DUSA Davis Select U.S. Equity ETF

Large cap, durable, well-managed businesses.

Managers

Davis

Goei

NAV as of 1/21/26

Price	Change
$51.57	$0.56 / 1.09%

Market Price Market price generally reflects the official closing price of the Fund. as of 1/21/26

Price	Change
$51.62	$0.46 / 0.90%

Literature

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 12/31/25

Selective	Attractive Growth	Undervalued
DUSA invests in only a select group of well-researched companies	DUSA portfolio companies have solid earnings	DUSA portfolio companies are significantly less expensive than the indices
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.
870 503 25	16.8% 18.5% 12.5%	14.7x 26.2x 20.0x
DUSA S&P 500 Russell 1000 Value

The companies of Davis Select U.S. Equity ETF have solid earnings, yet are significantly less expensive:

P/E 44% less expensive than the S&P 500®
P/E 27% less expensive than the Russell 1000 Value Index

Returns

Month

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	22.40%	22.40%	25.36%	13.35%	12.46%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	22.58%	22.58%	25.55%	13.39%	12.50%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	15.91%	15.91%	13.88%	11.32%	9.70%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	17.88%	17.88%	22.98%	14.42%	14.97%
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.	22.13%	22.13%	24.85%	12.95%	12.06%
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.	13.46%	13.46%	20.16%	10.62%	10.20%

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.

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	19.20%	12.42%	22.24%	13.62%	12.25%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	19.24%	12.65%	22.38%	13.69%	12.28%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	15.13%	7.25%	12.08%	12.01%	9.72%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	17.81%	15.00%	20.55%	15.27%	15.12%
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.	19.20%	12.19%	21.72%	13.25%	11.87%
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.	11.37%	7.47%	17.54%	10.84%	10.01%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	14.17%	16.45%	24.12%	15.25%	11.82%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	14.20%	16.44%	24.17%	15.34%	11.85%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	12.15%	11.15%	13.37%	14.27%	9.49%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	17.52%	21.45%	22.65%	17.63%	15.24%
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.	14.17%	16.22%	23.59%	14.87%	11.44%
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.	8.39%	9.87%	19.10%	12.22%	9.63%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	20.48%	20.48%	9.12%	11.76%	11.27%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	20.44%	20.44%	9.12%	11.80%	11.30%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	14.37%	14.37%	5.63%	8.67%	8.95%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	25.02%	25.02%	8.93%	14.51%	14.61%
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.	20.24%	20.24%	8.66%	11.40%	10.85%
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.	12.30%	12.30%	7.02%	9.33%	9.10%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	33.66%	33.66%	8.27%	13.55%	10.01%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	34.15%	34.15%	8.30%	13.62%	10.05%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	26.29%	26.29%	10.00%	15.68%	13.20%
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.	32.62%	32.62%	7.79%	13.16%	9.57%
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.	20.67%	20.67%	6.39%	10.85%	7.97%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	-19.30%	-19.30%	2.71%	4.55%	6.48%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	-19.55%	-19.55%	2.65%	4.43%	6.46%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	-18.11%	-18.11%	7.65%	9.42%	11.14%
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.	-19.53%	-19.53%	2.48%	4.17%	6.13%
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.	-11.26%	-11.26%	2.09%	3.47%	5.04%

Month

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	22.40%	22.40%	97.11%	87.16%	186.82%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	22.58%	22.58%	98.05%	87.54%	187.87%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	15.91%	15.91%	47.76%	70.99%	129.60%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	17.88%	17.88%	86.11%	96.16%	249.79%
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.	22.13%	22.13%	94.75%	83.89%	177.79%
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.	13.46%	13.46%	73.58%	65.67%	139.10%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	19.20%	12.42%	82.74%	89.43%	179.33%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	19.24%	12.65%	83.41%	89.99%	180.02%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	15.13%	7.25%	40.84%	76.35%	128.05%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	17.81%	15.00%	75.28%	103.57%	249.58%
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.	19.20%	12.19%	80.44%	86.32%	171.14%
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.	11.37%	7.47%	62.46%	67.32%	133.51%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	14.17%	16.45%	91.31%	103.42%	167.54%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	14.20%	16.44%	91.58%	104.20%	168.20%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	12.15%	11.15%	45.77%	94.90%	122.15%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	17.52%	21.45%	84.63%	125.31%	248.72%
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.	14.17%	16.22%	88.90%	100.08%	159.70%
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.	8.39%	9.87%	69.02%	78.00%	124.80%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	20.48%	20.48%	29.96%	74.50%	134.33%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	20.44%	20.44%	29.98%	74.76%	134.85%
Russell 1000 Value The Russell 1000 Value Index (R1V) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. Investments cannot be made directly in an index.	14.37%	14.37%	17.87%	51.65%	98.09%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	25.02%	25.02%	29.29%	97.02%	196.73%
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.	20.24%	20.24%	28.32%	71.63%	127.46%
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.	12.30%	12.30%	22.59%	56.31%	100.27%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	33.66%	33.66%	26.91%	88.86%	94.49%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	34.15%	34.15%	27.03%	89.42%	95.00%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	26.29%	26.29%	33.10%	107.21%	137.35%
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.	32.62%	32.62%	25.23%	85.64%	89.17%
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.	20.67%	20.67%	20.42%	67.42%	70.74%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	-19.30%	-19.30%	8.36%	24.94%	45.51%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	-19.55%	-19.55%	8.16%	24.19%	45.35%
S&P 500 The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.	-18.11%	-18.11%	24.79%	56.88%	87.94%
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.	-19.53%	-19.53%	7.63%	22.70%	42.64%
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.	-11.26%	-11.26%	6.42%	18.61%	34.15%

Historical Prices as of 1/21/26

Start Date

Top Sectors as of 1/21/26 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 sector 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.

