Davis Select U.S. Equity ETF

Davis Select U.S. Equity ETF (DUSA) is an actively managed fund from Davis Selected Advisers. It holds a small group of mostly large U.S. companies: 29 positions as of July 31, 2026. It leans heavily on financial companies such as Capital One and U.S. Bancorp. It trades rarely, with 8% annual turnover, and charges 0.59% a year. That is slightly below the 0.61% average of similar funds.

• Over the year to Oct 27, 2026, DUSA returned +16.9%, 1st of 4 among similar funds.
• Its 5-year annualized return was +11.8%.
• In the 2020 COVID crash it fell 36.7% and regained its old high 7.6 months after the low.
• Its worst full calendar year was 2022 (-19.6%); its best was 2023 (+34.1%).
• The deepest fall in its price history was 36.7% (Feb 19, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.

As of Jul 31, 2026, the fund held 29 securities; the ten largest made up 54.41% of assets.

By sector

• Over the three months to Jul 31, 2026, investors added a net $66.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.32%, +1.20%, +2.25%.

DUSA doesn't track an index. Its managers pick stocks using what they call the Davis Investment Discipline. They research companies and visit managers at their offices, looking for proven leadership, a durable business model and lasting advantages over competitors. They then estimate each company's intrinsic value, meaning what the business is worth based on its cash flows, assets and debts. They aim to buy only when the stock trades below that estimate.

At least 80% of the fund must be in U.S. company stocks, mostly companies worth $10 billion or more. It can also own smaller companies and put up to 20% in non-U.S. companies, including depositary receipts. These are certificates for foreign shares held by a bank. The fund is non-diversified, which means it can hold fewer companies than most funds, usually between 15 and 35. As of July 31, 2026, its 10 largest positions made up about 54% of assets. Position sizes come from the managers' choices, not an index formula.

There is no set rebalancing schedule. The managers aim to hold companies for five years or longer. They sell when a price rises above their value estimate, when the risks outweigh the rewards, when something better comes along, or to pay out investors who leave. Turnover was 8%. The fund held no derivatives as of July 31, 2026, and uses no leverage or options.

• DUSA charges 0.59% a year, versus an average of 0.61% for the similar funds below (2nd of 4, cheapest first).
• Of that, 0.55% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).

With about 29 stocks, a heavy weighting in financials and results that depend on one manager's picks, DUSA fits better as a smaller add-on than as a portfolio's main stock holding.

DUSA could add a value-minded, concentrated slice of U.S. stocks for 0.59% a year. Under the SEC's standard example, that comes to $60 on $10,000 after one year and $738 after 10 years. The fund launched in January 2017, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 36.7% between February 19 and March 23, 2020. It got back to its old peak by November 9, 2020, about 7.6 months later. In the 2022 bear market it dropped 30.5% and took about 14.6 months to recover. Its worst calendar year was 2022, when it lost 19.3%.

Anyone who had to sell shares during those drops would have locked in losses. Income is small: the trailing yield was 0.86% as of October 27, 2026, paid once a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.