Fund Overview

  • Seeks high-conviction, best-of-breed businesses
  • Benchmark-agnostic. Seeks to outperform the index, not mirror it
  • Low expected turnover and a strategic, long term time horizon
  • Traditional benefits of ETFs: Low cost, tax efficient, intra-day liquidity and transparent  ETFs are subject to commission costs each time a buy or sell is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs.

Selective, Attractive Growth, Undervalued The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that Fund performance will be positive as equity markets are volatile and an investor may lose money. as of 06/30/23

Selective Attractive Growth Undervalued

DFNL invests in only a select group of well-researched companies

DFNL portfolio companies have offered attractive growth

DFNL portfolio companies are 24% less expensive than the index

Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. EPS Growth (5 Year) This figure represents the annualized rate of net-income-per-share growth over the trailing five-year period for the stocks held by the Fund. P/E (Forward) Forward price to earnings (forward P/E) is a measure of the price-to-earnings (P/E) ratio using forecasted earnings for the P/E calculation.
72
27
DFNL
S&P 500 Financials
8.6%
8.1%
DFNL
S&P 500 Financials
9.9x
13.8x
DFNL
S&P 500 Financials
DFNL
S&P 500 Financials

  “The companies of Davis Select Financial ETF have grown more than the companies in the index, yet are 24% less expensive.

In fact, this gap between price and value is among the widest we have ever seen.

We believe this sets the stage for attractive returns in the years ahead.”

– Portfolio Manager Chris Davis

Returns

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 2.05% 7.71% 13.81% 4.70% 7.11%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 1.97% 7.42% 13.76% 4.66% 7.08%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 1.54% 6.40% 13.42% 6.24% 8.04%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 2.05% 6.87% 13.18% 4.06% 6.56%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 1.21% 5.13% 10.81% 3.57% 5.56%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 7.74% 10.46% 17.82% 6.07% 8.09%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 7.77% 10.40% 17.94% 6.00% 8.08%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 4.30% 7.09% 16.05% 7.11% 8.59%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 7.74% 9.60% 17.18% 5.42% 7.53%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 4.58% 6.71% 14.01% 4.64% 6.34%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.09% 7.89% 16.09% 5.40% 6.95%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 0.18% 8.08% 16.24% 5.38% 6.98%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -0.53% 9.50% 15.65% 7.19% 7.92%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.09% 7.05% 15.45% 4.76% 6.39%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.05% 5.26% 12.65% 4.14% 5.43%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -8.24% -8.24% 4.46% 5.18% 7.56%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -8.43% -8.43% 4.46% 5.09% 7.55%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -10.53% -10.53% 5.90% 6.41% 8.70%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -8.95% -8.95% 3.88% 4.54% 6.95%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -4.38% -4.38% 3.42% 3.97% 5.90%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 30.84% 30.84% 16.28% -- 11.06%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 30.99% 30.99% 16.60% -- 11.08%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 35.04% 35.04% 20.58% -- 13.04%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 30.15% 30.15% 15.72% -- 10.47%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 18.75% 18.75% 12.76% -- 8.67%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -5.06% -5.06% 2.36% -- 6.57%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -4.97% -4.97% 2.25% -- 6.57%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -1.69% -1.69% 4.14% -- 8.09%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -5.38% -5.38% 1.76% -- 6.00%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -2.76% -2.76% 1.75% -- 5.03%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 2.05% 7.71% 47.42% 25.83% 57.73%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 1.97% 7.42% 47.24% 25.60% 57.47%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 1.54% 6.40% 45.89% 35.37% 67.10%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 2.05% 6.87% 45.00% 22.04% 52.44%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 1.21% 5.13% 36.05% 19.20% 43.18%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 7.74% 10.46% 63.57% 34.29% 66.53%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 7.77% 10.40% 64.06% 33.83% 66.43%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 4.30% 7.09% 56.28% 40.97% 71.64%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 7.74% 9.60% 60.89% 30.25% 60.94%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 4.58% 6.71% 48.21% 25.45% 49.61%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.09% 7.89% 56.43% 30.11% 54.42%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 0.18% 8.08% 57.08% 29.97% 54.71%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -0.53% 9.50% 54.67% 41.54% 63.70%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.09% 7.05% 53.87% 26.19% 49.24%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -0.05% 5.26% 42.97% 22.51% 40.75%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -8.24% -8.24% 13.99% 28.76% 54.57%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -8.43% -8.43% 14.00% 28.22% 54.43%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -10.53% -10.53% 18.77% 36.48% 64.57%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -8.95% -8.95% 12.12% 24.89% 49.38%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -4.38% -4.38% 10.63% 21.49% 40.85%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 30.84% 30.84% 57.31% -- 68.44%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 30.99% 30.99% 58.58% -- 68.64%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 35.04% 35.04% 75.40% -- 83.94%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 30.15% 30.15% 55.03% -- 64.07%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 18.75% 18.75% 43.43% -- 51.18%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -5.06% -5.06% 7.25% -- 28.74%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -4.97% -4.97% 6.89% -- 28.74%
S&P 500 Financials The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -1.69% -1.69% 12.96% -- 36.21%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -5.38% -5.38% 5.39% -- 26.06%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -2.76% -2.76% 5.35% -- 21.55%

