,670
4,970,454
Entain plc (United Kingdom) 
719,557
9,711,890
Meituan, Class B (China) *
962,640
14,911,723
MGM Resorts International *
544,783
19,857,340
Restaurant Brands International Inc. (Canada) 
56,180
3,812,375
Trip.com Group Ltd., ADR (China) 
354,390
21,954,460
 
75,218,242
Total Consumer Discretionary
118,366,751
CONSUMER STAPLES – (3.19%)
Food, Beverage & Tobacco – (3.19%)
Tyson Foods, Inc., Class A 
267,834
14,007,718
Total Consumer Staples
14,007,718
ENERGY – (4.16%)
Coterra Energy Inc. 
317,100
7,734,069
Tourmaline Oil Corp. (Canada) 
247,596
10,537,483
Total Energy
18,271,552
FINANCIALS – (28.44%)
Banks – (5.97%)
Danske Bank A/S (Denmark) 
437,591
17,428,040
Metro Bank Holdings PLC (United Kingdom) *
1,458,729
2,485,147
U.S. Bancorp 
140,380
6,311,485
 
26,224,672
Financial Services – (11.39%)
Capital Markets – (3.85%)
Julius Baer Group Ltd. (Switzerland) 
248,824
16,916,049
Consumer Finance – (5.09%)
Capital One Financial Corp. 
103,933
22,345,595
Financial Services – (2.45%)
Berkshire Hathaway Inc., Class B *
22,828
10,772,077
 
50,033,721
Insurance – (11.08%)
Life & Health Insurance – (7.31%)
AIA Group Ltd. (Hong Kong) 
1,045,690
9,777,534
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
3,249,015
22,329,218
 
32,106,752
Property & Casualty Insurance – (3.77%)
Markel Group Inc. *
8,239
16,546,302
 
48,653,054
Total Financials
124,911,447
HEALTH CARE – (8.66%)
Health Care Equipment & Services – (6.96%)
CVS Health Corp. 
161,360
10,020,456
 
Shares
Value
COMMON STOCK – (CONTINUED)
HEALTH CARE – (CONTINUED)
Health Care Equipment & Services – (Continued)
Humana Inc. 
24,510
$6,124,314
Solventum Corp. *
133,061
9,495,233
UnitedHealth Group Inc. 
19,710
4,918,827
 
30,558,830
Pharmaceuticals, Biotechnology & Life Sciences – (1.70%)
Viatris Inc. 
855,633
7,478,233
Total Health Care
38,037,063
INDUSTRIALS – (5.09%)
Capital Goods – (0.85%)
ITOCHU Corp. (Japan) 
71,010
3,735,559
Transportation – (4.24%)
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
1,611,720
18,615,366
Total Industrials
22,350,925
INFORMATION TECHNOLOGY – (7.68%)
Semiconductors & Semiconductor Equipment – (1.33%)
Applied Materials, Inc. 
32,447
5,842,407
Software & Services – (2.61%)
AppLovin Corp., Class A *
29,290
11,443,603
Technology Hardware & Equipment – (3.74%)
Samsung Electronics Co., Ltd. (South Korea) 
319,204
16,434,356
Total Information Technology
33,720,366
MATERIALS – (1.45%)
Teck Resources Ltd., Class B (Canada) 
196,959
6,393,289
Total Materials
6,393,289
TOTAL COMMON STOCK –
(Identified cost $316,825,594)
433,445,245
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (1.38%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.37%, 08/01/25  (a)
$1,808,000
$1,808,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.37%, 08/01/25  (b)
4,251,000
4,251,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $6,059,000)
6,059,000
Total Investments – (100.07%) –
(Identified cost $322,884,594)
439,504,245
Liabilities Less Other Assets – (0.07%)
(313,368
)
Net Assets – (100.00%)
$439,190,877
 
ADR:
American Depositary Receipt
 
*
Non-income producing security.
(a)
Dated 07/31/25, repurchase value of $1,808,219 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 1.50%-
5.00%, 03/01/37-11/01/52, total fair value $1,844,160).
(b)
Dated 07/31/25, repurchase value of $4,251,516 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.50%, 09/15/25-07/20/55, total fair value $4,336,020).
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
July 31, 2025 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (94.88%)
COMMUNICATION SERVICES – (6.43%)
Media & Entertainment – (6.43%)
NetEase, Inc., ADR (China) 
56,229
$7,326,639
Sea Limited, Class A, ADR (Singapore) *
54,407
8,522,856
Total Communication Services
15,849,495
CONSUMER DISCRETIONARY – (33.92%)
Consumer Discretionary Distribution & Retail – (15.10%)
Coupang, Inc., Class A (South Korea) *
297,732
8,762,253
JD.com, Inc., Class A, ADR (China) 
56,073
1,765,739
Naspers Ltd. - N (South Africa) 
41,329
12,808,320
Prosus N.V., Class N (Netherlands) 
242,383
13,896,753
 
37,233,065
Consumer Durables & Apparel – (0.29%)
Misto Holdings Corp. (South Korea) 
27,307
707,879
Consumer Services – (18.53%)
Delivery Hero SE (Germany) *
158,257
4,748,048
Entain plc (United Kingdom) 
1,019,845
13,764,890
Meituan, Class B (China) *
744,480
11,532,327
Restaurant Brands International Inc. (Canada) 
63,180
4,287,395
Trip.com Group Ltd., ADR (China) 
183,615
11,374,949
 
