# EDGAR Filing Document

**Accession Number:** 0001670310
**File Stem:** 0001145549-25-045579
**Filing Date:** 2025-7
**Character Count:** 117356
**Document Hash:** ca2dcb5d0bc455f4fa32b7e294472c77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045579.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001145549-25-045579

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Davis Fundamental ETF Trust
- **CENTRAL INDEX KEY:** 0001670310

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23181
- **FILM NUMBER:** 251099399

**BUSINESS ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756
- **BUSINESS PHONE:** 5204343778

**MAIL ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756

## Series and Classes Contracts Data

### Davis Select U.S. Equity ETF (Series ID: S000055342)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000174138 | Davis Select U.S. Equity ETF | DUSA            |

### Davis Select Financial ETF (Series ID: S000055343)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174139 | Davis Select Financial ETF | DFNL            |

### Davis Select Worldwide ETF (Series ID: S000055344)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174140 | Davis Select Worldwide ETF | DWLD            |

### Davis Select International ETF (Series ID: S000061340)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000198594 | Davis Select International ETF | DINT            |

?xml version='1.0' encoding='ASCII'? 8ddb8abde43293d

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23181

#### DAVIS FUNDAMENTAL ETF TRUST
(Exact name of registrant as specified in charter)

------

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Address of principal executive offices)

Lisa J. Cohen

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 520-806-7600

#### Date of fiscal year end:

#### October 31, 2025

#### Date of reporting period:

#### April 30, 2025
 **ITEM 1. REPORTS TO STOCKHOLDERS**

![TSR ETFs Logo](images_1160.jpg)

### Davis Select U.S. Equity ETF

### DUSA / Cboe Global Markets, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This Semi-Annual shareholder report contains important information about the Davis Select U.S. Equity ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025 (the "period"). You can find additional information about the Fund at davisetfs.com/literature/regulatory-documents or by contacting Investor Services at 1-800-279-0279.

#### What were the Fund expenses for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davis Select U.S. Equity ETF | $30 | 0.59%\* |

---

*\** *Annualized.* 

#### Management's Discussion of Fund Performance

#### Summary of Results
The Fund outperformed the Standard & Poor's 500 Index ("S&P 500" or the "Index") for the period. The Fund delivered a total return of 1.85%, versus a -1.74% return for the S&P 500. The Fund invests principally in common stocks issued by large companies with market capitalizations of at least $10 billion. The Fund is non-diversified and, therefore, allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund continues to invest a significant portion of its assets in financial services companies.

#### Market Overview
* S&P 500

Strongest performing sectors - Consumer Staples (+6%), Financials (+6%), and Communication Services (+1%)

Weakest performing sectors - Materials (-9%), Energy (-8%), and Information Technology (-6%)

Contributors to Performance

* Financials - outperformed the Index sector (+9% vs +6%) and significantly overweight (average weighting 35% vs 14%)

Berkshire Hathaway (+18%) and Capital One Financial (+11%) - two largest individual contributors

Markel Group (+18%), Wells Fargo (+11%), Bank of New York Mellon (+8%), and JPMorgan Chase (+12%)

* Health Care - outperformed the Index sector (+5% vs -4%)

CVS Health (+21%), Quest Diagnostics (+16%), and Cigna Group (+9%)

* Significantly underweight in weaker performing Information Technology sector - (average weighting 5% vs 31%)

* Repurchase agreement position (cash) in a down-market environment (6% average position)

* New Fund holding - Restaurant Brands (+7%)

Detractors from Performance

* Information Technology - underperformed the Index sector (-16% vs -6%)

Applied Materials (-17%) and Texas Instruments (-20%)

* Communication Services - underperformed the Index sector (-4% vs +1%)

Alphabet (-7%)

* Industrials - underperformed the Index sector (-16% vs -1%)

Owens Corning (-17%)

* Underweight in stronger performing Consumer Staples sector (average weighting 1% vs 6%)

* Individual holdings

Viatris (-26%) and U.S. Bancorp (-15%) - two largest individual detractors

MGM Resorts (-15%), Teck Resources (-27%), ConocoPhillips (-17%), and Solventum (-9%)

Fund Performance

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25** | **1 Year** | **5 Years** | **Since Inception<br>(01/11/17)** |
| **Davis Select U.S. Equity ETF — Net Asset Value (NAV)** | 10.14% | 15.06% | 10.78% |
| **S&P 500 Index** | 12.10% | 15.60% | 13.30% |
| **Russell 1000 Value Index** | 8.55% | 12.99% | 8.45% |

---

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisetfs.com .**

**Key Fund Statistics**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets as of 04/30/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$657.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 04/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1.7 |

---

**Top Sectors as of 04/30/25 Net Assets**

---

| | |
|:---|:---|
| Financials | 36.48% |
| Health Care | 19.00% |
| Consumer Discretionary | 13.57% |
| Communication Services | 11.31% |
| Energy | 5.90% |

---

Where can I find more information?

![TSR ETF QR](images_1159.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisetfs.com/literature/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.

DAVIS FUNDAMENTAL ETF TRUST

![TSR ETFs Logo](images_1160.jpg)

### Davis Select Financial ETF

### DFNL / Cboe Global Markets, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This Semi-Annual shareholder report contains important information about the Davis Select Financial ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025 (the "period"). You can find additional information about the Fund at davisetfs.com/literature/regulatory-documents or by contacting Investor Services at 1-800-279-0279.

#### What were the Fund expenses for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davis Select Financial ETF | $32 | 0.62%\* |

---

*\** *Annualized.* 

#### Management's Discussion of Fund Performance

#### Summary of Results
The Fund underperformed the S&P 500 Financials Index (the "Index") for the period. The Fund delivered a total return of 4.95%, versus a 5.72% return for the Index. The Fund outperformed the -1.74% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks issued by companies principally engaged in the financial services sector. The Fund is non-diversified and, therefore, allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund continues to invest a significant portion of its assets in foreign companies.

#### Market Overview
* S&P 500 Financials

Strongest performing industries - Financial Services (+12%) and Insurance (+5%)

Weakest performing industries - Capital Markets (less than 1%) and Banks (+3%)

Detractors from Performance

* Financial Services - underperformed the Index industry (+7% vs +12%) and significantly underweight (average weighting 10% vs 32%)

Rocket Companies (-15%)

Exor (-3%) - new purchase during the period

* Banks - underperformed the Index industry (+2% vs +3%) and overweight (average weighting 44% vs 25%)

Fifth Third Bancorp (-16%), U.S. Bancorp (-15%), and PNC Financial Services (-13%) - three largest individual detractors

Truist Financial (-9%), M&T Bank (-12%), and Bank of America (-4%)

* Individual holdings

RenaissanceRe Holdings (-8%) and State Street (-4%)

Contributors to Performance

* Capital Markets - outperformed the Index industry (+9% vs less than 1%) and underweight (average weighting 12% vs 23%)

Julius Baer Group (+12%) and Bank of New York Mellon (+8%)

* Consumer Finance - outperformed the Index industry (+8% vs +5%)

Capital One Financial (+11%)

* Insurance - outperformed the Index industry (+7% vs +5%)

Markel Group (+18%)

* Individual holdings

Berkshire Hathaway (+18%) and Danske Bank (+30%) - two largest individual contributors

JPMorgan Chase (+12%), DBS Group Holdings (+14%), Wells Fargo (+11%), and DNB Bank (+29%)

Fund Performance

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25** | **1 Year** | **5 Years** | **Since Inception<br>(01/11/17)** |
| **Davis Select Financial ETF — Net Asset Value (NAV)** | 22.04% | 18.92% | 10.58% |
| **S&P 500 Index** | 12.10% | 15.60% | 13.30% |
| **S&P 500 Financials Index** | 22.82% | 18.76% | 11.35% |

---

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisetfs.com .**

**Key Fund Statistics**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets as of 04/30/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$252.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 04/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$676.1 |

---

**Top Industries as of 04/30/25 Net Assets**

---

| | |
|:---|:---|
| Banks | 43.32% |
| Insurance | 17.19% |
| Consumer Finance | 12.96% |
| Financial Services | 12.08% |
| Capital Markets | 11.95% |

---

Where can I find more information?

![TSR ETF QR](images_1159.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisetfs.com/literature/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.

DAVIS FUNDAMENTAL ETF TRUST

![TSR ETFs Logo](images_1160.jpg)

### Davis Select Worldwide ETF

### DWLD / Cboe Global Markets, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This Semi-Annual shareholder report contains important information about the Davis Select Worldwide ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025 (the "period"). You can find additional information about the Fund at davisetfs.com/literature/regulatory-documents or by contacting Investor Services at 1-800-279-0279.

#### What were the Fund expenses for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davis Select Worldwide ETF | $31 | 0.62%\* |

---

*\** *Annualized.* 

#### Management's Discussion of Fund Performance

#### Summary of Results
The Fund underperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI" or the "Index") for the period. The Fund delivered a total return of -0.44%, versus a 0.88% return for the MSCI ACWI. The Fund invests principally in common stocks (including American Depositary Receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.

#### Market Overview
* MSCI ACWI

Strongest performing sectors - Financials (+10%), Consumer Staples (+8%), and Utilities (+5%)

Weakest performing sectors - Information Technology (-5%), Energy (-4%), and Materials (-4%)

Detractors from Performance

* Consumer Discretionary - underperformed the Index sector (-11% vs +2%)

Meituan (-28%) - largest individual detractor

Delivery Hero (-33%), MGM Resorts (-15%), and Trip.com Group (-8%)

PDD Holdings (-13%) - purchased and subsequently sold during the period

* Underweight in stronger performing Consumer Staples sector (average weighting 1% vs 6%)

* Industrials - underperformed the Index sector (-2% vs +3%) and underweight (average weighting 3% vs 10%)

* China holdings - underperformed the Index China exposure (-11% vs +8%)

* Individual holdings

Teck Resources (-27%), Viatris (-26%), Solventum (-9%), Samsung Electronics (-8%), and Ping An Insurance (-3%)

Contributors to Performance

* Financials - outperformed the Index sector (+12% vs +10%) and overweight (average weighting 30% vs 17%)

Danske Bank (+30%) - largest individual contributor

Markel Group (+18%), Berkshire Hathaway (+18%), Capital One Financial (+11%), and Julius Baer Group (+12%)

Wells Fargo (+14%) - no longer a Fund holding

* Significantly underweight in weaker performing Information Technology sector - (average weighting 6% vs 25%)

* Health Care - outperformed the Index sector (+1% vs -4%)

CVS Health (+21%)

* Overweight in Consumer Discretionary (average weighting 29% vs 11%) and Communications Services (average weighting 13% vs 8%)

Sea (+43%) and Prosus (+11%)

NetEase (+21%) - new purchase during the period

Fund Performance

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25** | **1 Year** | **5 Years** | **Since Inception<br>(01/11/17)** |
| **Davis Select Worldwide ETF — Net Asset Value (NAV)** | 16.59% | 12.18% | 9.09% |
| **MSCI ACWI** | 11.84% | 13.06% | 10.25% |

---

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisetfs.com .**

**Key Fund Statistics**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets as of 04/30/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$380.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 04/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$958.6 |

---

**Top Sectors as of 04/30/25 Net Assets**

---

| | |
|:---|:---|
| Financials | 29.70% |
| Consumer Discretionary | 27.36% |
| Communication Services | 11.25% |
| Health Care | 9.49% |
| Information Technology | 6.87% |

---

Where can I find more information?

