Includes Capital One, Wells Fargo, JPMorgan Chase, Bank of America, U.S. Bancorp, PNC Financial, BNY Mellon and Fifth Third Bank.
We believe there will be another “leg up” in interest income over time as the banks’ fixed-rate assets reprice, all else equal.
Source: Company filings.
Effective Fed Funds Rate=4.52% in Q1 2023.Theoretically, this would have been true at the failed banks too, if they could have survived that long.
Source: Company filings and DSA analysis.
Source: Capital One company filings.
As of 6/30/23.
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Objective and Risks. The investment objective of Davis Select U.S. Equity ETF is long-term capital growth and capital preservation. There can be no assurance that the Fund will achieve its objective. Some important risks of an investment in the Fund are: stock market risk; common stock risk; market trading risk: includes the possibility of an inactive market for Fund shares, losses from trading in secondary markets, periods of high volatility, and disruptions in the creation/redemption process. ONE OR MORE OF THESE FACTORS, AMONG OTHERS, COULD LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV; exchange-traded fund risk: the Fund is subject to the risks of owning the underlying securities as well as the risks of owning an exchange-traded fund generally; financial services risk; credit risk: the issuer of a fixed income security (potentially even the U.S. Government) may be unable to make timely payments of interest and principal; interest rate sensitivity risk: interest rates may have a powerful influence on the earnings of financial institutions; focused portfolio risk; headline risk; foreign country risk; large-capitalization companies risk; manager risk; authorized participant concentration risk: to the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and could face delisting; cybersecurity risk: a cybersecurity breach may disrupt the business operations of the Fund or its service providers; depositary receipts risk: depositary receipts involve higher expenses and may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange; fees and expenses risk; foreign currency risk; emerging market risk; and mid- and small-capitalization companies risk. See the prospectus for a complete description of the principal risks.
The information provided in this material should not be considered a recommendation to buy, sell or hold any particular security. As of 6/30/23, the top ten holdings of Davis Select Financial ETF were: Capital One Financial, 7.98%; Berkshire Hathaway, 7.70%; Markel Group, 6.09%; Julius Baer Group, 6.06%; JPMorgan Chase, 5.82%; Chubb, 5.32%; Wells Fargo, 5.31%; Bank of New York Mellon, 4.99%; Danske Bank, 4.54%; and DBS Group Holdings, 4.49%.
Davis Fundamental ETF Trust has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in the prospectus. Holding percentages are subject to change. Visit davisetfs.com or call 800-279-0279 for the most current public portfolio holdings information.
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After 10/31/23, this material must be accompanied by a supplement containing performance data for the most recent quarter end.
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Item #6364 6/23