Davis Select Worldwide ETF

Davis Select Worldwide ETF (DWLD) is an actively managed fund. Its managers pick a concentrated portfolio of U.S. and foreign stocks rather than following an index. As of July 31, 2026, it held 41 stocks, and its top 10 made up about 43% of assets. It stands out for value-minded, long-term stock picking and big bets on a few companies. It also costs more than similar funds: 0.62% a year, against an average of 0.49%.

• Over the year to Oct 27, 2026, DWLD returned -0.8%, 7th of 7 among similar funds.
• Its 5-year annualized return was +8.8%.
• In the 2020 COVID crash it fell 35.3% and regained its old high 5.1 months after the low.
• Its worst full calendar year was 2018 (-22.4%); its best was 2019 (+31.3%).
• The deepest fall in its price history was 39.3% (Apr 29, 2021 to Oct 24, 2022), recovered by May 15, 2024.

As of Jul 31, 2026, the fund held 41 securities; the ten largest made up 42.98% of assets.

• Over the three months to Jul 31, 2026, investors added a net $29.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.43%, -3.22%, +4.65%.

Davis Select Worldwide ETF does not track an index. Its adviser, Davis Selected Advisers (Davis Advisors), chooses and weights each holding. The fund can own companies of any size in the U.S. and abroad, including emerging markets. Normally at least 40% of assets (30% in unfavorable markets) go to companies based, listed or doing at least half their business outside the U.S., across at least three countries. Many foreign stocks are held as depositary receipts, such as ADRs: bank-held certificates representing shares of a non-U.S. company.

Its "Davis Investment Discipline" favors businesses with proven management, durable franchises and lasting competitive advantages, and the firm visits company managers on site. It estimates each company's intrinsic value, or what the business is worth based on cash flows, assets and liabilities, and aims to buy below it, ideally holding five years or longer. It may sell when the price passes that estimate, the risk-reward balance turns unattractive or a better idea appears.

As of July 31, 2026, the fund held 41 positions; the 10 largest made up about 43% of assets, led by Full Truck Alliance (6.0%), Trip.com (5.5%) and JBS (4.5%). Portfolio turnover, the share of holdings replaced in a year, was 19%. The fund does not use leverage, and the July report listed no derivatives.

• DWLD charges 0.62% a year, versus an average of 0.49% for the similar funds below (6th of 7, 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 $63 in the first year and $774 over 10 years (assuming a 5% annual return).

It is a concentrated, 41-stock, manager-picked global portfolio with sizable foreign and China exposure, and it has had deep drops.

DWLD could add global, manager-picked stocks alongside a broad index core, but it has fallen hard. It launched in 2017, so it has no record from 2008. In the 2020 COVID crash it dropped 35.3% in about a month and recovered by August 2020. In the 2022 bear market it fell 29.7% and took about 16 months to recover. Its deepest drop was 39.3%, from April 2021 to October 2022, and it did not recover until May 2024. Its worst calendar year was 2018, with a 22.1% loss.

Anyone who needs to sell shares during a stretch like that may be selling at low prices. Income is modest and paid once a year: the trailing yield was 1.63% as of October 27, 2026. In the SEC's standard example, a $10,000 investment costs $63 after one year and $774 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).