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)
July 31, 2026
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments
July 31, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (92.14%)
COMMUNICATION SERVICES – (10.95%)
Media & Entertainment – (10.95%)
Alphabet Inc., Class C 
177,518
$63,311,795
Meta Platforms, Inc., Class A 
104,760
58,320,939
Pinterest, Inc., Class A *
733,400
17,608,934
Total Communication Services
139,241,668
CONSUMER DISCRETIONARY – (13.03%)
Consumer Discretionary Distribution & Retail – (5.71%)
Amazon.com, Inc. *
267,385
72,616,418
Consumer Services – (7.32%)
MGM Resorts International *
1,247,675
55,608,875
Restaurant Brands International Inc.
(Canada) 
506,060
37,458,561
 
93,067,436
Total Consumer Discretionary
165,683,854
CONSUMER STAPLES – (5.50%)
Food, Beverage & Tobacco – (5.50%)
Tyson Foods, Inc., Class A 
1,204,936
69,838,090
Total Consumer Staples
69,838,090
ENERGY – (8.65%)
ConocoPhillips 
178,363
21,489,174
Devon Energy Corp. 
1,564,234
70,593,881
Tourmaline Oil Corp. (Canada) 
404,353
17,857,470
Total Energy
109,940,525
FINANCIALS – (24.75%)
Banks – (9.32%)
U.S. Bancorp 
1,233,086
77,696,749
Wells Fargo & Co. 
471,482
40,759,619
 
118,456,368
Financial Services – (10.83%)
Consumer Finance – (6.73%)
Capital One Financial Corp. 
409,295
85,546,748
Financial Services – (4.10%)
Berkshire Hathaway Inc., Class B *
102,035
52,194,984
 
137,741,732
Insurance – (4.60%)
Property & Casualty Insurance – (4.60%)
Markel Group Inc. *
31,071
58,486,186
Total Financials
314,684,286
HEALTH CARE – (18.05%)
Health Care Equipment & Services – (12.68%)
Cigna Group 
142,104
39,654,121
CVS Health Corp. 
642,932
67,141,389
Solventum Corp. *
314,051
26,832,517
UnitedHealth Group Inc. 
66,700
27,640,480
 
161,268,507
Pharmaceuticals, Biotechnology & Life Sciences – (5.37%)
Viatris Inc. 
3,886,641
68,249,416
Total Health Care
229,517,923
INDUSTRIALS – (2.24%)
Capital Goods – (2.24%)
AGCO Corp. 
88,748
9,066,496
Owens Corning 
140,039
19,451,417
Total Industrials
28,517,913
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (5.09%)
Semiconductors & Semiconductor Equipment – (5.09%)
Applied Materials, Inc. 
23,624
$11,993,196
Texas Instruments Inc. 
191,325
52,755,956
Total Information Technology
64,749,152
MATERIALS – (3.88%)
LyondellBasell Industries N.V. 
597,880
37,116,391
Teck Resources Ltd., Class B (Canada) 
202,305
12,186,853
Total Materials
49,303,244
TOTAL COMMON STOCK –
(Identified cost $802,330,644)
1,171,476,655
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (7.85%)
Brean Capital LLC Joint Repurchase
Agreement, 3.64%, 08/03/26  (a)
$18,620,000
$18,620,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.64%, 08/03/26
 (b)
29,792,000
29,792,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.64%, 08/03/26  (c)
51,356,000
51,356,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $99,768,000)
99,768,000
Total Investments – (99.99%) –
(Identified cost $902,098,644)
1,271,244,655
Other Assets Less Liabilities – (0.01%)
109,997
Net Assets – (100.00%)
$1,271,354,652
 
