ETF Research Center

The Davis Select International ETF is an actively managed portfolio of international stocks, from developed and emerging markets, selected based on prospects for long-term growth of capital.

FUND BASICS
Category	International Equities
Fund Sponsor	Davis
Website	davisetfs.com
Inception date	Mar 01, 2018
Assets (mns)	$160
Currency	USD
Expense ratio	75 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$83,137
Large cap (>$10bn)	74.1%
Mid cap ($2-10bn)	21.3%
Small cap (<$2bn)	4.6%
Developed mkts	51.3%
Emerging mkts	48.7%

TOP TEN HOLDINGS
Total	54.1 %
NEW ORIENTAL EDUCATIO-SP ADR	10.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR	8.1 %
JD.COM INC-ADR	5.3 %
NASPERS LTD-N SHS	4.9 %
WOLSELEY PLC	4.8 %
SCHNEIDER ELECTRIC SA	4.5 %
DBS GROUP HOLDINGS LTD	4.3 %
MEITUAN DIANPING	4.1 %
AIA GROUP LTD	3.8 %
SAFRAN SA	3.5 %

TOP COUNTRY EXPOSURE
	CHINA	38.6 %
	FRANCE	8.1 %
	SWITZERLAND	6.7 %
	BRITAIN	5.3 %
	SOUTH AFRICA	4.9 %
	CANADA	4.4 %
	BRAZIL	4.3 %
	SINGAPORE	4.3 %
	HONG KONG	3.8 %
	BERMUDA	3.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
29.4%	29.4%	--	--	-0.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	75%
MSCI EAFE	1.43	84%
MSCI Emg. Mkts.	1.08	77%

Technical Indicators
Recent close	$19.93
30d moving avg.	$19.23
Annualized volatility	19.6%
Short interest (ETF)	0.6%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	26
Turnover	0.3%
Bid/Ask (% of price)	0.38%
ADV underlying (mns)	$5,709

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Davis Select International ETF based on the alternatives' overlap in portfolio holdings with DINT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DINT

Expense:

75 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DINT
Ticker	Fund Name	Overlap¹ vs DINT (%)	Expense ratio (bp)	Savings vs DINT (bp)	ALTAR Score™ (%)	ALTAR vs DINT (%)
DWLD	Davis Select Worldwide	53.9	64	11	5.4	+0.2
EMQQ	Emerging Markets Internet & E-Commerce	25.7	86	-11	3.2	-2.0
FDNI	First Trust Dow Jones International Internet	24.8	65	10	3.7	-1.5
CHIQ	Global X MSCI China Consumer Discretionary	23.9	65	10	4.7	-0.5
PGJ	Invesco Golden Dragon China	23.0	70	5	3.2	-2.0
KWEB	KraneShares CSI China Internet	22.2	76	-1	3.5	-1.7
TTTN	TigerShares China-U.S. Internet Titans	19.6	59	16	3.6	-1.6
KEMQ	KraneShares EM Consumer Focus	19.3	80	-5	8.3	+3.1
CXSE	WisdomTree China ex-State Owned Enterprises	18.7	32	43	6.1	+0.9
DUSA	Davis Select U.S. Equity	18.2	63	12	5.1	-0.1
FNI	First Trust ISE Chindia	18.0	59	16	3.6	-1.6
EEB	Invesco BRIC	16.9	64	11	6.1	+0.9
CHIL	Global X MSCI China Large-Cap 50	15.5	29	46	9.3	+4.1
FLCH	Franklin FTSE China	14.8	19	56	8.5	+3.3
ADRE	BLDRs Emerging Markets 50 ADR	14.7	30	45	5.7	+0.6
ECON	Columbia Emerging Markets Consumer	14.2	59	16	5.0	-0.2
PNQI	Invesco Nasdaq Internet	14.0	62	13	2.4	-2.8
CQQQ	Invesco China Technology	14.0	70	5	4.6	-0.6
GXC	SPDR S&P China ETF	14.0	59	16	8.1	+2.9
DFNL	Davis Select Financial	13.8	64	11	6.6	+1.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Davis Select International
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.0	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.