2024 Estimated Year-End Distributions

This information on 2024 estimated year-end distributions is intended for existing shareholders.

These estimated distributions are a product of our buying and selling investments as an active manager. As significant shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Please note these year-end preliminary estimates were made as of 10/31/24, based upon the best information available. The information presented here is not final; these are only preliminary estimates and are subject to significant changes as the calculations are finalized.

Davis ETF Capital Gain Estimates

2024 DAVIS ETF YEAR-END CAPITAL GAIN ESTIMATES (PERCENTAGE OF 10/31/24 NAV PRICE)

	Ex-Date	Record-Date	Pay-Date	Estimated Short-Term Capital Gain Percentage	Estimated Long-Term Capital Gain Percentage
Davis Select Financial ETF	12/27/24	12/27/24	12/30/24	None Expected	<1%
Davis Select International ETF	12/27/24	12/27/24	12/30/24	None Expected	None Expected
Davis Select U.S. Equity ETF	12/27/24	12/27/24	12/30/24	<1%	None Expected
Davis Select Worldwide ETF	12/27/24	12/27/24	12/30/24	None Expected	None Expected

All estimates are subject to significant changes based on a number of factors, including but not limited to changes in the number of shares outstanding, fund-level tax adjustments, changes in income that may occur prior to record date, reclassification, and other factors. These factors may also result in some ETFs, which currently show no estimated dividends or capital gain distributions, to make distributions at year-end.

The final per share amounts will be based on the actual number of shares outstanding on the record date, which may differ from the number of shares outstanding when these estimates were prepared.

This notice contains forward-looking statements with respect to the estimated December 2023 capital gain distributions for the Davis Fundamental ETF Trust. Readers are cautioned not to place undue reliance on these forward-looking statement. Davis ETFs do not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after this date to reflect the occurrence of any unanticipated events.

Actual results may vary in a materially positive or negative manner. Forecasts and declared distributions are subject to contingencies outside of Davis ETF’s control.

The chart is intended to provide information about the potential tax characterization of the Funds’ distributions. It is not intended as tax advice. The tax consequences of Fund distributions vary by individual taxpayer. You should consult your tax professional or financial advisor for more information regarding your tax situation. To receive a distribution, you must be a registered shareholder of the Fund on the indicated record date(s). Distributions are paid to shareholders on the payment date(s).

Investing in ETFs involves risk including possible loss of principal. See the prospectus for a complete description of the principal risks.

Investors should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. A prospectus, containing this and other information is available by calling 1-800-279-0279. Investors should read the prospectus carefully before investing.

Distributor of Davis Fundamental ETF Trust is Foreside Fund Services, LLC
800-279-0279, davisetfs.com