*
Non-income producing security.
(a)
Dated 07/31/26, repurchase value of $18,625,648 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 2.00%-7.00%, 09/01/29-05/20/66, total fair value $18,992,400).
(b)
Dated 07/31/26, repurchase value of $29,801,037 (collateralized
by: U.S. Government agency mortgages and obligation in a pooled cash
account, 0.00%-6.00%, 01/15/30-03/20/56, total fair value $30,387,840).
(c)
Dated 07/31/26, repurchase value of $51,371,578 (collateralized
by: U.S. Government agency mortgage and obligations in a pooled cash
account, 0.00%-5.11%, 01/15/30-12/15/33, total fair value $52,383,120).
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, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (98.81%)
CONSUMER DISCRETIONARY – (0.89%)
Consumer Discretionary Distribution & Retail – (0.89%)
Prosus N.V., Class N (Netherlands) 
91,631
$4,258,349
Total Consumer Discretionary
4,258,349
FINANCIALS – (97.92%)
Banks – (41.89%)
Bank of America Corp. 
191,039
11,834,866
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
148,849
9,122,955
Danske Bank A/S (Denmark) 
212,769
12,244,784
DBS Group Holdings Ltd. (Singapore) 
252,994
14,596,918
DNB Bank ASA (Norway) 
278,926
8,981,028
Fifth Third Bancorp 
506,359
28,609,283
JPMorgan Chase & Co. 
59,664
20,989,199
M&T Bank Corp. 
28,771
7,086,010
Metro Bank Holdings PLC (United Kingdom) *
427,070
1,020,021
PNC Financial Services Group, Inc. 
88,814
22,191,954
Truist Financial Corp. 
212,353
11,008,379
U.S. Bancorp 
481,931
30,366,472
Wells Fargo & Co. 
264,439
22,860,752
 
200,912,621
Financial Services – (36.95%)
Capital Markets – (9.89%)
Bank of New York Mellon Corp. 
73,488
11,488,379
Charles Schwab Corp. 
53,035
5,581,403
Julius Baer Group Ltd. (Switzerland) 
230,913
20,302,003
State Street Corp. 
54,593
10,053,847
 
47,425,632
Consumer Finance – (13.90%)
American Express Co. 
47,932
16,117,135
Capital One Financial Corp. 
241,955
50,571,015
 
66,688,150
Financial Services – (13.16%)
Berkshire Hathaway Inc., Class B *
49,246
25,191,299
Chime Financial, Inc., Class A *
434,946
9,999,409
Exor N.V. (Netherlands) 
143,722
11,509,370
Fiserv, Inc. *
99,147
5,347,989
Rocket Companies, Inc., Class A *
858,055
11,068,909
 
63,116,976
 
177,230,758
Insurance – (19.08%)
Life & Health Insurance – (0.61%)
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
393,500
2,939,748
Property & Casualty Insurance – (13.29%)
Chubb Ltd. 
60,798
21,320,643
Loews Corp. 
127,223
14,759,140
Markel Group Inc. *
14,690
27,651,574
 
63,731,357
 
Shares
Value
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (Continued)
Reinsurance – (5.18%)
Everest Group, Ltd. 
28,574
$10,690,962
RenaissanceRe Holdings Ltd. 
44,274
14,166,795
 
24,857,757
 
91,528,862
Total Financials
469,672,241
TOTAL COMMON STOCK –
(Identified cost $341,623,448)
473,930,590
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (0.95%)
Brean Capital LLC Joint Repurchase
Agreement, 3.64%, 08/03/26  (a)
$847,000
$847,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.64%, 08/03/26  (b)
1,356,000
1,356,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.64%, 08/03/26  (c)
2,338,000
2,338,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $4,541,000)
4,541,000
Total Investments – (99.76%) –
(Identified cost $346,164,448)
478,471,590
Other Assets Less Liabilities – (0.24%)
1,158,683
Net Assets – (100.00%)
$479,630,273
 
