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Launched · SEC filings

Davis Select Financial ETF

DFNLCboeB

$48.67−0.26 (−0.53%)

As of Oct 13, 2026, 3:58 PM

B60/ 100

Rank 7 of 35 in US Active Sector

B60/100Rank 7 of 35inUS Active Sector
Intraday session: down, 52 prints from 48.93 to 48.67. Range 48.53 to 49.14. Use the arrow keys to read each point.48.5048.6048.8049.0049.1010 AM12 PM2 PM4 PM
Expense ratio
0.61%
Fund size
$442M
1Y total return
+14.0%
Yield · Last 12 months
1.35%
Holdings
30
Avg volume · 30D
0M sh
NAV per share
$48.89
52W range
low $43.13high $53.09
Launched
Filings
SEC EDGAR

The ETF.net DFNL Grade

Based on 5 of 6 pillars

B

Score 60 out of 100

Category
US Active Sector⁠
Rank
7 of 35
Six-pillar profile for DFNL. Scores out of 100: Cost 59, Risk 67, Mission not scored, Tradability 70, Holdings 37, Durability 75. Strongest: Durability (75). Weakest: Holdings (37). Based on 5 of 6 pillars.

Score 60 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B59 out of 100
    Rank 15 of 35

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B67 out of 100
    Rank 5 of 35

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A70 out of 100
    Rank 5 of 35

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D37 out of 100
    Rank 28 of 35

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A75 out of 100
    Rank 10 of 35

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 Oct 12, 2026
Asset class
Stocks
Holdings
30
Top-10 weight
57%
Largest holding
COF10.7%

Sectors

  • Financials95.4%
  • Technology3.8%
  • Consumer Discretionary0.8%

Geography

  • United States71.48%
  • Switzerland9.03%
  • Bermuda7.49%
  • Singapore3.46%
  • Netherlands3.33%
  • Denmark2.60%
  • Norway2.02%
  • 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.10.72%234,860$47M353
002USBU.S. Bancorp6.30%481,931$28M362
003MKLMarkel Group Inc.5.75%14,261$25M169
004FITBFifth Third Bancorp5.70%491,509$25M293
005BRK.BBerkshire Hathaway Inc., Class B5.64%47,805$25M365
006WFCWells Fargo & Co.5.06%264,439$22M372
007CBChubb Ltd.4.61%59,016$20M293
008JPMJPMorgan Chase & Co.4.55%59,664$20M481
009—Julius Baer Group Ltd.4.39%224,137$19M3
010PNCPNC Financial Services Group, Inc.4.33%86,207$19M327
011AXPAmerican Express Co.3.28%46,524$14M370
012RNRRenaissanceRe Holdings Ltd3.26%42,976$14M209
013—DBS Group Holdings Ltd.3.22%245,294$14M1
014LLoews Corp.3.02%123,494$13M255
015CHYMChime Financial, Inc., Class A2.91%422,186$13M111

Showing 1–15 of 30 holdings

DFNL Performance

Launched Jan 11, 2017

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

Not enough history yet.
DFNL$11,398
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. DFNL $11,398. SPY $12,044. Use the arrow keys to read each point.$9,559$11,056$12,553Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+1.2%
1 month−5.1%
3 months−3.2%
1 year+14.0%
3 yearsper year+24.9%
5 yearsper year+11.9%
10 yearsFund is under 10 years oldper 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+1.2%
2025+28.6%
2024+28.6%
2023+14.4%
2022−8.4%
2021+31.2%
2020−4.9%

DFNL in the news

Filtered to DFNL · US Active Sector

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 Oct 12, 2026.
1.35%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.
15.2%
Annualised · 36 months to Sep 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.
1.21
vs 3-month T-bills · to Sep 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.
0.84
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%

14 of the 35 US Active Sector funds charge less.

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

Other funds in US Active Sector

See others