# EDGAR Filing Document

**Accession Number:** 0001670310
**File Stem:** 0001193125-25-336168
**Filing Date:** 2025-12
**Character Count:** 157571
**Document Hash:** f329547f8c9b8ca1ca25e7a0c87339d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336168.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336168

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23181
- **FILM NUMBER:** 251611896

**BUSINESS ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756
- **BUSINESS PHONE:** (520)806-7600

**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'? 9154455f-7324-4226-89bc-b7a309081898

#### 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:

#### October 31, 2025
 **ITEM 1. REPORTS TO STOCKHOLDERS**

![TSR ETFs Logo](images_1257.jpg)

### Davis Select U.S. Equity ETF

### DUSA / Cboe Global Markets, Inc.

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Select U.S. Equity ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
*(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 | $64 | 0.59% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results
The Fund underperformed the Standard & Poor's 500 Index ("S&P 500" or the "Index") for the period. The Fund delivered a total return of 16.45%, versus a 21.45% 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 - Information Technology (+38%), Communication Services (+35%), and Consumer Discretionary (+25%)

Weakest performing sectors - Materials (-6%), Real Estate (-2%), and Health Care (flat)

Detractors from Performance

* Information Technology - underperformed the Index sector (+25% vs +38%) and significantly underweight (average weighting 6% vs 32%)

Texas Instruments (-18%)

* Consumer Discretionary - underperformed the Index sector (+11% vs +25%)

MGM Resorts (-13%)

* Energy - underperformed the Index sector (-11% vs +2%) and overweight (average weighting 5% vs 3%)

ConocoPhillips (-16%)

Coterra Energy (-12%) - new purchase during the period

* Overweight in Health Care (average weighting 17% vs 10%) and Financials (average weighting 34% vs 14%)

Cigna Group (-21%) and Viatris (-6%)

* Industrials - significantly underperformed the Index sector (-18% vs +18%)

Owens Corning (-27%) - largest individual detractor

* Individual holdings

Tyson Foods (-9%) and Teck Resources (-7%)

Pinterest (-8%) - new purchase during the period

Contributors to Performance

* Financials - outperformed the Index sector (+25% vs +14%)

Capital One Financial (+37%) - largest individual contributor

Wells Fargo (+37%), Markel Group (+28%), Bank of New York Mellon (+46%), and Berkshire Hathaway (+6%)

* Health Care - outperformed the Index sector (+13% vs flat)

CVS Health (+44%)

* Overweight in stronger performing Communication Services sector - (average weighting 14% vs 10%)

Alphabet (+64%) and Meta Platforms (+15%)

* No exposure to Real Estate sector

* Individual holdings

Applied Materials (+30%) and Amazon.com (+31%)

#### Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund, the S&P 500 Index, and the Russell 1000 Value Index for an investment made at net asset value on January 11, 2017.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_127525.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25** | **1 Year** | **5 Years** | **Since Inception<br>(01/11/17)** |
| **Davis Select U.S. Equity ETF — Net Asset Value (NAV)** | 16.45% | 15.25% | 11.82% |
| **S&P 500 Index** | 21.45% | 17.63% | 15.24% |
| **Russell 1000 Value Index** | 11.15% | 14.27% | 9.49% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or 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 10/31/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$859.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$3.8 |

---

**Top Sectors as of 10/31/25 Net Assets**

---

| | |
|:---|:---|
| Financials | 30.49% |
| Communication Services | 14.24% |
| Health Care | 13.79% |
| Consumer Discretionary | 12.24% |
| Energy | 7.64% |

---

Where can I find more information?

![TSR ETF QR](images_1256.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, 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_1257.jpg)

### Davis Select Financial ETF

### DFNL / Cboe Global Markets, Inc.

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Select Financial ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
*(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 | $67 | 0.61% |

---

#### Management's Discussion of Fund Performance

#### Summary of Results
The Fund outperformed the S&P 500 Financials Index (the "Index") for the period. The Fund delivered a total return of 21.22%, versus a 14.25% return for the Index. The Fund performed in line with the 21.45% 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 - Consumer Finance (+38%), Banks (+33%) and Capital Markets (+19%)

Weakest performing industries - Insurance (-3%) and Financial Services (+3%)

Contributors to Performance

* Significantly overweight in Banks - (average weighting 44% vs 25%)

JPMorgan Chase (+43%), Danske Bank (+67%), DBS Group Holdings (+50%), and Wells Fargo (+37%)

* Insurance - significantly outperformed the Index industry (+13% vs -3%)

Markel Group (+28%) and Loews (+26%)

* Underweight in Financial Services (average weighting 11% vs 32%)

* Overweight in Consumer Finance (average weighting 13% vs 4%)

Capital One Financial (+37%) - largest individual contributor

American Express (+35%)

* Capital Markets - outperformed the Index industry (+31% vs +19%)

Bank of New York Mellon (+46%)

* Non-financial holding

Prosus (+65%)

Detractors from Performance

* Banks - underperformed the Index industry (+25% vs +33%)

M&T Bank (-3%) and Fifth Third Bancorp (-1%)

* Underweight in Capital Markets (average weighting 12% vs 24%)

* Financial Services - underperformed the Index industry (slightly negative vs +3%)

Chime Financial (-36%) and Exor (-10%) - new purchases during the period and two largest individual detractors

* Individual Insurance holdings

Everest Group (-10%), RenaissanceRe Holdings (-3%), and Chubb (-1%)

#### Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund, the S&P 500 Index, and the S&P 500 Financials Index for an investment made at net asset value on January 11, 2017.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_127526.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25** | **1 Year** | **5 Years** | **Since Inception<br>(01/11/17)** |
| **Davis Select Financial ETF — Net Asset Value (NAV)** | 21.22% | 20.98% | 11.76% |
| **S&P 500 Index** | 21.45% | 17.63% | 15.24% |
| **S&P 500 Financials Index** | 14.25% | 19.20% | 11.65% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or 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 10/31/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$303.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &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 millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1.5 |

---

**Top Industries as of 10/31/25 Net Assets**

---

| | |
|:---|:---|
| Banks | 44.41% |
| Insurance | 15.61% |
| Consumer Finance | 14.06% |
| Financial Services | 11.93% |
| Capital Markets | 10.01% |

---

Where can I find more information?

![TSR ETF QR](images_1256.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, 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_1257.jpg)

### Davis Select Worldwide ETF

### DWLD / Cboe Global Markets, Inc.

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Select Worldwide ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
*(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 | $69 | 0.62% |

---

#### 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 21.31%, versus a 22.64% 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 - Information Technology (+39%), Communication Services (+36%), and Financials (+25%)

Weakest performing sectors - Health Care (+1%), Real Estate (+2%), and Consumer Staples (+4%)

Detractors from Performance

* Consumer Discretionary - significantly underperformed the Index sector (+3% vs +22%)

Meituan (-44%), Delivery Hero (-30%), and MGM Resorts (-13%) - three largest individual detractors

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

Delivery Hero - no longer a Fund holding

* Significantly underweight in stronger performing Information Technology sector - (average weighting 7% vs 25%)

Clear Secure (-30%) - no longer a Fund holding

* Energy - underperformed the Index sector (-1% vs +9%)

* China holdings - significantly underperformed the Index China exposure (+1% vs +34%)

* Individual holdings

Tyson Foods (-9%), Teck Resources (-7%), and Solventum (-5%)

Pinterest (-8%) - new purchase during the period

Contributors to Performance

* Information Technology - significantly outperformed the Index sector (+77% vs +39%)

AppLovin (+136%) and Samsung Electronics (+80%) - two largest individual contributors

AppLovin - new purchase during the period

Applied Materials (+30%)

* Financials - outperformed the Index sector (+31% vs +25%) and overweight (average weighting 29% vs 17%)

Danske Bank (+67%), Capital One Financial (+37%), and Ping An Insurance (+23%)

* Health Care - outperformed the Index sector (+15% vs +1%)

CVS Health (+44%)

* Communication Services - outperformed the Index sector (+38% vs +36%) and overweight (average weighting 12% vs 8%)

Alphabet (+64%) and Meta Platforms (+15%)

* Individual holding

Prosus (+65%)

#### Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the MSCI ACWI for an investment made at net asset value on January 11, 2017.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_127527.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25** | **1 Year** | **5 Years** | **Since Inception<br>(01/11/17)** |
| **Davis Select Worldwide ETF — Net Asset Value (NAV)** | 21.31% | 12.47% | 11.01% |
| **MSCI ACWI** | 22.64% | 14.60% | 12.10% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or 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 10/31/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$482.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$2.2 |

---

**Top Sectors as of 10/31/25 Net Assets**

---

| | |
|:---|:---|
| Financials | 25.22% |
| Consumer Discretionary | 24.33% |
| Information Technology | 11.53% |
| Communication Services | 9.86% |
| Health Care | 9.28% |

---

Where can I find more information?

![TSR ETF QR](images_1256.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, 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_1257.jpg)

### Davis Select International ETF

### DINT / Cboe Global Markets, Inc.

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Select International ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
*(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 | $72 | 0.65% |

---

#### 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 21.89%, versus a 24.93% 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 - Information Technology (+43%), Communication Services (+39%), and Financials (+35%)

Weakest performing sectors - Health Care (less than 1%), Consumer Staples (+9%), and Real Estate (+10%)

Detractors from Performance

* Consumer Discretionary - underperformed the Index sector (+3% vs +16%) and overweight (average weighting 36% vs 11%)

Meituan (-44%) and Delivery Hero (-40%) - two largest individual detractors

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

JD.com (-16%)

Misto Holdings (-1%) - formerly Fila Holdings, sold during the period

* Industrials - underperformed the Index sector (+16% vs +31%) and underweight (average weighting 7% vs 14%)

Schneider Electric (-2%) - no longer a Fund holding

* China holdings - significantly underperformed the Index China exposure (-5% vs +34%)

* Individual holdings

KE Holdings (-21%) and Teck Resources (-7%)

Contributors to Performance

* Information Technology - outperformed the Index sector (+69% vs +43%)

Samsung Electronics (+80%) - largest individual contributor

Tokyo Electron (+48%)

* No exposure to Health Care or Consumer Staples, the two weakest performing sectors of the Index, respectively

* Overweight in stronger performing Financials sector - (average weighting 29% vs 25%)

Danske Bank (+67%), DBS Group Holdings (50%), AIA Group (+26%), and Ping An Insurance (+23%)

* Individual holdings

Prosus (+65%), Naspers (+51%), and Sea (+66%)

NetEase (+60%) - new purchase during the period

#### Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the MSCI ACWI ex USA for an investment made at net asset value on March 1, 2018.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_127528.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25** | **1 Year** | **5 Years** | **Since Inception<br>(03/01/18)** |
| **Davis Select International ETF — Net Asset Value (NAV)** | 21.89% | 8.09% | 6.21% |
| **MSCI ACWI ex USA** | 24.93% | 11.18% | 6.72% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or 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 10/31/25 (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$261.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings as of 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the period | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid for the period (Net advisory fee after waiver) (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$1.2 |

---

**Top Sectors as of 10/31/25 Net Assets**

---

| | |
|:---|:---|
| Consumer Discretionary | 33.28% |
| Financials | 24.89% |
| Information Technology | 13.55% |
| Industrials | 13.15% |
| Materials | 5.08% |

---

Where can I find more information?

