Madison Short Term Strategic Income ETF
An active income solution with a flexible mandate to opportunistically pursue income and return potential while managing all fixed income risks.
Objective and Strategy
The Short Term Strategic Income ETF seeks to generate a high level of current income with diversified exposure to fixed income sectors. To keep current income relatively stable and to limit share price volatility, the ETF emphasizes investment grade securities and maintains a short (typically 3.5 years or less) average portfolio duration.
Portfolio Management
Why Madison Short Term Strategic Income ETF
- Disciplined and repeatable process that actively manages fixed income risks (duration, yield curve, sector, credit).
- Combination of proprietary analysis and third-party research to build and monitor an approved list of high-quality securities.
- Our size affords us institutional pricing scale with the nimbleness to reflect our views in the portfolio without needing to own the entire market.
Key Highlights (As of Friday April 26, 2024)
Ticker |
MSTI |
Exchange |
NYSE-Arca |
NAV |
20.12 |
Change($) |
0.03 |
Market Price |
$20.15 |
Premium/Discount |
0.13 |
30-Day Median Bid/Ask Spread |
0.20 |
Expense Ratio |
0.40 |
CUSIP |
557441201 |
Inception Date |
09/05/23 |
Benchmark(s) |
Bloomberg US Government/Credit Float Adjusted 1-5 Year Index |
Performance
Returns for periods of less than one year are not annualized.
Portfolio Highlights
Top Ten Fund Holdings (As of 04/29/24)
Discover Financial Services 4.1% 02/09/2027 |
2.17% |
Sprint LLC 7.625% 03/01/2026 |
1.99% |
Bank of America Corp 3.5% 04/19/2026 |
2.14% |
JPMorgan Chase & Co 4.203% 07/23/2029 |
1.97% |
Netflix Inc 6.375% 05/15/2029 |
2.07% |
Murphy Oil USA Inc 5.625% 05/01/2027 |
1.95% |
Goldman Sachs Group Inc/The 4.482% 08/23/2028 |
2.02% |
HCA Inc 5.875% 02/15/2026 |
1.94% |
PNC Financial Services Group Inc/The 5.354% 12/02/2028 |
1.99% |
Vail Resorts Inc 6.25% 05/15/2025 |
1.93% |
Performance quoted represents past performance. Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than that shown.
Investment returns assume all distributions are reinvested and reflect all applicable fees and expenses. Benchmark index returns assume all distributions are reinvested. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.
The Bloomberg US Government/Credit Float Adj 1-5 Yr Index is a float-adjusted benchmark that measures the market for investment grade, US dollar-denominated, fixed-rate treasuries, government-related and corporate securities with maturities between 1 and 5 years.
The net asset value (“NAV”) per share for each fund and class is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m. Eastern Time) by dividing the net assets of each fund and class by the number of shares outstanding of that fund and class.
Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund.
An investment in the fund is subject to risk and there can be no assurance the fund will achieve its investment objective. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in this fund include: interest rate risk, call risk, risk of default, liquidity risk, mortgage-backed security risk, credit risk and repayment/extension risk, non-investment grade security risk and foreign security and emerging market risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. More detailed information regarding these risks can be found in the individual fund’s prospectus.