Davis Select U.S. Equity ETF | DUSA
Davis Select International ETF | DINT
Davis Select Worldwide ETF | DWLD
Davis Select Financial ETF | DFNL
(part of Davis Fundamental ETF Trust)
January 31, 2024
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT U.S. EQUITY ETF
Schedule of Investments 
January 31, 2024 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (97.83%)
COMMUNICATION SERVICES – (16.29%)
Media & Entertainment – (16.29%)
Alphabet Inc., Class C *
128,190
$18,177,342
Meta Platforms, Inc., Class A *
129,908
50,682,307
Total Communication Services
68,859,649
CONSUMER DISCRETIONARY – (12.46%)
Consumer Discretionary Distribution & Retail – (7.72%)
Amazon.com, Inc. *
210,370
32,649,424
Consumer Services – (4.74%)
MGM Resorts International *
461,449
20,013,043
Total Consumer Discretionary
52,662,467
FINANCIALS – (44.49%)
Banks – (13.14%)
JPMorgan Chase & Co. 
76,045
13,259,206
U.S. Bancorp 
440,983
18,318,434
Wells Fargo & Co. 
477,587
23,965,316
 
55,542,956
Financial Services – (26.29%)
Capital Markets – (4.22%)
Bank of New York Mellon Corp. 
321,490
17,829,835
Consumer Finance – (12.19%)
American Express Co. 
32,298
6,483,500
Capital One Financial Corp. 
332,768
45,030,166
 
51,513,666
Financial Services – (9.88%)
Berkshire Hathaway Inc., Class B *
108,782
41,744,005
 
111,087,506
Insurance – (5.06%)
Property & Casualty Insurance – (5.06%)
Markel Group Inc. *
14,289
21,396,777
Total Financials
188,027,239
HEALTH CARE – (11.39%)
Health Care Equipment & Services – (6.59%)
Cigna Group 
53,073
15,972,319
Humana Inc. 
280
105,857
Quest Diagnostics Inc. 
91,663
11,772,279
 
27,850,455
Pharmaceuticals, Biotechnology & Life Sciences – (4.80%)
Viatris Inc. 
1,722,021
20,268,187
Total Health Care
48,118,642
INDUSTRIALS – (4.39%)
Capital Goods – (4.39%)
AGCO Corp. 
30,640
3,748,191
Owens Corning 
97,733
14,809,482
Total Industrials
18,557,673
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (7.05%)
Semiconductors & Semiconductor Equipment – (7.05%)
Applied Materials, Inc. 
92,469
$15,192,657
Intel Corp. 
246,842
10,633,953
Texas Instruments Inc. 
24,824
3,974,819
Total Information Technology
29,801,429
MATERIALS – (1.76%)
Teck Resources Ltd., Class B (Canada) 
186,075
7,444,861
Total Materials
7,444,861
TOTAL COMMON STOCK –
(Identified cost $267,507,170)
413,471,960
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (2.18%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 02/01/24  (a)
$4,706,000
$4,706,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 02/01/24  (b)
4,523,000
4,523,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $9,229,000)
9,229,000
Total Investments – (100.01%) –
(Identified cost $276,736,170)
422,700,960
Liabilities Less Other Assets – (0.01%)
(46,522
)
Net Assets – (100.00%)
$422,654,438
 
