DWLD Davis Select Worldwide ETF

Attractive investment opportunities in the U.S and abroad.

Managers

Goei

NAV as of 1/9/26

Price	Change
$47.54	$0.11 / 0.24%

Market Price Market price generally reflects the official closing price of the Fund. as of 1/9/26

Price	Change
$47.51	$0.02 / 0.04%

Literature

Fund Overview

Seeks high-conviction, best-of-breed businesses in the U.S. and abroad
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
DWLD invests in only a select group of well-researched companies	DWLD portfolio companies have offered attractive growth	DWLD portfolio companies are 25% less expensive than the index
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.
2509 35	34.8% 15.4%	16.0x 21.2x
DWLD MSCI ACWI

“The companies of Davis Select Worldwide ETF have grown more than the companies in the index, yet are 25% less expensive.

In fact, this gap between price and value is among the widest we have ever seen.

We believe this sets the stage for attractive returns in the years ahead.”

Danton Goei , Portfolio Manager

Returns

Month

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	25.63%	19.57%	22.41%	10.17%	10.99%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	25.81%	19.47%	22.67%	10.20%	11.03%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	21.07%	18.21%	18.62%	11.97%	11.98%
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.	25.63%	19.30%	22.19%	10.00%	10.68%
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.	15.17%	11.89%	17.83%	8.08%	8.95%

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.

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	24.74%	21.31%	28.50%	12.47%	11.01%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	24.79%	21.34%	28.54%	12.53%	11.04%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	21.09%	22.64%	21.61%	14.60%	12.10%
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.	24.74%	21.03%	28.27%	12.30%	10.70%
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.	14.65%	12.93%	22.88%	9.98%	8.96%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	24.47%	19.97%	28.52%	12.93%	11.09%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	24.57%	21.06%	28.76%	12.95%	11.13%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	18.44%	17.27%	23.10%	13.54%	11.94%
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.	24.47%	19.70%	28.29%	12.75%	10.78%
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.	14.49%	12.14%	22.89%	10.36%	9.03%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	24.20%	24.20%	8.60%	8.67%	9.16%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	24.35%	24.35%	8.77%	8.67%	9.18%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	17.49%	17.49%	5.43%	10.05%	10.75%
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.	23.92%	23.92%	8.41%	8.50%	8.82%
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.	14.78%	14.78%	6.74%	6.89%	7.35%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	20.02%	20.02%	-0.33%	9.79%	7.16%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	20.62%	20.62%	-0.22%	9.86%	7.17%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	22.20%	22.20%	5.75%	11.71%	9.82%
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.	19.79%	19.79%	-0.49%	9.56%	6.81%
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.	12.21%	12.21%	-0.19%	7.80%	5.65%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	-14.06%	-14.06%	0.57%	0.70%	5.15%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	-14.19%	-14.19%	0.36%	0.58%	5.07%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	-18.36%	-18.36%	4.00%	5.22%	7.87%
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.	-14.15%	-14.15%	0.45%	0.30%	4.78%
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.	-8.16%	-8.16%	0.49%	0.50%	3.99%

Month

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	25.63%	19.57%	83.51%	62.36%	152.70%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	25.81%	19.47%	84.71%	62.56%	153.50%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	21.07%	18.21%	66.99%	76.02%	173.36%
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.	25.63%	19.30%	82.54%	61.11%	146.50%
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.	15.17%	11.89%	63.67%	47.50%	114.32%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	24.74%	21.31%	112.32%	80.04%	150.91%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	24.79%	21.34%	112.52%	80.49%	151.45%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	21.09%	22.64%	79.96%	97.74%	173.39%
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.	24.74%	21.03%	111.20%	78.65%	144.75%
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.	14.65%	12.93%	85.64%	60.98%	112.99%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	24.47%	19.97%	112.41%	83.69%	150.38%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	24.57%	21.06%	113.60%	83.88%	151.01%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	18.44%	17.27%	86.65%	88.72%	167.41%
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.	24.47%	19.70%	111.29%	82.28%	144.24%
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.	14.49%	12.14%	85.71%	63.77%	112.60%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	24.20%	24.20%	28.11%	51.62%	101.15%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	24.35%	24.35%	28.71%	51.61%	101.50%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	17.49%	17.49%	17.21%	61.52%	125.78%
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.	23.92%	23.92%	27.43%	50.45%	96.22%
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.	14.78%	14.78%	21.65%	39.62%	76.10%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	20.02%	20.02%	-0.99%	59.56%	61.95%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	20.62%	20.62%	-0.66%	60.08%	62.04%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	22.20%	22.20%	18.25%	74.04%	92.17%
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.	19.79%	19.79%	-1.47%	57.88%	58.34%
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.	12.21%	12.21%	-0.57%	45.60%	46.67%