45,707,609
Total Consumer Discretionary
83,648,553
ENERGY – (2.98%)
Tourmaline Oil Corp. (Canada) 
172,855
7,356,567
Total Energy
7,356,567
FINANCIALS – (27.86%)
Banks – (13.69%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
122,977
5,596,683
Danske Bank A/S (Denmark) 
412,051
16,410,853
DBS Group Holdings Ltd. (Singapore) 
156,389
5,770,638
DNB Bank ASA (Norway) 
139,383
3,536,244
Metro Bank Holdings PLC (United Kingdom) *
1,426,141
2,429,628
 
33,744,046
Financial Services – (4.07%)
Capital Markets – (4.07%)
Julius Baer Group Ltd. (Switzerland) 
147,668
10,039,061
Insurance – (10.10%)
Life & Health Insurance – (10.10%)
AIA Group Ltd. (Hong Kong) 
1,306,890
12,219,838
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
1,846,836
12,692,586
 
24,912,424
Total Financials
68,695,531
INDUSTRIALS – (8.62%)
Capital Goods – (4.04%)
ITOCHU Corp. (Japan) 
189,470
9,967,278
Transportation – (4.58%)
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
977,139
11,285,955
Total Industrials
21,253,233
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (7.67%)
Semiconductors & Semiconductor Equipment – (2.39%)
Tokyo Electron Ltd. (Japan) 
32,450
$5,881,024
Technology Hardware & Equipment – (5.28%)
Samsung Electronics Co., Ltd. (South Korea) 
252,843
13,017,732
Total Information Technology
18,898,756
MATERIALS – (4.29%)
Teck Resources Ltd., Class B (Canada) 
165,154
5,360,899
Vale S.A., ADR (Brazil) 
548,439
5,226,624
Total Materials
10,587,523
REAL ESTATE – (3.11%)
Real Estate Management & Development – (3.11%)
KE Holdings Inc., Class A, ADR (China) 
415,641
7,656,107
Total Real Estate
7,656,107
TOTAL COMMON STOCK –
(Identified cost $178,792,580)
233,945,765
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (4.91%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.37%, 08/01/25  (a)
$3,616,000
$3,616,000
StoneX Financial Inc. Joint Repurchase
Agreement, 4.37%, 08/01/25  (b)
8,505,000
8,505,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $12,121,000)
12,121,000
Total Investments – (99.79%) –
(Identified cost $190,913,580)
246,066,765
Other Assets Less Liabilities – (0.21%)
510,436
Net Assets – (100.00%)
$246,577,201
 
ADR:
American Depositary Receipt
 
*
Non-income producing security.
(a)
Dated 07/31/25, repurchase value of $3,616,439 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
5.00%, 10/15/50-06/01/55, total fair value $3,688,320).
(b)
Dated 07/31/25, repurchase value of $8,506,032 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-7.50%, 09/15/25-07/20/55, total fair value $8,675,100).
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
July 31, 2025 (Unaudited)
Security Valuation - The Funds’ Board of Trustees has designated Davis Selected Advisers, L.P. (“Adviser”), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange (“Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds’ assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what the Adviser identifies as a significant event occurring before the Funds’ assets are valued, but after the close of their respective exchanges, will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser’s portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Pricing Committee may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer’s industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Short-term investments purchased within 60 days to maturity and of sufficient credit quality are valued at amortized cost, which approximates fair value.
On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Funds’ investments.
Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.
Level 1 − 
quoted prices in active markets for identical securities
Level 2 − 
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 − 
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.
5
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments - (Continued)
July 31, 2025 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of July 31, 2025 in valuing each Fund's investments carried at value:
 
 
Investments in Securities at Value
 
Davis Select U.S.
Equity ETF
Davis Select
Financial ETF
Davis Select
Worldwide ETF
Davis Select
International ETF
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services
$112,020,272
$–
$57,386,134
$15,849,495
Consumer Discretionary
108,624,717
3,914,125
118,366,751
83,648,553
Consumer Staples
24,694,282
–
14,007,718
–
Energy
46,837,941
–
18,271,552
7,356,567
Financials
249,727,501
274,112,519
124,911,447
68,695,531
Health Care
115,257,198
–
38,037,063
–
Industrials
20,705,164
–
22,350,925
21,253,233
Information Technology
45,350,096
–
33,720,366
18,898,756
Materials
6,566,820
–
6,393,289
10,587,523
Real Estate
–
–
–
7,656,107
Total Level 1
729,783,991
278,026,644
433,445,245
233,945,765
Level 2 – Other Significant Observable Inputs:
Short-Term Investments
30,228,000
12,805,000
6,059,000
12,121,000
Total Level 2
30,228,000
12,805,000
6,059,000
12,121,000
Level 3 – Significant Unobservable Inputs:
Total Level 3
–
–
–
–
Total Investments
$760,011,991
$290,831,644
$439,504,245
$246,066,765
Federal Income Taxes
At July 31, 2025, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
 
 
Davis Select U.S.
Equity ETF
Davis Select
Financial ETF
Davis Select
Worldwide ETF
Davis Select
International ETF
Cost
$546,100,337
$196,535,173
$324,151,850
$192,733,828
 
Unrealized appreciation
234,972,324
96,829,796
127,422,645
56,257,352
Unrealized depreciation
(21,060,670
)
(2,533,325
)
(12,070,250
)
(2,924,415
)
Net unrealized appreciation
$213,911,654
$94,296,471
$115,352,395
$53,332,937
6