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. NAV and market price returns assume that all distributions were reinvested at NAV. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

Historical Prices as of 9/29/23

Top Industries as of 9/29/23 The Fund generally uses the Global Industry Classification Standard (“GICS”) to determine industry classification. GICS presents industry classification as a series of levels. Allocations shown are at the industry level. For purposes of measuring concentration, the Fund generally classifies companies at the “industry group” or “industry” level. See the Fund’s SAI for additional information. Data is provided by an external service provider and, in limited instances, the classifications may vary from the classifications assigned by Davis Advisors. Industry classification weightings are subject to change.

Name DFNL (%) S&P 500 Financials (%)
Banks 45.3% 23.5%
Financial Services 35.0% 59.6%
Insurance 18.5% 17.0%
Consumer Discretionary Distrb & Retail 1.2% 0.0%

Holdings as of 9/29/23

Name DFNL (%) S&P 500 Financials (%)
Berkshire Hathaway 7.99% 13.88%
Capital One Financial 7.15% 0.80%
Markel Group 6.54% 0.00%
Julius Baer Group 6.24% 0.00%
JPMorgan Chase 5.96% 9.15%
Chubb 5.81% 1.86%
Wells Fargo 5.13% 3.25%
Bank of New York Mellon 4.83% 0.72%
DBS Group Holdings 4.78% 0.00%
Fifth Third Bancorp 4.65% 0.37%
Name Ticker DFNL (%) S&P 500 Financials (%) Shares Market Value ($) CUSIP SEDOL
Berkshire Hathaway Inc., Class B BRK B 7.99 13.88 36,049 12,627,965 084670702 2073390
Capital One Financial Corp. COF 7.15 0.80 116,573 11,313,410 14040H105 2654461
Markel Group Inc. MKL 6.54 0.00 7,027 10,347,187 570535104 2566436
Julius Baer Group Ltd. BAER SE 6.24 0.00 153,355 9,861,228 B4R2R50
JPMorgan Chase & Co. JPM 5.96 9.15 65,019 9,429,055 46625H100 2190385
Chubb Ltd. CB 5.81 1.86 44,156 9,192,396 H1467J104 B3BQMF6
Wells Fargo & Co. WFC 5.13 3.25 198,535 8,112,140 949746101 2649100
Bank of New York Mellon Corp. BK 4.83 0.72 179,147 7,640,620 064058100 B1Z77F6
DBS Group Holdings Ltd. DBS SP 4.78 0.00 307,286 7,561,888 6175203
Fifth Third Bancorp FITB 4.65 0.37 290,031 7,346,485 316773100 2336747
U.S. Bancorp USB 4.52 1.12 216,081 7,143,638 902973304 2736035
Danske Bank A/S DANSKE DC 4.38 0.00 297,632 6,934,037 4588825
American Express Co. AXP 3.79 1.89 40,173 5,993,410 025816109 2026082
Loews Corp. L 3.55 0.25 88,623 5,610,722 540424108 2523022
PNC Financial Services Group, Inc. PNC 3.51 1.06 45,204 5,549,695 693475105 2692665
Bank of America Corp. BAC 3.30 4.11 190,869 5,225,993 060505104 2295677
Truist Financial Corp. TFC 2.66 0.83 146,866 4,201,836 89832Q109 BKP7287
DNB Bank ASA DNB NO 2.48 0.00 194,357 3,917,429 BNG7113
Bank of N.T. Butterfield & Son Ltd. NTB 2.02 0.00 118,031 3,196,279 G0772R208 BD8FF02
Rocket Companies, Inc., Class A RKT 2.00 0.00 386,372 3,160,523 77311W101 BMD6Y84
State Street Corp. STT 1.61 0.46 38,059 2,548,431 857477103 2842040
M&T Bank Corp. MTB 1.60 0.46 20,035 2,533,426 55261F104 2340168
Everest Group, Ltd. EG 1.41 0.35 5,993 2,227,418 G3223R108 2556868
Charles Schwab Corp. SCHW 1.28 1.77 36,941 2,028,061 808513105 2779397
Prosus N.V., Class N PRX NA 1.19 0.00 63,857 1,884,958 BJDS7L3
Ping An Insurance (Group) 2318 HK 1.07 0.00 296,500 1,698,137 B01FLR7
Metro Bank Holdings PLC MTRO LN 0.12 0.00 265,149 188,929 BMX3W47
Cash Component 0.43 0.00 0 0
Total   100.00 42.33        

