ETF Research Center

The Davis Select Worldwide ETF is an actively managed portfolio of global equity. The fund seeks long-term growth of capital.

FUND BASICS
Category	Global Equities
Fund Sponsor	Davis
Website	davisetfs.com
Inception date	Jan 11, 2017
Assets (mns)	$232
Currency	USD
Expense ratio	64 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	33
Wgt avg mkt cap (mns)	$221,953
Large cap (>$10bn)	79.3%
Mid cap ($2-10bn)	10.9%
Small cap (<$2bn)	9.8%
Developed mkts	66.6%
Emerging mkts	33.4%

TOP TEN HOLDINGS
Total	55.1 %
NEW ORIENTAL EDUCATIO-SP ADR	8.2 %
ALPHABET INC. CLASS C	7.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR	5.5 %
AMAZON.COM INC	5.5 %
JD.COM INC-ADR	5.5 %
WELLS FARGO & CO	5.2 %
CAPITAL ONE FINANCIAL CORP	4.8 %
WOLSELEY PLC	4.7 %
BERKSHIRE HATHAWAY INC-CL B	4.7 %
UNITED TECHNOLOGIES CORP	4.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	42.8 %
	CHINA	24.6 %
	BRITAIN	5.3 %
	CANADA	3.5 %
	SINGAPORE	3.2 %
	BRAZIL	3.2 %
	SOUTH AFRICA	3.1 %
	HONG KONG	2.5 %
	BERMUDA	1.9 %
	INDIA	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.9%	9.1%	--	--	7.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.28	81%
MSCI EAFE	1.43	83%
MSCI Emg. Mkts.	1.06	72%

Technical Indicators
Recent close	$24.29
30d moving avg.	$23.52
Annualized volatility	17.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	24
Turnover	0.3%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$17,092

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DWLD

Expense:

64 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DWLD
Ticker	Fund Name	Overlap¹ vs DWLD (%)	Expense ratio (bp)	Savings vs DWLD (bp)	ALTAR Score™ (%)	ALTAR vs DWLD (%)
DUSA	Davis Select U.S. Equity	56.5	63	1	5.1	-1.0
DINT	Davis Select International	52.0	75	-11	6.3	+0.2
TTTN	TigerShares China-U.S. Internet Titans	26.7	59	5	4.0	-2.1
DFNL	Davis Select Financial	26.0	64	0	6.8	+0.7
PNQI	Invesco Nasdaq Internet	25.8	62	2	2.9	-3.2
TMFC	Motley Fool 100 Index	20.9	50	14	4.4	-1.7
PGJ	Invesco Golden Dragon China	20.3	70	-6	4.6	-1.5
XLG	Invesco S&P Top 50	19.8	20	44	5.2	-0.9
XNTK	SPDR NYSE Technology	18.2	35	29	5.5	-0.6
QYLD	Global X NASDAQ 100 Covered Call ETF	17.4	60	4	4.9	-1.2
QQQ	Invesco QQQ	17.1	20	44	5.3	-0.8
OEF	iShares S&P 100	16.3	20	44	5.5	-0.5
CHIQ	Global X MSCI China Consumer Discretionary	16.2	65	-1	5.4	-0.6
IGM	iShares S&P N. American Technology	16.2	46	18	4.6	-1.5
IETC	iShares Evolved U.S. Technology	16.1	18	46	4.8	-1.2
OGIG	O'Shares Global Internet Giants	16.0	48	16	1.6	-4.5
SPYG	SPDR Portfolio S&P 500 Growth	15.1	4	60	5.1	-1.0
IVW	iShares S&P 500 Growth	15.1	18	46	5.0	-1.1
VOOG	Vanguard S&P 500 Growth	15.0	15	49	5.0	-1.1
KEMQ	KraneShares EM Consumer Focus	14.9	80	-16	8.9	+2.8

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Worldwide
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.5	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	64	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	CATEGORY AVERAGE	1.54

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.