Davis Select Financial ETF
ALTAR
Score™		 8.6% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 20.4x P/Sales
ratio		 1.9x
P/BV
ratio		 0.9x Div.
yield		 3.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Davis Select Financial ETF is an actively managed portfolio of global financial sector stocks. The fund seeks long-term growth of capital.

FUND BASICS
Category US Equities
Fund Sponsor Davis
Website davisetfs.com
Inception date Jan 11, 2017
Assets (mns) $123
Currency USD
Expense ratio 64 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 28
Wgt avg mkt cap (mns) $109,340
Large cap (>$10bn) 88.5%
Mid cap ($2-10bn) 7.8%
Small cap (<$2bn) 3.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
US BANCORP 8.2 %
CAPITAL ONE FINANCIAL CORP 7.7 %
BERKSHIRE HATHAWAY INC-CL B 6.7 %
AMERICAN EXPRESS CO 6.0 %
MARKEL CORP 5.6 %
BANK OF NEW YORK MELLON CORP 5.3 %
JPMORGAN CHASE & CO 4.7 %
DNB NOR ASA 4.6 %
BANK OF AMERICA CORP 4.6 %
PNC FINANCIAL SERVICES GROUP 4.5 %
Total 58.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 74.9 %
SWITZERLAND 8.9 %
NORWAY 4.6 %
BERMUDA 3.8 %
SINGAPORE 3.6 %
DENMARK 1.8 %
CAYMAN ISLANDS 0.6 %
BRITAIN 0.4 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-27.3% -18.5% -- -- -0.5%

Market Correlations
versus... Beta R-squared
S&P500 1.18 84%
MSCI EAFE 1.26 84%
MSCI Emg. Mkts. 0.92 70%

Technical Indicators
Recent close $18.41
30d moving avg. $19.18
Annualized volatility 21.7%
Short interest (ETF) 0.0%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 23
Turnover 0.3%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $13,808

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Davis Select Financial ETF ETF based on the alternatives' overlap in portfolio holdings with DFNL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DFNL Expense: 64 bp ALTAR Score™: 8.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DFNL
Ticker Fund
Name		 Overlap1
vs DFNL
(%)		 Expense
ratio
(bp)		 Savings
vs DFNL
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs DFNL
(%)
KBWB Invesco KBW Bank ETF 38.6 35 29 10.5 +1.8
DUSA Davis Select U.S. Equity ETF 38.1 63 1 5.8 -2.9
XLF Financial Select Sector SPDR Fund 36.5 13 51 8.5 -0.2
VFH Vanguard Financials Index Fund 34.2 10 54 9.0 +0.4
FNCL Fidelity MSCI Financials Index ETF 33.8 8 56 9.0 +0.4
IEFN iShares Evolved U.S. Financials ETF 28.8 18 46 9.5 +0.9
IYF iShares U.S. Financials ETF 27.3 42 22 7.2 -1.5
IYG iShares US Financial Services ETF 26.6 42 22 7.0 -1.6
IXG iShares Global Financials ETF 25.8 46 18 10.1 +1.4
DWLD Davis Select Worldwide ETF 25.3 63 1 6.6 -2.0
JHMF John Hancock Multifactor Financials ETF 24.3 40 24 7.9 -0.7
RYF Invesco S&P 500 Equal Weight Financials ETF 23.4 40 24 9.9 +1.3