![TSR ETF QR](images_1256.jpg)

You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, 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**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

No substantive amendments were approved or waivers granted to this code of ethics during the period covered by this report.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR. The Registrant undertakes to provide to any person without charge, upon request, a copy of the code of ethics. Such request can be made by calling 520-806-7600 or to the Secretary of the Registrant, 2949 East Elvira Road, Suite 101, Tucson, Arizona 85756.

------

&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**

The Registrant's Board of Trustees has determined that independent trustee Thomas D. Tays qualifies as the "audit committee financial expert," as defined in Item 3 of Form N-CSR.

------

&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**

(a) Audit Fees The aggregate Audit Fees billed by KPMP LLP ("KPMG") for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended October 31, 2025 and October 31, 2024 were $85,272 and $82,080, respectively.

(b) Audit-Related Fees The aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are reasonably related to the performance of the audit or review of the funds financial statements, but not reported as Audit Fees for fiscal years ended October 31, 2025 and October 31, 2024 were $0 and $0, respectively.

(c) Tax Fees The aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice, and tax planning for the fiscal years ended October 31, 2025 and October 31, 2024 were $30,900 and $29,791, respectively.

Fees included in the Tax Fee category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. These services include preparation of tax returns, tax advice related to mergers, and a review of the fund income and capital gain distributions.

(d) All Other Fees The aggregate Other Fees billed by KPMG for all other non-audit services rendered to the Funds for the fiscal years ended October 31, 2025 and October 31, 2024 were $0 and $0, respectively.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The Funds' Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the Funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Funds' Audit Committee has adopted a policy whereby audit and non-audit services performed by the Funds' independent accountant require pre-approval in advance at regularly scheduled Audit Committee meetings. If such a service is required between regularly scheduled Audit Committee meetings, pre-approval may be authorized by the Audit Committee Chairperson with ratification at the next scheduled audit committee meeting.

(e)(2) No services included in (b) – (d) of this Item 4 were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable.

(g) The Funds' independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended October 31, 2025 and October 31, 2024. The Funds have not paid any fees for non-audit services not previously disclosed in Item 4 (b) – (d).

(h) The Registrant's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that are not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered.

(i) Not Applicable.

(j) 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**

------

![](imga0720ea11.gif)

Davis Select U.S. Equity ETF \| DUSA

Davis Select International ETF \| DINT

Davis Select Worldwide ETF \| DWLD

Davis Select Financial ETF \| DFNL

(portfolios of Davis Fundamental ETF Trust)

October 31, 2025

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_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-105_1)**<br> **[Companies:](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-105_1)**<br>|  |
| [Schedule of Investments:](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-105_1) |  |
| [Davis Select U.S. Equity ETF](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-105_1) | 2 |
| [Davis Select Financial ETF](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-106_1) | 3 |
| [Davis Select Worldwide ETF](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-107_1) | 4 |
| [Davis Select International ETF](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOI-TOC-ScheduleofInvestments-108_1) | 5 |
| [Statements of Assets and Liabilities](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SALC-TOC-StatementofAssetsandLiabilities-106_1) | 6 |
| [Statements of Operations](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOPC-TOC-StatementofOperations-106_1) | 7 |
| [Statements of Changes in Net Assets](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_SOCC-TOC-StatementofChanges-106_1) | 8 |
| [Notes to Financial Statements](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_NTF-TOC-NotestoFinancialStatements-106_1) | 10 |
| [Financial Highlights](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_FIHIPIV-TOC-PivotedFH-106_2) | 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_AUD-TOC-AuditorsReport-106_1) | 19 |
| [Federal Income Tax Information](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_FITI-TOC-FederalIncomeTaxInformation-106_1) | 20 |
| [Trustee Approval of Advisory Agreement](#xx_9831f1e8-3144-4bd6-96e1-6d56f5a63ece_TAAA-TOC_DirectorTrusteeApprovalofAdvisoryAgreement-106_1) | 21 |

---

------

**DAVIS FUNDAMENTAL ETF TRUST**

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

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (93.23%)** | **COMMON STOCK – (93.23%)** | **COMMON STOCK – (93.23%)** |
| **COMMUNICATION SERVICES – (14.24%)** | **COMMUNICATION SERVICES – (14.24%)** | **COMMUNICATION SERVICES – (14.24%)** |
| **Media & Entertainment – (14.24%)** | **Media & Entertainment – (14.24%)** | **Media & Entertainment – (14.24%)** |
| Alphabet Inc., Class C  | 162168 | &nbsp;&nbsp; $45702186 |
| Meta Platforms, Inc., Class A  | 94790 | &nbsp;&nbsp; 61457096 |
| Pinterest, Inc., Class A \* | 462840 | &nbsp;&nbsp; 15320004 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **122479286** |
| **CONSUMER DISCRETIONARY – (12.24%)** | **CONSUMER DISCRETIONARY – (12.24%)** | **CONSUMER DISCRETIONARY – (12.24%)** |
| **Consumer Discretionary Distribution & Retail – (5.24%)** | **Consumer Discretionary Distribution & Retail – (5.24%)** | **Consumer Discretionary Distribution & Retail – (5.24%)** |
| Amazon.com, Inc. \* | 184655 | &nbsp;&nbsp; 45096444 |
| **Consumer Services – (7.00%)** | **Consumer Services – (7.00%)** | **Consumer Services – (7.00%)** |
| MGM Resorts International \* | 1352796 | &nbsp;&nbsp; 43330056 |
| Restaurant Brands International Inc. (Canada)  | 256310 | &nbsp;&nbsp; 16837004 |
|  |  | &nbsp;&nbsp; 60167060 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **105263504** |
| **CONSUMER STAPLES – (4.11%)** | **CONSUMER STAPLES – (4.11%)** | **CONSUMER STAPLES – (4.11%)** |
| **Food, Beverage & Tobacco – (4.11%)** | **Food, Beverage & Tobacco – (4.11%)** | **Food, Beverage & Tobacco – (4.11%)** |
| Tyson Foods, Inc., Class A  | 686696 | &nbsp;&nbsp; 35303041 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **35303041** |
| **ENERGY – (7.64%)** | **ENERGY – (7.64%)** | **ENERGY – (7.64%)** |
| ConocoPhillips  | 136953 | &nbsp;&nbsp; 12169643 |
| Coterra Energy Inc.  | 1681008 | &nbsp;&nbsp; 39772649 |
| Tourmaline Oil Corp. (Canada)  | 312313 | &nbsp;&nbsp; 13736829 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **65679121** |
| **FINANCIALS – (30.49%)** | **FINANCIALS – (30.49%)** | **FINANCIALS – (30.49%)** |
| **Banks – (9.31%)** | **Banks – (9.31%)** | **Banks – (9.31%)** |
| U.S. Bancorp  | 1041316 | &nbsp;&nbsp; 48608631 |
| Wells Fargo & Co.  | 361772 | &nbsp;&nbsp; 31463311 |
|  |  | &nbsp;&nbsp; 80071942 |
| **Financial Services – (16.71%)** | **Financial Services – (16.71%)** | **Financial Services – (16.71%)** |
| **Capital Markets – (2.28%)** | **Capital Markets – (2.28%)** | **Capital Markets – (2.28%)** |
| Bank of New York Mellon Corp.  | 181586 | &nbsp;&nbsp; 19598577 |
| **Consumer Finance – (9.56%)** | **Consumer Finance – (9.56%)** | **Consumer Finance – (9.56%)** |
| Capital One Financial Corp.  | 373665 | &nbsp;&nbsp; 82202563 |
| **Financial Services – (4.87%)** | **Financial Services – (4.87%)** | **Financial Services – (4.87%)** |
| Berkshire Hathaway Inc., Class B \* | 87725 | &nbsp;&nbsp; 41892197 |
|  |  | &nbsp;&nbsp; 143693337 |
| **Insurance – (4.47%)** | **Insurance – (4.47%)** | **Insurance – (4.47%)** |
| **Property & Casualty Insurance – (4.47%)** | **Property & Casualty Insurance – (4.47%)** | **Property & Casualty Insurance – (4.47%)** |
| Markel Group Inc. \* | 19471 | &nbsp;&nbsp; 38446073 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **262211352** |
| **HEALTH CARE – (13.79%)** | **HEALTH CARE – (13.79%)** | **HEALTH CARE – (13.79%)** |
| **Health Care Equipment & Services – (10.73%)** | **Health Care Equipment & Services – (10.73%)** | **Health Care Equipment & Services – (10.73%)** |
| Cigna Group  | 59214 | &nbsp;&nbsp; 14472494 |
| CVS Health Corp.  | 557992 | &nbsp;&nbsp; 43607075 |
| Solventum Corp. \* | 241121 | &nbsp;&nbsp; 16646994 |
| UnitedHealth Group Inc.  | 51410 | &nbsp;&nbsp; 17559599 |
|  |  | &nbsp;&nbsp; 92286162 |

---

---

| | | |
|:---|:---|:---|
|  | **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 – (3.06%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (3.06%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (3.06%)** |
| Viatris Inc.  | 2537461 | &nbsp;&nbsp; $26288096 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **118574258** |
| **INDUSTRIALS – (2.41%)** | **INDUSTRIALS – (2.41%)** | **INDUSTRIALS – (2.41%)** |
| **Capital Goods – (2.41%)** | **Capital Goods – (2.41%)** | **Capital Goods – (2.41%)** |
| AGCO Corp.  | 68228 | &nbsp;&nbsp; 7038401 |
| Owens Corning  | 107449 | &nbsp;&nbsp; 13679332 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **20717733** |
| **INFORMATION TECHNOLOGY – (7.30%)** | **INFORMATION TECHNOLOGY – (7.30%)** | **INFORMATION TECHNOLOGY – (7.30%)** |
| **Semiconductors & Semiconductor Equipment – (7.30%)** | **Semiconductors & Semiconductor Equipment – (7.30%)** | **Semiconductors & Semiconductor Equipment – (7.30%)** |
| Applied Materials, Inc.  | 245304 | &nbsp;&nbsp; 57180363 |
| Texas Instruments Inc.  | 34355 | &nbsp;&nbsp; 5546958 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **62727321** |
| **MATERIALS – (1.01%)** | **MATERIALS – (1.01%)** | **MATERIALS – (1.01%)** |
| Teck Resources Ltd., Class B (Canada)  | 202305 | &nbsp;&nbsp; 8682931 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **8682931** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $553,395,564)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $553,395,564)** | &nbsp;&nbsp; **801638547** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (6.50%)** | **SHORT-TERM INVESTMENTS – (6.50%)** | **SHORT-TERM INVESTMENTS – (6.50%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.15%, 11/03/25 (a)<br>| $15032000 | &nbsp;&nbsp; $15032000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.18%, 11/03/25 (b)<br>| 40837000 | &nbsp;&nbsp; 40837000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $55,869,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $55,869,000)** | &nbsp;&nbsp; **55869000** |
| Total Investments – (99.73%) – <br>(Identified cost $609,264,564) | Total Investments – (99.73%) – <br>(Identified cost $609,264,564) | &nbsp;&nbsp; 857507547 |
| Other Assets Less Liabilities – (0.27%) | Other Assets Less Liabilities – (0.27%) | &nbsp;&nbsp; 2348079 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $859855626 |

---

\* Non-income producing security.