Download to Excel

Historical Premium/Discount Shares are generally bought and sold on an exchange at market prices and the price paid may be more (a “premium”) or less than NAV (a “discount”). For this reason an investor may pay more or less than NAV when they buy shares, and they may receive more or less than NAV when they sell shares. The premium/discount information provided represents past performance and cannot be used to predict future results. of Market Price Market price generally reflects the official closing price of the Fund. to NAV



Calendar Year 2022 First Quarter 2023 Second Quarter 2023 Third Quarter 2023
Days traded at premium 132 14 32 8
Days traded at discount 119 48 30 55

Fund Details as of 9/29/23

Inception Date 1/11/17
Ticker DFNL
Objective Long-term growth of capital
Expense Ratio The Advisors has contractually agreed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 0.65% until March 1, 2024. After that date, there is no assurance that Davis Selected Advisers, L.P. will continue to waive fees and/or reimburse expenses. The agreement cannot be terminated prior to that date, without the consent of the Board of Trustees. 0.63%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 27
Number of Holdings in Benchmark Index 72
Investment Manager Davis Selected Advisers, L.P.
Total Net Assets($M) 158.144
Exchange Cboe Global Markets, Inc.
CUSIP 23908L108
Custodian State Street Bank and Trust Company
Benchmark Index S&P 500 Financials
Shares Outstanding 5,900,000
Dividend Frequency Annually
Options Available N
Daily Volume The number of shares traded during a given period of time. It is simply the amount of shares that trade hands from sellers to buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a seller, then the volume for that period increased by 100 shares based on that transaction. Volume shown is the volume that traded on the primary exchange as of the date indicated. 1,131
30 Day Avg. Volume Average Daily Volume (ADV) on primary exchange may differ from ADV reported by other sources, which may publish an aggregated ADV from all exchanges on which the ETF trades. 5,291
30 Day Median Bid-Ask Spread The Fund uses the national best bid and national best offer (NBBO), calculated every ten seconds during each trading day, in order to determine the median bid-ask spread. The median of the values calculated over the last 30 calendar days is expressed as a percentage and rounded to the nearest hundredth. 0.29%
Premium/Discount Shares are generally bought and sold on an exchange at market prices and the price paid may be more (a “premium”) or less than NAV (a “discount”). For this reason an investor may pay more or less than NAV when they buy shares, and they may receive more or less than NAV when they sell shares. The premium/discount information provided represents past performance and cannot be used to predict future results. -0.15

Portfolio Statistics as of 9/29/23

Forward P/E Forward price to earnings (forward P/E) is a measure of the price-to-earnings (P/E) ratio using forecasted earnings for the P/E calculation. 10.0
Index Forward P/E 14.4
P/B Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company's per share book value. 1.4
Weighted Avg. Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 109.2
Historical 5 Year EPS Growth This figure represents the annualized rate of net-income-per-share growth over the trailing five-year period for the stocks held by the Fund. 9.4
Index Historical 5 Year EPS Growth 12.4

52 Week High/Low as of 9/29/23

NAV Market Price
52 Week High 30.02 30.05
52 Week Low 24.49 24.46