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 9/22/21

DUSA S&P 500
Selective Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 26 505
Attractive Growth 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. 26.3% 19.9%
Undervalued 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. 12.6x 21.6x

  “Selectivity allows us to reject the vast majority of companies that make up the index and instead build a portfolio of those few companies that have above-average growth and below-average valuations.”

Returns

  YTD 1 Yr 3 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 19.83% 35.39% 12.90% 14.00%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 19.64% 35.28% 12.79% 14.00%
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. 21.58% 31.17% 18.06% 18.15%
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. 19.83% 35.23% 12.43% 13.65%
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. 11.74% 21.03% 9.90% 11.06%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 17.42% 41.68% 12.82% 13.77%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 17.32% 42.18% 12.79% 13.79%
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. 17.99% 36.45% 18.14% 17.75%
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. 17.42% 41.51% 12.35% 13.41%
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. 10.31% 24.76% 9.84% 10.86%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 20.05% 52.28% 15.13% 14.62%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 20.10% 52.35% 15.09% 14.67%
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. 15.25% 40.79% 18.65% 17.49%
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. 20.05% 52.10% 14.65% 14.25%
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. 11.87% 31.04% 11.69% 11.55%

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. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 14.12% 14.12% 9.58% 11.35%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 14.22% 14.22% 9.46% 11.39%
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. 18.40% 18.40% 14.17% 15.67%
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. 13.98% 13.98% 9.12% 10.94%
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. 8.46% 8.46% 7.30% 8.82%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 30.39% 30.39% -- 10.44%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 30.50% 30.50% -- 10.47%
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. 31.49% 31.49% -- 14.79%
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. 30.05% 30.05% -- 9.95%
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. 18.24% 18.24% -- 7.99%

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.

  1 Yr 3 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -11.58% -- 1.50%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -11.83% -- 1.51%
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. -4.38% -- 7.14%
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. -12.34% -- 0.96%
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. -6.64% -- 1.03%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 19.83% 35.39% 43.94% 83.64%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 19.64% 35.28% 43.53% 83.65%
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. 21.58% 31.17% 64.61% 116.80%
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. 19.83% 35.23% 42.15% 81.01%
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. 11.74% 21.03% 32.77% 62.70%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 17.42% 41.68% 43.65% 79.95%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 17.32% 42.18% 43.52% 80.08%
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. 17.99% 36.45% 64.96% 110.40%
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. 17.42% 41.51% 41.86% 77.38%
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. 10.31% 24.76% 32.57% 59.93%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 20.05% 52.28% 52.66% 83.98%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 20.10% 52.35% 52.49% 84.35%
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. 15.25% 40.79% 67.13% 105.52%
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. 20.05% 52.10% 50.77% 81.35%
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. 11.87% 31.04% 39.38% 62.96%

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 Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 14.12% 14.12% 31.58% 53.25%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 14.22% 14.22% 31.15% 53.50%
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. 18.40% 18.40% 48.85% 78.32%
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. 13.98% 13.98% 29.95% 51.06%
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. 8.46% 8.46% 23.55% 39.90%

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. It is not possible to invest directly in an index.

  YTD 1 Yr 3 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 30.39% 30.39% -- 34.29%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 30.50% 30.50% -- 34.41%
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. 31.49% 31.49% -- 50.61%
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. 30.05% 30.05% -- 32.53%
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. 18.24% 18.24% -- 25.64%

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.

  1 Yr 3 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -11.58% -- 2.99%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -11.83% -- 3.00%
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. -4.38% -- 14.55%
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. -12.34% -- 1.90%
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. -6.64% -- 2.04%

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 9/22/21

Top Sectors as of 9/22/21 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.