(a) Dated 10/31/25, repurchase value of $15,037,199 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.00%- 7.00%, 06/01/50-06/01/63, total fair value $15,332,640). 

(b) Dated 10/31/25, repurchase value of $40,851,225 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 11/15/25-05/15/64, total fair value $41,653,740). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT FINANCIAL ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (97.58%)** | **COMMON STOCK – (97.58%)** | **COMMON STOCK – (97.58%)** |
| **CONSUMER DISCRETIONARY – (1.56%)** | **CONSUMER DISCRETIONARY – (1.56%)** | **CONSUMER DISCRETIONARY – (1.56%)** |
| **Consumer Discretionary Distribution & Retail – (1.56%)** | **Consumer Discretionary Distribution & Retail – (1.56%)** | **Consumer Discretionary Distribution & Retail – (1.56%)** |
| Prosus N.V., Class N (Netherlands)  | 68521 | &nbsp;&nbsp; $4733315 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4733315** |
| **FINANCIALS – (96.02%)** | **FINANCIALS – (96.02%)** | **FINANCIALS – (96.02%)** |
| **Banks – (44.41%)** | **Banks – (44.41%)** | **Banks – (44.41%)** |
| Bank of America Corp.  | 142850 | &nbsp;&nbsp; 7635332 |
| Bank of N.T. Butterfield & Son Ltd. <br> (Bermuda) <br>| 111295 | &nbsp;&nbsp; 5148507 |
| Danske Bank A/S (Denmark)  | 319357 | &nbsp;&nbsp; 14260024 |
| DBS Group Holdings Ltd. (Singapore)  | 357294 | &nbsp;&nbsp; 14803984 |
| DNB Bank ASA (Norway)  | 208547 | &nbsp;&nbsp; 5318033 |
| Fifth Third Bancorp  | 336397 | &nbsp;&nbsp; 14000843 |
| JPMorgan Chase & Co.  | 58952 | &nbsp;&nbsp; 18341146 |
| M&T Bank Corp.  | 21503 | &nbsp;&nbsp; 3953757 |
| Metro Bank Holdings PLC (United Kingdom) \* | 757059 | &nbsp;&nbsp; 1163621 |
| PNC Financial Services Group, Inc.  | 69521 | &nbsp;&nbsp; 12691059 |
| Truist Financial Corp.  | 158773 | &nbsp;&nbsp; 7086039 |
| U.S. Bancorp  | 320177 | &nbsp;&nbsp; 14945862 |
| Wells Fargo & Co.  | 177132 | &nbsp;&nbsp; 15405170 |
|  |  | &nbsp;&nbsp; 134753377 |
| **Financial Services – (36.00%)** | **Financial Services – (36.00%)** | **Financial Services – (36.00%)** |
| **Capital Markets – (10.01%)** | **Capital Markets – (10.01%)** | **Capital Markets – (10.01%)** |
| Bank of New York Mellon Corp.  | 95153 | &nbsp;&nbsp; 10269863 |
| Charles Schwab Corp.  | 39640 | &nbsp;&nbsp; 3746773 |
| Julius Baer Group Ltd. (Switzerland)  | 172641 | &nbsp;&nbsp; 11627390 |
| State Street Corp.  | 40830 | &nbsp;&nbsp; 4722398 |
|  |  | &nbsp;&nbsp; 30366424 |
| **Consumer Finance – (14.06%)** | **Consumer Finance – (14.06%)** | **Consumer Finance – (14.06%)** |
| American Express Co.  | 35825 | &nbsp;&nbsp; 12923152 |
| Capital One Financial Corp.  | 135270 | &nbsp;&nbsp; 29758048 |
|  |  | &nbsp;&nbsp; 42681200 |
| **Financial Services – (11.93%)** | **Financial Services – (11.93%)** | **Financial Services – (11.93%)** |
| Berkshire Hathaway Inc., Class B \* | 36826 | &nbsp;&nbsp; 17585888 |
| Chime Financial, Inc., Class A \* | 325210 | &nbsp;&nbsp; 5583856 |
| Exor N.V. (Netherlands)  | 70076 | &nbsp;&nbsp; 6074137 |
| Rocket Companies, Inc., Class A  | 417689 | &nbsp;&nbsp; 6958699 |
|  |  | &nbsp;&nbsp; 36202580 |
|  |  | &nbsp;&nbsp; 109250204 |
| **Insurance – (15.61%)** | **Insurance – (15.61%)** | **Insurance – (15.61%)** |
| **Life & Health Insurance – (0.75%)** | **Life & Health Insurance – (0.75%)** | **Life & Health Insurance – (0.75%)** |
| Ping An Insurance (Group) Co. of China, Ltd. - <br> H (China) <br>| 314500 | &nbsp;&nbsp; 2272577 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Property & Casualty Insurance – (12.41%)** | **Property & Casualty Insurance – (12.41%)** | **Property & Casualty Insurance – (12.41%)** |
| Chubb Ltd.  | 45471 | &nbsp;&nbsp; $12592739 |
| Loews Corp.  | 95097 | &nbsp;&nbsp; 9467857 |
| Markel Group Inc. \* | 7905 | &nbsp;&nbsp; 15608660 |
|  |  | &nbsp;&nbsp; 37669256 |
| **Reinsurance – (2.45%)** | **Reinsurance – (2.45%)** | **Reinsurance – (2.45%)** |
| Everest Group, Ltd.  | 6428 | &nbsp;&nbsp; 2021735 |
| RenaissanceRe Holdings Ltd.  | 21267 | &nbsp;&nbsp; 5403732 |
|  |  | &nbsp;&nbsp; 7425467 |
|  |  | &nbsp;&nbsp; 47367300 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **291370881** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $193,420,171)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $193,420,171)** | &nbsp;&nbsp; **296104196** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (2.19%)** | **SHORT-TERM INVESTMENTS – (2.19%)** | **SHORT-TERM INVESTMENTS – (2.19%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.15%, 11/03/25 (a)<br>| $1790000 | &nbsp;&nbsp; $1790000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.18%, 11/03/25 (b)<br>| 4862000 | &nbsp;&nbsp; 4862000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $6,652,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $6,652,000)** | &nbsp;&nbsp; **6652000** |
| Total Investments – (99.77%) – <br>(Identified cost $200,072,171) | Total Investments – (99.77%) – <br>(Identified cost $200,072,171) | &nbsp;&nbsp; 302756196 |
| Other Assets Less Liabilities – (0.23%) | Other Assets Less Liabilities – (0.23%) | &nbsp;&nbsp; 691668 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $303447864 |

---

\* Non-income producing security.

(a) Dated 10/31/25, repurchase value of $1,790,619 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%- 6.50%, 12/01/53-01/20/62, total fair value $1,825,800). 