![TSR ETF QR](images_1159.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisetfs.com/literature/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.

DAVIS FUNDAMENTAL ETF TRUST

![TSR ETFs Logo](images_1160.jpg)

### Davis Select International ETF

### DINT / Cboe Global Markets, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
This Semi-Annual shareholder report contains important information about the Davis Select International ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025 (the "period"). You can find additional information about the Fund at davisetfs.com/literature/regulatory-documents or by contacting Investor Services at 1-800-279-0279.

#### What were the Fund expenses for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davis Select International ETF | $33 | 0.67%\* |

---

*\** *Annualized.* 

#### Management's Discussion of Fund Performance

#### Summary of Results
The Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI ACWI ex USA" or the "Index") for the period. The Fund delivered a total return of -1.37%, versus a 5.95% return for the MSCI ACWI ex USA. The Fund invests principally in common stocks (including American Depositary Receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.

#### Market Overview
* MSCI ACWI ex USA

Strongest performing sectors - Communication Services (+16%), Financials (+15%), and Utilities (+11%)

Weakest performing sectors - Health Care (-3%), Information Technology (-3%), and Energy (-2%)

Detractors from Performance

* Consumer Discretionary - underperformed the Index sector (-11% vs +4%) and overweight (average weighting 38% vs 11%)

Meituan (-28%) and Delivery Hero (-33%) - two largest individual detractors

Coupang (-9%), Trip.com Group (-8%), and JD.com (-17%)

Misto Holdings (-8%) - formerly FILA Holdings

PDD Holdings (-13%) - purchased and subsequently sold during the period

* Financials - underperformed the Index sector (+10% vs +15%)

Noah Holdings (-25%)

* China holdings - significantly underperformed the Index China exposure (-13% vs +8%)

* Individual holdings

Teck Resources (-27%) and KE Holdings (-6%)

Contributors to Performance

* No exposure to Health Care and underweight in Information Technology (average weighting 7% vs 13%), the two weakest performing sectors of the Index, respectively

* Communication Services - outperformed the Index sector (+45% vs +16%)

Sea (+43%)

NetEase (+21%) - new purchase during the period

* Overweight in Financials - (average weighting 31% vs 24%)

Danske Bank (+30%) - largest individual contributor

DBS Group Holdings (+14%), Julius Baer Group (+12%), DNB Bank (+29%), Bank of N.T Butterfield (+12%), and Metro Bank Holdings (+35%)

* Individual holdings

Naspers (+12%) and Prosus (+11%)

Fund Performance

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 04/30/25** | **1 Year** | **5 Years** | **Since Inception<br>(03/01/18)** |
| **Davis Select International ETF — Net Asset Value (NAV)** | 18.62% | 8.59% | 3.55% |
| **MSCI ACWI ex USA** | 11.93% | 10.08% | 4.77% |

---

**The performance data quoted in this report represents past performance, assumes that all distributions were reinvested at NAV , and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisetfs.com .**

**Key Fund Statistics**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets as of 04/30/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$216.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 04/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$539.1 |

---

**Top Sectors as of 04/30/25 Net Assets**

---

| | |
|:---|:---|
| Consumer Discretionary | 34.20% |
| Financials | 29.49% |
| Industrials | 8.59% |
| Information Technology | 6.85% |
| Communication Services | 6.27% |

---

Where can I find more information?

![TSR ETF QR](images_1159.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisetfs.com/literature/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.

DAVIS FUNDAMENTAL ETF TRUST

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 2. CODE OF ETHICS**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS**

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Thomas Tays, Ralph Egizi, and Lawrence Harris.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 6. INVESTMENTS**

(a) The complete Schedule of Investments is included in Item 7 of this Form N-CSR.

(b) Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END INVESTMENT COMPANIES**

------

![](img2dad3e2d1.gif)

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)

April 30, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION (ITEMS 7-11 OF FORM N-CSR)

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Table of Contents**

---

| | |
|:---|:---|
| **[ITEM 7. Financial Statements and Financial Highlights for Open-End Investment](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-105_1)**<br> **[Companies:](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-105_1)**<br>|  |
| [Schedule of Investments:](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-105_1) |  |
| [Davis Select U.S. Equity ETF](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-105_1) | 2 |
| [Davis Select Financial ETF](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-106_1) | 3 |
| [Davis Select Worldwide ETF](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-107_1) | 4 |
| [Davis Select International ETF](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOI-TOC-ScheduleofInvestments-108_1) | 5 |
| [Statements of Assets and Liabilities](#xx_090d0e97-242a-4636-a218-8075ca117a97_SALC-TOC-StatementofAssetsandLiabilities-106_1) | 6 |
| [Statements of Operations](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOPC-TOC-StatementofOperations-106_1) | 7 |
| [Statements of Changes in Net Assets](#xx_090d0e97-242a-4636-a218-8075ca117a97_SOCC-TOC-StatementofChanges-106_1) | 8 |
| [Notes to Financial Statements](#xx_090d0e97-242a-4636-a218-8075ca117a97_NTF-TOC-NotestoFinancialStatements-106_1) | 10 |
| [Financial Highlights](#xx_090d0e97-242a-4636-a218-8075ca117a97_FIHIPIV-TOC-PivotedFH-106_2) | 17 |

---

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT U.S. EQUITY ETF**

**Schedule of Investments**

**April 30, 2025 *(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (98.53%)** | **COMMON STOCK – (98.53%)** | **COMMON STOCK – (98.53%)** |
| **COMMUNICATION SERVICES – (11.31%)** | **COMMUNICATION SERVICES – (11.31%)** | **COMMUNICATION SERVICES – (11.31%)** |
| **Media & Entertainment – (11.31%)** | **Media & Entertainment – (11.31%)** | **Media & Entertainment – (11.31%)** |
| Alphabet Inc., Class C  | 147902 | &nbsp;&nbsp; $23795953 |
| Meta Platforms, Inc., Class A  | 92147 | &nbsp;&nbsp; 50588703 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **74384656** |
| **CONSUMER DISCRETIONARY – (13.57%)** | **CONSUMER DISCRETIONARY – (13.57%)** | **CONSUMER DISCRETIONARY – (13.57%)** |
| **Consumer Discretionary Distribution & Retail – (5.03%)** | **Consumer Discretionary Distribution & Retail – (5.03%)** | **Consumer Discretionary Distribution & Retail – (5.03%)** |
| Amazon.com, Inc. \* | 179233 | &nbsp;&nbsp; 33054150 |
| **Consumer Services – (8.54%)** | **Consumer Services – (8.54%)** | **Consumer Services – (8.54%)** |
| MGM Resorts International \* | 1339942 | &nbsp;&nbsp; 42154575 |
| Restaurant Brands International Inc. (Canada)  | 217602 | &nbsp;&nbsp; 14013569 |
|  |  | &nbsp;&nbsp; 56168144 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **89222294** |
| **CONSUMER STAPLES – (2.80%)** | **CONSUMER STAPLES – (2.80%)** | **CONSUMER STAPLES – (2.80%)** |
| **Food, Beverage & Tobacco – (2.80%)** | **Food, Beverage & Tobacco – (2.80%)** | **Food, Beverage & Tobacco – (2.80%)** |
| Tyson Foods, Inc., Class A  | 300959 | &nbsp;&nbsp; 18430729 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **18430729** |
| **ENERGY – (5.90%)** | **ENERGY – (5.90%)** | **ENERGY – (5.90%)** |
| ConocoPhillips  | 116307 | &nbsp;&nbsp; 10365280 |
| Coterra Energy Inc.  | 679556 | &nbsp;&nbsp; 16689895 |
| Tourmaline Oil Corp. (Canada)  | 265146 | &nbsp;&nbsp; 11712891 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **38768066** |
| **FINANCIALS – (36.48%)** | **FINANCIALS – (36.48%)** | **FINANCIALS – (36.48%)** |
| **Banks – (10.39%)** | **Banks – (10.39%)** | **Banks – (10.39%)** |
| JPMorgan Chase & Co.  | 23382 | &nbsp;&nbsp; 5719705 |
| U.S. Bancorp  | 1012196 | &nbsp;&nbsp; 40831987 |
| Wells Fargo & Co.  | 307123 | &nbsp;&nbsp; 21808804 |
|  |  | &nbsp;&nbsp; 68360496 |
| **Financial Services – (21.52%)** | **Financial Services – (21.52%)** | **Financial Services – (21.52%)** |
| **Capital Markets – (2.23%)** | **Capital Markets – (2.23%)** | **Capital Markets – (2.23%)** |
| Bank of New York Mellon Corp.  | 182744 | &nbsp;&nbsp; 14694445 |
| **Consumer Finance – (11.13%)** | **Consumer Finance – (11.13%)** | **Consumer Finance – (11.13%)** |
| American Express Co.  | 22220 | &nbsp;&nbsp; 5919630 |
| Capital One Financial Corp.  | 373147 | &nbsp;&nbsp; 67263478 |
|  |  | &nbsp;&nbsp; 73183108 |
| **Financial Services – (8.16%)** | **Financial Services – (8.16%)** | **Financial Services – (8.16%)** |
| Berkshire Hathaway Inc., Class B \* | 100584 | &nbsp;&nbsp; 53636418 |
|  |  | &nbsp;&nbsp; 141513971 |
| **Insurance – (4.57%)** | **Insurance – (4.57%)** | **Insurance – (4.57%)** |
| **Property & Casualty Insurance – (4.57%)** | **Property & Casualty Insurance – (4.57%)** | **Property & Casualty Insurance – (4.57%)** |
| Markel Group Inc. \* | 16525 | &nbsp;&nbsp; 30052365 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **239926832** |
| **HEALTH CARE – (19.00%)** | **HEALTH CARE – (19.00%)** | **HEALTH CARE – (19.00%)** |
| **Health Care Equipment & Services – (16.24%)** | **Health Care Equipment & Services – (16.24%)** | **Health Care Equipment & Services – (16.24%)** |
| Cigna Group  | 59590 | &nbsp;&nbsp; 20262984 |
| CVS Health Corp.  | 542398 | &nbsp;&nbsp; 36183371 |
| Humana Inc.  | 72331 | &nbsp;&nbsp; 18968081 |
| Quest Diagnostics Inc.  | 100293 | &nbsp;&nbsp; 17874218 |
| Solventum Corp. \* | 204679 | &nbsp;&nbsp; 13533376 |
|  |  | &nbsp;&nbsp; 106822030 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 1)**<br>|
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **HEALTH CARE – (CONTINUED)** | **HEALTH CARE – (CONTINUED)** | **HEALTH CARE – (CONTINUED)** |
| **Pharmaceuticals, Biotechnology & Life Sciences – (2.76%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (2.76%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (2.76%)** |
| Viatris Inc.  | 2151056 | &nbsp;&nbsp; $18111891 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **124933921** |
| **INDUSTRIALS – (2.77%)** | **INDUSTRIALS – (2.77%)** | **INDUSTRIALS – (2.77%)** |
| **Capital Goods – (2.77%)** | **Capital Goods – (2.77%)** | **Capital Goods – (2.77%)** |
| AGCO Corp.  | 58000 | &nbsp;&nbsp; 4920140 |
| Owens Corning  | 91333 | &nbsp;&nbsp; 13280731 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18200871** |
| **INFORMATION TECHNOLOGY – (5.65%)** | **INFORMATION TECHNOLOGY – (5.65%)** | **INFORMATION TECHNOLOGY – (5.65%)** |
| **Semiconductors & Semiconductor Equipment – (5.65%)** | **Semiconductors & Semiconductor Equipment – (5.65%)** | **Semiconductors & Semiconductor Equipment – (5.65%)** |
| Applied Materials, Inc.  | 215664 | &nbsp;&nbsp; 32502722 |
| Texas Instruments Inc.  | 29123 | &nbsp;&nbsp; 4661136 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **37163858** |
| **MATERIALS – (1.05%)** | **MATERIALS – (1.05%)** | **MATERIALS – (1.05%)** |
| Teck Resources Ltd., Class B (Canada)  | 203595 | &nbsp;&nbsp; 6920194 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6920194** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $474,218,833)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $474,218,833)** | &nbsp;&nbsp; **647951421** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (1.56%)** | **SHORT-TERM INVESTMENTS – (1.56%)** | **SHORT-TERM INVESTMENTS – (1.56%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.36%, 05/01/25 (a)<br>| $5042000 | &nbsp;&nbsp; $5042000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.36%, 05/01/25 (b)<br>| 5200000 | &nbsp;&nbsp; 5200000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $10,242,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $10,242,000)** | &nbsp;&nbsp; **10242000** |
| Total Investments – (100.09%) – <br>(Identified cost $484,460,833) | Total Investments – (100.09%) – <br>(Identified cost $484,460,833) | &nbsp;&nbsp; 658193421 |
| Liabilities Less Other Assets – (0.09%) | Liabilities Less Other Assets – (0.09%) | &nbsp;&nbsp; (563197)<br>|
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $657630224 |

