DUSA ETF — Holdings & Analysis

With an expense ratio of 0.59%, DUSA focuses on high-conviction investments, potentially including mid- and small-cap companies, and may allocate up to 20% of its assets to non-U.S. companies. The fund's non-diversified approach distinguishes it from broader market ETFs.

Davis Select U.S. Equity ETF (DUSA) ETF — Price, Holdings & Analysis

The Davis Select U.S. Equity ETF (DUSA) is an actively managed equity ETF with $0.86 billion in assets under management. DUSA aims for long-term capital appreciation by investing in a concentrated portfolio of approximately 15 to 35 U.S. companies. With an expense ratio of 0.59%, DUSA focuses on high-conviction investments, potentially including mid- and small-cap companies, and may allocate up to 20% of its assets to non-U.S. companies. The fund's non-diversified approach distinguishes it from broader market ETFs.

ETF Overview

Under normal market conditions, the fund will invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities issued by U.S. companies. The fund's portfolio generally contains between 15 and 35 companies. It may invest a portion of its assets in financial services companies. The fund may also invest in mid- and small-capitalization companies, which the manager considers to be those companies with less than $10 billion in market capitalization. It may invest up to 20% of net assets in non-U.S. companies. The fund is non-diversified.

The Davis Select U.S. Equity ETF (DUSA) seeks to achieve long-term capital growth by investing primarily in equity securities of U.S. companies. Under normal market conditions, the fund invests at least 80% of its net assets in U.S. equities, selecting a concentrated portfolio of typically 15 to 35 companies. This high-conviction strategy differentiates DUSA from more diversified ETFs. The fund may invest in mid- and small-capitalization companies (those with market caps less than $10 billion). DUSA also has the flexibility to invest up to 20% of its net assets in non-U.S. companies. A significant portion of the fund is allocated to financial services, with 27.2% of the portfolio invested in this sector. Top holdings include Capital One Financial Corp (7.94%), Tyson Foods Inc Class A (7.77%), and Coterra Energy Inc Ordinary Shares (6.78%). The fund's concentrated nature and active management reflect a belief in the manager's ability to identify and capitalize on specific investment opportunities.

Risk Metrics

DUSA's concentrated portfolio of 26 holdings introduces a higher level of concentration risk compared to more diversified equity ETFs. The fund's sector allocation also presents a risk, with a significant 27.2% allocation to financial services, making it susceptible to fluctuations in that sector. The fund's beta of 0.98 suggests it has slightly less volatility than the overall market. The expense ratio of 0.59% creates an expense drag on performance, which can be a factor particularly in periods of lower returns. these may be worth researching factors when evaluating DUSA, as its performance is heavily influenced by the performance of its top holdings and its concentrated sector exposure. Past performance does not guarantee future results.

Expense Ratio

0.59%

What does DUSA hold?

Holding	Weight
Capital One Financial Corp (COF)	7.94%
Tyson Foods Inc Class A (TSN)	7.77%
Coterra Energy Inc Ordinary Shares (CTRA)	6.78%
U.S. Bancorp (USB)	6.69%
Meta Platforms Inc Class A (META)	6.68%
Viatris Inc (VTRS)	5.76%
Alphabet Inc Class C (GOOG)	5.48%
MGM Resorts International (MGM)	5.42%
CVS Health Corp (CVS)	5.00%
Texas Instruments Inc (TXN)	4.75%

How Is the Fund Allocated?

Sector	Weight
Financial Services	27.2%
Healthcare	16.9%
Communication Services	13.3%
Consumer Cyclical	13.0%
Energy	10.3%
Consumer Defensive	7.8%
Technology	7.1%
Industrials	2.6%
Basic Materials	1.9%

Country	Weight
United States	85.9%
Other	6.5%
Canada	5.8%
United Kingdom	1.8%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Risk Metrics

Beta: 0.98

Questions & Answers

What is DUSA and what does it track?

The Davis Select U.S. Equity ETF (DUSA) is an actively managed fund that invests primarily in equity securities of U.S. companies.

Unlike passive ETFs that track an index, DUSA's portfolio is constructed based on the investment manager's selection of approximately 15 to 35 companies. The fund aims for long-term capital appreciation through a concentrated portfolio.

What is the expense ratio for DUSA?

The expense ratio for the Davis Select U.S. Equity ETF (DUSA) is 0.59%. This means that for every $10,000 invested in the fund, $59 is used to cover annual operating expenses.

While this covers the fund's operational costs, it is important to consider this expense when evaluating the fund's potential returns.

What are the top holdings in DUSA?

As of 2026-03-15, the top holdings in the Davis Select U.S. Equity ETF (DUSA) are: Capital One Financial Corp (7.94%), Tyson Foods Inc Class A (7.77%), Coterra Energy Inc Ordinary Shares (6.78%), U.S.

Bancorp (6.69%), and Meta Platforms Inc Class A (6.68%). These holdings represent a significant portion of the fund's total assets, reflecting the fund's concentrated investment approach.

Is DUSA a good long-term investment?

Whether DUSA is a suitable long-term investment depends on an investor's individual circumstances and risk tolerance. DUSA's concentrated portfolio and active management strategy may offer the potential for outperformance, but also introduce higher volatility.

The fund's expense ratio of 0.59% should be considered in the context of its potential returns.

How does DUSA compare to similar ETFs?

DUSA differentiates itself through its concentrated portfolio of approximately 15-35 holdings and active management. Many similar U.S. equity ETFs are passively managed and track broad market indexes, offering greater diversification but potentially lower alpha generation.

DUSA's expense ratio of 0.59% is comparable to other actively managed ETFs, but higher than passively managed index funds.

Does DUSA pay dividends?

As of 2026-03-15, the Davis Select U.S. Equity ETF (DUSA) has a dividend yield of 0.00%. This indicates that the fund is not currently distributing dividends to its shareholders.

The fund's investment strategy focuses on capital appreciation rather than income generation, which may explain the absence of dividend payouts. Investors seeking dividend income may want to consider other equity ETFs with a focus on dividend-paying stocks.