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)	$137
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)	$76,771
Large cap (>$10bn)	76.0%
Mid cap ($2-10bn)	11.6%
Small cap (<$2bn)	12.4%
Developed mkts	51.6%
Emerging mkts	48.4%

TOP TEN HOLDINGS
Total	55.8 %
NEW ORIENTAL EDUCATIO-SP ADR	11.5 %
ALIBABA GROUP HOLDING LTD. SPONSOR	8.2 %
WOLSELEY PLC	5.2 %
SCHNEIDER ELECTRIC SA	5.0 %
JD.COM INC-ADR	4.9 %
NASPERS LTD-N SHS	4.4 %
DBS GROUP HOLDINGS LTD	4.4 %
SUL AMERICA SA - UNITS	4.2 %
MEITUAN DIANPING	4.0 %
SAFRAN SA	4.0 %

TOP COUNTRY EXPOSURE
	CHINA	37.2 %
	FRANCE	8.9 %
	SWITZERLAND	6.7 %
	BRITAIN	5.7 %
	BRAZIL	5.0 %
	CANADA	4.5 %
	SOUTH AFRICA	4.4 %
	SINGAPORE	4.4 %
	HONG KONG	3.7 %
	BERMUDA	3.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.6%	13.9%	--	--	-3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	77%
MSCI EAFE	1.40	84%
MSCI Emg. Mkts.	1.11	76%

Technical Indicators
Recent close	$18.45
30d moving avg.	$18.31
Annualized volatility	19.4%
Short interest (ETF)	0.4%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.1%
Bid/Ask (% of price)	0.41%
ADV underlying (mns)	$7,148

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™:

5.8%

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	52.3	64	11	6.0	+0.2
PGJ	Invesco Golden Dragon China	25.5	70	5	3.7	-2.1
CHIQ	Global X MSCI China Consumer Discretionary	23.5	65	10	5.3	-0.5
FDNI	First Trust Dow Jones International Internet	23.4	65	10	4.5	-1.3
KWEB	KraneShares CSI China Internet	20.8	76	-1	3.8	-2.0
EMQQ	Emerging Markets Internet & E-Commerce	20.4	86	-11	3.8	-2.0
TTTN	TigerShares China-U.S. Internet Titans	18.5	59	16	3.9	-2.0
CXSE	WisdomTree China ex-State Owned Enterprises	18.3	32	43	7.0	+1.2
KEMQ	KraneShares EM Consumer Focus	18.2	80	-5	7.7	+1.9
FNI	First Trust ISE Chindia	17.3	59	16	4.0	-1.8
DUSA	Davis Select U.S. Equity	17.3	63	12	4.9	-0.9
EEB	Invesco BRIC	15.9	64	11	6.6	+0.8
CHIL	Global X MSCI China Large-Cap 50	15.2	29	46	10.3	+4.5
FLCH	Franklin FTSE China	14.7	19	56	9.9	+4.1
GXC	SPDR S&P China ETF	13.9	59	16	9.1	+3.3
PNQI	Invesco Nasdaq Internet	13.5	62	13	2.8	-3.0
ADRE	BLDRs Emerging Markets 50 ADR	13.4	30	45	6.4	+0.6
DFNL	Davis Select Financial	13.4	64	11	6.6	+0.8
KALL	KraneShares MSCI China All Shares	13.3	49	26	8.9	+3.1
CQQQ	Invesco China Technology	13.2	70	5	5.2	-0.6

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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.1	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	5.8	%

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.