Return	YTD	1 Yr	3 Yr	5 Yr	Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund.	-14.06%	-14.06%	1.72%	3.57%	34.94%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund.	-14.19%	-14.19%	1.08%	2.95%	34.34%
MSCI ACWI The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.	-18.36%	-18.36%	12.50%	29.01%	57.26%
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.	-14.15%	-14.15%	1.35%	1.50%	32.18%
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.	-8.16%	-8.16%	1.47%	2.51%	26.35%

Historical Prices as of 1/9/26

Start Date

Regions as of 1/9/26

Region	DWLD (%)	MSCI ACWI (%)
United States	48.1%	63.8%
Emerging Markets	31.3%	10.8%
Developed Ex US	20.6%	25.3%

Top Sectors as of 1/9/26 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.

Sector	DWLD (%)	MSCI ACWI (%)
Financials	23.5%	17.5%
Consumer Discretionary	23.1%	10.3%
Information Technology	11.5%	27.0%
Health Care	10.0%	9.1%
Industrials	9.3%	10.9%
Communication Services	8.9%	8.8%
Consumer Staples	6.0%	5.0%
Energy	6.0%	3.4%
Materials	1.9%	3.8%

Holdings as of 1/9/26

Name	DWLD (%)	MSCI ACWI (%)	Country
Samsung Electronics	5.72%	0.54%	Korea, (South)
Ping An Insurance Group	5.41%	0.07%	China
Trip.com Group	4.94%	0.05%	China
Prosus	4.48%	0.09%	Netherlands
Capital One Financial	4.30%	0.17%	USA
Full Truck Alliance	4.07%	—	China
Viatris	3.89%	—	USA
Coterra Energy	3.82%	0.02%	USA
Meta Platforms	3.80%	1.49%	USA
Julius Baer Group	3.73%	0.02%	Switzerland

