Fund Description: Davis Select Financial ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Davis Fundamental ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Davis Select Financial ETF seeks long-term growth of capital. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Davis Advisors has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: Under normal market conditions, the Fund will invest at least 80% of the Fund's net assets plus any borrowings for investment purposes in securities issued by companies principally engaged in the financial services sector. The Fund is non-diversified and, therefore, is allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund's portfolio generally contains between 15 and 35 companies, although the precise number of its investments will vary over time. The Fund invests, principally, in common stocks (including indirect holdings of common stock through depositary receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets. These non-U.S. company investments may include American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs and together Depositary Receipts). A company is principally engaged in financial services if it owns financial services-related assets that constitute at least 50% of the value of all of its assets, or if it derives at least 50% of its revenues from providing financial services. Companies are classified by GICS based on their principal business activity. Revenue is a key factor in determining a firm's principal business activity. Companies with their principal business activity in one of the following areas are considered financial services firms: banks, thrifts and mortgage, specialized finance, consumer finance, asset management, custody, investment banking, brokerage, insurance, financial exchanges and data, and mortgage REITs. The Davis Advisors utilizes the Davis Investment Discipline and conducts extensive research to try to identify businesses that possess characteristics that foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. The Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical and routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. FUND MANAGEMENT: Davis Selected Advisers, L.P. serves as the Fund's investment adviser. Davis Selected Advisers, a wholly owned subsidiary of the Adviser, serves as the Fund's sub-adviser.