ETF Evaluator:
Davis Select Financial ETF (DFNL)
Follow This ETF
(as of Jul 31)
Best Performing in Financial Over the Last Year
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ETF Details
Davis Select Financial ETF Overview
Davis Select Financial ETF (DFNL) is an actively managed Sector Equity Financial exchange-traded fund (ETF). Davis ETFs launched the ETF in 2017.
The investment seeks long-term growth of capital.
The fund's investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes in securities issued by companies principally engaged in the financial services sector. The fund's portfolio generally contains between 15 and 35 companies. It invests, principally, in common stocks. The fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets. It is non-diversified.
About Davis Select Financial ETF (DFNL)
There are 2 members of the management team with an average tenure of 8.46 years: Pierce Crosbie (2018) and Christopher Davis (2017). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Sec/Financials TR USD index with a weighting of 100%. Davis Select Financial ETF has 31 securities in its portfolio. The top 10 holdings constitute 56.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Davis Select Financial ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Davis Select Financial ETF has 20.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 79.9% There is 20.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Davis Select Financial ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $455 million in total assets, which is below the $2 billion average for the Financial category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DFNL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Davis Select Financial ETF expense ratio is above average compared to funds in the Financial category. Davis Select Financial ETF has an expense ratio of 0.61%, which is 60% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Davis Select Financial ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 29% for the Financial category.
Recently, in the month of June 2026, Davis Select Financial ETF returned 6.8%, which earned it a grade of B, as the Financial category had an average return of 2.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Davis Select Financial ETF has a trailing yield of 1.33%, which is below the 4.29% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Davis Select Financial ETF Grades
Year to date, the ETF has returned 2.8%, 2.5 percentage points better than the category, which translates into a grade of B. The fund has returned 17.0% over the past year (grade of B), 24.7% over the past three years (grade of A) and 13.1% per year over the past five years (grade of A).
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DFNL Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFNL Return (NAV) | 6.8% | 10.5% | 17.0% | 24.7% | 13.1% | na |
| DFNL Return (Price) | 6.8% | 10.1% | 16.5% | 24.5% | 13.0% | na |
| NAV +/- Price Return | -0.029% | 0.399% | 0.460% | 0.171% | 0.093% | na |
| Financial Avg | 2.7% | 8.5% | 5.6% | 16.7% | 7.6% | 10.8% |
| DFNL Grade (NAV) | B | B | B | A | A | na |
| +/- Category (NAV) | 4.1% | 2.0% | 11.4% | 7.9% | 5.5% | na |
| DFNL Tax-Cost Ratio | na | na | 0.6% | 0.8% | 0.8% | na |
DFNL Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFNL Return (NAV) | 2.8% | 28.6% | 28.2% | 14.2% | -8.2% | 30.8% | -5.1% | 26.6% | -10.8% | na | na |
| DFNL Return (Price) | 2.1% | 28.6% | 28.6% | 14.4% | -8.4% | 31.0% | -5.0% | 27.4% | -11.7% | na | na |
| NAV +/- Price Ret | -0.238% | -0.000% | 0.014% | 0.016% | 0.023% | 0.005% | -0.017% | 2.8% | 8.4% | na | na |
| Financial Avg | 0.3% | 11.6% | 23.4% | 13.6% | -13.3% | 32.1% | -1.0% | 28.6% | -12.8% | 14.2% | 22.3% |
| DFNL Grade (NAV) | B | A | B | C | A | D | C | D | B | na | na |
| +/- Category | 2.5% | 17.0% | 4.8% | 0.6% | 5.1% | -1.2% | -4.0% | -2.0% | 2.0% | na | na |
| Risk Measures | |
| Beta: | 0.80 |
| R-Squared: | 44% |
| Standard Deviation: | 15.4% |
| Category Risk Index: | 0.91 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.27 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 455 Mil |
| Share Class Assets: | $ 455 Mil |
| Turnover: | 1.0% |
| Expense Ratio: | 0.61% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.4 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Davis Christopher (2017), Crosbie Pierce (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 56.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 20.1% |
Portfolio Allocation |
|
| Domestic Stock: | 79.9% |
| Foreign Stock: | 20.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Davis ETFs |
| Phone Number: | 800-279-0279 |
| Website: | |
| Inception Date: | January 11, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.61% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.52% |