*
Non-income producing security.
(a)
Dated 07/31/26, repurchase value of $847,257 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 2.00%-7.00%, 09/01/29-05/20/66, total fair value $863,940).
(b)
Dated 07/31/26, repurchase value of $1,356,411 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.50%-
6.00%, 04/01/52-09/01/54, total fair value $1,383,120).
(c)
Dated 07/31/26, repurchase value of $2,338,709 (collateralized
by: U.S. Government agency mortgage and obligations in a pooled cash
account, 0.00%-5.11%, 01/15/30-12/15/33, total fair value $2,384,760).
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, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (97.04%)
COMMUNICATION SERVICES – (10.75%)
Media & Entertainment – (10.75%)
Alphabet Inc., Class C 
47,953
$17,102,437
AppLovin Corp., Class A *
42,228
16,718,065
Meta Platforms, Inc., Class A 
30,967
17,239,639
NetEase, Inc., ADR (China) 
83,408
11,115,784
Pinterest, Inc., Class A *
179,696
4,314,501
Total Communication Services
66,490,426
CONSUMER DISCRETIONARY – (23.63%)
Automobiles & Components – (1.25%)
AUMOVIO SE (Germany) *
166,750
7,699,355
Consumer Discretionary Distribution & Retail – (10.88%)
Amazon.com, Inc. *
78,657
21,361,668
Naspers Ltd. - N (South Africa) 
43,590
2,290,333
Prosus N.V., Class N (Netherlands) 
379,518
17,637,263
Sea Limited, Class A, ADR (Singapore) *
243,724
26,015,100
 
67,304,364
Consumer Services – (11.50%)
Entain plc (United Kingdom) 
725,362
5,310,464
Meituan, Class B (China) *
944,240
11,148,147
MGM Resorts International *
465,808
20,761,062
Trip.com Group Ltd., ADR (China) *
721,676
33,925,989
 
71,145,662
Total Consumer Discretionary
146,149,381
CONSUMER STAPLES – (7.34%)
Food, Beverage & Tobacco – (7.34%)
JBS N.V., Class A (Brazil) 
1,967,180
27,579,864
Tyson Foods, Inc., Class A 
307,470
17,820,961
Total Consumer Staples
45,400,825
ENERGY – (4.44%)
Devon Energy Corp. 
608,272
27,451,316
Total Energy
27,451,316
FINANCIALS – (16.35%)
Banks – (1.40%)
U.S. Bancorp 
137,724
8,677,989
Financial Services – (8.43%)
Capital Markets – (3.47%)
Julius Baer Group Ltd. (Switzerland) 
244,120
21,463,169
Consumer Finance – (3.11%)
Capital One Financial Corp. 
91,965
19,221,605
Financial Services – (1.85%)
Berkshire Hathaway Inc., Class B *
22,396
11,456,450
 
52,141,224
Insurance – (6.52%)
Life & Health Insurance – (3.58%)
AIA Group Ltd. (Hong Kong) 
1,026,490
10,347,933
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
1,580,015
11,803,929
 
22,151,862
Property & Casualty Insurance – (2.94%)
Markel Group Inc. *
9,657
18,177,758
 
40,329,620
Total Financials
101,148,833
HEALTH CARE – (11.44%)
Health Care Equipment & Services – (7.12%)
Cigna Group 
29,890
8,340,804
CVS Health Corp. 
158,312
16,532,522
Solventum Corp. *
130,541
11,153,423
UnitedHealth Group Inc. 
19,334
8,012,010
 
44,038,759
Pharmaceuticals, Biotechnology & Life Sciences – (4.32%)
Viatris Inc. 
1,522,109
26,728,234
Total Health Care
70,766,993
INDUSTRIALS – (12.77%)
Capital Goods – (4.97%)
Contemporary Amperex Technology Co., Ltd. -
A (China) 
152,395
8,977,528
 
Shares
Value
COMMON STOCK – (CONTINUED)
INDUSTRIALS – (CONTINUED)
Capital Goods – (Continued)
ITOCHU Corp. (Japan) 
603,250
$7,570,553
SANY Heavy Industry Co., Ltd - H (China) 
5,286,490
14,216,233
 
30,764,314
Transportation – (7.80%)
DiDi Global Inc., Class A, ADS (China) *
3,247,410
11,495,831
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
3,873,497
36,759,487
 
