DWLD Fees and Costs — Davis Select Worldwide ETF
Data updated: 2026-09-28
The net expense ratio is 0.62%: a 0.55% management fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $212K in broker commissions, 0.0533% of average net assets, and portfolio turnover was 19%.
DWLD Fees and Expenses
Annual operating expenses and sales charges of DWLD. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.07% |
| Gross expense ratio | 0.62% |
| Fee waiver | — |
| Net expense ratio | 0.62% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DWLD Costs Over Time
On $10,000 invested in DWLD, assuming 5% a year before costs, total costs come to $424 over 5 years, cutting the return by 0.71% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.62%) | $65 | $204 | $355 |
| Trading costs (broker commissions) | $6 | $18 | $30 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $71 | $232 | $424 |
| Value after costs | $10,429 | $11,344 | $12,339 |
| Impact on return, per year | 0.71% | 0.71% | 0.71% |
DWLD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0533%
- Total broker commissions: $212K
- Bought from dealers (principal trades, not a cost): $1.5B
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
DWLD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $31K | 18.39% |
| BMO Capital Markets Corp. | $27K | 15.71% |
| BTIG, LLC | $25K | 14.81% |
| CLSA Americas, LLC | $22K | 12.72% |
| Jefferies LLC | $20K | 11.42% |
| J.P. Morgan Securities LLC | $13K | 7.83% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $9K | 5.24% |
| Mizuho Securities USA LLC | $9K | 5.05% |
| Morgan Stanley & Co. LLC | $8K | 4.74% |
| Piper Sandler & Co. | $7K | 4.10% |
DWLD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $943.2M | 64.18% |
| Nomura Securities International, Inc. | $504.5M | 34.33% |
| Goldman, Sachs & Co. LLC | $14.7M | 1.00% |
| UBS Securities LLC | $7.4M | 0.50% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.