(b) Dated 10/31/25, repurchase value of $4,863,694 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 11/15/25-05/15/64, total fair value $4,959,240). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT WORLDWIDE ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (99.09%)** | **COMMON STOCK – (99.09%)** | **COMMON STOCK – (99.09%)** |
| **COMMUNICATION SERVICES – (9.86%)** | **COMMUNICATION SERVICES – (9.86%)** | **COMMUNICATION SERVICES – (9.86%)** |
| **Media & Entertainment – (9.86%)** | **Media & Entertainment – (9.86%)** | **Media & Entertainment – (9.86%)** |
| Alphabet Inc., Class C  | 47953 | &nbsp;&nbsp; $13514114 |
| Meta Platforms, Inc., Class A  | 30967 | &nbsp;&nbsp; 20077454 |
| NetEase, Inc., ADR (China)  | 57488 | &nbsp;&nbsp; 8054069 |
| Pinterest, Inc., Class A \* | 179696 | &nbsp;&nbsp; 5947938 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **47593575** |
| **CONSUMER DISCRETIONARY – (24.33%)** | **CONSUMER DISCRETIONARY – (24.33%)** | **CONSUMER DISCRETIONARY – (24.33%)** |
| **Automobiles & Components – (1.49%)** | **Automobiles & Components – (1.49%)** | **Automobiles & Components – (1.49%)** |
| AUMOVIO SE (Germany) \* | 166750 | &nbsp;&nbsp; 7169224 |
| **Consumer Discretionary Distribution & Retail – (9.28%)** | **Consumer Discretionary Distribution & Retail – (9.28%)** | **Consumer Discretionary Distribution & Retail – (9.28%)** |
| Amazon.com, Inc. \* | 43247 | &nbsp;&nbsp; 10561782 |
| Naspers Ltd. - N (South Africa)  | 43590 | &nbsp;&nbsp; 3067403 |
| Prosus N.V., Class N (Netherlands)  | 379518 | &nbsp;&nbsp; 26216465 |
| Sea Limited, Class A, ADR (Singapore) \* | 31614 | &nbsp;&nbsp; 4939688 |
|  |  | &nbsp;&nbsp; 44785338 |
| **Consumer Services – (13.56%)** | **Consumer Services – (13.56%)** | **Consumer Services – (13.56%)** |
| Entain plc (United Kingdom)  | 713605 | &nbsp;&nbsp; 7428454 |
| Meituan, Class B (China) \* | 944240 | &nbsp;&nbsp; 12394551 |
| MGM Resorts International \* | 544783 | &nbsp;&nbsp; 17449400 |
| Restaurant Brands International Inc. (Canada)  | 55116 | &nbsp;&nbsp; 3620570 |
| Trip.com Group Ltd., ADR (China)  | 347686 | &nbsp;&nbsp; 24564016 |
|  |  | &nbsp;&nbsp; 65456991 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **117411553** |
| **CONSUMER STAPLES – (3.27%)** | **CONSUMER STAPLES – (3.27%)** | **CONSUMER STAPLES – (3.27%)** |
| **Food, Beverage & Tobacco – (3.27%)** | **Food, Beverage & Tobacco – (3.27%)** | **Food, Beverage & Tobacco – (3.27%)** |
| Tyson Foods, Inc., Class A  | 307470 | &nbsp;&nbsp; 15807033 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **15807033** |
| **ENERGY – (5.71%)** | **ENERGY – (5.71%)** | **ENERGY – (5.71%)** |
| Coterra Energy Inc.  | 713700 | &nbsp;&nbsp; 16886142 |
| Tourmaline Oil Corp. (Canada)  | 242916 | &nbsp;&nbsp; 10684459 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **27570601** |
| **FINANCIALS – (25.22%)** | **FINANCIALS – (25.22%)** | **FINANCIALS – (25.22%)** |
| **Banks – (5.26%)** | **Banks – (5.26%)** | **Banks – (5.26%)** |
| Danske Bank A/S (Denmark)  | 375004 | &nbsp;&nbsp; 16744790 |
| Metro Bank Holdings PLC (United Kingdom) \* | 1431137 | &nbsp;&nbsp; 2199699 |
| U.S. Bancorp  | 137724 | &nbsp;&nbsp; 6428956 |
|  |  | &nbsp;&nbsp; 25373445 |
| **Financial Services – (9.81%)** | **Financial Services – (9.81%)** | **Financial Services – (9.81%)** |
| **Capital Markets – (3.41%)** | **Capital Markets – (3.41%)** | **Capital Markets – (3.41%)** |
| Julius Baer Group Ltd. (Switzerland)  | 244120 | &nbsp;&nbsp; 16441509 |
| **Consumer Finance – (4.19%)** | **Consumer Finance – (4.19%)** | **Consumer Finance – (4.19%)** |
| Capital One Financial Corp.  | 91965 | &nbsp;&nbsp; 20231380 |
| **Financial Services – (2.21%)** | **Financial Services – (2.21%)** | **Financial Services – (2.21%)** |
| Berkshire Hathaway Inc., Class B \* | 22396 | &nbsp;&nbsp; 10694986 |
|  |  | &nbsp;&nbsp; 47367875 |
| **Insurance – (10.15%)** | **Insurance – (10.15%)** | **Insurance – (10.15%)** |
| **Life & Health Insurance – (6.84%)** | **Life & Health Insurance – (6.84%)** | **Life & Health Insurance – (6.84%)** |
| AIA Group Ltd. (Hong Kong)  | 1026490 | &nbsp;&nbsp; 9966948 |
| Ping An Insurance (Group) Co. of China, Ltd. - <br> H (China) <br>| 3189015 | &nbsp;&nbsp; 23043825 |
|  |  | &nbsp;&nbsp; 33010773 |
| **Property & Casualty Insurance – (3.31%)** | **Property & Casualty Insurance – (3.31%)** | **Property & Casualty Insurance – (3.31%)** |
| Markel Group Inc. \* | 8087 | &nbsp;&nbsp; 15968024 |
|  |  | &nbsp;&nbsp; 48978797 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **121720117** |
| **HEALTH CARE – (9.28%)** | **HEALTH CARE – (9.28%)** | **HEALTH CARE – (9.28%)** |
| **Health Care Equipment & Services – (5.80%)** | **Health Care Equipment & Services – (5.80%)** | **Health Care Equipment & Services – (5.80%)** |
| CVS Health Corp.  | 158312 | &nbsp;&nbsp; 12372083 |
| Solventum Corp. \* | 130541 | &nbsp;&nbsp; 9012550 |
| UnitedHealth Group Inc.  | 19334 | &nbsp;&nbsp; 6603721 |
|  |  | &nbsp;&nbsp; 27988354 |

---

---

| | | |
|:---|:---|:---|
|  | **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 – (3.48%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (3.48%)** | **Pharmaceuticals, Biotechnology & Life Sciences – (3.48%)** |
| Viatris Inc.  | 1621989 | &nbsp;&nbsp; $16803806 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **44792160** |
| **INDUSTRIALS – (8.17%)** | **INDUSTRIALS – (8.17%)** | **INDUSTRIALS – (8.17%)** |
| **Capital Goods – (0.85%)** | **Capital Goods – (0.85%)** | **Capital Goods – (0.85%)** |
| ITOCHU Corp. (Japan)  | 71010 | &nbsp;&nbsp; 4115179 |
| **Transportation – (7.32%)** | **Transportation – (7.32%)** | **Transportation – (7.32%)** |
| DiDi Global Inc., Class A, ADS (China) \* | 1899000 | &nbsp;&nbsp; 12229560 |
| Full Truck Alliance Co. Ltd., Class A, ADR <br> (China) <br>| 1774432 | &nbsp;&nbsp; 23067616 |
|  |  | &nbsp;&nbsp; 35297176 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **39412355** |
| **INFORMATION TECHNOLOGY – (11.53%)** | **INFORMATION TECHNOLOGY – (11.53%)** | **INFORMATION TECHNOLOGY – (11.53%)** |
| **Semiconductors & Semiconductor Equipment – (2.84%)** | **Semiconductors & Semiconductor Equipment – (2.84%)** | **Semiconductors & Semiconductor Equipment – (2.84%)** |
| Applied Materials, Inc.  | 58741 | &nbsp;&nbsp; 13692527 |
| **Software & Services – (3.79%)** | **Software & Services – (3.79%)** | **Software & Services – (3.79%)** |
| AppLovin Corp., Class A \* | 28738 | &nbsp;&nbsp; 18315590 |
| **Technology Hardware & Equipment – (4.90%)** | **Technology Hardware & Equipment – (4.90%)** | **Technology Hardware & Equipment – (4.90%)** |
| Samsung Electronics Co., Ltd. (South Korea)  | 313180 | &nbsp;&nbsp; 23630005 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **55638122** |
| **MATERIALS – (1.72%)** | **MATERIALS – (1.72%)** | **MATERIALS – (1.72%)** |
| Teck Resources Ltd., Class B (Canada)  | 193231 | &nbsp;&nbsp; 8293475 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **8293475** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $339,331,123)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $339,331,123)** | &nbsp;&nbsp; **478238991** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (0.83%)** | **SHORT-TERM INVESTMENTS – (0.83%)** | **SHORT-TERM INVESTMENTS – (0.83%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.15%, 11/03/25 (a)<br>| $1081000 | &nbsp;&nbsp; $1081000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.18%, 11/03/25 (b)<br>| 2938000 | &nbsp;&nbsp; 2938000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $4,019,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $4,019,000)** | &nbsp;&nbsp; **4019000** |
| Total Investments – (99.92%) – <br>(Identified cost $343,350,123) | Total Investments – (99.92%) – <br>(Identified cost $343,350,123) | &nbsp;&nbsp; 482257991 |
| Other Assets Less Liabilities – (0.08%) | Other Assets Less Liabilities – (0.08%) | &nbsp;&nbsp; 396376 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $482654367 |

---

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

\* Non-income producing security.

(a) Dated 10/31/25, repurchase value of $1,081,374 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%- 6.00%, 03/01/31-01/01/51, total fair value $1,102,620). 

