DUSA Davis Select U.S. Equity ETF

Large cap, durable, well-managed businesses.

Managers

Davis

Goei

NAV as of 11/28/25

Price	Change
$50.08	$0.41 / 0.82%

Market Price Market price generally reflects the official closing price of the Fund. as of 11/28/25

Price	Change
$50.21	$0.43 / 0.86%

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 09/30/25

Selective	Attractive Growth	Undervalued
DUSA invests in only a select group of well-researched companies	DUSA portfolio companies have grown more than the indices	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 27	23.0% 16.5% 11.5%	14.5x 25.1x 19.2x
DUSA S&P 500 Russell 1000 Value

The companies of Davis Select U.S. Equity ETF have grown more than the companies in the indexes, yet are significantly less expensive:

P/E 42% less expensive than the S&P 500®
P/E 24% less expensive than the Russell 1000 Value Index

Returns

Month

	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%

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	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	13.87%	15.61%	26.05%	15.32%	11.91%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	13.75%	15.90%	26.07%	15.29%	11.92%
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.	11.65%	9.44%	16.95%	13.87%	9.53%
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.	14.83%	17.60%	24.91%	16.46%	15.09%
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.	13.87%	15.38%	25.51%	14.94%	11.53%
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.	8.21%	9.37%	20.70%	12.27%	9.70%

	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	14.42%	17.05%	21.98%	14.59%	12.09%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	14.58%	17.56%	22.10%	14.66%	12.14%
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.	10.01%	9.33%	12.87%	12.97%	9.43%
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.	10.79%	15.88%	19.52%	14.73%	14.77%
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.	14.42%	16.81%	21.46%	14.21%	11.70%
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.	8.53%	10.22%	17.34%	11.66%	9.85%

	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%

	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%

	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

	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%

	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	13.87%	15.61%	100.39%	104.00%	166.83%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	13.75%	15.90%	100.48%	103.77%	167.14%
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.	11.65%	9.44%	60.01%	91.49%	121.17%
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.	14.83%	17.60%	95.01%	114.30%	240.74%
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.	13.87%	15.38%	97.86%	100.65%	159.01%
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.	8.21%	9.37%	75.91%	78.44%	124.27%

	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	14.42%	17.05%	81.57%	97.67%	168.11%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	14.58%	17.56%	82.14%	98.21%	169.09%
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.	10.01%	9.33%	43.83%	84.04%	117.92%
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.	10.79%	15.88%	70.81%	98.89%	228.74%
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.	14.42%	16.81%	79.28%	94.43%	160.25%
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.	8.53%	10.22%	61.62%	73.64%	125.22%

	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%

	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%

	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 11/28/25

Start Date

Top Sectors as of 11/26/25 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	31.4%	13.0%
Health Care	15.7%	9.9%
Communication Services	14.7%	10.7%
Consumer Discretionary	12.6%	10.2%
Information Technology	8.9%	34.6%
Energy	8.2%	2.8%
Consumer Staples	5.2%	4.9%
Industrials	2.3%	8.0%
Materials	1.0%	1.7%

Holdings as of 11/26/25

Name	DUSA (%)	S&P 500 (%)
Capital One Financial	9.03%	0.24%
Meta Platforms	6.67%	2.36%
Applied Materials	5.80%	0.35%
Alphabet	5.77%	5.77%
U.S. Bancorp	5.66%	0.13%
MGM Resorts	5.23%	0.01%
Tyson Foods	5.00%	0.03%
Berkshire Hathaway	4.98%	1.61%
CVS Health	4.95%	0.17%
Coterra Energy	4.93%	0.03%

Name	Ticker	DUSA (%)	S&P 500 (%)	Shares	Market Value ($)	CUSIP	SEDOL
Capital One Financial Corp.	COF	9.03	0.24	373,665	81,260,928	14040H105	2654461
Meta Platforms, Inc., Class A	META	6.67	2.36	94,790	60,059,892	30303M102	B7TL820
Applied Materials, Inc.	AMAT	5.80	0.35	209,024	52,249,729	038222105	2046552
Alphabet Inc., Class C	GOOG	5.77	2.57	162,168	51,939,167	02079K107	BYY88Y7
U.S. Bancorp	USB	5.66	0.13	1,041,316	50,972,418	902973304	2736035
MGM Resorts International	MGM	5.23	0.01	1,352,796	47,050,245	552953101	2547419
Tyson Foods, Inc., Class A	TSN	5.00	0.03	777,946	45,050,853	902494103	2909730
Berkshire Hathaway Inc., Class B	BRK B	4.98	1.61	87,725	44,847,652	084670702	2073390
CVS Health Corp.	CVS	4.95	0.17	557,992	44,561,241	126650100	2577609
Coterra Energy Inc.	CTRA	4.93	0.03	1,681,008	44,361,801	127097103	2162340
Amazon.com, Inc.	AMZN	4.70	3.83	184,655	42,315,540	023135106	2000019
Markel Group Inc.	MKL	4.55	0.00	19,681	40,982,730	570535104	2566436
Viatris Inc.	VTRS	4.01	0.02	3,390,361	36,073,441	92556V106	BMWS3X9
Wells Fargo & Co.	WFC	3.48	0.47	366,022	31,316,842	949746101	2649100
Texas Instruments Inc.	TXN	2.65	0.26	144,255	23,852,564	882508104	2885409
Solventum Corp.	SOLV	2.31	0.02	243,971	20,803,407	83444M101	BMTQB43
Bank of New York Mellon Corp.	BK	2.25	0.14	181,586	20,226,865	064058100	B1Z77F6
Restaurant Brands International Inc.	QSR	2.08	0.00	259,310	18,727,368	76131D103	BTF8CG1
UnitedHealth Group Inc.	UNH	1.91	0.51	52,030	17,154,811	91324P102	2917766
Cigna Group	CI	1.83	0.13	59,214	16,482,217	125523100	BHJ0775
Pinterest, Inc., Class A	PINS	1.62	0.00	569,590	14,564,416	72352L106	BJ2Z0H2
Tourmaline Oil Corp.	TOU CN	1.56	0.00	316,003	14,021,072		B3QJ0H8
Owens Corning	OC	1.35	0.00	108,709	12,127,576	690742101	B1FW7Q2
ConocoPhillips	COP	1.34	0.19	138,553	12,066,581	20825C104	2685717
Teck Resources Ltd., Class B	TECK	0.96	0.00	202,305	8,614,147	878742204	2124533
AGCO Corporation	AGCO	0.81	0.00	69,058	7,291,144	001084102	2010278
Cash Component		4.57	0.00	0	0
Total		100.00	13.07

Download to Excel

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 2024	First Quarter 2025	Second Quarter 2025	Third Quarter 2025
Days traded at premium	167	52	46	52
Days traded at discount	85	8	16	12

Fund Details as of 11/26/25

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.	26
Number of Holdings in Benchmark Index	501
Investment Manager	Davis Selected Advisers, L.P.
Total Net Assets ($M)	900.382
Exchange	Cboe Global Markets, Inc.
CUSIP	23908L207
Custodian	State Street Bank and Trust Company
Benchmark Index	S&P 500
Shares Outstanding	18,125,000
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.	24,295
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.	55,252
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.	0.27%
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.	0.21%
Active Share (as of 10/31/25) 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 11/26/25

	NAV	Market Price
52 Week High	49.68	49.94
52 Week Low	38.19	36.83