48,255,318
Total Industrials
79,019,632
INFORMATION TECHNOLOGY – (7.03%)
Semiconductors & Semiconductor Equipment – (1.20%)
Silergy Corp. (Taiwan) 
596,000
7,423,473
Software & Services – (2.48%)
SAP SE (Germany) 
83,710
15,343,634
Technology Hardware & Equipment – (3.35%)
Samsung Electronics Co., Ltd. (South Korea) 
119,070
20,724,704
Total Information Technology
43,491,811
MATERIALS – (3.29%)
LyondellBasell Industries N.V. 
191,170
11,867,833
Teck Resources Ltd., Class B (Canada) 
140,811
8,482,455
Total Materials
20,350,288
TOTAL COMMON STOCK –
(Identified cost $466,799,259)
600,269,505
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (3.13%)
Brean Capital LLC Joint Repurchase
Agreement, 3.64%, 08/03/26  (a)
$3,614,000
$3,614,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.64%, 08/03/26  (b)
5,782,000
5,782,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.64%, 08/03/26  (c)
9,966,000
9,966,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $19,362,000)
19,362,000
Total Investments – (100.17%) –
(Identified cost $486,161,259)
619,631,505
Liabilities Less Other Assets – (0.17%)
(1,070,208
)
Net Assets – (100.00%)
$618,561,297
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 07/31/26, repurchase value of $3,615,096 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 2.00%-7.00%, 09/01/29-05/20/66, total fair value $3,686,280).
(b)
Dated 07/31/26, repurchase value of $5,783,754 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
6.50%, 06/01/42-05/01/54, total fair value $5,897,640).
(c)
Dated 07/31/26, repurchase value of $9,969,023 (collateralized
by: U.S. Government agency mortgage and obligations in a pooled cash
account, 0.00%-5.11%, 01/15/30-12/15/33, total fair value $10,165,320).
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, 2026 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (94.30%)
COMMUNICATION SERVICES – (2.62%)
Media & Entertainment – (2.62%)
NetEase, Inc., ADR (China) 
57,107
$7,610,650
Total Communication Services
7,610,650
CONSUMER DISCRETIONARY – (29.18%)
Automobiles & Components – (2.42%)
AUMOVIO SE (Germany) *
152,442
7,038,711
Consumer Discretionary Distribution & Retail – (13.47%)
JD.com, Inc., Class A, ADR (China) 
53,331
1,760,456
Naspers Ltd. - N (South Africa) 
160,868
8,452,427
Prosus N.V., Class N (Netherlands) 
263,055
12,224,902
Sea Limited, Class A, ADR (Singapore) *
156,963
16,754,231
 
39,192,016
Consumer Services – (13.29%)
Delivery Hero SE (Germany) *
14,742
642,645
Entain plc (United Kingdom) 
986,073
7,219,160
Meituan, Class B (China) *
707,880
8,357,569
Restaurant Brands International Inc. (Canada) 
77,462
5,733,737
Trip.com Group Ltd., ADR (China) *
355,083
16,692,452
 
38,645,563
Total Consumer Discretionary
84,876,290
CONSUMER STAPLES – (5.90%)
Food, Beverage & Tobacco – (5.90%)
JBS N.V., Class A (Brazil) 
1,224,640
17,169,453
Total Consumer Staples
17,169,453
FINANCIALS – (17.71%)
Banks – (6.15%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
87,479
5,361,588
Danske Bank A/S (Denmark) 
193,523
11,137,183
Metro Bank Holdings PLC (United
Kingdom) *
583,644
1,393,985
 
17,892,756
Financial Services – (4.25%)
Capital Markets – (4.25%)
Julius Baer Group Ltd. (Switzerland) 
140,459
12,349,235
Insurance – (7.31%)
Life & Health Insurance – (7.31%)
AIA Group Ltd. (Hong Kong) 
1,243,690
12,537,502
Ping An Insurance (Group) Co. of China, Ltd.
- H (China) 
1,169,336
8,735,841
 
21,273,343
Total Financials
51,515,334
INDUSTRIALS – (18.75%)
Capital Goods – (9.42%)
Contemporary Amperex Technology Co., Ltd.
- A (China) 
96,797
5,702,272
ITOCHU Corp. (Japan) 
1,019,950
12,799,975
SANY Heavy Industry Co., Ltd - H (China) 
3,311,660
8,905,594
 
27,407,841
Transportation – (9.33%)
DiDi Global Inc., Class A, ADS (China) *
2,829,109
10,015,046
Full Truck Alliance Co. Ltd., Class A, ADR
(China) 
1,802,404
17,104,814
 
