DUSA Fees and Costs — Davis Select U.S. Equity ETF
Data updated: 2026-09-28
The net expense ratio is 0.59%: a 0.55% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $87K in broker commissions, 0.0126% of average net assets, and portfolio turnover was 8%.
DUSA Fees and Expenses
Annual operating expenses and sales charges of DUSA. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.04% |
| Gross expense ratio | 0.59% |
| Fee waiver | — |
| Net expense ratio | 0.59% |
| 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 |
DUSA Costs Over Time
On $10,000 invested in DUSA, assuming 5% a year before costs, total costs come to $380 over 5 years, cutting the return by 0.63% 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 0.59%) | $62 | $194 | $338 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $63 | $208 | $380 |
| Value after costs | $10,437 | $11,368 | $12,383 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
DUSA 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): 0.0126%
- Total broker commissions: $87K
- Bought from dealers (principal trades, not a cost): $7.6B
- Portfolio turnover (prospectus): 8%
- Securities lending: none during the year
DUSA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $13K | 19.87% |
| Sanford C. Bernstein & Co., LLC | $9K | 13.69% |
| BMO Capital Markets Corp. | $9K | 12.64% |
| Allen & Company LLC | $8K | 11.74% |
| Citigroup Global Markets, Inc. | $6K | 9.09% |
| Goldman, Sachs & Co. LLC | $6K | 8.98% |
| Piper Sandler & Co. | $4K | 6.53% |
| Keefe, Bruyette & Woods, Inc. | $4K | 6.10% |
| Barclays Capital Inc. | $4K | 6.04% |
| Macquarie Capital (USA) Inc. | $4K | 5.31% |
DUSA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $5.1B | 67.96% |
| Nomura Securities International, Inc. | $2.3B | 30.56% |
| J.P. Morgan Securities LLC | $45.5M | 0.60% |
| Virtu Americas LLC | $32.2M | 0.43% |
| Goldman, Sachs & Co. LLC | $16.1M | 0.21% |
| Mizuho Securities USA LLC | $12.2M | 0.16% |
| UBS Securities LLC | $4.7M | 0.06% |
| BofA Securities, Inc. | $925K | 0.01% |
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.