ETF Research Center

The Davis Select U.S. Equity ETF is an actively managed portfolio of US large-cap stocks. The fund seeks long-term capital growth and capital preservation.

FUND BASICS
Category	US Equities
Fund Sponsor	Davis
Website	davisetfs.com
Inception date	Jan 11, 2017
Assets (mns)	$212
Currency	USD
Expense ratio	63 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	24
Wgt avg mkt cap (mns)	$335,182
Large cap (>$10bn)	96.7%
Mid cap ($2-10bn)	3.3%
Small cap (<$2bn)	0.0%
Developed mkts	90.1%
Emerging mkts	9.9%

TOP TEN HOLDINGS
Total	67.8 %
ALPHABET INC. CLASS C	10.3 %
BERKSHIRE HATHAWAY INC-CL B	10.1 %
AMAZON.COM INC	8.8 %
UNITED TECHNOLOGIES CORP	7.3 %
CAPITAL ONE FINANCIAL CORP	6.8 %
NEW ORIENTAL EDUCATIO-SP ADR	6.4 %
WELLS FARGO & CO	5.0 %
JPMORGAN CHASE & CO	4.5 %
US BANCORP	4.4 %
AMERICAN EXPRESS CO	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	79.7 %
	CHINA	8.6 %
	BRITAIN	3.4 %
	HONG KONG	2.3 %
	SINGAPORE	1.4 %
	SOUTH AFRICA	1.1 %
	CANADA	0.5 %
	IRELAND	0.4 %

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.
27.4%	14.6%	--	--	10.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	90%
MSCI EAFE	1.18	71%
MSCI Emg. Mkts.	0.84	57%

Technical Indicators
Recent close	$25.19
30d moving avg.	$25.13
Annualized volatility	15.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	6
Turnover	0.1%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$21,535

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DUSA

Expense:

63 bp

ALTAR Score™:

5.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DUSA
Ticker	Fund Name	Overlap¹ vs DUSA (%)	Expense ratio (bp)	Savings vs DUSA (bp)	ALTAR Score™ (%)	ALTAR vs DUSA (%)
DWLD	Davis Select Worldwide	56.1	64	-1	6.1	+1.1
DFNL	Davis Select Financial	45.5	64	-1	6.7	+1.7
XLF	Financials Select Sector SPDR	28.1	13	50	7.0	+2.0
RWW	Invesco S&P Financials Revenue	27.9	45	18	7.3	+2.3
TMFC	Motley Fool 100 Index	25.0	50	13	4.3	-0.7
VFH	Vanguard Financials	24.2	10	53	7.3	+2.3
FNCL	Fidelity MSCI Financials	24.2	8	55	7.3	+2.3
XLG	Invesco S&P Top 50	23.8	20	43	5.2	+0.2
PNQI	Invesco Nasdaq Internet	22.5	62	1	2.8	-2.2
KBWB	Invesco KBW Bank Portfolio	22.4	35	28	7.6	+2.6
TTTN	TigerShares China-U.S. Internet Titans	22.2	59	4	3.9	-1.1
IYF	iShares DJ US Financials	21.5	42	21	6.1	+1.1
OEF	iShares S&P 100	20.9	20	43	5.5	+0.5
IEFN	iShares Evolved U.S. Financials	20.7	18	45	7.3	+2.3
IXG	iShares S&P Global Financial Sector	20.7	46	17	8.3	+3.2
QYLD	Global X NASDAQ 100 Covered Call ETF	19.2	60	3	4.8	-0.2
QQQ	Invesco QQQ	19.1	20	43	5.2	+0.2
IYG	iShares DJ US Financial Services	18.3	42	21	6.4	+1.4
JHMF	John Hancock Multifactor Financials	18.2	40	23	6.6	+1.6
NACP	Impact Shares NAACP Minority Empowerment	18.0	75	-12	5.6	+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 U.S. Equity
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	11.0	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	63	bp
Equals: ALTAR Score	5.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.56

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.