---

\* Non-income producing security.

(a) Dated 04/30/25, repurchase value of $5,042,611 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 6.967%, 05/20/30-11/20/54, total fair value $5,142,840). 

(b) Dated 04/30/25, repurchase value of $5,200,630 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 05/15/25-02/20/55, total fair value $5,304,000). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT FINANCIAL ETF**

**Schedule of Investments**

**April 30, 2025 *(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (98.71%)** | **COMMON STOCK – (98.71%)** | **COMMON STOCK – (98.71%)** |
| **CONSUMER DISCRETIONARY – (1.21%)** | **CONSUMER DISCRETIONARY – (1.21%)** | **CONSUMER DISCRETIONARY – (1.21%)** |
| **Consumer Discretionary Distribution & Retail – (1.21%)** | **Consumer Discretionary Distribution & Retail – (1.21%)** | **Consumer Discretionary Distribution & Retail – (1.21%)** |
| Prosus N.V., Class N (Netherlands)  | 65992 | &nbsp;&nbsp; $3059515 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3059515** |
| **FINANCIALS – (97.50%)** | **FINANCIALS – (97.50%)** | **FINANCIALS – (97.50%)** |
| **Banks – (43.32%)** | **Banks – (43.32%)** | **Banks – (43.32%)** |
| Bank of America Corp.  | 137582 | &nbsp;&nbsp; 5486770 |
| Bank of N.T. Butterfield & Son Ltd. <br> (Bermuda) <br>| 107187 | &nbsp;&nbsp; 4306774 |
| Danske Bank A/S (Denmark)  | 307581 | &nbsp;&nbsp; 10722622 |
| DBS Group Holdings Ltd. (Singapore)  | 349494 | &nbsp;&nbsp; 11359023 |
| DNB Bank ASA (Norway)  | 200850 | &nbsp;&nbsp; 4996442 |
| Fifth Third Bancorp  | 323991 | &nbsp;&nbsp; 11644236 |
| JPMorgan Chase & Co.  | 58952 | &nbsp;&nbsp; 14420838 |
| M&T Bank Corp.  | 20713 | &nbsp;&nbsp; 3516239 |
| Metro Bank Holdings PLC (United Kingdom) \* | 754276 | &nbsp;&nbsp; 1011255 |
| PNC Financial Services Group, Inc.  | 66952 | &nbsp;&nbsp; 10758517 |
| Truist Financial Corp.  | 152915 | &nbsp;&nbsp; 5862761 |
| U.S. Bancorp  | 308371 | &nbsp;&nbsp; 12439686 |
| Wells Fargo & Co.  | 178456 | &nbsp;&nbsp; 12672161 |
|  |  | &nbsp;&nbsp; 109197324 |
| **Financial Services – (36.99%)** | **Financial Services – (36.99%)** | **Financial Services – (36.99%)** |
| **Capital Markets – (11.95%)** | **Capital Markets – (11.95%)** | **Capital Markets – (11.95%)** |
| Bank of New York Mellon Corp.  | 159663 | &nbsp;&nbsp; 12838502 |
| Charles Schwab Corp.  | 38180 | &nbsp;&nbsp; 3107852 |
| Julius Baer Group Ltd. (Switzerland)  | 166273 | &nbsp;&nbsp; 10725601 |
| State Street Corp.  | 39321 | &nbsp;&nbsp; 3464180 |
|  |  | &nbsp;&nbsp; 30136135 |
| **Consumer Finance – (12.96%)** | **Consumer Finance – (12.96%)** | **Consumer Finance – (12.96%)** |
| American Express Co.  | 34505 | &nbsp;&nbsp; 9192477 |
| Capital One Financial Corp.  | 130282 | &nbsp;&nbsp; 23484633 |
|  |  | &nbsp;&nbsp; 32677110 |
| **Financial Services – (12.08%)** | **Financial Services – (12.08%)** | **Financial Services – (12.08%)** |
| Berkshire Hathaway Inc., Class B \* | 35467 | &nbsp;&nbsp; 18912778 |
| Exor N.V. (Netherlands)  | 67487 | &nbsp;&nbsp; 6337927 |
| Rocket Companies, Inc., Class A  | 402284 | &nbsp;&nbsp; 5193487 |
|  |  | &nbsp;&nbsp; 30444192 |
|  |  | &nbsp;&nbsp; 93257437 |
| **Insurance – (17.19%)** | **Insurance – (17.19%)** | **Insurance – (17.19%)** |
| **Life & Health Insurance – (0.73%)** | **Life & Health Insurance – (0.73%)** | **Life & Health Insurance – (0.73%)** |
| Ping An Insurance (Group) Co. of China, Ltd. - <br> H (China) <br>| 305500 | &nbsp;&nbsp; 1835616 |
| **Property & Casualty Insurance – (13.62%)** | **Property & Casualty Insurance – (13.62%)** | **Property & Casualty Insurance – (13.62%)** |
| Chubb Ltd.  | 43792 | &nbsp;&nbsp; 12528015 |
| Loews Corp.  | 91588 | &nbsp;&nbsp; 7952586 |
| Markel Group Inc. \* | 7615 | &nbsp;&nbsp; 13848639 |
|  |  | &nbsp;&nbsp; 34329240 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 1)**<br>|
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** | **FINANCIALS – (CONTINUED)** |
| **Insurance – (Continued)** | **Insurance – (Continued)** | **Insurance – (Continued)** |
| **Reinsurance – (2.84%)** | **Reinsurance – (2.84%)** | **Reinsurance – (2.84%)** |
| Everest Group, Ltd.  | 6188 | &nbsp;&nbsp; $2220440 |
| RenaissanceRe Holdings Ltd.  | 20487 | &nbsp;&nbsp; 4956420 |
|  |  | &nbsp;&nbsp; 7176860 |
|  |  | &nbsp;&nbsp; 43341716 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **245796477** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $178,718,754)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $178,718,754)** | &nbsp;&nbsp; **248855992** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (0.86%)** | **SHORT-TERM INVESTMENTS – (0.86%)** | **SHORT-TERM INVESTMENTS – (0.86%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.36%, 05/01/25 (a)<br>| $1064000 | &nbsp;&nbsp; $1064000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.36%, 05/01/25 (b)<br>| 1098000 | &nbsp;&nbsp; 1098000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $2,162,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $2,162,000)** | &nbsp;&nbsp; **2162000** |
| Total Investments – (99.57%) – <br>(Identified cost $180,880,754) | Total Investments – (99.57%) – <br>(Identified cost $180,880,754) | &nbsp;&nbsp; 251017992 |
| Other Assets Less Liabilities – (0.43%) | Other Assets Less Liabilities – (0.43%) | &nbsp;&nbsp; 1086165 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $252104157 |

---

\* Non-income producing security.

(a) Dated 04/30/25, repurchase value of $1,064,129 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 5.00%, 09/01/36-07/01/47, total fair value $1,085,280). 

(b) Dated 04/30/25, repurchase value of $1,098,133 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 05/15/25-02/20/55, total fair value $1,119,960). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT WORLDWIDE ETF**

