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)	$256
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	34
Wgt avg mkt cap (mns)	$245,537
Large cap (>$10bn)	79.9%
Mid cap ($2-10bn)	14.0%
Small cap (<$2bn)	6.0%
Developed mkts	65.0%
Emerging mkts	35.0%

TOP TEN HOLDINGS
Total	56.3 %
NEW ORIENTAL EDUCATIO-SP ADR	8.4 %
ALPHABET INC. CLASS C	7.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR	6.1 %
JD.COM INC-ADR	6.1 %
AMAZON.COM INC	5.2 %
WELLS FARGO & CO	4.8 %
WOLSELEY PLC	4.8 %
CAPITAL ONE FINANCIAL CORP	4.7 %
BERKSHIRE HATHAWAY INC-CL B	4.6 %
NASPERS LTD-N SHS	4.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	42.7 %
	CHINA	27.3 %
	BRITAIN	5.3 %
	SOUTH AFRICA	4.6 %
	SINGAPORE	3.0 %
	CANADA	3.0 %
	HONG KONG	2.5 %
	BRAZIL	2.1 %
	BERMUDA	1.9 %
	INDIA	1.7 %

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.
31.3%	31.3%	--	--	10.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.28	81%
MSCI EAFE	1.44	83%
MSCI Emg. Mkts.	1.02	71%

Technical Indicators
Recent close	$25.97
30d moving avg.	$25.41
Annualized volatility	17.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.3%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$18,918

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™:

5.5%

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	56.8	63	1	5.1	-0.3
DINT	Davis Select International	53.9	75	-11	5.3	-0.2
TTTN	TigerShares China-U.S. Internet Titans	28.7	59	5	3.7	-1.8
PNQI	Invesco Nasdaq Internet	27.0	62	2	2.5	-3.0
DFNL	Davis Select Financial	26.0	64	0	6.6	+1.2
TMFC	Motley Fool 100 Index	21.0	50	14	4.0	-1.5
XLG	Invesco S&P Top 50	19.3	20	44	4.8	-0.7
PGJ	Invesco Golden Dragon China	18.8	70	-6	3.3	-2.1
CHIQ	Global X MSCI China Consumer Discretionary	17.3	65	-1	5.0	-0.5
EMQQ	Emerging Markets Internet & E-Commerce	17.2	86	-22	3.3	-2.2
QYLD	Global X NASDAQ 100 Covered Call ETF	17.2	60	4	4.5	-1.0
QQQ	Invesco QQQ	16.9	20	44	4.7	-0.8
FDNI	First Trust Dow Jones International Internet	16.9	65	-1	3.8	-1.6
XNTK	SPDR NYSE Technology	16.9	35	29	4.7	-0.7
OGIG	O'Shares Global Internet Giants	16.4	48	16	1.2	-4.3
KEMQ	KraneShares EM Consumer Focus	16.2	80	-16	8.5	+3.0
IGM	iShares S&P N. American Technology	16.0	46	18	4.1	-1.4
OEF	iShares S&P 100	16.0	20	44	5.1	-0.3
IETC	iShares Evolved U.S. Technology	15.8	18	46	4.3	-1.2
FNI	First Trust ISE Chindia	15.5	59	5	3.7	-1.7

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:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.5	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	64	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.38	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.