DFNL
Davis Select Financial ETF
The Davis Select Financial ETF is an actively managed portfolio of global financial sector stocks. The fund seeks long-term growth of capital.
US
EQUITY
Active
MANAGEMENT STYLE
245.9 M
ASSETS UNDER MGMT
63 bp
EXPENSES
Fund Basics
| Fund sponsor | Davis |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 11, 2017 |
| Assets (mns) | $246 |
| Expense ratio | 63 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| CAPITAL ONE FINANCIAL CORP | 9.1 % |
| BERKSHIRE HATHAWAY INC-CL B | 7.1 % |
| JPMORGAN CHASE & CO | 5.9 % |
| MARKEL CORP | 5.8 % |
| BANK OF NEW YORK MELLON CORP | 5.6 % |
| WELLS FARGO & CO | 5.2 % |
| CHUBB LIMITED | 5.1 % |
| DBS GROUP HOLDINGS LTD | 4.8 % |
| JULIUS BAER GRUPPE AG | 4.8 % |
| FIFTH THIRD BANCORP | 4.7 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 475 |
| Wgt avg mkt cap (mns) | $203,348 |
| Large cap (>$10bn) | 98.3% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 1.7% |
| Developed mkts. | 99.2% |
| Emerging mkts. | 0.8% |
Country Exposure
 |
UNITED STATES | 70.3 % |
 |
SWITZERLAND | 9.9 % |
 |
SINGAPORE | 4.8 % |
 |
BERMUDA | 4.5 % |
 |
DENMARK | 4.3 % |
 |
NETHERLANDS | 3.1 % |
 |
NORWAY | 2.0 % |
 |
CHINA | 0.8 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 1.2% | 19.2% | 20.5% | 11.1% | 16.1% | -- | -- | 8.2% |
| Dividend Yield | 0.0% | 0.0% | 1.4% | 2.1% | 2.2% | -- | -- | 2.1% |
| Total Returns | 1.2% | 19.2% | 21.9% | 13.2% | 18.4% | -- | -- | 10.3% | Ann. Volatility | 27.5% | 21.1% | 18.5% | 20.4% | 22.7% | -- | -- | 23.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.99 | 61% |
| MSCI EAFE | 0.96 | 60% |
| MSCI Emg Mkts | 0.64 | 27% |
Liquidity Measures
| Avg. volume (000) | 21 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.34% |
| ADV of underlying (mns) | $7,286 |
Technical Indicators
| Recent close | $38.56 |
| 30d moving avg. | $37.79 |
| Annualized volatility | 21.1% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 1.3% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DFNL |
Expenses vs. DFNL |
ALTAR Score™ vs. DFNL |
|---|---|---|---|---|
| KBWB | Invesco KBW Bank ETF | 38.6% | -28 bp | +1.3% |
| DUSA | Davis Select U.S. Equity ETF | 34.0% | -2 bp | -0.2% |
| IYF | iShares U.S. Financials ETF | 29.5% | -23 bp | -1.9% |
| XLF | Financial Select Sector SPDR Fund | 29.3% | -55 bp | -2.2% |
| IYG | iShares US Financial Services ETF | 29.0% | -23 bp | -2.4% |
| FNCL | Fidelity MSCI Financials Index ETF | 28.8% | -55 bp | -1.5% |
| VFH | Vanguard Financials ETF | 28.5% | -53 bp | -1.4% |
| FTXO | First Trust Nasdaq Bank ETF | 26.5% | -3 bp | +2.0% |
| USCF | Themes US Cash Flow Champions ETF | 25.1% | -34 bp | +1.4% |
| IXG | iShares Global Financials ETF | 24.6% | -21 bp | -1.2% |
Risk and Returns: DFNL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/30/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
DFNL
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
DFNL
8.3%
Cat. Avg
6.5%
ALTAR Score™ Calculation
Category Overview
There are 953 funds in the US Equity category, with an average ALTAR Score™
of 6.5% and a standard deviation of
2.7%. DFNL's ALTAR Score™ is approximately
0.7 standard deviations
above
the category average. This places DFNL in the 75th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DFNLSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| DFNL (63 bp) Percentile rank | 48 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFNL | 63.0 | 33.5 | 96.5 |
| Peer Avg. | 67.5 | 46.5 | 114.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .