DANA vs SECR

DANADDana Limited Volatility ETF

SECRBNYLI MacKay Securitized Income 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.

SECR Most securitized bond ETFs stop at agency mortgages. SECR roams the whole structured-credit stack, CMBS, ABS, non-agency RMBS and CLOs, picked by MacKay Shields, at 0.28% net of a waiver through August 28, 2027.

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.

SECR The Fund seeks total return with an emphasis on current income.

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.comyahoo.com

• SECR At least 80% of assets sit in securitized paper: CMBS, ABS, agency and non-agency RMBS, CMOs and CLOs. Agency-mortgage peers like JMBS and JHMB work a narrower slice.sec.gov
• 0.28% net of a contractual waiver through August 28, 2027 (0.49% gross), below the category median and under FSEC's 0.36% and JHMB's 0.39% net of a waiver through July 31, 2027.
• Actively run by MacKay Shields rather than tracking an index, with income paid monthly and risk spread across roughly 400 positions.nylim.com
• Holdings line up with the securitized mandate the filings describe, one of the tidier implementations in this small peer group.

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

• SECR Thinly traded, so spreads can run wider than the giant bond ETFs' and bigger orders may need patience.
• The 0.28% price tag leans on a waiver through August 28, 2027; the gross expense ratio behind it is 0.49%.
• Up to 20% of total assets can sit below investment grade, and non-agency structures carry credit and prepayment risk. The fund has only traded since 2024.sec.gov

Full DANA profile⁠

Full SECR profile⁠