(b) Dated 10/31/25, repurchase value of $2,939,023 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 11/15/25-05/15/64, total fair value $2,996,760). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**DAVIS SELECT INTERNATIONAL ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br>**(Note 1)**<br>|
| **COMMON STOCK – (98.80%)** | **COMMON STOCK – (98.80%)** | **COMMON STOCK – (98.80%)** |
| **COMMUNICATION SERVICES – (2.45%)** | **COMMUNICATION SERVICES – (2.45%)** | **COMMUNICATION SERVICES – (2.45%)** |
| **Media & Entertainment – (2.45%)** | **Media & Entertainment – (2.45%)** | **Media & Entertainment – (2.45%)** |
| NetEase, Inc., ADR (China)  | 45805 | &nbsp;&nbsp; $6417281 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6417281** |
| **CONSUMER DISCRETIONARY – (33.28%)** | **CONSUMER DISCRETIONARY – (33.28%)** | **CONSUMER DISCRETIONARY – (33.28%)** |
| **Automobiles & Components – (2.55%)** | **Automobiles & Components – (2.55%)** | **Automobiles & Components – (2.55%)** |
| AUMOVIO SE (Germany) \* | 155200 | &nbsp;&nbsp; 6672645 |
| **Consumer Discretionary Distribution & Retail – (14.45%)** | **Consumer Discretionary Distribution & Retail – (14.45%)** | **Consumer Discretionary Distribution & Retail – (14.45%)** |
| JD.com, Inc., Class A, ADR (China)  | 54297 | &nbsp;&nbsp; 1793973 |
| Naspers Ltd. - N (South Africa)  | 163780 | &nbsp;&nbsp; 11525105 |
| Prosus N.V., Class N (Netherlands)  | 234727 | &nbsp;&nbsp; 16214546 |
| Sea Limited, Class A, ADR (Singapore) \* | 52691 | &nbsp;&nbsp; 8232969 |
|  |  | &nbsp;&nbsp; 37766593 |
| **Consumer Services – (16.28%)** | **Consumer Services – (16.28%)** | **Consumer Services – (16.28%)** |
| Delivery Hero SE (Germany) \* | 153265 | &nbsp;&nbsp; 3886540 |
| Entain plc (United Kingdom)  | 987637 | &nbsp;&nbsp; 10281060 |
| Meituan, Class B (China) \* | 720480 | &nbsp;&nbsp; 9457369 |
| Restaurant Brands International Inc. (Canada)  | 97012 | &nbsp;&nbsp; 6372718 |
| Trip.com Group Ltd., ADR (China)  | 177819 | &nbsp;&nbsp; 12562913 |
|  |  | &nbsp;&nbsp; 42560600 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **86999838** |
| **ENERGY – (3.77%)** | **ENERGY – (3.77%)** | **ENERGY – (3.77%)** |
| Tourmaline Oil Corp. (Canada)  | 224047 | &nbsp;&nbsp; 9854522 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **9854522** |
| **FINANCIALS – (24.89%)** | **FINANCIALS – (24.89%)** | **FINANCIALS – (24.89%)** |
| **Banks – (11.61%)** | **Banks – (11.61%)** | **Banks – (11.61%)** |
| Bank of N.T. Butterfield & Son Ltd. <br> (Bermuda) <br>| 89061 | &nbsp;&nbsp; 4119962 |
| Danske Bank A/S (Denmark)  | 399043 | &nbsp;&nbsp; 17818186 |
| DBS Group Holdings Ltd. (Singapore)  | 151589 | &nbsp;&nbsp; 6280881 |
| Metro Bank Holdings PLC (United Kingdom) \* | 1380809 | &nbsp;&nbsp; 2122343 |
|  |  | &nbsp;&nbsp; 30341372 |
| **Financial Services – (3.68%)** | **Financial Services – (3.68%)** | **Financial Services – (3.68%)** |
| **Capital Markets – (3.68%)** | **Capital Markets – (3.68%)** | **Capital Markets – (3.68%)** |
| Julius Baer Group Ltd. (Switzerland)  | 143000 | &nbsp;&nbsp; 9631066 |
| **Insurance – (9.60%)** | **Insurance – (9.60%)** | **Insurance – (9.60%)** |
| **Life & Health Insurance – (9.60%)** | **Life & Health Insurance – (9.60%)** | **Life & Health Insurance – (9.60%)** |
| AIA Group Ltd. (Hong Kong)  | 1266090 | &nbsp;&nbsp; 12293402 |
| Ping An Insurance (Group) Co. of China, Ltd. - <br> H (China) <br>| 1771836 | &nbsp;&nbsp; 12803288 |
|  |  | &nbsp;&nbsp; 25096690 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **65069128** |
| **INDUSTRIALS – (13.15%)** | **INDUSTRIALS – (13.15%)** | **INDUSTRIALS – (13.15%)** |
| **Capital Goods – (4.07%)** | **Capital Goods – (4.07%)** | **Capital Goods – (4.07%)** |
| ITOCHU Corp. (Japan)  | 183470 | &nbsp;&nbsp; 10632474 |
| **Transportation – (9.08%)** | **Transportation – (9.08%)** | **Transportation – (9.08%)** |
| DiDi Global Inc., Class A, ADS (China) \* | 1627000 | &nbsp;&nbsp; 10477880 |
| Full Truck Alliance Co. Ltd., Class A, ADR <br> (China) <br>| 1020563 | &nbsp;&nbsp; 13267319 |
|  |  | &nbsp;&nbsp; 23745199 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **34377673** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 1)**<br>|
| **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** | **COMMON STOCK – (CONTINUED)** |
| **INFORMATION TECHNOLOGY – (13.55%)** | **INFORMATION TECHNOLOGY – (13.55%)** | **INFORMATION TECHNOLOGY – (13.55%)** |
| **Semiconductors & Semiconductor Equipment – (6.49%)** | **Semiconductors & Semiconductor Equipment – (6.49%)** | **Semiconductors & Semiconductor Equipment – (6.49%)** |
| Tokyo Electron Ltd. (Japan)  | 76450 | &nbsp;&nbsp; $16955817 |
| **Technology Hardware & Equipment – (7.06%)** | **Technology Hardware & Equipment – (7.06%)** | **Technology Hardware & Equipment – (7.06%)** |
| Samsung Electronics Co., Ltd. (South Korea)  | 244659 | &nbsp;&nbsp; 18459970 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **35415787** |
| **MATERIALS – (5.08%)** | **MATERIALS – (5.08%)** | **MATERIALS – (5.08%)** |
| Teck Resources Ltd., Class B (Canada)  | 159934 | &nbsp;&nbsp; 6864367 |
| Vale S.A., ADR (Brazil)  | 531123 | &nbsp;&nbsp; 6421277 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **13285644** |
| **REAL ESTATE – (2.63%)** | **REAL ESTATE – (2.63%)** | **REAL ESTATE – (2.63%)** |
| **Real Estate Management & Development – (2.63%)** | **Real Estate Management & Development – (2.63%)** | **Real Estate Management & Development – (2.63%)** |
| KE Holdings Inc., Class A, ADR (China)  | 402513 | &nbsp;&nbsp; 6862847 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6862847** |
| **TOTAL COMMON STOCK –** <br>**(Identified cost $191,716,035)** | **TOTAL COMMON STOCK –** <br>**(Identified cost $191,716,035)** | &nbsp;&nbsp; **258282720** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** <br>**(Note 1)**<br>|
| **SHORT-TERM INVESTMENTS – (0.90%)** | **SHORT-TERM INVESTMENTS – (0.90%)** | **SHORT-TERM INVESTMENTS – (0.90%)** |
| Nomura Securities International, Inc. Joint <br> Repurchase Agreement, 4.15%, 11/03/25 (a)<br>| $634000 | &nbsp;&nbsp; $634000 |
| StoneX Financial Inc. Joint Repurchase <br> Agreement, 4.18%, 11/03/25 (b)<br>| 1724000 | &nbsp;&nbsp; 1724000 |
| **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $2,358,000)** | **TOTAL SHORT-TERM INVESTMENTS –** <br>**(Identified cost $2,358,000)** | &nbsp;&nbsp; **2358000** |
| Total Investments – (99.70%) – <br>(Identified cost $194,074,035) | Total Investments – (99.70%) – <br>(Identified cost $194,074,035) | &nbsp;&nbsp; 260640720 |
| Other Assets Less Liabilities – (0.30%) | Other Assets Less Liabilities – (0.30%) | &nbsp;&nbsp; 791802 |
| Net Assets – (100.00%) | Net Assets – (100.00%) | &nbsp;&nbsp; $261432522 |

---

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

\* Non-income producing security.

(a) Dated 10/31/25, repurchase value of $634,219 (collateralized by: U.S. Government agency mortgage in a pooled cash account, 6.00%, 05/01/58, total fair value $646,680). 

(b) Dated 10/31/25, repurchase value of $1,724,601 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 11/15/25-05/15/64, total fair value $1,758,480). 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Assets and Liabilities**

**At October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| $857507547 | &nbsp;&nbsp; $302756196 | &nbsp;&nbsp; $482257991 | &nbsp;&nbsp; $260640720 |
| Cash | 809 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 241 |
| Cash - foreign currencies\*\* | 382 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| Receivables: |  |  |  |  |
| Capital stock sold | 3597722 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| Dividends and interest | 635079 | &nbsp;&nbsp; 899548 | &nbsp;&nbsp; 1211978 | &nbsp;&nbsp; 1022345 |
| Prepaid expenses | 8471 | &nbsp;&nbsp; 3270 | &nbsp;&nbsp; 4869 | &nbsp;&nbsp; 2747 |
| **Total assets** | **861750010** | &nbsp;&nbsp; **303659894** | &nbsp;&nbsp; **483475668** | &nbsp;&nbsp; **261666053** |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | 1397617 | &nbsp;&nbsp; – | &nbsp;&nbsp; 464026 | &nbsp;&nbsp; – |
| Accrued audit fees | 15988 | &nbsp;&nbsp; 15988 | &nbsp;&nbsp; 15988 | &nbsp;&nbsp; 15988 |
| Accrued accounting, custodian, and <br> transfer agent fees<br>| 55437 | &nbsp;&nbsp; 41250 | &nbsp;&nbsp; 100600 | &nbsp;&nbsp; 84004 |
| Accrued investment advisory fees | 395563 | &nbsp;&nbsp; 142353 | &nbsp;&nbsp; 224432 | &nbsp;&nbsp; 121930 |
| Other accrued expenses | 29779 | &nbsp;&nbsp; 12439 | &nbsp;&nbsp; 16255 | &nbsp;&nbsp; 11609 |
| **Total liabilities** | **1894384** | &nbsp;&nbsp; **212030** | &nbsp;&nbsp; **821301** | &nbsp;&nbsp; **233531** |
| **NET ASSETS** | **$859855626** | &nbsp;&nbsp; **$303447864** | &nbsp;&nbsp; **$482654367** | &nbsp;&nbsp; **$261432522** |
| **SHARES OUTSTANDING** | **17925000** | &nbsp;&nbsp; **6800000** | &nbsp;&nbsp; **10675000** | &nbsp;&nbsp; **9200000** |
| **NET ASSET VALUE**, per share <br>(Net assets ÷ Shares outstanding)<br>| **$47.97** | &nbsp;&nbsp; **$44.62** | &nbsp;&nbsp; **$45.21** | &nbsp;&nbsp; **$28.42** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | $605293044 | &nbsp;&nbsp; $197729058 | &nbsp;&nbsp; $336876114 | &nbsp;&nbsp; $219343187 |
| Distributable earnings | 254562582 | &nbsp;&nbsp; 105718806 | &nbsp;&nbsp; 145778253 | &nbsp;&nbsp; 42089335 |
| **Net Assets** | **$859855626** | &nbsp;&nbsp; **$303447864** | &nbsp;&nbsp; **$482654367** | &nbsp;&nbsp; **$261432522** |
| \*Including: |  |  |  |  |
| Cost of investments | $609264564 | &nbsp;&nbsp; $200072171 | &nbsp;&nbsp; $343350123 | &nbsp;&nbsp; $194074035 |
| \*\*Cost of cash - foreign currencies | 382 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |

---

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Operations** 

**For the year ended October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\* | $10362701 | &nbsp;&nbsp; $6676992 | &nbsp;&nbsp; $6934874 | &nbsp;&nbsp; $5510928 |
| Interest | 1312257 | &nbsp;&nbsp; 300210 | &nbsp;&nbsp; 255055 | &nbsp;&nbsp; 280812 |
| Foreign withholding tax refunds | – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 83475 |
| **Total income** | **11674958** | &nbsp;&nbsp; **6977202** | &nbsp;&nbsp; **7189929** | &nbsp;&nbsp; **5875215** |
| **Expenses:** |  |  |  |  |
| Investment advisory fees (Note 3) | 3796546 | &nbsp;&nbsp; 1478203 | &nbsp;&nbsp; 2183981 | &nbsp;&nbsp; 1244736 |
| Accounting, custodian, and <br>transfer agent fees<br>| 112944 | &nbsp;&nbsp; 82443 | &nbsp;&nbsp; 161324 | &nbsp;&nbsp; 143157 |
| Audit fees | 21318 | &nbsp;&nbsp; 21318 | &nbsp;&nbsp; 21318 | &nbsp;&nbsp; 21318 |
| Legal fees | 24142 | &nbsp;&nbsp; 9307 | &nbsp;&nbsp; 13967 | &nbsp;&nbsp; 7837 |
| Reports to shareholders | 21622 | &nbsp;&nbsp; 11224 | &nbsp;&nbsp; 13633 | &nbsp;&nbsp; 7717 |
| Tax service fees | 7757 | &nbsp;&nbsp; 7757 | &nbsp;&nbsp; 7757 | &nbsp;&nbsp; 38486 |
| Trustees' fees and expenses | 45154 | &nbsp;&nbsp; 19825 | &nbsp;&nbsp; 27318 | &nbsp;&nbsp; 17274 |
| Registration and filing fees | 18567 | &nbsp;&nbsp; 2927 | &nbsp;&nbsp; 5172 | &nbsp;&nbsp; 1183 |
| Miscellaneous | 21213 | &nbsp;&nbsp; 13986 | &nbsp;&nbsp; 17484 | &nbsp;&nbsp; 14313 |
| **Total expenses** | **4069263** | &nbsp;&nbsp; **1646990** | &nbsp;&nbsp; **2451954** | &nbsp;&nbsp; **1496021** |
| Reimbursement/waiver of expenses by <br> Adviser (Note 3)<br>| – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; (25755)<br>|
| **Net expenses** | **4069263** | &nbsp;&nbsp; **1646990** | &nbsp;&nbsp; **2451954** | &nbsp;&nbsp; **1470266** |
| **Net investment income** | **7605695** | &nbsp;&nbsp; **5330212** | &nbsp;&nbsp; **4737975** | &nbsp;&nbsp; **4404949** |
| **REALIZED AND UNREALIZED** <br> **GAIN (LOSS) ON INVESTMENTS** <br>**AND FOREIGN CURRENCY** <br> **TRANSACTIONS:**<br>|  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investment transactions | (181208)<br>| &nbsp;&nbsp; (1243807)<br>| &nbsp;&nbsp; 8088538 | &nbsp;&nbsp; 739434 |
| In-kind redemptions (Note 2) | 24492912 | &nbsp;&nbsp; 8220982 | &nbsp;&nbsp; 12979599 | &nbsp;&nbsp; 11987147 |
| Foreign currency transactions | (2017)<br>| &nbsp;&nbsp; 10504 | &nbsp;&nbsp; (29419)<br>| &nbsp;&nbsp; (21024)<br>|
| **Net realized gain** | **24309687** | &nbsp;&nbsp; **6987679** | &nbsp;&nbsp; **21038718** | &nbsp;&nbsp; **12705557** |
| Net increase in unrealized <br> appreciation<br>| 70403327 | &nbsp;&nbsp; 37875382 | &nbsp;&nbsp; 58218371 | &nbsp;&nbsp; 30011067 |
| **Net realized and unrealized** <br> **gain on investments and foreign** <br> **currency transactions**<br>| **94713014** | &nbsp;&nbsp; **44863061** | &nbsp;&nbsp; **79257089** | &nbsp;&nbsp; **42716624** |
| **Net increase in net assets resulting** <br> **from operations**<br>| **$102318709** | &nbsp;&nbsp; **$50193273** | &nbsp;&nbsp; **$83995064** | &nbsp;&nbsp; **$47121573** |
| \*Net of foreign taxes withheld of | $168461 | &nbsp;&nbsp; $319136 | &nbsp;&nbsp; $611875 | &nbsp;&nbsp; $593519 |

---

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Statements of Changes in Net Assets**

**For the year ended October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $7605695 | &nbsp;&nbsp; $5330212 | &nbsp;&nbsp; $4737975 | &nbsp;&nbsp; $4404949 |
| Net realized gain from investments, <br> in-kind redemptions, and foreign <br> currency transactions<br>| 24309687 | &nbsp;&nbsp; 6987679 | &nbsp;&nbsp; 21038718 | &nbsp;&nbsp; 12705557 |
| Net increase in unrealized <br> appreciation on investments and <br> foreign currency transactions<br>| 70403327 | &nbsp;&nbsp; 37875382 | &nbsp;&nbsp; 58218371 | &nbsp;&nbsp; 30011067 |
| **Net increase in net assets** <br> **resulting from operations**<br>| **102318709** | &nbsp;&nbsp; **50193273** | &nbsp;&nbsp; **83995064** | &nbsp;&nbsp; **47121573** |
| **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 | 260607769 | &nbsp;&nbsp; 53105014 | &nbsp;&nbsp; 92013567 | &nbsp;&nbsp; 48756232 |
| Cost of shares redeemed | (40243809)<br>| &nbsp;&nbsp; (18466986)<br>| &nbsp;&nbsp; (30736862)<br>| &nbsp;&nbsp; (34833538)<br>|
| **Net increase in net assets** <br> **resulting from capital share** <br> **transactions**<br>| **220363960** | &nbsp;&nbsp; **34638028** | &nbsp;&nbsp; **61276705** | &nbsp;&nbsp; **13922694** |
| **Total increase in net assets** | **317729849** | &nbsp;&nbsp; **79627551** | &nbsp;&nbsp; **140466969** | &nbsp;&nbsp; **56301267** |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year | 542125777 | &nbsp;&nbsp; 223820313 | &nbsp;&nbsp; 342187398 | &nbsp;&nbsp; 205131255 |
| **End of year** | **$859855626** | &nbsp;&nbsp; **$303447864** | &nbsp;&nbsp; **$482654367** | &nbsp;&nbsp; **$261432522** |
| **CHANGES IN SHARES** <br> **OUTSTANDING:**<br>|  |  |  |  |
| Shares outstanding, beginning of year | 13050000 | &nbsp;&nbsp; 5950000 | &nbsp;&nbsp; 9050000 | &nbsp;&nbsp; 8600000 |
| Shares sold | 5775000 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 2325000 | &nbsp;&nbsp; 1975000 |
| Shares redeemed | (900000)<br>| &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp; (1375000)<br>|
| **Shares outstanding, end of year** | **17925000** | &nbsp;&nbsp; **6800000** | &nbsp;&nbsp; **10675000** | &nbsp;&nbsp; **9200000** |

---

***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**

**October 31, 2025**

**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)**

**October 31, 2025**

**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 October 31, 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 | $122479286 | $– | $47593575 | $6417281 |
| Consumer Discretionary | 105263504 | 4733315 | 117411553 | 86999838 |
| Consumer Staples | 35303041 | – | 15807033 | – |
| Energy | 65679121 | – | 27570601 | 9854522 |
| Financials | 262211352 | 291370881 | 121720117 | 65069128 |
| Health Care | 118574258 | – | 44792160 | – |
| Industrials | 20717733 | – | 39412355 | 34377673 |
| Information Technology | 62727321 | – | 55638122 | 35415787 |
| Materials | 8682931 | – | 8293475 | 13285644 |
| Real Estate | – | – | – | 6862847 |
| **Total Level 1** | **801638547** | **296104196** | **478238991** | **258282720** |
| **Level 2 – Other Significant Observable Inputs:** |  |  |  |  |
| Short-Term Investments | 55869000 | 6652000 | 4019000 | 2358000 |
| **Total Level 2** | **55869000** | **6652000** | **4019000** | **2358000** |
| **Level 3 – Significant Unobservable Inputs:** |  |  |  |  |
| **Total Level 3** | **–** | **–** | **–** | **–** |
| **Total Investments** | **$857507547** | **$302756196** | **$482257991** | **$260640720** |

---

***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)**

**October 31, 2025**

**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 year ended October 31, 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 October 31, 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 2022.

Capital losses will be carried forward to future years if not offset by gains. At October 31, 2025, the Funds had available for federal income tax purposes unused capital loss carryforwards with no expiration as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **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>|
| **Character** |  |  |  |  |
| Short-term | $241325 | $– | $– | $19293381 |
| Long-term | – | 1084793 | – | 7411663 |
| Total | $241325 | $1084793 | $– | $26705044 |
| Utilized during year ended <br> October 31, 2025<br>| $– | $– | $4230431 | $1104502 |

---

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 October 31, 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 | $609300202 | $200617311 | $344177866 | $195795850 |
| Unrealized appreciation | 264786054 | 106247723 | 147244330 | 66219398 |
| Unrealized depreciation | (16578709)<br>| (4108838)<br>| (9164205)<br>| (1374528)<br>|
| Net unrealized appreciation | $248207345 | $102138885 | $138080125 | $64844870 |

---

***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

------

**DAVIS FUNDAMENTAL ETF TRUST**

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

**October 31, 2025**

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

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

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 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 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 under tax service 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. The Funds' net assets have not been affected by these reclassifications.

The tax character of distributions paid during the years ended October 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term** <br>**Capital Gain**<br>| **Total** |
| **Davis Select U.S. Equity ETF** |  |  |  |
| 2025 | $4952820 | $– | $4952820 |
| 2024 | 4416320 | 9269830 | 13686150 |
| **Davis Select Financial ETF** |  |  |  |
| 2025 | 4300583 | 903167 | 5203750 |
| 2024 | 3763700 | 529480 | 4293180 |
| **Davis Select Worldwide ETF** |  |  |  |
| 2025 | 4804800 | – | 4804800 |
| 2024 | 3285150 | – | 3285150 |
| **Davis Select International ETF** |  |  |  |
| 2025 | 4743000 | – | 4743000 |
| 2024 | 2770200 | – | 2770200 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis 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>|
| Undistributed ordinary income | $6595053 | $4605475 | $4230533 | $3917051 |
| Undistributed long-term capital gain | – | – | 3408483 | – |
| Accumulated net realized losses from investments | (241325)<br>| (1084793)<br>| – | (26705044)<br>|
| Net unrealized appreciation on investments and foreign currency <br> transactions<br>| 248208854 | 102198124 | 138139237 | 64877328 |
| Total | $254562582 | $105718806 | $145778253 | $42089335 |

---

------

**DAVIS FUNDAMENTAL ETF TRUST**

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

**October 31, 2025**

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

***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*** - The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the 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.

**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 year ended October 31, 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 | $203058744 | $19037405 | $152876145 | $77288649 |
| Proceeds from sales | 55122917 | 1395190 | 73425900 | 40268141 |

---

The cost of in-kind purchases and proceeds from in-kind redemptions of investment securities during the year ended October 31, 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 | $73921864 | $33317653 | $– | $5618154 |
| Proceeds from in-kind redemptions | 37705854 | 16875087 | 22038317 | 28822136 |

---

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.

------

**DAVIS FUNDAMENTAL ETF TRUST**

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

**October 31, 2025**

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

As of October 31, 2025, related shareholders held greater than 20% of outstanding shares of the following Funds:

---

| | |
|:---|:---|
| **Davis Select Financial** <br> **ETF**<br>| **Davis Select** <br> **International ETF**<br>|
| 31% | 42% |

---

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 year ended October 31, 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.

**NOTE 4 - CAPITAL STOCK**

As of October 31, 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.