DUSA (%) S&P 500 (%)
Financials 57.5% 12.0%
Communication Services 15.9% 11.3%
Consumer Discretionary 12.5% 12.3%
Health Care 7.4% 13.4%
Information Technology 5.6% 27.0%
Industrials 1.1% 8.0%

Holdings as of 9/22/21

Name DUSA (%) S&P 500 (%)
Capital One Financial 12.04% 0.19%
Alphabet 10.46% 4.40%
Berkshire Hathaway 7.86% 1.36%
Amazon.com 6.71% 3.95%
Wells Fargo & Co. 6.36% 0.52%
Facebook 4.98% 2.19%
U.S. Bancorp 4.87% 0.21%
DBS Group Holdings 4.51% 0.00%
American Express 4.35% 0.29%
JD.com 3.90% 0.00%
Name Ticker DUSA (%) S&P 500 (%) Shares Market Value ($) CUSIP SEDOL
Capital One Financial Corp. COF 12.04 0.19 289,916 46,276,392 14040H105 2654461
Alphabet Inc., Class C GOOG 10.46 2.13 14,267 40,215,392 02079K107 BYY88Y7
Berkshire Hathaway Inc., Class B BRK B 7.86 1.36 110,256 30,217,862 084670702 2073390
Amazon.com, Inc. AMZN 6.71 3.95 7,635 25,806,682 023135106 2000019
Wells Fargo & Co. WFC 6.36 0.52 519,476 24,456,930 949746101 2649100
Facebook Inc., Class A FB 4.98 2.19 55,741 19,130,869 30303M102 B7TL820
U.S. Bancorp USB 4.87 0.21 323,085 18,713,083 902973304 2736035
DBS Group Holdings Ltd. DBS SP 4.51 0.00 801,491 17,349,059 6175203
American Express Co. AXP 4.35 0.29 99,869 16,727,059 025816109 2026082
JD.com, Inc., Class A, ADR JD 3.90 0.00 197,500 14,994,200 47215P106 BMM27D9
JPMorgan Chase & Co. JPM 3.42 1.25 84,424 13,162,546 46625H100 2190385
Applied Materials, Inc. AMAT 3.03 0.34 84,247 11,634,511 038222105 2046552
Markel Corp. MKL 2.91 0.00 9,197 11,201,486 570535104 2566436
Cigna Corp. CI 2.74 0.18 52,156 10,534,990 125523100 BHJ0775
Bank of New York Mellon Corp. BK 2.73 0.11 210,244 10,497,483 064058100 B1Z77F6
Quest Diagnostics Inc. DGX 2.61 0.05 65,705 10,033,811 74834L100 2702791
Intel Corp. INTC 2.44 0.58 175,406 9,384,221 458140100 2463247
Bank of America Corp. BAC 1.98 0.80 189,820 7,619,375 060505104 2295677
AIA Group Ltd. 1299 HK 1.89 0.00 639,020 7,283,039 B4TX8S1
Ping An Insurance (Group) 2318 HK 1.83 0.00 1,041,090 7,032,405 B01FLR7
Viatris Inc. VTRS 1.80 0.04 521,417 6,908,775 92556V106 BMWS3X9
Raytheon Technologies Corp. RTX 1.09 0.34 49,334 4,206,710 75513E101 BM5M5Y3
Danske Bank A/S DANSKE DC 1.06 0.00 249,255 4,073,198 4588825
Prosus N.V., Class N PRX NA 0.64 0.00 30,543 2,474,896 BJDS7L3
Vroom, Inc. VRM 0.61 0.00 99,452 2,358,007 92918V109 BMFZYY5
Naspers Ltd. - N NPN SJ 0.32 0.00 7,553 1,237,201 6622691
Cash Component 2.86 0.00 0 0
Total   100.00 14.53        

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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 2020 First Quarter 2021 Second Quarter 2021
Days traded at premium 173 57 60
Days traded at discount 80 4 3

Fund Details as of 9/22/21

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, 2021. 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. 0.62%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 26
Number of Holdings in Benchmark Index 505
Investment Manager Davis Selected Advisers, L.P.
Total Net Assets ($M) 384.498
Exchange Cboe Global Markets, Inc.
CUSIP 23908L207
Custodian State Street Bank and Trust Company
Benchmark Index S&P 500
Shares Outstanding 11,300,000
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. 10,700
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. 13,968
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. 0.26%
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. 0.33
Active Share (as of 8/31/21) Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. 83%

52 Week High/Low as of 9/22/21

NAV Market Price
52 Week High 36.14 37.88
52 Week Low 24.32 24.09