Fund Description: Davis Select U.S. Equity 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 U.S. Equity ETF seeks long-term capital growth and capital preservation. 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 equity securities issued by U.S. companies. 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 Davis Advisors utilizes the Davis Investment Discipline to invest the Fund's portfolio principally in common stocks issued by large companies with market capitalizations of at least $10 billion 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.