ETF Evaluator:
Dana Limited Volatility ETF ()
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(as of Aug 26)
Best Performing in Short-Term Bond Over the Last Year
| 6.6% | Overlay Shares Short Term Bond ETF (OVT) |
| 5.0% | AAM SLC Low Duration Income ETF (LODI) |
| 4.6% | SanJac Alpha Low Duration ETF (SJLD) |
| 4.5% | Performance Trust Short Term Bond ETF (STBF) |
| 4.4% | American Century® Short Dur Str Inc ETF (SDSI) |
Risk
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Risk
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ETF Details
Dana Limited Volatility ETF Overview
Dana Limited Volatility ETF (DANA) is an actively managed Taxable Bond Short-Term Bond exchange-traded fund (ETF). Dana Investment Advisors Inc launched the ETF in 2025.
The investment seeks to preserve capital and provide current income.
The fund is an actively-managed exchange-traded fund (“ETF”) that seeks to preserve capital while generating current income by investing primarily in high-quality, cash flow–producing fixed income securities. The fund focuses on U.S. government securities and investment-grade corporate bonds (bonds rated AA-/Aa3- or higher by a nationally recognized statistical rating organization (“NRSRO”)), which are considered to have a lower risk of default.
About Dana Limited Volatility ETF (DANA)
There are 5 members of the management team with an average tenure of 0.66 years: Matthew Slowinski (2025), Charles Ragauss (2025), Stephen Foy (2025), J. Joseph Veranth (2025) and Rob Leuty (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Dana Limited Volatility ETF has 86 securities in its portfolio. The top 10 holdings constitute 34.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Dana Limited Volatility ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Dana Limited Volatility ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.4% (96.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Dana Limited Volatility ETF has 4.7% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $3 billion average for the Short-Term Bond 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.
DANA 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 Dana Limited Volatility ETF expense ratio is below average compared to funds in the Short-Term Bond category. Dana Limited Volatility ETF has an expense ratio of 0.35%, which is 25% higher 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. Dana Limited Volatility ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 77% for the Short-Term Bond category.
Recently, in the month of July 2026, Dana Limited Volatility ETF returned 0.0%, which earned it a grade of B, as the Short-Term Bond category had an average return of -0.1%. 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.
Dana Limited Volatility ETF has a trailing yield of 0.00%, which is below the 4.54% category average.
The fund normally distributes its income monthly 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.
Dana Limited Volatility ETF Grades
Year to date, the ETF has returned 0.7%, 0.2 percentage points worse than the category, which translates into a grade of D.
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DANA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DANA Return (NAV) | 0.0% | 0.3% | na | na | na | na |
| DANA Return (Price) | 0.3% | 0.1% | na | na | na | na |
| NAV +/- Price Return | -0.268% | 0.171% | na | na | na | na |
| Short-Term Bond Avg | -0.1% | 0.3% | 3.6% | 5.2% | 2.3% | 2.5% |
| DANA Grade (NAV) | B | D | na | na | na | na |
| +/- Category (NAV) | 0.1% | -0.1% | na | na | na | na |
| DANA Tax-Cost Ratio | na | na | na | na | na | na |
DANA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DANA Return (NAV) | 0.7% | na | na | na | na | na | na | na | na | na | na |
| DANA Return (Price) | 0.6% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.151% | na | na | na | na | na | na | na | na | na | na |
| Short-Term Bond Avg | 1.0% | 6.3% | 5.1% | 6.0% | -5.3% | -0.4% | 4.4% | 5.6% | 1.2% | 1.7% | 2.4% |
| DANA Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 13 Mil |
| Share Class Assets: | $ 13 Mil |
| Turnover: | na |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Slowinski Matthew (2025), Ragauss Charles (2025), Foy Stephen (2025), Veranth J. Joseph (2025), Leuty Rob (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 86 |
| % in Top 10 Holdings: | 34.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -1.1% |
| Cash: | 4.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Dana Investment Advisors Inc |
| Phone Number: | 866-991-5811 |
| Website: | |
| Inception Date: | December 2, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