*
Non-income producing security.
(a)
Dated 01/31/24, repurchase value of $4,706,693 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
6.50%, 03/01/46-02/20/62, total market value $4,800,120).
(b)
Dated 01/31/24, repurchase value of $4,523,666 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/15/24-10/20/73, total market value
$4,613,460).
Please refer to “Notes to Schedule of Investments” on page 5 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
1
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT FINANCIAL ETF
Schedule of Investments 
January 31, 2024 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (98.84%)
CONSUMER DISCRETIONARY – (1.00%)
Consumer Discretionary Distribution & Retail – (1.00%)
Prosus N.V., Class N (Netherlands) 
62,775
$1,856,693
Total Consumer Discretionary
1,856,693
FINANCIALS – (97.84%)
Banks – (44.71%)
Bank of America Corp. 
130,883
4,451,331
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
101,971
3,092,780
Danske Bank A/S (Denmark) 
292,588
7,856,414
DBS Group Holdings Ltd. (Singapore) 
302,086
7,154,992
DNB Bank ASA (Norway) 
191,063
3,714,209
Fifth Third Bancorp 
285,115
9,762,338
JPMorgan Chase & Co. 
63,917
11,144,568
M&T Bank Corp. 
19,695
2,719,880
Metro Bank Holdings PLC (United Kingdom) *
1,134,168
513,741
PNC Financial Services Group, Inc. 
57,428
8,683,688
Truist Financial Corp. 
144,376
5,350,575
U.S. Bancorp 
219,663
9,124,801
Wells Fargo & Co. 
195,169
9,793,580
 
83,362,897
Financial Services – (36.09%)
Capital Markets – (12.67%)
Bank of New York Mellon Corp. 
176,111
9,767,116
Charles Schwab Corp. 
36,315
2,284,940
Julius Baer Group Ltd. (Switzerland) 
161,785
8,807,802
State Street Corp. 
37,413
2,763,698
 
23,623,556
Consumer Finance – (13.62%)
American Express Co. 
39,493
7,927,825
Capital One Financial Corp. 
129,127
17,473,465
 
25,401,290
Financial Services – (9.80%)
Berkshire Hathaway Inc., Class B *
35,437
13,598,594
Rocket Companies, Inc., Class A *
379,824
4,675,634
 
18,274,228
 
67,299,074
Insurance – (17.04%)
Life & Health Insurance – (0.66%)
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
291,500
1,225,332
Property & Casualty Insurance – (15.17%)
Chubb Ltd. 
43,408
10,634,960
Loews Corp. 
87,121
6,347,636
Markel Group Inc. *
7,547
11,301,105
 
28,283,701
 
Shares
Value
COMMON STOCK – (CONTINUED)
FINANCIALS – (CONTINUED)
Insurance – (Continued)
Reinsurance – (1.21%)
Everest Group, Ltd. 
5,891
$2,267,858
 
31,776,891
Total Financials
182,438,862
TOTAL COMMON STOCK –
(Identified cost $152,500,331)
184,295,555
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (0.97%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 02/01/24  (a)
$923,000
$923,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 02/01/24  (b)
888,000
888,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $1,811,000)
1,811,000
Total Investments – (99.81%) –
(Identified cost $154,311,331)
186,106,555
Other Assets Less Liabilities – (0.19%)
357,079
Net Assets – (100.00%)
$186,463,634
 
*
Non-income producing security.
(a)
Dated 01/31/24, repurchase value of $923,136 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 3.50%-
5.00%, 08/01/42-05/01/52, total market value $941,460).
(b)
Dated 01/31/24, repurchase value of $888,131 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/15/24-10/20/73, total market value $905,760).
Please refer to “Notes to Schedule of Investments” on page 5 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
2
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT WORLDWIDE ETF
Schedule of Investments 
January 31, 2024 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (99.55%)
COMMUNICATION SERVICES – (14.08%)
Media & Entertainment – (14.08%)
Alphabet Inc., Class C *
51,259
$7,268,526
IAC Inc. *
46,322
2,325,828
Liberty Media Corp., Liberty Formula One,
Series A *
55,858
3,412,365
Liberty Media Corp., Liberty Formula One,
Series C *
34,644
2,329,809
Meta Platforms, Inc., Class A *
55,945
21,826,382
Total Communication Services
37,162,910
CONSUMER DISCRETIONARY – (21.88%)
Consumer Discretionary Distribution & Retail – (12.45%)
Amazon.com, Inc. *
76,708
11,905,082
Coupang, Inc., Class A (South Korea) *
122,006
1,708,084
JD.com, Inc., Class A, ADR (China) 
202,641
4,569,555
Naspers Ltd. - N (South Africa) 
17,414
2,920,744
Prosus N.V., Class N (Netherlands) 
397,420
11,754,469
 