FLV American Century Focused Large Cap Value ETF 17.3 42 22 6.8 -1.9
FTXO First Trust Nasdaq Bank ETF 16.9 60 4 9.1 +0.5
DINT Davis Select International ETF 16.8 68 -4 5.9 -2.8
PKW Invesco Buyback Achievers ETF 16.6 62 2 6.9 -1.8
SPVU Invesco S&P 500 Enhanced Value ETF 16.2 13 51 11.5 +2.9
MOAT VanEck Vectors Morningstar Wide Moat ETF 15.1 49 15 6.4 -2.2
IWX iShares Russell Top 200 Value ETF 14.9 20 44 7.2 -1.4
IAT iShares U.S. Regional Banks ETF 14.0 42 22 11.2 +2.5
JKF iShares Morningstar Large Cap Value ETF 14.0 25 39 7.6 -1.0
TTFS AdvisorShares Wilshire Buyback ETF 13.8 91 -27 6.2 -2.4
MGV Vanguard Mega Cap Value ETF 13.2 7 57 7.3 -1.3
EQRR ProShares Equities for Rising Rates ETF 12.5 35 29 6.1 -2.5
PWV Invesco Dynamic Large Cap Value ETF 12.2 55 9 8.9 +0.3
RAFE PIMCO RAFI ESG U.S. ETF 11.8 29 35 7.9 -0.7
DIVB iShares U.S. Dividend & Buyback ETF 11.8 25 39 6.7 -2.0
VTV Vanguard Value Index Fund 11.6 4 60 7.5 -1.1
VOOV Vanguard S&P 500 Value ETF 11.4 15 49 7.4 -1.2
VONV Vanguard Russell 1000 Value Index Fund 11.4 8 56 7.4 -1.3
VLU SPDR S&P 1500 Value Tilt ETF 11.2 12 52 7.5 -1.1
SPYV SPDR Portfolio S&P 500 Value ETF 11.1 4 60 7.5 -1.2
IVE iShares S&P 500 Value ETF 11.1 18 46 7.3 -1.3
BVAL Brand Value ETF 11.0 65 -1 6.2 -2.5
KBE SPDR S&P Bank ETF 10.8 35 29 11.7 +3.1
RPV Invesco S&P 500 Pure Value ETF 10.8 35 29 11.3 +2.7
FMK First Trust Mega Cap AlphaDEX Fund 10.6 70 -6 5.2 -3.4
IWD iShares Russell 1000 Value ETF 10.5 19 45 7.2 -1.4
IUSV iShares Core S&P U.S. Value ETF 10.5 4 60 7.6 -1.1
DURA VanEck Vectors Morningstar Durable Dividend ETF 10.4 29 35 7.2 -1.4
VETS Pacer Military Times Best Employers ETF 10.0 60 4 7.0 -1.7
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 9.8 15 49 6.9 -1.7
SPYB SPDR S&P 500 Buyback ETF 9.8 0 64 0.0 -8.6
ABEQ Absolute Core Strategy ETF 9.7 85 -21 4.7 -3.9
DGRO iShares Core Dividend Growth ETF 9.6 8 56 6.7 -1.9
SPXT ProShares S&P 500 Ex-Technology ETF 9.6 27 37 5.7 -2.9
KIE SPDR S&P Insurance ETF 9.5 35 29 10.3 +1.7
OEF iShares S&P 100 ETF 9.1 20 44 4.8 -3.8
EQWL Invesco Russell Top 200 Equal Weight ETF 8.9 25 39 6.2 -2.5
IAK iShares U.S. Insurance ETF 8.7 43 21 9.9 +1.3
PRF Invesco FTSE RAFI US 1000 ETF 8.6 39 25 6.9 -1.8
EDOW First Trust Dow 30 Equal Weight ETF 8.6 50 14 6.0 -2.6
SFY SoFi Select 500 ETF 8.5 0 64 5.3 -3.3
SCHV Schwab U.S. Large-Cap Value ETF 8.5 4 60 7.2 -1.4
SPVM Invesco S&P 500 Value with Momentum ETF 8.2 39 25 9.2 +0.6
XLG Invesco S&P 500 Top 50 ETF 8.2 20 44 4.5 -4.1
SPXV ProShares S&P 500 Ex-Health Care ETF 8.2 27 37 5.1 -3.6
DJD Invesco Dow Jones Industrial Average Dividend ETF 8.2 7 57 6.9 -1.7
IWL iShares Russell Top 200 ETF 8.1 15 49 5.1 -3.6
BKLC BNY Mellon US Large Cap Core Equity ETF 8.0 0 64 5.3 -3.4