Sector	DUSA (%)	S&P 500 (%)
Financials	29.1%	13.0%
Health Care	16.3%	9.8%
Communication Services	13.9%	10.5%
Consumer Discretionary	13.0%	10.5%
Energy	9.2%	3.1%
Information Technology	7.7%	33.4%
Consumer Staples	7.3%	5.0%
Industrials	2.5%	8.7%
Materials	1.1%	2.0%

Holdings as of 1/21/26

Name	DUSA (%)	S&P 500 (%)
Capital One Financial	8.91%	0.25%
Tyson Foods	6.82%	0.03%
U.S. Bancorp	6.45%	0.15%
Meta Platforms	6.00%	2.27%
Coterra Energy	5.64%	0.03%
Alphabet	5.50%	5.86%
CVS Health	4.83%	0.18%
Viatris	4.78%	0.03%
MGM Resorts	4.73%	0.01%
Amazon.com	4.59%	3.83%

Name	Ticker	DUSA (%)	S&P 500 (%)	Shares	Market Value ($)	CUSIP	SEDOL
Capital One Financial Corp.	COF	8.91	0.25	384,555	88,836,051	14040H105	2654461
Tyson Foods, Inc., Class A	TSN	6.82	0.03	1,132,306	67,927,037	902494103	2909730
U.S. Bancorp	USB	6.45	0.15	1,158,756	64,276,195	902973304	2736035
Meta Platforms, Inc., Class A	META	6.00	2.27	97,580	59,812,637	30303M102	B7TL820
Coterra Energy Inc.	CTRA	5.64	0.03	2,099,928	56,173,074	127097103	2162340
Alphabet Inc., Class C	GOOG	5.50	2.60	166,848	54,789,546	02079K107	BYY88Y7
CVS Health Corp.	CVS	4.83	0.18	591,232	48,179,496	126650100	2577609
Viatris Inc.	VTRS	4.78	0.03	3,652,561	47,665,921	92556V106	BMWS3X9
MGM Resorts International	MGM	4.73	0.01	1,391,926	47,186,291	552953101	2547419
Amazon.com, Inc.	AMZN	4.59	3.83	197,755	45,742,709	023135106	2000019
Markel Group Inc.	MKL	4.37	—	21,121	43,511,372	570535104	2566436
Berkshire Hathaway Inc., Class B	BRK B	4.26	1.51	87,725	42,443,987	084670702	2073390
Texas Instruments Inc.	TXN	4.12	0.30	211,355	41,089,526	882508104	2885409
Wells Fargo & Co.	WFC	3.41	0.46	394,412	33,966,761	949746101	2649100
Applied Materials, Inc.	AMAT	3.08	0.44	94,499	30,734,855	038222105	2046552
Restaurant Brands International Inc.	QSR	2.89	—	423,480	28,805,110	76131D103	BTF8CG1
Solventum Corp.	SOLV	2.12	0.02	262,711	21,114,083	83444M101	BMTQB43
UnitedHealth Group Inc.	UNH	1.95	0.54	55,990	19,470,523	91324P102	2917766
Cigna Group	CI	1.63	0.13	59,214	16,278,521	125523100	BHJ0775
Pinterest, Inc., Class A	PINS	1.54	—	613,690	15,336,113	72352L106	BJ2Z0H2
Tourmaline Oil Corp.	TOU CN	1.53	—	340,453	15,219,036		B3QJ0H8
Owens Corning	OC	1.47	—	117,099	14,599,903	690742101	B1FW7Q2
ConocoPhillips	COP	1.46	0.20	149,253	14,499,929	20825C104	2685717
Teck Resources Ltd., Class B	TECK	1.08	—	202,305	10,722,165	878742204	2124533
AGCO Corporation	AGCO	0.85	—	74,458	8,448,005	001084102	2010278
Cash Component		5.99	—	0	0
Total		100.00	12.98

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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 2025
Days traded at premium	208
Days traded at discount	42

Fund Details as of 1/21/26

Detail	Value
Inception Date	1/11/17
Ticker	DUSA
Objective	Long-term capital growth and capital preservation
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, 2025. 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.	0.59%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards.	25
Number of Holdings in Benchmark Index	503
Investment Manager	Davis Selected Advisers, L.P.
Total Net Assets ($M)	996.558
Exchange	Cboe Global Markets, Inc.
CUSIP	23908L207
Custodian	State Street Bank and Trust Company
Benchmark Index	S&P 500
Shares Outstanding	19,325,000
Dividend Frequency	Annually
Options Available	Yes
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.	40,340
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.	70,385
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.	0.18%
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.	0.10%
Active Share (as of 12/31/25) Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.	84%

52 Week High/Low as of 1/21/26

High/Low	NAV	Market Price
52 Week High	52.12	52.37
52 Week Low	38.19	36.83