**Schedule of Investments**

**April 30, 2025 *(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (97.20%)** | **COMMON STOCK – (97.20%)** | **COMMON STOCK – (97.20%)** |
| **COMMUNICATION SERVICES – (11.25%)** | **COMMUNICATION SERVICES – (11.25%)** | **COMMUNICATION SERVICES – (11.25%)** |
| **Media & Entertainment – (11.25%)** | **Media & Entertainment – (11.25%)** | **Media & Entertainment – (11.25%)** |
| Alphabet Inc., Class C  | 48881 | &nbsp;&nbsp; $7864464 |
| Angi Inc., Class A \* | 23194 | &nbsp;&nbsp; 265803 |
| IAC Inc. \* | 44172 | &nbsp;&nbsp; 1543370 |
| Meta Platforms, Inc., Class A  | 38095 | &nbsp;&nbsp; 20914155 |
| NetEase, Inc., ADR (China)  | 58600 | &nbsp;&nbsp; 6273716 |
| Sea Limited, Class A, ADR (Singapore) \* | 44254 | &nbsp;&nbsp; 5932249 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **42793757** |
| **CONSUMER DISCRETIONARY – (27.36%)** | **CONSUMER DISCRETIONARY – (27.36%)** | **CONSUMER DISCRETIONARY – (27.36%)** |
| **Consumer Discretionary Distribution & Retail – (9.12%)** | **Consumer Discretionary Distribution & Retail – (9.12%)** | **Consumer Discretionary Distribution & Retail – (9.12%)** |
| Amazon.com, Inc. \* | 44079 | &nbsp;&nbsp; 8129049 |
| Coupang, Inc., Class A (South Korea) \* | 116359 | &nbsp;&nbsp; 2719310 |
| Naspers Ltd. - N (South Africa)  | 22492 | &nbsp;&nbsp; 5915591 |
| Prosus N.V., Class N (Netherlands)  | 386838 | &nbsp;&nbsp; 17934548 |
|  |  | &nbsp;&nbsp; 34698498 |
| **Consumer Durables & Apparel – (0.20%)** | **Consumer Durables & Apparel – (0.20%)** | **Consumer Durables & Apparel – (0.20%)** |
| Misto Holdings Corp. (South Korea)  | 29638 | &nbsp;&nbsp; 772485 |
| **Consumer Services – (18.04%)** | **Consumer Services – (18.04%)** | **Consumer Services – (18.04%)** |
| Delivery Hero SE (Germany) \* | 165670 | &nbsp;&nbsp; 4652571 |
| Entain plc (United Kingdom)  | 719557 | &nbsp;&nbsp; 6114292 |
| Meituan, Class B (China) \* | 962640 | &nbsp;&nbsp; 16173087 |
| MGM Resorts International \* | 544783 | &nbsp;&nbsp; 17138873 |
| Restaurant Brands International Inc. (Canada)  | 56180 | &nbsp;&nbsp; 3617992 |
| Trip.com Group Ltd., ADR (China)  | 354390 | &nbsp;&nbsp; 20905466 |
|  |  | &nbsp;&nbsp; 68602281 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **104073264** |
| **CONSUMER STAPLES – (2.06%)** | **CONSUMER STAPLES – (2.06%)** | **CONSUMER STAPLES – (2.06%)** |
| **Food, Beverage & Tobacco – (2.06%)** | **Food, Beverage & Tobacco – (2.06%)** | **Food, Beverage & Tobacco – (2.06%)** |
| Tyson Foods, Inc., Class A  | 127554 | &nbsp;&nbsp; 7811407 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **7811407** |
| **ENERGY – (3.80%)** | **ENERGY – (3.80%)** | **ENERGY – (3.80%)** |
| Coterra Energy Inc.  | 143620 | &nbsp;&nbsp; 3527307 |
| Tourmaline Oil Corp. (Canada)  | 247596 | &nbsp;&nbsp; 10937615 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **14464922** |
| **FINANCIALS – (29.70%)** | **FINANCIALS – (29.70%)** | **FINANCIALS – (29.70%)** |
| **Banks – (6.00%)** | **Banks – (6.00%)** | **Banks – (6.00%)** |
| Danske Bank A/S (Denmark)  | 437591 | &nbsp;&nbsp; 15254918 |
| Metro Bank Holdings PLC (United Kingdom) \* | 1806628 | &nbsp;&nbsp; 2422141 |
| U.S. Bancorp  | 127380 | &nbsp;&nbsp; 5138509 |
|  |  | &nbsp;&nbsp; 22815568 |
| **Financial Services – (12.57%)** | **Financial Services – (12.57%)** | **Financial Services – (12.57%)** |
| **Capital Markets – (4.44%)** | **Capital Markets – (4.44%)** | **Capital Markets – (4.44%)** |
| Julius Baer Group Ltd. (Switzerland)  | 248824 | &nbsp;&nbsp; 16050633 |
| Noah Holdings Ltd., Class A, ADS (China)  | 93014 | &nbsp;&nbsp; 854798 |
|  |  | &nbsp;&nbsp; 16905431 |
| **Consumer Finance – (4.93%)** | **Consumer Finance – (4.93%)** | **Consumer Finance – (4.93%)** |
| Capital One Financial Corp.  | 103933 | &nbsp;&nbsp; 18734963 |
| **Financial Services – (3.20%)** | **Financial Services – (3.20%)** | **Financial Services – (3.20%)** |
| Berkshire Hathaway Inc., Class B \* | 22828 | &nbsp;&nbsp; 12173031 |
|  |  | &nbsp;&nbsp; 47813425 |
| **Insurance – (11.13%)** | **Insurance – (11.13%)** | **Insurance – (11.13%)** |
| **Life & Health Insurance – (7.19%)** | **Life & Health Insurance – (7.19%)** | **Life & Health Insurance – (7.19%)** |
| AIA Group Ltd. (Hong Kong)  | 1045690 | &nbsp;&nbsp; 7833641 |
| Ping An Insurance (Group) Co. of China, Ltd. - <br> H (China) <br>| 3249015 | &nbsp;&nbsp; 19521907 |
|  |  | &nbsp;&nbsp; 27355548 |
| **Property & Casualty Insurance – (3.94%)** | **Property & Casualty Insurance – (3.94%)** | **Property & Casualty Insurance – (3.94%)** |
| Markel Group Inc. \* | 8239 | &nbsp;&nbsp; 14983445 |
|  |  | &nbsp;&nbsp; 42338993 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **112967986** |
| **HEALTH CARE – (9.49%)** | **HEALTH CARE – (9.49%)** | **HEALTH CARE – (9.49%)** |
| **Health Care Equipment & Services – (7.60%)** | **Health Care Equipment & Services – (7.60%)** | **Health Care Equipment & Services – (7.60%)** |
| CVS Health Corp.  | 161360 | &nbsp;&nbsp; 10764326 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 1)**<br>|
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **HEALTH CARE – (CONTINUED)** | **HEALTH CARE – (CONTINUED)** | **HEALTH CARE – (CONTINUED)** |
| **Health Care Equipment & Services – (Continued)** | **Health Care Equipment & Services – (Continued)** | **Health Care Equipment & Services – (Continued)** |
| Humana Inc.  | 24510 | &nbsp;&nbsp; $6427502 |
| Quest Diagnostics Inc.  | 16318 | &nbsp;&nbsp; 2908194 |
| Solventum Corp. \* | 133061 | &nbsp;&nbsp; 8797993 |
|  |  | &nbsp;&nbsp; 28898015 |
| **Pharmaceuticals, Biotechnology & Life Sciences – (1.89%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (1.89%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (1.89%)** |
| Viatris Inc.  | 855633 | &nbsp;&nbsp; 7204430 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **36102445** |
| **INDUSTRIALS – (4.91%)** | **INDUSTRIALS – (4.91%)** | **INDUSTRIALS – (4.91%)** |
| **Capital Goods – (0.66%)** | **Capital Goods – (0.66%)** | **Capital Goods – (0.66%)** |
| AGCO Corp.  | 29311 | &nbsp;&nbsp; 2486452 |
| **Transportation – (4.25%)** | **Transportation – (4.25%)** | **Transportation – (4.25%)** |
| Full Truck Alliance Co. Ltd., Class A, ADR <br> (China) <br>| 1422990 | &nbsp;&nbsp; 16165167 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18651619** |
| **INFORMATION TECHNOLOGY – (6.87%)** | **INFORMATION TECHNOLOGY – (6.87%)** | **INFORMATION TECHNOLOGY – (6.87%)** |
| **Semiconductors & Semiconductor Equipment – (1.28%)** | **Semiconductors & Semiconductor Equipment – (1.28%)** | **Semiconductors & Semiconductor Equipment – (1.28%)** |
| Applied Materials, Inc.  | 32447 | &nbsp;&nbsp; 4890087 |
| **Software & Services – (2.31%)** | **Software & Services – (2.31%)** | **Software & Services – (2.31%)** |
| AppLovin Corp., Class A \* | 29290 | &nbsp;&nbsp; 7888090 |
| Clear Secure, Inc., Class A  | 36203 | &nbsp;&nbsp; 893490 |
|  |  | &nbsp;&nbsp; 8781580 |
| **Technology Hardware & Equipment – (3.28%)** | **Technology Hardware & Equipment – (3.28%)** | **Technology Hardware & Equipment – (3.28%)** |
| Samsung Electronics Co., Ltd. (South Korea)  | 319204 | &nbsp;&nbsp; 12462766 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **26134433** |
| **MATERIALS – (1.76%)** | **MATERIALS – (1.76%)** | **MATERIALS – (1.76%)** |
| Teck Resources Ltd., Class B (Canada)  | 196959 | &nbsp;&nbsp; 6694636 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6694636** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $303,857,808)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $303,857,808)** | &nbsp;&nbsp; **369694469** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (1.54%)** | **SHORT-TERM INVESTMENTS – (1.54%)** | **SHORT-TERM INVESTMENTS – (1.54%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.36%, 05/01/25 (a)<br>| $2884000 | &nbsp;&nbsp; $2884000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.36%, 05/01/25 (b)<br>| 2975000 | &nbsp;&nbsp; 2975000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $5,859,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $5,859,000)** | &nbsp;&nbsp; **5859000** |
| Total Investments – (98.74%) – <br>(Identified cost $309,716,808) | Total Investments – (98.74%) – <br>(Identified cost $309,716,808) | &nbsp;&nbsp; 375553469 |
| Other Assets Less Liabilities – (1.26%) | Other Assets Less Liabilities – (1.26%) | &nbsp;&nbsp; 4793763 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $380347232 |

---

ADR: American Depositary Receipt <br> ADS: American Depositary Share

\* Non-income producing security.

(a) Dated 04/30/25, repurchase value of $2,884,349 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%- 5.50%, 10/01/48-05/01/53, total fair value $2,941,680). 

(b) Dated 04/30/25, repurchase value of $2,975,360 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 05/15/25-02/20/55, total fair value $3,034,500). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT INTERNATIONAL ETF**