EPS WisdomTree U.S. Earnings 500 Fund 8.0 8 56 6.5 -2.1
FTA First Trust Large Cap Value AlphaDEX Fund 7.9 60 4 9.3 +0.7
NACP Impact Shares NAACP Minority Empowerment ETF 7.8 75 -11 4.6 -4.0
FDVV Fidelity Core Dividend ETF 7.8 29 35 7.2 -1.5
MGC Vanguard Mega Cap Index Fund 7.7 7 57 5.3 -3.4
RWL Invesco S&P 500 Revenue ETF 7.6 39 25 7.3 -1.3
SYV SPDR MFS Systematic Value Equity ETF 7.6 60 4 7.5 -1.1
RDVY First Trust Rising Dividend Achievers ETF 7.6 50 14 8.0 -0.6
ESG FlexShares STOXX US ESG Impact Index Fund 7.5 32 32 5.1 -3.5
DIA SPDR Dow Jones Industrial Average ETF Trust 7.3 16 48 5.7 -3.0
FNDX Schwab Fundamental U.S. Large Co. Index ETF 7.3 25 39 6.6 -2.1
LVHB Innovator Lunt Low Vol/High Beta Tactical ETF 7.3 49 15 9.4 +0.7
SPHB Invesco S&P 500 High Beta ETF 7.3 25 39 9.6 +0.9
KCE SPDR S&P Capital Markets ETF 7.3 35 29 9.0 +0.3
SPXE ProShares S&P 500 Ex-Energy ETF 7.2 27 37 5.4 -3.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 7.1 20 44 5.4 -3.2
PBP Invesco S&P 500 BuyWrite ETF 7.1 49 15 5.0 -3.6
CATH Global X S&P 500 Catholic Values Custom ETF 7.1 29 35 5.3 -3.4
SPLG SPDR Portfolio Large Cap ETF 7.0 3 61 5.5 -3.2
SPY SPDR S&P 500 ETF Trust 7.0 9 55 5.4 -3.2
IVV iShares Core S&P 500 ETF 7.0 4 60 5.5 -3.2
VOO VANGUARD S&P 500 ETF 7.0 3 61 5.5 -3.2
HSPX Global X S&P 500 Covered Call ETF 6.9 65 -1 4.9 -3.7
SDGA Impact Shares Sustainable Development Goals Global ETF 6.9 75 -11 5.4 -3.2
USDY Pacific Global US Equity Income ETF 6.9 29 35 7.3 -1.3
ADME Aptus Drawdown Managed Equity ETF 6.8 81 -17 3.6 -5.0
ACSI American Customer Satisfaction Core Alpha ETF 6.8 66 -2 5.8 -2.8
FNDB Schwab Fundamental U.S. Broad Market Index ETF 6.8 25 39 6.6 -2.0
DIVO Amplify YieldShares CWP Dividend & Option Income ETF 6.7 49 15 4.9 -3.7
VV Vanguard Large-Cap Index Fund 6.7 4 60 5.3 -3.3
QUS SPDR MSCI USA StrategicFactors ETF 6.7 15 49 5.9 -2.8
BBUS JP Morgan Betabuilders U.S. Equity ETF 6.7 2 62 5.4 -3.3
SNPE Xtrackers S&P 500 ESG ETF 6.7 11 53 5.2 -3.5
VYM Vanguard High Dividend Yield Index ETF 6.5 6 58 7.4 -1.2
SCHX Schwab U.S. Large-Cap ETF 6.5 3 61 5.3 -3.3
SPTM SPDR Portfolio Total Stock Market ETF 6.5 3 61 5.6 -3.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 6.4 7 57 5.3 -3.4
FXO First Trust Financials AlphaDEX Fund 6.4 63 1 11.8 +3.2
VONE Vanguard Russell 1000 ETF 6.4 8 56 5.3 -3.3
LSAF LeaderShares AlphaFactor US Core Equity ETF 6.4 75 -11 7.4 -1.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Davis Select Financial ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.3 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 64 bp
Equals: ALTAR Score 8.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.63 CATEGORY
AVERAGE		 1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.