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Launched · SEC filings

Davis Select Financial ETF

DFNLCboeDavisB

$50.73+0.91 (+1.83%)

As of Nov 2, 2026, 3:59 PM ET

B55/ 100

Rank 12 of 35 in US Active Sector

B55/100Rank 12 of 35inUS Active Sector
Intraday session: up, 79 prints from 49.82 to 50.73. Range 50.19 to 50.84. Use the arrow keys to read each point.50.0050.2050.4050.6010 AM12 PM2 PM4 PM
Expense ratio
0.61%
Fund size
$448M
1Y total return
+13.0%
Yield · Last 12 months
1.32%
Holdings
30
Avg volume · 30D
35.4K sh
52W range
low $43.33high $53.09
Launched
Filings
SEC EDGAR

The ETF.net DFNL Grade

Based on 5 of 6 pillars

B

Score 55 out of 100

Category
US Active Sector⁠
Rank
12 of 35
Six-pillar profile for DFNL. Scores out of 100: Cost 50, Risk 67, Mission not scored, Tradability 64, Holdings 32, Durability 75. Strongest: Durability (75). Weakest: Holdings (32). Based on 5 of 6 pillars.

Score 55 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.
    C50 out of 100
    Rank 18 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.
    B64 out of 100
    Rank 7 of 35

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D32 out of 100
    Rank 29 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 8 of 35

Our read on DFNL

ETF.net Research

In short

BMost financials ETFs hand you the whole sector by market cap. DFNL hands you roughly 30 banks and insurers, picked one at a time by Davis, a firm that has been investing since 1969.

Stated mandate

The Fund seeks long-term growth of capital.

Why people hold it

  • Genuinely active, not index-plus. The prospectus sets a 15 to 35 stock range and puts at least 80% in financial services, so security selection shapes the book, not index weights.sec.gov
  • Patient by design. Reported portfolio turnover has run low since launch, and the prospectus is blunt that turnover drives trading costs and taxable gains.sec.govsec.gov 2
  • The 0.61% fee sits near the going rate among the 35 active sector-equity ETFs we track, and it is the full sticker: no waiver dressing it up, nothing to expire.
  • One of the stronger implementations in its active sector-equity peer group, built on the same Davis Investment Discipline the firm applies across its funds.sec.gov

Worth knowing

  • Non-diversified on purpose. About 30 names in one sector means a stumble at a big holding lands hard, with no other sectors to soften it.sec.gov
  • Thinly traded compared with the giant index financials funds, and mid-size in assets, so spreads can widen and order placement matters more.
  • Income is a byproduct here. Distributions land once or twice a year, not monthly, and the stated objective is long-term growth of capital.

DFNL Holdings

Holdings pillarD32 out of 100Rank 29 of 35 in US Active Sector
Asset class
Stocks
Holdings
30
Top-10 weight
58%
Largest holding
COF10.6%

Sectors

  • Financials95.5%
  • Technology3.7%
  • Consumer Discretionary0.7%

Geography

  • United States79.80%
  • Switzerland8.98%
  • Netherlands3.18%
  • Singapore3.15%
  • Denmark2.45%
  • Norway2.09%
  • China0.35%

Developed 98% · Emerging 2% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1COFCapital One Financial Corp.10.64%227,738$46.7M360
2USBU.S. Bancorp6.53%481,931$28.7M364
3MKLMarkel Group Inc.6.00%14,066$26.3M168
4FITBFifth Third Bancorp5.95%484,759$26.1M302
5BRK.BBerkshire Hathaway Inc., Class B5.83%47,150$25.6M374
6WFCWells Fargo & Co.5.03%264,439$22.1M377
7CBChubb Ltd.4.83%58,206$21.2M298
8JPMJPMorgan Chase & Co.4.52%58,844$19.8M487
9PNCPNC Financial Services Group, Inc.4.42%85,022$19.4M333
10No dataJulius Baer Group Ltd.4.21%221,057$18.5M3
11RNRRenaissanceRe Holdings Ltd3.28%42,386$14.4M214
12No dataDBS Group Holdings Ltd.3.15%241,944$13.8M1
13AXPAmerican Express Co.3.14%43,169$13.8M377
14LLoews Corp.3.09%121,799$13.6M259
15CHYMChime Financial, Inc., Class A2.65%416,386$11.6M114

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$11,302
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. DFNL $11,302. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+3.1%
1 month+3.5%
3 months−2.9%
1 year+13.0%
3 yearsper year+26.6%
5 yearsper year+11.8%
10 yearsFund is under 10 years oldper yearNo data

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+3.1%
2025+28.6%
2024+28.6%
2023+14.4%
2022−8.4%
2021+31.2%
2020−4.9%

DFNL in the news

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 30, 2026.
1.32%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

$10,000 in DFNL 5 years ago paid $1,193 in dividends.

DFNL Risk

Risk pillarB67 out of 100Rank 5 of 35 in US Active Sector
How much the fund’s monthly returns vary, scaled to a year.
15.0%
Annualised · 36 months to Oct 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.
1.36
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

DFNL Cost

Compare DFNL and TRUF

Overpaying vs TRUF, tied cheapest in US Active Sector

$9,892

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DFNL 0.61%

    $11,998

  • TRUF 0.10% Tied cheapest

    $2,106

$10,000
30 years

Cost over time

  • DFNL 0.61%
  • TRUF 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530DFNL $11,998TRUF $2,106

Year by year

YearDFNLTRUFOverpaying
10$1,093$183$910
20$4,181$717$3,464
30$11,998$2,106$9,892

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