**Schedule of Investments**

**April 30, 2025 *(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (98.03%)** | **COMMON STOCK – (98.03%)** | **COMMON STOCK – (98.03%)** |
| **COMMUNICATION SERVICES – (6.27%)** | **COMMUNICATION SERVICES – (6.27%)** | **COMMUNICATION SERVICES – (6.27%)** |
| **Media & Entertainment – (6.27%)** | **Media & Entertainment – (6.27%)** | **Media & Entertainment – (6.27%)** |
| NetEase, Inc., ADR (China)  | 57273 | &nbsp;&nbsp; $6131647 |
| Sea Limited, Class A, ADR (Singapore) \* | 55416 | &nbsp;&nbsp; 7428515 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **13560162** |
| **CONSUMER DISCRETIONARY – (34.20%)** | **CONSUMER DISCRETIONARY – (34.20%)** | **CONSUMER DISCRETIONARY – (34.20%)** |
| **Consumer Discretionary Distribution & Retail – (14.56%)** | **Consumer Discretionary Distribution & Retail – (14.56%)** | **Consumer Discretionary Distribution & Retail – (14.56%)** |
| Coupang, Inc., Class A (South Korea) \* | 303255 | &nbsp;&nbsp; 7087069 |
| JD.com, Inc., Class A, ADR (China)  | 57117 | &nbsp;&nbsp; 1863157 |
| Naspers Ltd. - N (South Africa)  | 42098 | &nbsp;&nbsp; 11072139 |
| Prosus N.V., Class N (Netherlands)  | 246883 | &nbsp;&nbsp; 11445967 |
|  |  | &nbsp;&nbsp; 31468332 |
| **Consumer Durables & Apparel – (0.99%)** | **Consumer Durables & Apparel – (0.99%)** | **Consumer Durables & Apparel – (0.99%)** |
| Misto Holdings Corp. (South Korea)  | 82157 | &nbsp;&nbsp; 2141341 |
| **Consumer Services – (18.65%)** | **Consumer Services – (18.65%)** | **Consumer Services – (18.65%)** |
| Delivery Hero SE (Germany) \* | 161193 | &nbsp;&nbsp; 4526842 |
| Entain plc (United Kingdom)  | 1038775 | &nbsp;&nbsp; 8826783 |
| Meituan, Class B (China) \* | 758480 | &nbsp;&nbsp; 12743043 |
| Restaurant Brands International Inc. (Canada)  | 64352 | &nbsp;&nbsp; 4144269 |
| Trip.com Group Ltd., ADR (China)  | 170846 | &nbsp;&nbsp; 10078205 |
|  |  | &nbsp;&nbsp; 40319142 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **73928815** |
| **ENERGY – (3.60%)** | **ENERGY – (3.60%)** | **ENERGY – (3.60%)** |
| Tourmaline Oil Corp. (Canada)  | 176064 | &nbsp;&nbsp; 7777671 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **7777671** |
| **FINANCIALS – (29.49%)** | **FINANCIALS – (29.49%)** | **FINANCIALS – (29.49%)** |
| **Banks – (14.03%)** | **Banks – (14.03%)** | **Banks – (14.03%)** |
| Bank of N.T. Butterfield & Son Ltd. <br> (Bermuda) <br>| 125261 | &nbsp;&nbsp; 5032987 |
| Danske Bank A/S (Denmark)  | 419697 | &nbsp;&nbsp; 14631112 |
| DBS Group Holdings Ltd. (Singapore)  | 159189 | &nbsp;&nbsp; 5173856 |
| DNB Bank ASA (Norway)  | 141972 | &nbsp;&nbsp; 3531764 |
| Metro Bank Holdings PLC (United Kingdom) \* | 1452654 | &nbsp;&nbsp; 1947569 |
|  |  | &nbsp;&nbsp; 30317288 |
| **Financial Services – (5.62%)** | **Financial Services – (5.62%)** | **Financial Services – (5.62%)** |
| **Capital Markets – (5.62%)** | **Capital Markets – (5.62%)** | **Capital Markets – (5.62%)** |
| Julius Baer Group Ltd. (Switzerland)  | 150411 | &nbsp;&nbsp; 9702407 |
| Noah Holdings Ltd., Class A, ADS (China)  | 265290 | &nbsp;&nbsp; 2438015 |
|  |  | &nbsp;&nbsp; 12140422 |
| **Insurance – (9.84%)** | **Insurance – (9.84%)** | **Insurance – (9.84%)** |
| **Life & Health Insurance – (9.84%)** | **Life & Health Insurance – (9.84%)** | **Life & Health Insurance – (9.84%)** |
| AIA Group Ltd. (Hong Kong)  | 1331090 | &nbsp;&nbsp; 9971676 |
| Ping An Insurance (Group) Co. of China, Ltd. - <br> H (China) <br>| 1881836 | &nbsp;&nbsp; 11307128 |
|  |  | &nbsp;&nbsp; 21278804 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **63736514** |
| **INDUSTRIALS – (8.59%)** | **INDUSTRIALS – (8.59%)** | **INDUSTRIALS – (8.59%)** |
| **Capital Goods – (4.10%)** | **Capital Goods – (4.10%)** | **Capital Goods – (4.10%)** |
| ITOCHU Corp. (Japan)  | 174170 | &nbsp;&nbsp; 8870513 |
| **Transportation – (4.49%)** | **Transportation – (4.49%)** | **Transportation – (4.49%)** |
| Full Truck Alliance Co. Ltd., Class A, ADR <br> (China) <br>| 853919 | &nbsp;&nbsp; 9700520 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18571033** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 1)**<br>|
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **INFORMATION TECHNOLOGY – (6.85%)** | **INFORMATION TECHNOLOGY – (6.85%)** | **INFORMATION TECHNOLOGY – (6.85%)** |
| **Semiconductors & Semiconductor Equipment – (2.28%)** | **Semiconductors & Semiconductor Equipment – (2.28%)** | **Semiconductors & Semiconductor Equipment – (2.28%)** |
| Tokyo Electron Ltd. (Japan)  | 33150 | &nbsp;&nbsp; $4921029 |
| **Technology Hardware & Equipment – (4.57%)** | **Technology Hardware & Equipment – (4.57%)** | **Technology Hardware & Equipment – (4.57%)** |
| Samsung Electronics Co., Ltd. (South Korea)  | 252843 | &nbsp;&nbsp; 9871816 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **14792845** |
| **MATERIALS – (5.05%)** | **MATERIALS – (5.05%)** | **MATERIALS – (5.05%)** |
| Teck Resources Ltd., Class B (Canada)  | 168221 | &nbsp;&nbsp; 5717832 |
| Vale S.A., ADR (Brazil)  | 558618 | &nbsp;&nbsp; 5200733 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **10918565** |
| **REAL ESTATE – (3.98%)** | **REAL ESTATE – (3.98%)** | **REAL ESTATE – (3.98%)** |
| **Real Estate Management & Development – (3.98%)** | **Real Estate Management & Development – (3.98%)** | **Real Estate Management & Development – (3.98%)** |
| KE Holdings Inc., Class A, ADR (China)  | 423357 | &nbsp;&nbsp; 8594147 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8594147** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $184,368,215)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $184,368,215)** | &nbsp;&nbsp; **211879752** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (1.53%)** | **SHORT-TERM INVESTMENTS – (1.53%)** | **SHORT-TERM INVESTMENTS – (1.53%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.36%, 05/01/25 (a)<br>| $1631000 | &nbsp;&nbsp; $1631000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.36%, 05/01/25 (b)<br>| 1683000 | &nbsp;&nbsp; 1683000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $3,314,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $3,314,000)** | &nbsp;&nbsp; **3314000** |
| Total Investments – (99.56%) – <br>(Identified cost $187,682,215) | Total Investments – (99.56%) – <br>(Identified cost $187,682,215) | &nbsp;&nbsp; 215193752 |
| Other Assets Less Liabilities – (0.44%) | Other Assets Less Liabilities – (0.44%) | &nbsp;&nbsp; 951336 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $216145088 |

---

ADR: American Depositary Receipt <br> ADS: American Depositary Share

\* Non-income producing security.

(a) Dated 04/30/25, repurchase value of $1,631,198 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 6.00%, 06/01/35-03/01/55, total fair value $1,663,620). 

(b) Dated 04/30/25, repurchase value of $1,683,204 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-7.50%, 05/15/25-02/20/55, total fair value $1,716,660). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Assets and Liabilities**

**At April 30, 2025 *(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| **ASSETS:** |  |  |  |  |
| Investments in securities, at value\* <br>(see accompanying Schedule of <br> Investments)<br>| $658193421 | &nbsp;&nbsp; $251017992 | &nbsp;&nbsp; $375553469 | &nbsp;&nbsp; $215193752 |
| Cash | 231 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 487 |
| Cash - foreign currencies\*\* | – | &nbsp;&nbsp; – | &nbsp;&nbsp; 68164 | &nbsp;&nbsp; 51706 |
| Receivables: |  |  |  |  |
| Capital stock sold | – | &nbsp;&nbsp; – | &nbsp;&nbsp; 4638365 | &nbsp;&nbsp; – |
| Dividends and interest | 555096 | &nbsp;&nbsp; 1158758 | &nbsp;&nbsp; 1097791 | &nbsp;&nbsp; 1064404 |
| Investment securities sold | – | &nbsp;&nbsp; 2014547 | &nbsp;&nbsp; 100734 | &nbsp;&nbsp; – |
| Prepaid expenses | 7776 | &nbsp;&nbsp; 3198 | &nbsp;&nbsp; 4550 | &nbsp;&nbsp; 2671 |
| **Total assets** | **658756524** | &nbsp;&nbsp; **254194948** | &nbsp;&nbsp; **381463532** | &nbsp;&nbsp; **216313020** |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Capital stock redeemed | – | &nbsp;&nbsp; 1931833 | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| Investment securities purchased | 778740 | &nbsp;&nbsp; – | &nbsp;&nbsp; 874304 | &nbsp;&nbsp; – |
| Accrued audit fees | 10659 | &nbsp;&nbsp; 10659 | &nbsp;&nbsp; 10659 | &nbsp;&nbsp; 10659 |
| Accrued accounting, custodian, and <br> transfer agent fees<br>| 35325 | &nbsp;&nbsp; 27063 | &nbsp;&nbsp; 57800 | &nbsp;&nbsp; 54540 |
| Accrued investment advisory fees | 288657 | &nbsp;&nbsp; 113878 | &nbsp;&nbsp; 163919 | &nbsp;&nbsp; 94717 |
| Other accrued expenses | 12919 | &nbsp;&nbsp; 7358 | &nbsp;&nbsp; 9618 | &nbsp;&nbsp; 8016 |
| **Total liabilities** | **1126300** | &nbsp;&nbsp; **2090791** | &nbsp;&nbsp; **1116300** | &nbsp;&nbsp; **167932** |
| **NET ASSETS** | **$657630224** | &nbsp;&nbsp; **$252104157** | &nbsp;&nbsp; **$380347232** | &nbsp;&nbsp; **$216145088** |
| **SHARES OUTSTANDING** | **15675000** | &nbsp;&nbsp; **6525000** | &nbsp;&nbsp; **10250000** | &nbsp;&nbsp; **9400000** |
| **NET ASSET VALUE**, per share <br>(Net assets ÷ Shares outstanding)<br>| **$41.95** | &nbsp;&nbsp; **$38.64** | &nbsp;&nbsp; **$37.11** | &nbsp;&nbsp; **$22.99** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | $474080033 | &nbsp;&nbsp; $178238624 | &nbsp;&nbsp; $306439790 | &nbsp;&nbsp; $212604180 |
| Distributable earnings | 183550191 | &nbsp;&nbsp; 73865533 | &nbsp;&nbsp; 73907442 | &nbsp;&nbsp; 3540908 |
| **Net Assets** | **$657630224** | &nbsp;&nbsp; **$252104157** | &nbsp;&nbsp; **$380347232** | &nbsp;&nbsp; **$216145088** |
| \*Including: |  |  |  |  |
| Cost of investments | $484460833 | &nbsp;&nbsp; $180880754 | &nbsp;&nbsp; $309716808 | &nbsp;&nbsp; $187682215 |
| \*\*Cost of cash - foreign currencies | – | &nbsp;&nbsp; – | &nbsp;&nbsp; 68164 | &nbsp;&nbsp; 51706 |

