DANA vs FSEC: Grades, Fees and Holdings Compared

Dana Limited Volatility ETF

DANADNYSE Arca

FIDELITY INVESTMENT GRADE SECURITIZED ETF

FSECBNYSE Arca

Overlap

No data

Expense ratio

DANA −0.01pt a year

DANA0.35%FSEC0.36%

Avg volume · 30D

FSEC 84.1×the volume

DANA4.83KFSEC406K

DANA vs FSEC Performance

Dec 31, 2025 – Nov 9, 2026

+1.5%DANA+0.4%FSEC

Expense ratio: DANA 0.35%, better; FSEC 0.36%
Fund size: DANA $18M; FSEC $4.55B
1Y total return: DANA No data; FSEC +1.0%
Yield (12M): DANA No data; FSEC 4.54%
Holdings: DANA 94; FSEC 1182
Avg volume (30D): DANA 4.83K sh; FSEC 406K sh, better
NAV per share: DANA $25.04; FSEC $42.95
52W range

ETF.net Grade

Pillar letters and Scores for DANA, FSEC, with each pillar’s weight
Pillar	DANA	FSEC
Cost30% weight	B59	B59
Mission25% weight	F0	A94Higher
Risk15% weight	A74Higher	C40
Tradability15% weight	D27	B67Higher
Holdings10% weight	C48Higher	C47
Durability5% weight	F24	A79Higher

Rank among Core Securitized Bond funds

How we build Categories ›

Same Category. DANA and FSEC are both graded against the same 10 Core Securitized Bond funds, so their Grades compare head to head.

Core Securitized Bond⁠

Category · 10 funds

See all 10 ›

FSEC ranks 3rd and DANA 10th of 10 funds in the Core Securitized Bond Category.

Rank 1AJMBSJanus Henderson Mortgage-Backed Securities ETFScore 76
Rank 2BJPLDJPMorgan Limited Duration Bond ETFScore 69
Rank 3BFSECFIDELITY INVESTMENT GRADE SECURITIZED ETFScore 66
Rank 4BSECRNYLI MacKay Securitized Income ETFScore 65
Rank 9CDEEDFirst Trust Securitized Plus ETFScore 44
Rank 10DDANADana Limited Volatility ETFScore 38

Our read on each fund

ETF.net Research

DANADDana Limited Volatility ETF

FSECBFIDELITY INVESTMENT GRADE SECURITIZED ETF

In short

DANA Dana targets portfolio duration of 0.60 to 2.50 years and an average credit quality of AA-/Aa3, then pays monthly. Grouped with the core bond crowd, it is built more like a short-duration parking spot than a core holding.

FSEC Most funds in this aisle buy a little of everything. FSEC goes narrow: at least 80% in securitized debt, run for current income, paid out monthly.

Stated mandate

DANA The Fund seeks to preserve capital and provide current income. It is actively managed and primarily invests in high-quality, cash-flow-producing fixed-income securities, focusing on U.S. government securities and investment-grade corporate bonds.

FSEC The fund seeks a high level of current income by investing primarily in securitized securities and related instruments. Its policy requires at least 80% exposure to that securitized-investment segment.

Why people hold it

DANA The mandate is written down, not implied: a 0.60 to 2.50 year duration target and an AA-/Aa3 average credit quality target, straight from the prospectus.sec.gov
Active management at 0.35%, essentially the middle of the pack for its bond cohort, where most rivals simply hold the index.
Monthly income is the stated policy, and the portfolio can hold floating and adjustable-rate paper to soften interest-rate sensitivity.sec.gov
It is the ETF version of Dana's Limited Volatility bond strategy, run by a Wisconsin shop that has been managing money since 1980.danainvestment.com yahoo.com

FSEC A specialist, not a sampler. The mandate locks at least 80% of assets into securitized debt, so you own that corner of the bond market at full strength instead of as a sliver.
Income is the stated job, not a byproduct, and the cash lands monthly.
Costs 0.36% a year, right at the median for its bond peer group, on a multi-billion-dollar asset base with steady two-way trading.
Holds its own in the upper half of a crowded aggregate-bond field, with a Fidelity bond desk and clear filings behind it.

Worth knowing

DANA You pay 0.35% here while the cohort's index giants (BND, SPAB, SCHZ) charge 0.03%. The gap buys active short-duration management, not broad market beta.
Small and thinly traded since its December 2025 launch, so spreads matter more than with the household-name bond funds.
Short duration means less rate sensitivity than a core aggregate fund, and a different ride from the intermediate-term bonds it gets screened against.sec.gov

FSEC Broad-market rivals such as BND, SPAB and SCHZ charge 0.03% for the whole bond market. The 0.36% here is the price of the narrower mandate.
One segment, about 120 positions. It moves with securitized debt rather than the full bond market, which is a different ride from a total-market core fund.
Launched in 2021, so the record is short by bond-fund standards.

Full DANA profile⁠

Full FSEC profile⁠

DANA vs FSEC Holdings

How DANA and FSEC differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors88.8%
Asset classBonds100%
Countryby domicile100%

Sector

Sector weights in DANA and FSEC, widest gap first
Sector	Gap	DANA	FSEC
Government	DANA +11.1 points	14.7%	3.6%
Securitized	FSEC +11.1 points	85.3%	96.4%
Corporate	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DANA and FSEC, widest gap first
Country	More in DANAMore in FSEC	Gap	DANA	FSEC
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

DANA28.8%
FSEC19.3%

Securities held

DANA93
FSEC1,156

Asset class

DANA: Bonds
FSEC: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. DANA holds 93 securities, FSEC 1,156.

All DANA holdings⁠All FSEC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DANA vs FSEC Cost

Overpaying FSEC vs DANA

$194

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

DANA 0.35%
$7,126
FSEC 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

DANA 0.35%
FSEC 0.36%
Overpaying

Year by year

Year	DANA	FSEC	Overpaying
10	$634	$652	$18
20	$2,454	$2,522	$68
30	$7,126	$7,320	$194

Expense ratio

0.35%DANA, cheaper
0.36%FSEC

DANA0.35%FSEC0.36%

0.21%0.80%

Middle half of Core Securitized Bond funds
Median 0.38%

DANA 4th cheapest of 10 funds

FSEC 5th cheapest of 10 funds

DANA vs FSEC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DANA No data; FSEC 4.54%
Payout (12M): DANA No data; FSEC $1.95
Last payment: DANA $0.06; FSEC $0.14
Ex-dividend: DANA Oct 27, 2026; FSEC Oct 29, 2026
Paid on: DANA Oct 28, 2026; FSEC Nov 2, 2026
Frequency: DANA Monthly; FSEC Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DANAMonthly · 11 paymentsAll DANA payments⁠

FSECMonthly · 47 paymentsAll FSEC payments⁠

DANA vs FSEC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DANA No dataFSEC 6.3%
Return per unit of riskSharpe ratio, 3 years: DANA No dataFSEC 0.36
Worst fallMax drawdown, 5 years: DANA No dataFSEC −17.3%
Market sensitivityBeta, 5 years: DANA 0.04FSEC 1.14; Market = 1

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