32,857,934
Consumer Durables & Apparel – (1.14%)
Fila Holdings Corp. (South Korea) 
98,651
3,005,302
Consumer Services – (8.29%)
Delivery Hero SE (Germany) *
137,856
3,127,854
Meituan, Class B (China) *
1,138,040
9,153,509
MGM Resorts International *
221,529
9,607,713
 
21,889,076
Total Consumer Discretionary
57,752,312
CONSUMER STAPLES – (0.64%)
Food, Beverage & Tobacco – (0.64%)
Darling Ingredients Inc. *
39,064
1,691,471
Total Consumer Staples
1,691,471
ENERGY – (0.99%)
Tourmaline Oil Corp. (Canada) 
60,295
2,606,976
Total Energy
2,606,976
FINANCIALS – (39.27%)
Banks – (17.21%)
Danske Bank A/S (Denmark) 
691,751
18,574,522
DBS Group Holdings Ltd. (Singapore) 
470,036
11,132,936
Metro Bank Holdings PLC (United Kingdom) *
1,894,348
858,078
Wells Fargo & Co. 
296,009
14,853,731
 
45,419,267
Financial Services – (14.65%)
Capital Markets – (4.32%)
Julius Baer Group Ltd. (Switzerland) 
189,480
10,315,556
Noah Holdings Ltd., Class A, ADS (China) 
91,166
1,075,759
 
11,391,315
Consumer Finance – (5.61%)
Capital One Financial Corp. 
109,481
14,814,969
Financial Services – (4.72%)
Berkshire Hathaway Inc., Class B *
32,482
12,464,643
 
38,670,927
Insurance – (7.41%)
Life & Health Insurance – (5.23%)
AIA Group Ltd. (Hong Kong) 
659,890
5,175,132
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
2,053,615
8,632,455
 
13,807,587
Property & Casualty Insurance – (2.18%)
Markel Group Inc. *
3,843
5,754,623
 
19,562,210
Total Financials
103,652,404
HEALTH CARE – (5.81%)
Health Care Equipment & Services – (2.86%)
Cigna Group 
17,659
5,314,476
Humana Inc. 
120
45,367
Quest Diagnostics Inc. 
17,120
2,198,722
 
7,558,565
 
Shares
Value
COMMON STOCK – (CONTINUED)
HEALTH CARE – (CONTINUED)
Pharmaceuticals, Biotechnology & Life Sciences – (2.95%)
Viatris Inc. 
661,413
$7,784,831
Total Health Care
15,343,396
INDUSTRIALS – (1.88%)
Capital Goods – (1.88%)
AGCO Corp. 
21,064
2,576,759
Owens Corning 
15,644
2,370,535
Total Industrials
4,947,294
INFORMATION TECHNOLOGY – (9.55%)
Semiconductors & Semiconductor Equipment – (2.49%)
Applied Materials, Inc. 
39,991
6,570,521
Software & Services – (0.34%)
Clear Secure, Inc., Class A 
47,029
894,962
Technology Hardware & Equipment – (6.72%)
Hollysys Automation Technologies Ltd.
(China) *
273,901
6,776,311
Samsung Electronics Co., Ltd. (South Korea) 
201,808
10,965,607
 
17,741,918
Total Information Technology
25,207,401
MATERIALS – (3.13%)
Teck Resources Ltd., Class B (Canada) 
206,513
8,262,585
Total Materials
8,262,585
REAL ESTATE – (2.32%)
Real Estate Management & Development – (2.32%)
KE Holdings Inc., Class A, ADR (China) *
432,768
6,132,323
Total Real Estate
6,132,323
TOTAL COMMON STOCK –
(Identified cost $234,959,675)
262,759,072
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (0.47%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 02/01/24  (a)
$632,000
$632,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 02/01/24  (b)
607,000
607,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $1,239,000)
1,239,000
Total Investments – (100.02%) –
(Identified cost $236,198,675)
263,998,072
Liabilities Less Other Assets – (0.02%)
(60,546
)
Net Assets – (100.00%)
$263,937,526
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 01/31/24, repurchase value of $632,093 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
4.84%, 12/01/29-09/20/50, total market value $644,640).
(b)
Dated 01/31/24, repurchase value of $607,089 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/15/24-10/20/73, total market value $619,140).
Please refer to “Notes to Schedule of Investments” on page 5 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
3
DAVIS FUNDAMENTAL ETF TRUST
DAVIS SELECT INTERNATIONAL ETF
Schedule of Investments 
January 31, 2024 (Unaudited)
 