---

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Operations** 

**For the six months ended April 30, 2025 *(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| **Income:** |  |  |  |  |
| Dividends\* | $4372395 | &nbsp;&nbsp; $3996938 | &nbsp;&nbsp; $3441574 | &nbsp;&nbsp; $3137684 |
| Interest | 808976 | &nbsp;&nbsp; 152265 | &nbsp;&nbsp; 105635 | &nbsp;&nbsp; 75203 |
| Foreign withholding tax refunds | – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 83475 |
| **Total income** | **5181371** | &nbsp;&nbsp; **4149203** | &nbsp;&nbsp; **3547209** | &nbsp;&nbsp; **3296362** |
| **Expenses:** |  |  |  |  |
| Investment advisory fees (Note 3) | 1692078 | &nbsp;&nbsp; 676120 | &nbsp;&nbsp; 958647 | &nbsp;&nbsp; 564811 |
| Accounting, custodian, and <br>transfer agent fees<br>| 54656 | &nbsp;&nbsp; 40859 | &nbsp;&nbsp; 78265 | &nbsp;&nbsp; 75285 |
| Audit fees | 10659 | &nbsp;&nbsp; 10659 | &nbsp;&nbsp; 10659 | &nbsp;&nbsp; 10659 |
| Legal fees | 11922 | &nbsp;&nbsp; 4718 | &nbsp;&nbsp; 6904 | &nbsp;&nbsp; 4100 |
| Reports to shareholders | 9828 | &nbsp;&nbsp; 5218 | &nbsp;&nbsp; 6451 | &nbsp;&nbsp; 3576 |
| Professional services fees | – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 30729 |
| Trustees' fees and expenses | 20366 | &nbsp;&nbsp; 9122 | &nbsp;&nbsp; 12292 | &nbsp;&nbsp; 7947 |
| Registration and filing fees | 3099 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 526 |
| Miscellaneous | 14333 | &nbsp;&nbsp; 11122 | &nbsp;&nbsp; 12828 | &nbsp;&nbsp; 11211 |
| **Total expenses** | **1816941** | &nbsp;&nbsp; **758457** | &nbsp;&nbsp; **1087055** | &nbsp;&nbsp; **708844** |
| Reimbursement/waiver of expenses by <br> Adviser (Note 3)<br>| – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; (25755)<br>|
| **Net expenses** | **1816941** | &nbsp;&nbsp; **758457** | &nbsp;&nbsp; **1087055** | &nbsp;&nbsp; **683089** |
| **Net investment income** | **3364430** | &nbsp;&nbsp; **3390746** | &nbsp;&nbsp; **2460154** | &nbsp;&nbsp; **2613273** |
| **REALIZED AND UNREALIZED** <br> **GAIN (LOSS) ON INVESTMENTS** <br>**AND FOREIGN CURRENCY** <br> **TRANSACTIONS:**<br>|  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investment transactions | 44226 | &nbsp;&nbsp; (1254472)<br>| &nbsp;&nbsp; 11556441 | &nbsp;&nbsp; 1298133 |
| In-kind redemptions | 7513711 | &nbsp;&nbsp; 2717902 | &nbsp;&nbsp; – | &nbsp;&nbsp; 1728747 |
| Foreign currency transactions | (744)<br>| &nbsp;&nbsp; 7131 | &nbsp;&nbsp; (3640)<br>| &nbsp;&nbsp; (12105)<br>|
| **Net realized gain** | **7557193** | &nbsp;&nbsp; **1470561** | &nbsp;&nbsp; **11552801** | &nbsp;&nbsp; **3014775** |
| Net increase (decrease) in unrealized <br> appreciation<br>| (4108217)<br>| &nbsp;&nbsp; 5314606 | &nbsp;&nbsp; (14868301)<br>| &nbsp;&nbsp; (9042050)<br>|
| **Net realized and unrealized** <br> **gain (loss) on investments and** <br> **foreign currency transactions**<br>| **3448976** | &nbsp;&nbsp; **6785167** | &nbsp;&nbsp; **(3315500)**<br>| &nbsp;&nbsp; **(6027275)**<br>|
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| **$6813406** | &nbsp;&nbsp; **$10175913** | &nbsp;&nbsp; **$(855346)**<br>| &nbsp;&nbsp; **$(3414002)**<br>|
| \*Net of foreign taxes withheld of | $68374 | &nbsp;&nbsp; $302168 | &nbsp;&nbsp; $401893 | &nbsp;&nbsp; $418095 |

---

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Changes in Net Assets**

**For the six months ended April 30, 2025 *(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income | $3364430 | &nbsp;&nbsp; $3390746 | &nbsp;&nbsp; $2460154 | &nbsp;&nbsp; $2613273 |
| Net realized gain from investments, <br> in-kind redemptions, and foreign <br> currency transactions<br>| 7557193 | &nbsp;&nbsp; 1470561 | &nbsp;&nbsp; 11552801 | &nbsp;&nbsp; 3014775 |
| Net increase (decrease) in unrealized <br> appreciation on investments and <br> foreign currency transactions<br>| (4108217)<br>| &nbsp;&nbsp; 5314606 | &nbsp;&nbsp; (14868301)<br>| &nbsp;&nbsp; (9042050)<br>|
| **Net increase (decrease) in net** <br> **assets resulting from operations**<br>| **6813406** | &nbsp;&nbsp; **10175913** | &nbsp;&nbsp; **(855346)**<br>| &nbsp;&nbsp; **(3414002)**<br>|
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS:**<br>| **(4952820)**<br>| &nbsp;&nbsp; **(5203750)**<br>| &nbsp;&nbsp; **(4804800)**<br>| &nbsp;&nbsp; **(4743000)**<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |  |  |
| Proceeds from shares sold | 126839327 | &nbsp;&nbsp; 30635363 | &nbsp;&nbsp; 43819980 | &nbsp;&nbsp; 25822905 |
| Cost of shares redeemed | (13195466)<br>| &nbsp;&nbsp; (7323682)<br>| &nbsp;&nbsp; – | &nbsp;&nbsp; (6652070)<br>|
| **Net increase in net assets** <br> **resulting from capital share** <br> **transactions**<br>| **113643861** | &nbsp;&nbsp; **23311681** | &nbsp;&nbsp; **43819980** | &nbsp;&nbsp; **19170835** |
| **Total increase in net assets** | **115504447** | &nbsp;&nbsp; **28283844** | &nbsp;&nbsp; **38159834** | &nbsp;&nbsp; **11013833** |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 542125777 | &nbsp;&nbsp; 223820313 | &nbsp;&nbsp; 342187398 | &nbsp;&nbsp; 205131255 |
| **End of period** | **$657630224** | &nbsp;&nbsp; **$252104157** | &nbsp;&nbsp; **$380347232** | &nbsp;&nbsp; **$216145088** |
| **CHANGES IN SHARES** <br> **OUTSTANDING:**<br>|  |  |  |  |
| Shares outstanding, beginning of <br> period<br>| 13050000 | &nbsp;&nbsp; 5950000 | &nbsp;&nbsp; 9050000 | &nbsp;&nbsp; 8600000 |
| Shares sold | 2925000 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1100000 |
| Shares redeemed | (300000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; – | &nbsp;&nbsp; (300000)<br>|
| **Shares outstanding, end of** <br> **period**<br>| **15675000** | &nbsp;&nbsp; **6525000** | &nbsp;&nbsp; **10250000** | &nbsp;&nbsp; **9400000** |

---

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Changes in Net Assets**

**For the year ended October 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income | $4098825 | &nbsp;&nbsp; $4081572 | &nbsp;&nbsp; $4591329 | &nbsp;&nbsp; $4144809 |
| Net realized gain from investments, <br> in-kind redemptions, and foreign <br> currency transactions<br>| 26993269 | &nbsp;&nbsp; 5009633 | &nbsp;&nbsp; 25853204 | &nbsp;&nbsp; 5500154 |
| Net change in unrealized appreciation <br> (depreciation) on investments and <br> foreign currency transactions<br>| 105891783 | &nbsp;&nbsp; 62875671 | &nbsp;&nbsp; 74018326 | &nbsp;&nbsp; 52897063 |
| **Net increase in net assets** <br> **resulting from operations**<br>| **136983877** | &nbsp;&nbsp; **71966876** | &nbsp;&nbsp; **104462859** | &nbsp;&nbsp; **62542026** |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS:**<br>| **(13686150)**<br>| &nbsp;&nbsp; **(4293180)**<br>| &nbsp;&nbsp; **(3285150)**<br>| &nbsp;&nbsp; **(2770200)**<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |  |  |
| Proceeds from shares sold | 118754653 | &nbsp;&nbsp; 16964141 | &nbsp;&nbsp; 9208925 | &nbsp;&nbsp; 4336471 |
| Cost of shares redeemed | (50047025)<br>| &nbsp;&nbsp; (14946514)<br>| &nbsp;&nbsp; (9531073)<br>| &nbsp;&nbsp; (3673385)<br>|
| **Net increase (decrease) in net** <br> **assets resulting from capital** <br> **share transactions**<br>| **68707628** | &nbsp;&nbsp; **2017627** | &nbsp;&nbsp; **(322148)**<br>| &nbsp;&nbsp; **663086** |
| **Total increase in net assets** | **192005355** | &nbsp;&nbsp; **69691323** | &nbsp;&nbsp; **100855561** | &nbsp;&nbsp; **60434912** |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year | 350120422 | &nbsp;&nbsp; 154128990 | &nbsp;&nbsp; 241331837 | &nbsp;&nbsp; 144696343 |
| **End of year** | **$542125777** | &nbsp;&nbsp; **$223820313** | &nbsp;&nbsp; **$342187398** | &nbsp;&nbsp; **$205131255** |
| **CHANGES IN SHARES** <br> **OUTSTANDING:**<br>|  |  |  |  |
| Shares outstanding, beginning of year | 11250000 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp; 9050000 | &nbsp;&nbsp; 8550000 |
| Shares sold | 3050000 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 250000 |
| Shares redeemed | (1250000)<br>| &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp; (200000)<br>|
| **Shares outstanding, end of year** | **13050000** | &nbsp;&nbsp; **5950000** | &nbsp;&nbsp; **9050000** | &nbsp;&nbsp; **8600000** |

---

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Notes to Financial Statements**

**April 30, 2025 *(Unaudited)***

**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Davis Fundamental ETF Trust (the "Trust") was organized on March 18, 2016 as a Delaware business trust and is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end management investment company. The Trust follows the reporting guidance of the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification Topic 946, Financial Services – Investment Companies*. The Trust consists of four series of funds: Davis Select U.S. Equity ETF, Davis Select Financial ETF, Davis Select Worldwide ETF, and Davis Select International ETF (individually referred to as a "Fund" or collectively as the "Funds"). Each series of the Trust represents shares of beneficial interest in a separate portfolio of securities and other assets, with its own objective and policies. Davis Select U.S. Equity ETF and Davis Select Financial ETF are non-diversified and Davis Select Worldwide ETF and Davis Select International ETF are diversified under the 1940 Act. Each Fund is an actively managed exchange-traded fund ("ETF").

**Davis Select U.S. Equity ETF** seeks to achieve long-term capital growth and capital preservation. It invests primarily in common stocks of large companies (generally, companies with market capitalizations of $10 billion or more at the time of initial purchase).

**Davis Select Financial ETF** seeks to achieve long-term growth of capital. It invests at least 80% of the Fund's net assets in securities issued by companies principally engaged in the financial services sector.

**Davis Select Worldwide ETF** seeks to achieve long-term growth of capital. It invests principally in common stocks issued by both United States and foreign companies, including countries with developed or emerging markets.

**Davis Select International ETF** seeks to achieve long-term growth of capital. It invests principally in common stocks issued by foreign companies, including countries with developed or emerging markets.

