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.

Returns

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 2.19% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 2.39% -- -- --
S&P 500 Index 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. 6.85% -- -- --
After Tax Pre-Liquidation 2.19% -- -- --
After Tax Post-Liquidation 1.24% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 1.82% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 2.02% -- -- --
S&P 500 Index 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. 5.37% -- -- --
After Tax Pre-Liquidation 1.82% -- -- --
After Tax Post-Liquidation 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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 0.77% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 1.00% -- -- --
S&P 500 Index 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. 4.30% -- -- --
After Tax Pre-Liquidation 0.77% -- -- --
After Tax Post-Liquidation 0.44% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 1.06% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 1.33% -- -- --
S&P 500 Index 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. 4.17% -- -- --
After Tax Pre-Liquidation 1.06% -- -- --
After Tax Post-Liquidation 0.60% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.57% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.31% -- -- --
S&P 500 Index 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. 0.20% -- -- --
After Tax Pre-Liquidation -0.57% -- -- --
After Tax Post-Liquidation -0.32% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 2.19% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 2.39% -- -- --
S&P 500 Index 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. 6.85% -- -- --
After Tax Pre-Liquidation 2.19% -- -- --
After Tax Post-Liquidation 1.24% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 1.82% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 2.02% -- -- --
S&P 500 Index 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. 5.37% -- -- --
After Tax Pre-Liquidation 1.82% -- -- --
After Tax Post-Liquidation 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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 0.77% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 1.00% -- -- --
S&P 500 Index 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. 4.30% -- -- --
After Tax Pre-Liquidation 0.77% -- -- --
After Tax Post-Liquidation 0.44% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 1.06% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 1.33% -- -- --
S&P 500 Index 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. 4.17% -- -- --
After Tax Pre-Liquidation 1.06% -- -- --
After Tax Post-Liquidation 0.60% -- -- --

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. 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.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.57% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.31% -- -- --
S&P 500 Index 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. 0.20% -- -- --
After Tax Pre-Liquidation -0.57% -- -- --
After Tax Post-Liquidation -0.32% -- -- --

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. 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 6/23/17

Prices

Top Sectors as of 6/22/17 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. Industry classification weightings are subject to change.

DUSA (%) S&P 500 Index (%)
Financials 37.4% 13.8%
Industrials 16.2% 10.4%
Consumer Discretionary 13.9% 12.2%
Energy 10.0% 5.9%
Information Technology 8.3% 22.8%
Materials 7.9% 2.8%
Health Care 4.6% 14.4%
ETF Cash Component 1.8% 0.0%

Holdings as of 6/22/17

Name Ticker Weighting (%)
Berkshire Hathaway Inc BRK.B 9.57%
Amazon.com Inc AMZN 8.79%
Alphabet Inc GOOG 8.31%
United Technologies Corp UTX 7.43%
American Express Co AXP 6.63%
Apache Corp APA 5.05%
UnitedHealth Group Inc UNH 4.62%
Bank of New York Mellon Corp BK 4.51%
Markel Corp MKL 4.50%
Safran SA SAF 4.46%
Name Ticker Weighting (%) Shares Market Value ($) CUSIP SEDOL
Berkshire Hathaway Inc BRK.B 9.57 23,560 3,965,619.20 084670702 2073390
Amazon.com Inc AMZN 8.79 3,640 3,644,732.00 023135106 2000019
Alphabet Inc GOOG 8.31 3,600 3,445,524.00 02079K107 BYY88Y7
United Technologies Corp UTX 7.43 25,200 3,078,684.00 913017109 2915500
American Express Co AXP 6.63 33,440 2,750,440.00 025816109 2026082
Apache Corp APA 5.05 45,880 2,093,504.40 037411105 2043962
UnitedHealth Group Inc UNH 4.62 10,280 1,917,220.00 91324P102 2917766
Bank of New York Mellon Corp BK 4.51 37,760 1,871,008.00 064058100 B1Z77F6
Markel Corp MKL 4.50 1,960 1,866,664.80 570535104 2566436
Safran SA SAF 4.46 20,240 1,848,740.00 B058TZ6
Johnson Controls International PLC JCI 4.29 42,520 1,778,186.40 G51502105 BY7QL61
Monsanto Co MON 4.22 14,960 1,747,926.40 61166W101 2654320
JPMorgan Chase & Co JPM 4.21 20,040 1,743,880.80 46625H100 2190385
Capital One Financial Corp COF 4.08 21,040 1,691,405.60 14040H105 2654461
Wells Fargo & Co WFC 3.98 31,440 1,650,285.60 949746101 2649100
Lafargeholcim Ltd LHN 3.65 26,520 1,511,905.60 BZ3DNX4
Encana Corp ECA 2.52 126,800 1,044,832.00 292505104 2793182
Occidental Petroleum Corp OXY 2.45 16,840 1,013,936.40 674599105 2655408
Carmax Inc KMX 2.02 13,400 837,500.00 143130102 2983563
Liberty Global PLC LBTYK 1.74 25,720 720,931.60 G5480U120 B8W67B1
Adient PLC ADNT 1.32 8,520 546,046.80 G0084W101 BD845X2
Cash Component CASH 1.66 - -
Total   100.00        

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Fund Details as of 6/22/17

Inception Date 1/11/17
Ticker DUSA
Objective Long-term capital growth and capital preservation
Expense Ratio (gross/net) Davis Selected Advisers, L.P. has contractually agreed to waive fees and/or reimburse the Funds’ expenses to the extent necessary to cap total annual fund operating expenses as shown until March 1, 2018. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date, without the consent of the Board of Trustees. 0.66%/0.60%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 21
Investment Manager Davis Selected Advisers, L.P.
Total Net Assets ($M) 41.457
Asset Class Equity
Exchange NASDAQ
CUSIP 23908L 207
IOV / Intraday Ticker DUSAIV
Custodian State Street Bank and Trust Company
Performance Benchmark S&P 500 Index
Shares Outstanding 2,000,000
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. 5,090
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. 9,877
Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the Fund's market price is greater than the Fund's NAV, it is said to be trading at a “Premium” and the percentage is expressed as a positive number. When the Fund's market price is less than the Fund's NAV, it is said to be trading at a “Discount” and the percentage is expressed as a negative number. 0.18

Portfolio Statistics as of 3/31/17

Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 21
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. 20.6
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. 2.1
Weighted Avg. Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 176.8
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. 8.8

52 Week High/Low as of 6/22/17

NAV Market Price
52 Week High 20.96 21.30
52 Week Low 19.83 19.79