 
Shares
Value
COMMON STOCK – (97.89%)
COMMUNICATION SERVICES – (3.01%)
Media & Entertainment – (3.01%)
Baidu, Inc., Class A, ADR (China) *
43,170
$4,546,233
Total Communication Services
4,546,233
CONSUMER DISCRETIONARY – (28.23%)
Consumer Discretionary Distribution & Retail – (16.36%)
Alibaba Group Holding Ltd., ADR (China) 
29,958
2,162,069
Coupang, Inc., Class A (South Korea) *
301,248
4,217,472
JD.com, Inc., Class A, ADR (China) 
148,945
3,358,710
Naspers Ltd. - N (South Africa) 
43,762
7,339,934
Prosus N.V., Class N (Netherlands) 
258,081
7,633,247
 
24,711,432
Consumer Durables & Apparel – (5.00%)
Fila Holdings Corp. (South Korea) 
247,909
7,552,295
Consumer Services – (6.87%)
Delivery Hero SE (Germany) *
160,129
3,633,212
Meituan, Class B (China) *
837,280
6,734,430
 
10,367,642
Total Consumer Discretionary
42,631,369
ENERGY – (0.99%)
Tourmaline Oil Corp. (Canada) 
34,490
1,491,244
Total Energy
1,491,244
FINANCIALS – (32.72%)
Banks – (20.12%)
Bank of N.T. Butterfield & Son Ltd.
(Bermuda) 
124,432
3,774,023
Danske Bank A/S (Denmark) 
438,731
11,780,567
DBS Group Holdings Ltd. (Singapore) 
358,190
8,483,831
DNB Bank ASA (Norway) 
292,309
5,682,402
Metro Bank Holdings PLC (United Kingdom) *
1,443,023
653,642
 
30,374,465
Financial Services – (4.99%)
Capital Markets – (4.99%)
Julius Baer Group Ltd. (Switzerland) 
120,086
6,537,650
Noah Holdings Ltd., Class A, ADS (China) 
84,539
997,560
 
7,535,210
Insurance – (7.61%)
Life & Health Insurance – (7.61%)
AIA Group Ltd. (Hong Kong) 
638,890
5,010,441
Ping An Insurance (Group) Co. of China, Ltd. -
H (China) 
1,542,326
6,483,231
 
11,493,672
Total Financials
49,403,347
INDUSTRIALS – (10.20%)
Capital Goods – (10.20%)
Ferguson plc 
37,756
7,059,825
ITOCHU Corp. (Japan) 
51,100
2,319,128
Schneider Electric SE (France) 
30,695
6,030,032
Total Industrials
15,408,985
INFORMATION TECHNOLOGY – (14.63%)
Semiconductors & Semiconductor Equipment – (4.76%)
Tokyo Electron Ltd. (Japan) 
38,750
7,190,931
 
Shares
Value
COMMON STOCK – (CONTINUED)
INFORMATION TECHNOLOGY – (CONTINUED)
Technology Hardware & Equipment – (9.87%)
Hollysys Automation Technologies Ltd.
(China) *
253,199
$6,264,143
Samsung Electronics Co., Ltd. (South Korea) 
158,863
8,632,112
 
14,896,255
Total Information Technology
22,087,186
MATERIALS – (4.81%)
Teck Resources Ltd., Class B (Canada) 
181,520
7,262,615
Total Materials
7,262,615
REAL ESTATE – (3.30%)
Real Estate Management & Development – (3.30%)
KE Holdings Inc., Class A, ADR (China) *
351,980
4,987,557
Total Real Estate
4,987,557
TOTAL COMMON STOCK –
(Identified cost $157,363,584)
147,818,536
 