Because of the risk inherent in any investment program, the Trust cannot ensure that the investment objective of its series will be achieved. The Funds account separately for the assets, liabilities, and operations of each Fund. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

***Security Valuation*** - The Funds' Board of Trustees has designated Davis Selected Advisers, L.P. ("Davis Advisors" or "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 and of sufficient credit quality are valued at amortized cost, which approximates fair value.

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Notes to Financial Statements - (Continued)**

**April 30, 2025 *(Unaudited)***

**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)**

***Security Valuation - (Continued)***

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.

The following is a summary of the inputs used as of April 30, 2025 in valuing each Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities at Value** | **Investments in Securities at Value** | **Investments in Securities at Value** | **Investments in Securities at Value** |
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| Valuation Inputs |  |  |  |  |
| **Level 1 – Quoted Prices:** |  |  |  |  |
| Common Stock: |  |  |  |  |
| Communication Services | $74384656 | $– | $42793757 | $13560162 |
| Consumer Discretionary | 89222294 | 3059515 | 104073264 | 73928815 |
| Consumer Staples | 18430729 | – | 7811407 | – |
| Energy | 38768066 | – | 14464922 | 7777671 |
| Financials | 239926832 | 245796477 | 112967986 | 63736514 |
| Health Care | 124933921 | – | 36102445 | – |
| Industrials | 18200871 | – | 18651619 | 18571033 |
| Information Technology | 37163858 | – | 26134433 | 14792845 |
| Materials | 6920194 | – | 6694636 | 10918565 |
| Real Estate | – | – | – | 8594147 |
| **Total Level 1** | **647951421** | **248855992** | **369694469** | **211879752** |
| **Level 2 – Other Significant Observable Inputs:** |  |  |  |  |
| Short-Term Investments | 10242000 | 2162000 | 5859000 | 3314000 |
| **Total Level 2** | **10242000** | **2162000** | **5859000** | **3314000** |
| **Level 3 – Significant Unobservable Inputs:** |  |  |  |  |
| **Total Level 3** | **–** | **–** | **–** | **–** |
| **Total Investments** | **$658193421** | **$251017992** | **$375553469** | **$215193752** |

---

***Repurchase Agreements*** - Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund's repurchase agreements are secured by U.S. government or agency securities. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.

***Currency Translation*** - The fair values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to United States Dollar ("USD") on the date of valuation using exchange rates determined as of the close of trading on the Exchange. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Notes to Financial Statements - (Continued)**

**April 30, 2025 *(Unaudited)***

**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)**

***Foreign Currency*** - The Funds may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in fair value relative to USD. Forward currency contracts are marked-to-market daily and the change in fair value is recorded by the Funds as an unrealized gain or loss. When the forward currency contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Funds to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract. During the six months ended April 30, 2025, there were no forward currency contracts entered into by the Funds.

Reported net realized foreign exchange gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books, and the USD equivalent of the amounts actually received or paid. The Funds include foreign currency gains and losses realized on the sales of investments together with market gains and losses on such investments in the Statements of Operations. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities resulting from changes in the exchange rate and are included within net unrealized appreciation or depreciation in the Statements of Operations.

***Federal Income Taxes*** - It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and concluded that as of April 30, 2025, no provision for income tax is required in the Funds' financial statements related to these tax positions. The Funds' federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state Department of Revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2021.

Capital losses will be carried forward to future years if not offset by gains. At October 31, 2024, the Funds had available for federal income tax purposes unused capital loss carryforwards with no expiration as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| **Character** |  |  |
| Short-term | $4230431 | $18402034 |
| Long-term | – | 8516165 |
| Total | $4230431 | $26918199 |

---

Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains, and transactions for the foreign jurisdictions in which they invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes.

At April 30, 2025, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| Cost | $484496471 | $181323776 | $310994285 | $189882411 |
| Unrealized appreciation | 200536323 | 74895106 | 86809831 | 37541590 |
| Unrealized depreciation | (26839373)<br>| (5200890)<br>| (22250647)<br>| (12230249)<br>|
| Net unrealized appreciation | $173696950 | $69694216 | $64559184 | $25311341 |

---

***Federal Withholding Taxes*** - The Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Funds will record a receivable for such tax refunds based on several

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Notes to Financial Statements - (Continued)**

**April 30, 2025 *(Unaudited)***

**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)**

***Federal Withholding Taxes - (Continued)***

factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be included under dividends and interest on the Statements of Assets and Liabilities. There is no guarantee that the Funds will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as foreign withholding tax refunds in the Statements of Operations. The Funds may incur fees paid to third party providers that assist in the recovery of the tax refunds. These fees are reflected on the Statements of Operations as professional services fees, if any.

***Securities Transactions and Related Investment Income*** - Securities transactions are accounted for on the trade date (date the order to buy or sell is executed) with realized gain or loss on the sale of securities being determined based upon identified cost. Dividend income is recorded on the ex-dividend date. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned.

***Dividends and Distributions to Shareholders*** - Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments [collectively "Distributable earnings (losses)"] may differ for financial statement and tax purposes primarily due to permanent and temporary differences which may include wash sales, foreign currency transactions, corporate actions, in-kind transactions, and passive foreign investment company shares. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Funds. The Funds adjust certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules.

***Indemnification*** - Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, some of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

***Use of Estimates in Financial Statements*** - In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

***Operating Segments*** - In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Principal Executive Officer of the Funds acts as the CODM. Since their commencement, each Fund operates as a single segment. The CODM monitors the operating results of the Funds, as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information, in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, which is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Notes to Financial Statements - (Continued)**

**April 30, 2025 *(Unaudited)***

**NOTE 2 - PURCHASES AND SALES OF SECURITIES**

The cost of purchases and proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) during the six months ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| Cost of purchases | $133726711 | $11482586 | $76715169 | $45114561 |
| Proceeds from sales | 16950013 | 1331060 | 45371277 | 29846206 |

---

The cost of in-kind purchases and proceeds from in-kind redemptions of investment securities during the six months ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select U.S.** <br>**Equity ETF**<br>| **Davis Select** <br>**Financial ETF**<br>| **Davis Select** <br>**Worldwide ETF**<br>| **Davis Select** <br>**International ETF**<br>|
| Cost of in-kind purchases | $16497339 | $21061506 | $– | $5618154 |
| Proceeds from in-kind redemptions | 11757208 | 6322879 | – | 4718101 |

---

Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.

**NOTE 3 - INVESTMENT ADVISORY AND OTHER AGREEMENTS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES)** 

Davis Selected Advisers-NY, Inc. ("DSA-NY"), a wholly-owned subsidiary of the Adviser, acts as sub-adviser to the Funds. DSA-NY performs research and portfolio management services for the Funds under a Sub-Advisory Agreement with the Adviser. The Funds pay no fees directly to DSA-NY.

All officers of the Funds (including the Interested Trustee/Chairman) hold positions as executive officers with the Adviser or its affiliates.

As of April 30, 2025, related shareholders held greater than 20% of outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Davis Select** <br> **U.S. Equity ETF**<br>| **Davis Select Financial** <br> **ETF**<br>| **Davis Select** <br> **International ETF**<br>|
| 22% | 33% | 41% |

---

Investment activities of this shareholder could have a material impact on the Funds.

***Investment Advisory Fees and Reimbursement/Waiver of Expenses*** - Advisory fees are paid monthly to the Adviser and amounts due from Adviser, if applicable, will be generally paid in the month after finalization of the financial statements. The annual rate for each Fund is 0.55% of the average net assets. The Adviser is contractually committed to waive fees and/or reimburse the Funds' expenses to the extent necessary to cap total annual fund operating expenses (Davis Select U.S. Equity ETF, 0.65%; Davis Select Financial ETF, 0.65%; Davis Select Worldwide ETF, 0.65%; Davis Select International ETF, 0.75%). The Adviser is obligated to continue the expense cap through March 1, 2026. The expense cap cannot be modified prior to this date without the consent of the Board of Trustees. After that date, there is no assurance that the Adviser will continue to cap expenses. Effective February 1, 2024, the Adviser voluntarily waived 0.05% of the average net assets (5 basis points) of Davis Select International ETF Advisory fees for a 12-month period. For purposes of the expense cap, operating expenses do not include foreign tax reclaim filing expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Funds. During the six months ended April 30, 2025, such voluntary waivers for Davis Select International ETF amounted to $25,755.

***Accounting, Custodian, and Transfer Agent Fees*** - State Street Bank and Trust Company serves as the Funds' primary accounting provider, custodian, and transfer agent.

***Distributor*** - Foreside Fund Services, LLC ("Distributor") serves as the Funds' distributor. The Funds pay no fees directly to the Distributor.

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Notes to Financial Statements - (Continued)**

**April 30, 2025 *(Unaudited)***

**NOTE 4 - CAPITAL STOCK**

As of April 30, 2025, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Individual shares of a Fund are listed on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer. The price of Fund shares is based on the market price, and because ETF shares trade at a market price rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Funds will only issue or redeem shares that have been aggregated into blocks of 25,000 shares (effective March 10, 2025; this figure was 50,000 shares through March 9, 2025) or multiples thereof ("Creation Units") to broker-dealers that have entered into a participation agreement with the Distributor ("Authorized Participants"). The Funds generally will issue or redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) the Fund specifies each day. Authorized Participants purchasing and redeeming Creation Units may be charged a transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**DAVIS FUNDAMENTAL ETF TRUST**

The following financial information represents selected data for each share of capital stock outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations | Income (Loss) from Investment Operations |
|  | &nbsp;&nbsp; Net Asset Value, <br>Beginning of <br>Period<br>| &nbsp;&nbsp; Net Investment <br>Income<sup>a</sup> <br>| &nbsp;&nbsp; Net Realized and <br>Unrealized Gains <br>(Losses)<br>| &nbsp;&nbsp; <br>Total from <br>Investment <br>Operations<br>|
| **Davis Select U.S. Equity ETF:** |  |  |  |  |
| Six months ended April 30, 2025<sup>e</sup> <br>| $41.54 | $0.23 | $0.54 | $0.77 |
| Year ended October 31, 2024 | $31.12 | $0.33 | $11.28 | $11.61 |
| Year ended October 31, 2023 | $26.46 | $0.39 | $4.60 | $4.99 |
| Year ended October 31, 2022 | $35.03 | $0.31 | $(8.50) | $(8.19) |
| Year ended October 31, 2021 | $25.29 | $0.17 | $9.72 | $9.89 |
| Year ended October 31, 2020 | $24.59 | $0.15 | $0.84 | $0.99 |
| **Davis Select Financial ETF:** |  |  |  |  |
| Six months ended April 30, 2025<sup>e</sup> <br>| $37.62 | $0.53 | $1.32 | $1.85 |
| Year ended October 31, 2024 | $26.12 | $0.70 | $11.51 | $12.21 |
| Year ended October 31, 2023 | $27.29 | $0.61 | $(0.87) | $(0.26) |
| Year ended October 31, 2022 | $32.03 | $0.51 | $(4.56) | $(4.05) |
| Year ended October 31, 2021 | $19.31 | $0.39 | $12.68 | $13.07 |
| Year ended October 31, 2020 | $24.34 | $0.35 | $(4.74) | $(4.39) |
| **Davis Select Worldwide ETF:** |  |  |  |  |
| Six months ended April 30, 2025<sup>e</sup> <br>| $37.81 | $0.26 | $(0.43) | $(0.17) |
| Year ended October 31, 2024 | $26.67 | $0.50 | $11.00 | $11.50 |
| Year ended October 31, 2023 | $22.03 | $0.36 | $4.47 | $4.83 |
| Year ended October 31, 2022 | $31.04 | $0.28 | $(8.99) | $(8.71) |
| Year ended October 31, 2021 | $26.32 | $0.17 | $4.63 | $4.80 |
| Year ended October 31, 2020 | $23.58 | $0.07 | $3.24 | $3.31 |
| **Davis Select International ETF:** |  |  |  |  |
| Six months ended April 30, 2025<sup>e</sup> <br>| $23.85 | $0.29 | $(0.64) | $(0.35) |
| Year ended October 31, 2024 | $16.92 | $0.48 | $6.77 | $7.25 |
| Year ended October 31, 2023 | $14.44 | $0.32 | $2.23 | $2.55 |
| Year ended October 31, 2022 | $20.53 | $0.26 | $(5.93) | $(5.67) |
| Year ended October 31, 2021 | $20.62 | $0.24 | $(0.27) | $(0.03) |
| Year ended October 31, 2020 | $17.93 | $0.05 | $3.13 | $3.18 |