Name	Ticker	DWLD (%)	MSCI ACWI (%)	Shares	Market Value ($)	Country	CUSIP	SEDOL
Samsung Electronics Co., Ltd.	005930 KS	5.72	0.48	313,180	30,440,380	Korea, (South)		6771720
Ping An Insurance (Group)	2318 HK	5.41	0.06	3,189,015	28,809,761	China		B01FLR7
Trip.com Group Ltd., ADR	TCOM	4.94	—	347,686	26,305,923	China	89677Q107	BK1K3N2
Prosus N.V., Class N	PRX NA	4.48	0.09	379,518	23,862,689	Netherlands		BJDS7L3
Capital One Financial Corp.	COF	4.30	0.17	91,965	22,917,678	USA	14040H105	2654461
Full Truck Alliance Co. Ltd.,	YMM	4.07	—	2,071,232	21,685,799	China	35969L108	BMD2L36
Viatris Inc.	VTRS	3.89	—	1,621,989	20,696,580	USA	92556V106	BMWS3X9
Coterra Energy Inc.	CTRA	3.82	0.02	819,200	20,332,544	USA	127097103	2162340
Meta Platforms, Inc., Class A	META	3.80	1.49	30,967	20,223,309	USA	30303M102	B7TL820
Julius Baer Group Ltd.	BAER SE	3.73	0.02	244,120	19,845,095	Switzerland		B4R2R50
MGM Resorts International	MGM	3.52	—	544,783	18,767,774	USA	552953101	2547419
AppLovin Corp., Class A	APP	3.50	0.16	28,738	18,614,177	USA	03831W108	BMV3LG4
Tyson Foods, Inc., Class A	TSN	3.35	0.02	307,470	17,842,484	USA	902494103	2909730
Markel Group Inc.	MKL	3.24	0.03	8,087	17,248,277	USA	570535104	2566436
DiDi Global Inc., Class A, ADS	DIDIY	3.15	—	3,247,410	16,756,636	China	23292E108	BMBR6F0
Alphabet Inc., Class C	GOOG	2.96	1.69	47,953	15,783,250	USA	02079K107	BYY88Y7
JBS N.V., Class A	JBS	2.42	—	924,480	12,896,496	Brazil	N4732M103	BT18HL5
CVS Health Corp.	CVS	2.39	0.11	158,312	12,712,454	USA	126650100	2577609
Meituan, Class B	3690 HK	2.28	0.07	944,240	12,152,464	China		BGJW376
Solventum Corp.	SOLV	2.11	0.01	130,541	11,244,802	USA	83444M101	BMTQB43
AIA Group Ltd.	1299 HK	2.10	0.12	1,026,490	11,189,525	Hong Kong		B4TX8S1
Berkshire Hathaway Inc., Class B	BRK B	2.10	0.72	22,396	11,177,844	USA	084670702	2073390
Amazon.com, Inc.	AMZN	2.01	2.50	43,247	10,698,443	USA	023135106	2000019
Tourmaline Oil Corp.	TOU CN	1.95	0.02	242,916	10,394,098	Canada		B3QJ0H8
Applied Materials, Inc.	AMAT	1.92	0.25	33,871	10,201,268	USA	038222105	2046552
Teck Resources Ltd., Class B	TECK	1.80	0.02	193,231	9,582,325	Canada	878742204	2124533
AUMOVIO SE	AMV0 GR	1.67	—	166,750	8,867,978	Germany		BMYPLM3
U.S. Bancorp	USB	1.43	0.09	137,724	7,603,742	USA	902973304	2736035
Entain plc	ENT LN	1.38	0.01	713,605	7,322,813	UK		B5VQMV6
UnitedHealth Group Inc.	UNH	1.25	0.33	19,334	6,650,509	USA	91324P102	2917766
Pinterest, Inc., Class A	PINS	0.92	0.02	179,696	4,876,949	USA	72352L106	BJ2Z0H2
NetEase, Inc., ADR	NTES	0.89	—	34,038	4,737,749	China	64110W102	2606440
ITOCHU Corp.	8001 JP	0.87	0.08	355,050	4,612,270	Japan		6467803
SANY Heavy Industry Co., Ltd., Class H	6031 HK	0.87	—	1,552,490	4,608,970	China		BMHH632
Sea Limited, Class A, ADR	SE	0.79	0.05	31,614	4,221,101	Singapore	81141R100	BYWD7L4
Restaurant Brands International Inc.	QSR	0.71	0.02	55,116	3,803,004	Canada	76131D103	BTF8CG1
Naspers Ltd. - N	NPN SJ	0.55	0.06	43,590	2,922,509	South Africa		BV2FFX7
Metro Bank Holdings PLC	MTRO LN	0.45	—	1,431,137	2,390,732	UK		BMX3W47
Danske Bank A/S	DANSKE DC	—	0.03	19	926	Denmark		4588825
South Korean Won		—	—	0	8	0	Foreign Currency
Cash Component		3.26	—	0	0
Total		100.00	8.74

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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 2025
Days traded at premium	211
Days traded at discount	39

Fund Details as of 1/9/26

Detail	Value
Inception Date	1/11/17
Ticker	DWLD
Objective	Long-term growth of capital
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.	0.63%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards.	39
Number of Holdings in Benchmark Index	2,514
Investment Manager	Davis Selected Advisers, L.P.
Total Net Assets ($M)	532.503
Exchange	Cboe Global Markets, Inc.
CUSIP	23908L306
Custodian	State Street Bank and Trust Company
Benchmark Index	MSCI ACWI
Shares Outstanding	11,200,000
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.	18,775
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.	27,156
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.	0.25%
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.	-0.07%
Active Share (as of 12/31/25) Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.	90%

52 Week High/Low as of 1/9/26

High/Low	NAV	Market Price
52 Week High	47.94	48.13
52 Week Low	33.14	32.29