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DFNL

GradeBChicago Board Options Exchange

Davis Select Financial ETF

Active Equity · Davis · Inception 2017-01-11 · SEC filings

$49.02−0.47 (−0.96%)

As of Sep 23, 2026, 2:15 PM EDT

Intraday session: down, 18 prints from 49.49 to 49.02. Range 49.01 to 49.26. Use the arrow keys to read each point.$49.10$49.2010 AM12 PM2 PM4 PM
Expense ratio
0.61%
Fund size
$470M
1Y return
+10.0%
Yield · Last 12 months
1.33%
Holdings
30
Volume · 30D
0M sh
NAV per share
$50.17
52W range
low $43.13high $53.09

The ETF.net DFNL Grade

B

60/ 100

Rank 8 of 35 in US Active Sector⁠

Confidence Medium

Six-pillar profile for DFNL. Scores out of 100: Cost 56, Risk 66, Mission not scored, Tradability 78, Holdings 36, Durability 75. Strongest: Tradability (78). Weakest: Holdings (36). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 60 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 56
    Category rank16/35 · top 46%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 66
    Category rank5/35 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 78
    Category rank4/35 · top 11%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 36
    Category rank29/35 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 75
    Category rank10/35 · top 29%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on DFNL

ETF.net Research

BMost financials ETFs buy the whole sector by market cap. DFNL goes the other way: Davis' stock pickers have run a concentrated book of 15 to 35 banks, insurers and other financial businesses, US and foreign, since 2017.

Stated mandate

The Fund seeks long-term growth of capital.

Why people hold it

  1. 01The prospectus keeps the book to 15 to 35 financial businesses, so each pick carries real weight instead of being diluted across a hundred-name sector index.sec.govmoney.usnews.com
  2. 02At 0.63%, the fee lands just below the median for active US equity ETFs, which is unusual for a concentrated single-sector stock picker.
  3. 03The mandate travels: managers can own foreign financials, developed or emerging, so a bank in Asia competes for the same slot as one in Ohio.money.usnews.comsec.gov
  4. 04Live since 2017, with a mid-sized asset base and steady day-to-day trading, it sits in the upper half of its active US equity peer group.

Worth knowing

  1. 01Non-diversified and pinned to one sector. When banks and insurers sell off together, the portfolio has nowhere to hide.money.usnews.com
  2. 02No index safety net. Results ride on the managers' judgment, so the fund can sit well away from the broad financials sector in either direction.sec.gov
  3. 03Broad active peers cost far less: DFAU charges 0.12% and DFAC 0.17% against 0.63% here, though neither is a focused financials portfolio.

DFNL Holdings

As of Sep 20, 2026, 9:27 AM
Asset class
Stocks
Holdings
30
Top-10 weight
57%
Largest holding
COF10.6%

Sectors

  • Financials95.3%
  • Technology3.9%
  • Consumer Discr.0.8%

Geography

  • United States71.81%
  • Switzerland8.91%
  • Bermuda7.38%
  • Netherlands3.35%
  • Singapore3.29%
  • Denmark2.65%
  • Norway2.04%
  • China0.58%

Developed 72% · Emerging 28% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001COFCapital One Financial Corp.10.61%241,955$49M350
002USBU.S. Bancorp6.27%481,931$29M369
003FITBFifth Third Bancorp5.80%506,359$27M290
004MKLMarkel Group Inc.5.65%14,690$26M174
005BRK-BBerkshire Hathaway Inc., Class B5.44%49,246$25M359
006WFCWells Fargo & Co.4.93%264,439$23M380
007JPMJPMorgan Chase & Co.4.52%59,664$21M478
008CBChubb Ltd.4.49%60,798$21M239
009PNCPNC Financial Services Group, Inc.4.49%88,814$21M326
010—Julius Baer Group Ltd.4.40%230,913$20M3
011—DBS Group Holdings Ltd.3.30%252,994$15M1
012AXPAmerican Express Co.3.23%47,932$15M374
013RNRRenaissanceRe Holdings Ltd3.14%44,274$14M215
014LLoews Corp.2.97%127,223$14M259
015CHYMChime Financial, Inc., Class A2.86%434,946$13M102

Showing 1–15 of 30 holdings

DFNL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DFNL$10,995
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. DFNL $10,995. SPY $11,723. Use the arrow keys to read each point.$9,352$10,653$11,955Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DFNL. Periods over one year show the average yearly return.
PeriodDFNL
Year to date+2.4%
1 month−4.0%
3 months+2.8%
1 year+10.0%
3 years+24.7%per year
5 years+13.3%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DFNL
YearReturn barDFNL
2026 YTD+2.4%
2025+28.6%
2024+28.6%
2023+14.4%
2022−8.4%
2021+31.2%
2020−4.9%

DFNL in the news

ETF.net Research hasn’t filed on DFNL yet — coverage lands here as it’s written.

DFNL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
1.33%Last 12 months
Payout per share
$0.66Last 12 months
Last payment
$0.66 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2017–2026

One bar per payment. 9 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.26; Dec 26, 2018 $0.64; Dec 27, 2019 $0.64; Dec 29, 2020 $0.35; Dec 29, 2021 $0.75; Dec 28, 2022 $0.91; Dec 27, 2023 $0.70; Dec 27, 2024 $0.83; Dec 29, 2025 $0.66. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 30, 2025$0.66
Dec 27, 2024Dec 30, 2024$0.83
Dec 27, 2023Dec 29, 2023$0.70
Dec 28, 2022Dec 30, 2022$0.91
Dec 29, 2021Dec 31, 2021$0.75
Dec 29, 2020Dec 31, 2020$0.35
Dec 27, 2019Dec 31, 2019$0.64
Dec 26, 2018Dec 28, 2018$0.64
Dec 26, 2017Dec 28, 2017$0.26

DFNL Risk

How much the fund’s monthly returns vary, scaled to a year.
14.7%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.33
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−26.3%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.82
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DFNL Cost

Expense ratio0.61%
  • The middle half of US Active Sector funds
  • Median 0.65%

13 of the 33 US Active Sector funds charge less.

DFNL costs $61.00 a year on $10,000. The median US Active Sector fund costs $65.00.