 
Principal
Value
SHORT-TERM INVESTMENTS – (2.02%)
Nomura Securities International, Inc. Joint
Repurchase Agreement, 5.30%, 02/01/24  (a)
$1,553,000
$1,553,000
StoneX Financial Inc. Joint Repurchase
Agreement, 5.30%, 02/01/24  (b)
1,492,000
1,492,000
TOTAL SHORT-TERM INVESTMENTS –
(Identified cost $3,045,000)
3,045,000
Total Investments – (99.91%) –
(Identified cost $160,408,584)
150,863,536
Other Assets Less Liabilities – (0.09%)
138,284
Net Assets – (100.00%)
$151,001,820
 
ADR:
American Depositary Receipt
ADS:
American Depositary Share
 
*
Non-income producing security.
(a)
Dated 01/31/24, repurchase value of $1,553,229 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
5.50%, 04/20/48-06/20/53, total market value $1,584,060).
(b)
Dated 01/31/24, repurchase value of $1,492,220 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 03/15/24-10/20/73, total market value
$1,521,840).
Please refer to “Notes to Schedule of Investments” on page 5 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.
4
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments
January 31, 2024 (Unaudited)
Security Valuation - The Funds' Board of Trustees has designated Davis Selected Advisers, L.P. (“Adviser”), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange (“Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what the Adviser identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges, will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser’s portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Pricing Committee may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer’s industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.
On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Funds' investments.
Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.
Level 1 − 
quoted prices in active markets for identical securities
Level 2 − 
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 − 
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.
5
DAVIS FUNDAMENTAL ETF TRUST
Notes to Schedule of Investments - (Continued)
January 31, 2024 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of January 31, 2024 in valuing each Fund's investments carried at value:
 
 
Investments in Securities at Value
 
Davis Select U.S.
Equity ETF
Davis Select
Financial ETF
Davis Select
Worldwide ETF
Davis Select
International ETF
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services
$68,859,649
$–
$37,162,910
$4,546,233
Consumer Discretionary
52,662,467
–
27,790,434
9,738,251
Consumer Staples
–
–
1,691,471
–
Energy
–
–
2,606,976
1,491,244
Financials
188,027,239
153,166,372
48,963,725
4,771,583
Health Care
48,118,642
–
15,343,396
–
Industrials
18,557,673
–
4,947,294
–
Information Technology
29,801,429
–
14,241,794
6,264,143
Materials
7,444,861
–
8,262,585
7,262,615
Real Estate
–
–
6,132,323
4,987,557
Total Level 1
413,471,960
153,166,372
167,142,908
39,061,626
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary
–
1,856,693
29,961,878
32,893,118
Financials
–
29,272,490
54,688,679
44,631,764
Industrials
–
–
–
15,408,985
Information Technology
–
–
10,965,607
15,823,043
Short-Term Investments
9,229,000
1,811,000
1,239,000
3,045,000
Total Level 2
9,229,000
32,940,183
96,855,164
111,801,910
Level 3 – Significant Unobservable Inputs:
Total Level 3
–
–
–
–
Total Investments
$422,700,960
$186,106,555
$263,998,072
$150,863,536
 
*
Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of
local trading.
Federal Income Taxes
At January 31, 2024, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
 
 
Davis Select U.S.
Equity ETF
Davis Select
Financial ETF
Davis Select
Worldwide ETF
Davis Select
International ETF
Cost
$276,736,856
$154,754,353
$237,424,203
$161,678,274
 
Unrealized appreciation
148,743,618
39,296,734
61,603,015
20,504,681
Unrealized depreciation
(2,779,514
)
(7,944,532
)
(35,029,146
)
(31,319,419
)
Net unrealized appreciation
(depreciation)
$145,964,104
$31,352,202
$26,573,869
$(10,814,738
)
6