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**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:** |  |  |  |  |
| Year ended October 31, 2025 | $41.54 | $0.49 | $6.30 | $6.79 |
| 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 |
| **Davis Select Financial ETF:** |  |  |  |  |
| Year ended October 31, 2025 | $37.62 | $0.82 | $7.01 | $7.83 |
| 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 |
| **Davis Select Worldwide ETF:** |  |  |  |  |
| Year ended October 31, 2025 | $37.81 | $0.48 | $7.45 | $7.93 |
| 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 |
| **Davis Select International ETF:** |  |  |  |  |
| Year ended October 31, 2025 | $23.85 | $0.48 | $4.60 | $5.08 |
| 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) |

---

---

| | |
|:---|:---|
| 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. <br>|

---

------

**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) | $47.97 | 16.45% | $48.09 | 16.44% | $859856 | 0.59% | 0.59% | 1.10% | 8% |
| $(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% |
| $(0.69) | $(0.14) | $(0.83) | $44.62 | 21.22% | $44.68 | 20.88% | $303448 | 0.61% | 0.61% | 1.98% | 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% |
| $(0.53) | $– | $(0.53) | $45.21 | 21.31% | $45.31 | 21.34% | $482654 | 0.62% | 0.62% | 1.19% | 19% |
| $(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% |
| $(0.51) | $– | $(0.51) | $28.42 | 21.89% | $28.43 | 21.81% | $261433 | 0.66% | 0.65% | 1.95% | 18% |
| $(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% |

---

c The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser. 

d 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. Securities with a maturity or expiration date at the time of acquisition of one year or less or securities received or delivered from in-kind purchases or redemptions are excluded from the calculation. 

***See Notes to Financial Statements***

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Report of Independent Registered Public Accounting Firm**

**The Shareholders and Board of Trustees**

**Davis Fundamental ETF Trust:**

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Davis Select U.S. Equity ETF, Davis Select Financial ETF, Davis Select Worldwide ETF, and Davis Select International ETF (each a series of Davis Fundamental ETF Trust) (the "Funds"), including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the "financial statements") and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Fund as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

**/s/ KPMG LLP**

We have served as the auditor of one or more Davis Fundamental ETF Trust investment companies since 2016.

Columbus, Ohio

December 18, 2025

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Federal Income Tax Information *(Unaudited)***

In early 2026, shareholders will receive information regarding all dividends and distributions paid to them by the Funds during the calendar year 2025. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service.

The information and distributions reported herein may differ from the information reported as distributions taxable to certain shareholders for the calendar year 2025 with their 2025 Form 1099-DIV.

The information is presented to assist shareholders in reporting distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations that may affect your individual tax return and the many variations in state and local regulations, we recommend that you consult your tax adviser for specific guidance.

Each Fund designates the following amounts distributed during the fiscal year ended October 31, 2025, if any, as dividends eligible for the corporate dividends-received deduction, qualified dividend income, and long-term capital gain distributions.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Davis Select** <br>**U.S. Equity** <br>**ETF**<br>| **Davis Select** <br>**Financial** <br>**ETF**<br>| **Davis Select** <br>**Worldwide** <br>**ETF**<br>| **Davis Select** <br>**International** <br>**ETF**<br>|
| Income dividends\* | $4952820 | $4300583 | $5411068 | $5207953 |
| Income qualifying for corporate <br> dividends-received deduction<br>| $4,952,820 <br>100%<br>| $3,212,101 <br>75%<br>| $1,701,446 <br>31%<br>| $– |
| Qualified dividend income | $4,952,820 <br>100%<br>| $4,300,583 <br>100%<br>| $5,411,068 <br>100%<br>| $4,464,720 <br>86%<br>|
| Long-term capital gain distributions | $– | $903167 | $– | $– |

---

\* Includes foreign tax credit pass-through, if applicable.

Davis Select Worldwide ETF and Davis Select International ETF have elected to give the benefit of foreign tax credits to their shareholders, if applicable. Accordingly, shareholders who must report their gross income dividends and distributions in a federal tax return will be entitled to a foreign tax credit, or an itemized deduction, in computing their U.S. income tax liability. It is generally more advantageous to claim a credit rather than to take a deduction.

Pursuant to Section 853 of the Internal Revenue Code, Davis Select Worldwide ETF and Davis Select International ETF designate $606,268 and $464,953, respectively, as foreign taxes paid during the year ended October 31, 2025. During the year ended October 31, 2025, Davis Select Worldwide ETF and Davis Select International ETF received foreign sourced income in the amounts of $5,430,694 and $6,104,448, respectively. The Funds did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Trustee Approval of Advisory Agreement *(Unaudited)***

**Board Considerations Regarding Approval of Advisory Agreement**

The Board of Trustees (the "Trustees") of the Davis Fundamental ETF Trust (the "Trust") oversees the management of each series of the Trust, which includes Davis Select U.S. Equity ETF, Davis Select Financial ETF, Davis Select Worldwide ETF, and Davis Select International ETF (each a "Fund" and collectively the "Funds"). The Trustees, as required by law, determine annually whether to approve the continuance of each Fund's advisory agreement.

With the assistance of counsel, the Independent Trustees undertook a comprehensive review process in anticipation of their annual contract review meeting, held in May 2025 (the "Meeting"). During the Meeting, the Trustees, including the Independent Trustees separately, considered whether to renew the investment advisory agreement with Davis Selected Advisers, L.P. (the "Adviser") and Davis Selected Advisers–NY, Inc. (the "Sub-Adviser") (jointly "Davis Advisors" and, such agreement, the "Advisory Agreement"). As part of this process, Davis Advisors provided the Independent Trustees with material (including investment performance data) that was responsive to questions and requests for information submitted to Davis Advisors on behalf of the Independent Trustees. At this meeting, the Independent Trustees reviewed and evaluated all information which they deemed reasonably necessary under the circumstances, and were provided guidance by their independent counsel. In reaching their decision, the Independent Trustees also took into account information furnished to them throughout the year and otherwise provided to them during their quarterly meetings or through other prior communications. The Independent Trustees concluded that they had been supplied with sufficient information and data to analyze the Advisory Agreement and that their questions and information requests had been sufficiently answered by Davis Advisors. Upon completion of this review, the Independent Trustees found that the terms of the Advisory Agreement were fair and reasonable and that continuation of the Advisory Agreement is in the best interests of the Funds and their shareholders.

**Reasons the Independent Trustees Approved Continuation of the Advisory Agreement**

The Independent Trustees' determinations were based upon a comprehensive consideration of all information provided to them, and they did not identify any single item or piece of information as the controlling factor. Each Independent Trustee did not necessarily attribute the same weight to each factor. The following considerations and conclusions were important, but not exclusive, to the Independent Trustees' recommendation to renew the Advisory Agreement.

The Independent Trustees considered the investment performance of each Fund on an absolute basis as well as relative to its benchmark and other comparable funds. The Independent Trustees not only considered the investment performance of each Fund, but also the full range and quality of services provided by Davis Advisors to each Fund and its shareholders, including whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Fund achieves satisfactory investment results after all costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Davis Advisors efficiently and effectively handles shareholder and authorized participant requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Davis Advisors provides quality accounting, legal, and compliance services, and oversees third-party service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Davis Advisors fosters healthy investor behavior.

The Independent Trustees considered that a shareholder's ultimate return is the product of a fund's results, as well as the shareholder's behavior, specifically in selecting when to buy, sell, or hold. The Independent Trustees concluded that, through its actions and communications, Davis Advisors has attempted to have a meaningful, positive impact on investor behavior. The Independent Trustees also considered the investment management team and Davis Advisors' investment process. The Independent Trustees noted that Davis Advisors employs a disciplined, company-specific, research-driven, businesslike, long-term investment philosophy. The Independent Trustees considered the quality of Davis Advisors' investment process as well as the experience, capability, and integrity of its senior management and other personnel.

Davis Advisors takes its role as stewards of capital seriously and maintains a strong alignment of interests with its clients. The Independent Trustees noted that Davis Advisors has made significant investments in the Funds. The Independent Trustees considered that these investments tend to align Davis Advisors' interests with other shareholders, as they face the same risks, pay the same fees, and are motivated to achieve satisfactory long-term returns.

The Independent Trustees noted the importance of reviewing quantitative measures, but recognized that qualitative factors are also important in assessing whether shareholders are likely to be well served by the continuation of the Advisory Agreement. They noted both the value and shortcomings of purely quantitative measures, including the data provided by independent service providers, and concluded that, while such measures and data may be informative, the judgment of the Independent Trustees must

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Trustee Approval of Advisory Agreement** 

***(Unaudited) -* (Continued)**

**Reasons the Independent Trustees Approved Continuation of the Advisory Agreement - (Continued)**

take many factors into consideration in representing the shareholders of the Funds, including those listed below. In connection with reviewing comparative performance information, the Independent Trustees generally give greater weight to longer-term measurements.

The Independent Trustees assessed (a) comparative fee and expense information for other funds as selected and analyzed by a nationally recognized independent service provider; (b) information regarding fees charged by Davis Advisors to other advisory clients, which includes other funds it advises, other funds which it sub-advises, private accounts, and managed money/wrap clients, as well as the differences in the services provided to such other clients; and (c) the fee schedule of each of the Funds, including an assessment of the fee waiver and expense limitation agreement that is in place for each Fund.

The Independent Trustees compared the fees paid to Davis Advisors by the Funds with those paid by Davis Advisors' advised and sub-advised clients, private account clients, and managed money/wrap clients. To the extent sub-advised, private account, or managed money/wrap fees were lower than fees paid by the Funds, the Independent Trustees noted that the range of services provided to the Funds is more extensive, with greater risks associated with operating SEC-registered, actively managed exchange-traded funds. Serving as the primary adviser for actively managed exchange-traded funds is more work because of the complex overlay of regulatory, tax, and accounting issues, which are unique to exchange-traded funds. The Independent Trustees considered the investments necessary to manage the Funds, including the areas of risk oversight, information technology, which includes maintenance of the Davis ETFs website, and compliance. With respect to risk, the Independent Trustees noted that not only have regulations become more complex and burdensome, but the scrutiny of regulators and shareholders has also become more intense. The Independent Trustees concluded that reasonable justifications existed for any differences between the fee rates for the Funds and Davis Advisors' other lines of business.

**Davis Select U.S. Equity ETF ("DUSA")** 

The Independent Trustees noted that DUSA's net asset value ("NAV") return outperformed both its benchmark, the Standard & Poor's 500 Index (the "S&P 500") and the Lipper Multi-Cap Value category average over the three-year time period, and outperformed the Lipper Multi-Cap Value category average, but underperformed the S&P 500, over the one-, five-year, and since-inception time periods, all periods ended April 30, 2025. The Independent Trustees also reviewed Lipper ranking data comparing DUSA's one-, three-, five-year, and since-inception performance to the Lipper Multi-Cap Value category average as of April 30, 2025. Broadridge, an independent service provider, presented a report to the Independent Trustees that included comparative fee, expense, and investment performance data. The report compared the Fund's performance, fees, and expenses to other similar funds as selected by Broadridge. As DUSA does not yet have a meaningful long-term track record, the Independent Trustees also considered the historical performance of Davis Advisors' concentrated equity composite strategy on an absolute basis as well as relative to the S&P 500. The Independent Trustees considered DUSA's management fee and total net expense ratio. The management fee and total net expense ratio were reasonable. DUSA's management fee was below, and its total net expense ratio was in-line with, the median of its expense universe, as determined by Broadridge. The Independent Trustees also noted that the Adviser has capped expenses through March 1, 2026. For purposes of this expense cap, operating expenses do not include foreign tax reclaim filing expenses.