---

---

| | |
|:---|:---|
| a | Per share calculations were based on average shares outstanding for the period. |
| b | &nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, with all dividends and <br> distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal <br> period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, with all dividends <br> and distributions reinvested in additional shares on the reinvestment date, and sale at the market price calculated on the last business day of <br> the fiscal period. Market price is determined by trading that occurs on the Cboe Global Markets, Inc., and may be greater or less than net asset value, <br> depending on the 4:00 P.M. EST official closing price of the Fund. Until December 2020, market price was determined using the midpoint of the bid-ask <br> prices. Total returns are not annualized for periods of less than one year. <br>|
| c | The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.  |

---

------

**Financial Highlights**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividends and Distributions | Dividends and Distributions | Dividends and Distributions |  |  |  |  |  | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets |  |
| &nbsp;&nbsp; Dividends <br>from Net <br>Investment <br>Income<br>| Distributions <br>from <br>Realized <br>Gains<br>| Total <br>Distributions<br>| Net Asset <br>Value, End <br>of Period<br>| Total <br>Return Net <br>Asset <br>Value<sup>b</sup> <br>| Market <br>Price, End <br>of Period<br>| Total <br>Return <br>Market <br>Price<sup>b</sup> <br>| Net Assets, <br>End of Period <br>(in <br>thousands)<br>| Gross <br>Expense <br>Ratio<br>| Net Expense <br>Ratio<sup>c</sup> <br>| Net <br>Investment <br>Income <br>Ratio<br>| Portfolio <br>Turnover<sup>d</sup> <br>|
| $(0.32) | $(0.04) | $(0.36) | $41.95 | 1.85% | $41.92 | 1.50% | $657630 | 0.59%<sup>f</sup> <br>| 0.59%<sup>f</sup> <br>| 1.09%<sup>f</sup> <br>| 3% |
| $(0.38) | $(0.81) | $(1.19) | $41.54 | 37.99% | $41.65 | 38.40% | $542126 | 0.59% | 0.59% | 0.86% | 9% |
| $(0.32) | $(0.01) | $(0.33) | $31.12 | 19.06% | $31.11 | 18.88% | $350120 | 0.61% | 0.61% | 1.28% | 18% |
| $(0.18) | $(0.20) | $(0.38) | $26.46 | (23.61)% | $26.49 | (23.54)% | $318857 | 0.61% | 0.61% | 0.99% | 12% |
| $(0.15) | $– | $(0.15) | $35.03 | 39.19% | $35.03 | 39.41% | $395803 | 0.61% | 0.61% | 0.51% | 24% |
| $(0.29) | $– | $(0.29) | $25.29 | 4.02% | $25.29 | 4.00% | $268119 | 0.62% | 0.62% | 0.62% | 16% |
| $(0.69) | $(0.14) | $(0.83) | $38.64 | 4.95% | $38.56 | 4.32% | $252104 | 0.62%<sup>f</sup> <br>| 0.62%<sup>f</sup> <br>| 2.76%<sup>f</sup> <br>| 1% |
| $(0.62) | $(0.09) | $(0.71) | $37.62 | 47.35% | $37.76 | 48.33% | $223820 | 0.63% | 0.63% | 2.12% | 1% |
| $(0.59) | $(0.32) | $(0.91) | $26.12 | (1.02)% | $26.05 | (1.39)% | $154129 | 0.64% | 0.64% | 2.23% | 7% |
| $(0.40) | $(0.29) | $(0.69) | $27.29 | (12.89)% | $27.32 | (12.91)% | $173281 | 0.63% | 0.63% | 1.77% | 7% |
| $(0.35) | $– | $(0.35) | $32.03 | 68.35% | $32.07 | 68.71% | $229013 | 0.62% | 0.62% | 1.40% | 10% |
| $(0.36) | $(0.28) | $(0.64) | $19.31 | (18.70)% | $19.32 | (18.68)% | $125496 | 0.64% | 0.64% | 1.66% | 20% |
| $(0.53) | $– | $(0.53) | $37.11 | (0.44)% | $37.28 | (0.15)% | $380347 | 0.62%<sup>f</sup> <br>| 0.62%<sup>f</sup> <br>| 1.41%<sup>f</sup> <br>| 13% |
| $(0.36) | $– | $(0.36) | $37.81 | 43.54% | $37.88 | 43.89% | $342187 | 0.63% | 0.63% | 1.55% | 34% |
| $(0.19) | $– | $(0.19) | $26.67 | 21.94% | $26.65 | 21.72% | $241332 | 0.63% | 0.63% | 1.34% | 15% |
| $(0.30) | $– | $(0.30) | $22.03 | (28.27)% | $22.06 | (28.03)% | $207118 | 0.63% | 0.63% | 1.06% | 17% |
| $(0.08) | $– | $(0.08) | $31.04 | 18.22% | $30.97 | 18.00% | $384858 | 0.62% | 0.62% | 0.53% | 32% |
| $(0.57) | $– | $(0.57) | $26.32 | 14.14% | $26.34 | 14.14% | $284254 | 0.63% | 0.63% | 0.29% | 28% |
| $(0.51) | $– | $(0.51) | $22.99 | (1.37)% | $22.95 | (1.67)% | $216145 | 0.69%<sup>f</sup> <br>| 0.67%<sup>f</sup> <br>| 2.54%<sup>f</sup> <br>| 15% |
| $(0.32) | $– | $(0.32) | $23.85 | 43.44% | $23.88 | 43.13% | $205131 | 0.66% | 0.62% | 2.42% | 26% |
| $(0.07) | $– | $(0.07) | $16.92 | 17.60% | $16.98 | 18.11% | $144696 | 0.66% | 0.66% | 1.75% | 13% |
| $(0.42) | $– | $(0.42) | $14.44 | (28.12)% | $14.43 | (28.00)% | $116999 | 0.66% | 0.66% | 1.45% | 14% |
| $(0.06) | $– | $(0.06) | $20.53 | (0.16)% | $20.48 | (0.41)% | $258709 | 0.64% | 0.64% | 1.05% | 11% |
| $(0.49) | $– | $(0.49) | $20.62 | 17.94% | $20.66 | 17.86% | $236133 | 0.65% | 0.65% | 0.28% | 34% |

---

---

| | |
|:---|:---|
| d | &nbsp;&nbsp;&nbsp; The lesser of purchases or sales of portfolio securities for a period, divided by the average of the fair value of portfolio securities owned during the period. <br> Securities received or delivered from in-kind purchases or redemptions are excluded from the calculation.<br>|
| e | Unaudited. |
| f | Annualized. |

---

***See Notes to Financial Statements***

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not Applicable.

------

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not Applicable.

------

**ITEM 10. REMUNERATION PAID TO TRUSTEES, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Remuneration paid is included in the Statements of Operations on Item 7 of this Form N-CSR.

------

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

There have been no changes to the procedure by which shareholders may recommend nominees to the Registrant's Board of Trustees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 16. CONTROLS AND PROCEDURES**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), that such controls and procedures are effective as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not Applicable.

------

**ITEM 19. EXHIBITS**

(a)(1) Not Applicable.

(a)(2) Certifications pursuant to [Section 302](ETF_cert302.htm) of the Sarbanes-Oxley Act of 2002 are attached.

(b) Certifications pursuant to [Section 906](ETF_cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| DAVIS FUNDAMENTAL ETF TRUST | DAVIS FUNDAMENTAL ETF TRUST |
| By | /s/ Kenneth C. Eich<br>Kenneth C. Eich<br>Principal Executive Officer |
| Date: | June 25, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Kenneth C. Eich<br>Kenneth C. Eich<br>Principal Executive Officer |
| Date: | June 25, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Douglas A. Haines<br>Douglas A. Haines<br>Principal Financial Officer and Principal Accounting Officer |
| Date: | June 25, 2025 |

---

------

## Ex-99.Cert

DAVIS FUNDAMENTAL ETF TRUST

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(520) 434-3793

RULE 30A-2(A) CERTIFICATION

I, Kenneth C. Eich, certify that:

1. I have reviewed this report on Form N-CSR of Davis Fundamental ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

---

| |
|:---|
| /s/ Kenneth C. Eich  |
| Kenneth C. Eich  |
| Principal Executive Officer  |
| Date: June 25, 2025  |

---

------

DAVIS FUNDAMENTAL ETF TRUST

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(520) 434-3793

RULE 30A-2(A) CERTIFICATION

I, Douglas A. Haines, certify that:

1. I have reviewed this report on Form N-CSR of Davis Fundamental ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

---

| |
|:---|
| /s/ Douglas A. Haines  |
| Douglas A. Haines  |
| Principal Financial Officer and Principal Accounting Officer  |
| Date: June 25, 2025  |

---

------

## Exhibit 99.906

DAVIS FUNDAMENTAL ETF TRUST

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(520) 434-3793

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KENNETH C. EICH, Principal Executive Officer, and DOUGLAS A. HAINES, Principal Financial Officer and Principal Accounting Officer of Davis Fundamental ETF Trust (the "Registrant"), each certify to the best of his or her knowledge that:

(1) The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer  | Principal Financial Officer and Principal Accounting Officer  |
| Davis Fundamental ETF Trust  | Davis Fundamental ETF Trust  |
| /s/ Kenneth C. Eich  | /s/ Douglas A. Haines  |
| Kenneth C. Eich  | Douglas A. Haines  |
| Principal Executive Officer  | Principal Financial Officer and Principal Accounting Officer  |
| Date: June 25, 2025  | Date: June 25, 2025  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Davis Fundamental ETF Trust and will be retained by Davis Fundamental ETF Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

------