DFNL Fees and Costs — Davis Select Financial ETF
Data updated: 2026-09-28
The net expense ratio is 0.61%: a 0.55% management fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10K in broker commissions, 0.0036% of average net assets, and portfolio turnover was 1%.
DFNL Fees and Expenses
Annual operating expenses and sales charges of DFNL. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.06% |
| Gross expense ratio | 0.61% |
| Fee waiver | — |
| Net expense ratio | 0.61% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DFNL Costs Over Time
On $10,000 invested in DFNL, assuming 5% a year before costs, total costs come to $387 over 5 years, cutting the return by 0.64% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.61%) | $64 | $201 | $349 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $64 | $212 | $387 |
| Value after costs | $10,436 | $11,364 | $12,376 |
| Impact on return, per year | 0.64% | 0.64% | 0.64% |
DFNL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0036%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $1.7B
- Portfolio turnover (prospectus): 1%
- Securities lending: none during the year
DFNL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Dowling & Partners Securities, LLC | $3K | 33.35% |
| J.P. Morgan Securities LLC | $3K | 30.37% |
| Goldman, Sachs & Co. LLC | $2K | 21.95% |
| BTIG, LLC | $1K | 13.84% |
| UBS Securities LLC | $48 | 0.49% |
DFNL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $1.2B | 67.17% |
| Nomura Securities International, Inc. | $518.6M | 29.93% |
| J.P. Morgan Securities LLC | $20.9M | 1.20% |
| Virtu Americas LLC | $8.9M | 0.52% |
| Mizuho Securities USA LLC | $6.7M | 0.39% |
| Goldman, Sachs & Co. LLC | $6.5M | 0.38% |
| UBS Securities LLC | $4.1M | 0.24% |
| BofA Securities, Inc. | $3.0M | 0.18% |
| Morgan Stanley & Co. LLC | $3K | 0.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.