**Davis Select Financial ETF ("DFNL")** 

The Independent Trustees noted that DFNL's NAV return outperformed both its benchmark, the S&P 500 Financials Index (the "S&P 500 Financials") and the Lipper Financial Services category average over the five-year time period, and outperformed the

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Trustee Approval of Advisory Agreement** 

***(Unaudited) -* (Continued)**

**Davis Select Financial ETF ("DFNL") - (Continued)**

Lipper Financial Services category average, but underperformed the S&P 500 Financials, over the one-, three-year, and since-inception time periods, all periods ended April 30, 2025. The Independent Trustees also reviewed Lipper ranking data comparing DFNL's one-, three-, five-year, and since-inception performance to the Lipper Financial Services category average as of April 30, 2025. Broadridge, an independent service provider, presented a report to the Independent Trustees that included comparative fee, expense, and investment performance data. The report compared the Fund's performance, fees, and expenses to other similar funds as selected by Broadridge. As DFNL does not yet have a meaningful long-term track record, the Independent Trustees also considered the historical performance of Davis Advisors' financial composite strategy on an absolute basis as well as relative to the S&P 500. The Independent Trustees considered DFNL's management fee and total net expense ratio. The management fee and total net expense ratio were reasonable. DFNL's management fee was in-line with, and its total net expense ratio was below, the median of its expense universe, as determined by Broadridge. The Independent Trustees also noted that the Adviser has capped expenses through March 1, 2026. For purposes of this expense cap, operating expenses do not include foreign tax reclaim filing expenses.

**Davis Select Worldwide ETF ("DWLD")**

The Independent Trustees noted that DWLD's NAV return outperformed both its benchmark, the Morgan Stanley Capital International All Country World Index (the "MSCI ACWI") and the Lipper Global Multi-Cap Value category average over the one- and three-year time periods, underperformed both over the five-year time period, and outperformed the Lipper Global Multi-Cap Value category average, but underperformed the MSCI ACWI over the since-inception time period, all periods ended April 30, 2025. The Independent Trustees also reviewed Lipper ranking data comparing DWLD's one-, three-, five-year, and since-inception performance to the Lipper Global Multi-Cap Value category average as of April 30, 2025. Broadridge, an independent service provider, presented a report to the Independent Trustees that included comparative fee, expense, and investment performance data. The report compared the Fund's performance, fees, and expenses to other similar funds as selected by Broadridge. As DWLD does not yet have a meaningful long-term track record, the Independent Trustees also considered the historical performance of Davis Advisors' global equity composite strategy on an absolute basis as well as relative to the MSCI ACWI. The Independent Trustees considered DWLD's management fee and total net expense ratio. They observed that both were reasonable and below the median of its expense universe, as determined by Broadridge. The Independent Trustees also noted that the Adviser has capped expenses through March 1, 2026. For purposes of this expense cap, operating expenses do not include foreign tax reclaim filing expenses.

**Davis Select International ETF ("DINT")** 

The Independent Trustees noted that DINT's NAV return outperformed both its benchmark, the Morgan Stanley Capital International All Country World Index ex-USA (the "MSCI ACWI ex-USA") and the Lipper International Multi-Cap Core category average over the one- and three-year time periods, but underperformed both over the five-year and since-inception time periods, all periods ended April 30, 2025. The Independent Trustees also reviewed Lipper ranking data comparing DINT's one-, three-, five-year, and since-inception performance to the Lipper International Multi-Cap Core category average as of April 30, 2025. Broadridge, an independent service provider, presented a report to the Independent Trustees that included comparative fee, expense, and investment performance data. The report compared the Fund's performance, fees, and expenses to other similar funds as selected by Broadridge. As DINT does not yet have a meaningful long-term track record, the Independent Trustees also considered the historical performance of Davis Advisors' international equity composite strategy on an absolute basis as well as relative to the MSCI ACWI ex-USA. The Independent Trustees considered DINT's management fee and total net expense ratio. They observed that both were reasonable but above the median of its expense universe, as determined by Broadridge. The Independent Trustees also noted that the Adviser has capped expenses through March 1, 2026. For purposes of this expense cap, operating expenses do not include foreign tax reclaim filing expenses.

**Approval of Advisory Agreement**

The Independent Trustees concluded that Davis Advisors had provided the Funds and their shareholders a reasonable level of both investment and non-investment services. The Independent Trustees further concluded that shareholders have received a significant benefit from Davis Advisors' shareholder-oriented approach, as well as the execution of its investment discipline.

The Independent Trustees determined that the advisory fees for the Funds were reasonable in light of the nature, quality, and extent of the services being provided to the Funds, the costs incurred by Davis Advisors in providing such services, and in comparison to the range of the average advisory fees of their peer groups, as determined by an independent service provider. The

------

**DAVIS FUNDAMENTAL ETF TRUST**

**Trustee Approval of Advisory Agreement** 

***(Unaudited) -* (Continued)**

**Approval of Advisory Agreement - (Continued)**

Independent Trustees found that the terms of the Advisory Agreement are fair and reasonable and that continuation of the Advisory Agreement is in the best interests of each Fund and its shareholders. The Independent Trustees and the full Board of Trustees therefore voted to continue the Advisory Agreement for each Fund.

------

**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**

Approval of Investment Advisory Contract is included in the Trustee Approval of Advisory Agreement on Item 7 of this Form N-CSR.

------

&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.

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&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 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) The Registrant's [code of ethics](Code_of_Ethics.htm) pursuant to Item 2 of Form N-CSR is filed as an exhibit to this Form N-CSR.

(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: | December 18, 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: | December 18, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Douglas A. Haines<br>Douglas A. Haines<br>Principal Financial Officer and Principal Accounting Officer |
| Date: | December 18, 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: December 18, 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: December 18, 2025  |

---

------

## Ex-99.Code

### Code of Ethics:

### Sarbanes-Oxley

### (Section 406)
Davis Funds

Selected Funds

Clipper Funds Trust

Davis Fundamental ETF Trust

("Funds")

### October 2016
I.Covered Officers/Purpose of the Code

This Sarbanes-Oxley Code of Ethics ("Code") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, and Controller, or persons performing similar functions elected by the Funds (the "Covered Officers") for the purposes of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

A. <u>Overview</u> 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of the officer's family, receives improper personal benefits as a result of a position with the Funds.

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, replace these programs and procedures, and such conflicts fall outside of the parameters of this Code (see Section VI below).

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from the contractual relationships between the Funds and the investment adviser (or advisory affiliates) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Fund's Board of Directors/Trustees (each a "Board" and collectively the "Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

1. not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

2. not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

3. not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should always be discussed by Covered Officers with the Funds' Chief Legal Officer, if material. Examples of these conflict of interest situations include:

1. service as a director/trustee on the board of any public or private company;

------

2. the receipt of any gift, gratuity, favor award or other item or benefit having a market value in excess of $100 per person, per year, from or on behalf of any person or entity that does, or seeks to do, business with or on behalf of the Funds. Business-related entertainment such as meals, tickets to the theater or a sporting event which are infrequent and of a non-lavish nature are excepted from this prohibition;

3. any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter or any of their affiliates; and

4. a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III.Disclosure and Compliance

5. Each Covered Officer should become familiar with the disclosure requirements generally applicable to the Funds.

6. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' directors/trustees and auditors, and to governmental regulators and self-regulatory organizations.

7. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

8. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Notwithstanding (1) through (4) above, (a) each Covered Officer is entitled to rely upon procedures adopted by the Funds and their affiliates (including their investment adviser, sub-advisers, principal underwriter, transfer agent and custodian) that are intended to ensure accurate and timely filing of documents with the SEC or communications with the public, and (b) Covered Officers do not have a duty to ensure the Funds' compliance in areas outside of their span of control (for example, the Principal Financial Officer shall not have any duties with respect to compliance issues delegated to the adviser's Legal Department, Compliance Department, Marketing Department, etc.).

IV.Reporting and Accountability

Each Covered Officer must:

1. upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read, and understands the Code;

2. annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

------

3. report at least annually all affiliations or other relationships related to conflicts of interest that are included and described in the Funds' Directors/Trustees and Officers Questionnaires.

4. not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

5. notify the Funds' Chief Legal Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of the Code.

V.Enforcement of Code

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Legal Officer is authorized to consult, as appropriate, with the Chairperson of the Audit Committee, counsel to the Funds and independent legal counsel to the independent directors/trustees (as defined in Rule 0-1(a)(6) of the Investment Company Act). However, any approvals or waivers sought by any Covered Officer will be considered by the Audit Committee of the affected Fund (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

1. the Chief Legal Officer will take all appropriate action to investigate any reported potential violations;

2. if, after such investigation, the Chief Legal Officer believes that no material violation has occurred, the Chief Legal Officer is not required to take any further action;

3. any matter that the Chief Legal Officer believes is a material violation will be reported to the Committee;

4. if the Committee concurs that a material violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; monetary sanctions based on making a Fund whole for damage suffered or to deter further actions; or a recommendation to suspend or dismiss the Covered Officer;

5. the Committee will be responsible for granting waivers, as appropriate;

6. all waivers shall be accompanied by a written memorandum, including to whom the waiver was granted, the details of the waiver, the nature and scope of the waiver, reasoning for the waiver and the date of the waiver; and

7. any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.Other Policies and Procedures

------

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's Code of Ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.Amendments

1. This Code was initially adopted by a majority of both Boards (including a majority of the Independent Directors/Trustees voting separately).

2. Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of both Boards, including a majority of Independent Directors/Trustees voting separately.

3. A copy of each version of the Code and all waivers under the Code shall be maintained for at least six (6) years following the end of the fiscal year in which the amendment or waiver occurred.

VIII.Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its independent counsel.

IX.Filing

Each Fund shall file a copy of this Code as an exhibit to its annual report on Form N-CSR, and shall similarly file and report all material, substantive amendments to this Code.

------

**Exhibit A**

#### Persons Covered by this Code of Ethics as of October 4, 2016:

---

| | |
|:---|:---|
| Principal Executive Officer:  | Kenneth Eich  |
| Principal Financial Officer:  | Douglas Haines  |
| Principal Accounting Officer:  | Douglas Haines  |

---

------

## 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 October 31, 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: December 18, 2025  | Date: December 18, 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.

------