27,119,860
Total Industrials
54,527,701
INFORMATION TECHNOLOGY – (12.63%)
Semiconductors & Semiconductor Equipment – (3.45%)
Silergy Corp. (Taiwan) 
464,000
5,779,348
Tokyo Electron Ltd. (Japan) 
12,720
4,252,768
 
10,032,116
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (CONTINUED)
Software & Services – (4.28%)
SAP SE (Germany) 
67,924
$12,450,137
Technology Hardware & Equipment – (4.90%)
Samsung Electronics Co., Ltd. (South Korea) 
81,823
14,241,685
Total Information Technology
36,723,938
MATERIALS – (5.21%)
Teck Resources Ltd., Class B (Canada) 
120,953
7,286,209
Vale S.A., ADR (Brazil) 
521,687
7,856,606
Total Materials
15,142,815
REAL ESTATE – (2.30%)
Real Estate Management & Development – (2.30%)
KE Holdings Inc., Class A, ADR (China) 
395,359
6,701,335
Total Real Estate
6,701,335
TOTAL COMMON STOCK –
(Identified cost $228,044,004)
274,267,516
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (7.36%)
Brean Capital LLC Joint Repurchase
Agreement, 3.64%, 08/03/26  (a)
$3,997,000
$3,997,000
Nomura Securities International, Inc. Joint
Repurchase Agreement, 3.64%, 08/03/26  (b)
6,394,000
6,394,000
StoneX Financial Inc. Joint Repurchase
Agreement, 3.64%, 08/03/26  (c)
11,023,000
11,023,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $21,414,000)
21,414,000
Total Investments – (101.66%) –
(Identified cost $249,458,004)
295,681,516
Liabilities Less Other Assets – (1.66%)
(4,819,217
)
Net Assets – (100.00%)
$290,862,299
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 07/31/26, repurchase value of $3,998,212 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 2.00%-7.00%, 09/01/29-05/20/66, total fair value $4,076,940).
(b)
Dated 07/31/26, repurchase value of $6,395,940 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.00%-
6.00%, 05/01/44-01/15/61, total fair value $6,521,880).
(c)
Dated 07/31/26, repurchase value of $11,026,344 (collateralized
by: U.S. Government agency mortgage and obligations in a pooled cash
account, 0.00%-5.11%, 01/15/30-12/15/33, total fair value $11,243,460).
Please refer to “Notes to Schedule of Investments” on page 5 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Financial Statements.
4
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments
July 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.
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DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments - (Continued)
July 31, 2026 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of July 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
$139,241,668
$–
$66,490,426
$7,610,650
Consumer Discretionary
165,683,854
–
102,063,819
40,940,876
Consumer Staples
69,838,090
–
45,400,825
17,169,453
Energy
109,940,525
–
27,451,316
–
Financials
314,684,286
398,078,369
57,533,802
5,361,588
Health Care
229,517,923
–
70,766,993
–
Industrials
28,517,913
–
48,255,318
27,119,860
Information Technology
64,749,152
–
–
–
Materials
49,303,244
–
20,350,288
15,142,815
Real Estate
–
–
–
6,701,335
Total Level 1
1,171,476,655
398,078,369
438,312,787
120,046,577
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary
–
4,258,349
44,085,562
43,935,414
Financials
–
71,593,872
43,615,031
46,153,746
Industrials
–
–
30,764,314
27,407,841
Information Technology
–
–
43,491,811
36,723,938
Short-Term Investments
99,768,000
4,541,000
19,362,000
21,414,000
Total Level 2
99,768,000
80,393,221
181,318,718
175,634,939
Level 3 – Significant Unobservable Inputs:
Total Level 3
–
–
–
–
Total Investments
$1,271,244,655
$478,471,590
$619,631,505
$295,681,516
 
*
Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of
local trading.
Federal Income Taxes
At July 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
$902,134,282
$346,709,588
$486,989,002
$251,143,944
 
Unrealized appreciation
375,670,214
137,215,875
148,457,382
55,765,395
Unrealized depreciation
(6,559,841
)
(5,453,873
)
(15,814,879
)
(11,227,823
)
Net unrealized appreciation
$369,110,373
$131,762,002
$132,642,503
$44,537,572
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