Madison Investments introduces a suite of innovative, income-oriented ETFs to help investors pursue their financial goals.

Madison Investments, an independently owned investment firm overseeing $22.9 billion in assets, has unveiled its comprehensive suite of actively managed exchange-traded funds (ETFs). The ETF suite combines Madison Investments’ decades-long track record of risk-conscious investing with an active management approach to pursue stable income and capital appreciation. Included in the launch are two equity products: the Madison Dividend Value ETF (DIVL) and Madison Covered Call ETF (CVRD); and two fixed income products: the Madison Aggregate Bond ETF (MAGG) and Madison Short Term Strategic Income ETF (MSTI).

Madison Dividend Value ETF (DIVL)

The Madison Dividend Value ETF (NYSE: DIVL) is an actively-managed, concentrated equity portfolio that aims to deliver current income while providing an opportunity for capital appreciation. DIVL targets stocks with relative dividend yields within the top 25% of their historical range to capture above-market yield and growth potential, emphasizing high-quality companies with strong financials. The fund is managed by the experienced team of John Brown and Drew Justman and has an expense ratio of 0.65%.

Madison Covered Call ETF (CVRD)

The Madison Covered Call ETF (NYSE: CVRD) aims to provide consistent total return while producing a high level of income and gains from options premiums and dividends. CVRD utilizes a proven covered call strategy that features active stock selection with an active, single-stock options overlay to pursue its investment objective with below-market risk. The fund is managed by Ray Di Bernardo and Drew Justman and has an expense ratio of 0.90%.

Madison Aggregate Bond ETF (MAGG)

The Madison Aggregate Bond ETF (NYSE: MAGG) aims to generate superior long-term risk-adjusted returns by actively allocating across a diverse set of fixed income sectors and individual securities.  MAGG adheres to a disciplined investment process that features proprietary research to independently validate each security in the portfolio while actively managing portfolio duration, yield curve positioning, sector/industry allocation, and credit quality. The fund is managed by Mike Sanders and Allen Olson and has an expense ratio of 0.40%.

Madison Short Term Strategic Income ETF (MSTI)

The Madison Short Term Strategic Income ETF (NYSE: MSTI) is designed to generate a high level of current income within a 3-5 year duration range. Like the Madison Aggregate Bond ETF (MAGG), MSTI actively manages portfolio duration, yield curve positioning, sector/industry allocation, and credit quality to achieve its objective. MSTI is managed by Mike Sanders, Allen Olson, and Chris Schroeder, and has an expense ratio of 0.40%.

“As an employee- and founder-owned firm, Madison Investments has always put the long-term interests of our clients first. This means continually identifying and developing innovative solutions to help advisors and their clients pursue their financial goals,” says Steven Carl, Chair of the Executive Committee and Chief Distribution Officer. “We firmly believe these active ETFs will carry forward our legacy of risk-conscious, institutional-caliber investment strategies.”

About Madison Investments:

Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $22.9 billion in assets under management as of June 30, 2023, and is recognized as one of the nation’s top investment firms. Madison Investments offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance, and credit union investment management strategies.  

Disclosures

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. 

Diversification does not assure a profit or protect against loss in a declining market.

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration measures how long it takes, in years, for an investor to be repaid the bond’s price by the bond’s total cash flows.

The writer of a covered call option forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline.

CVRD – 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 the fund include: equity risk, growth and value investing risk, special risks associated with dividend paying stocks, option risk, interest rate risk, capital gain realization risks to taxpaying shareholders, and foreign security and emerging market risk. More detailed information regarding these risks can be found in the fund’s prospectus.

DIVL – 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 the fund include: equity risk, growth and value investing risk, special risks associated with dividend paying stocks, option risk, interest rate risk, capital gain realization risks to taxpaying shareholders, and foreign security and emerging market risk. More detailed information regarding these risks can be found in the fund’s prospectus.

MAGG and MSTI – An investment in these funds is subject to risk and there can be no assurance that the fund will achieve its investment objective. The risks associated with an investment in these funds can increase during times of significant market volatility. The principal risks of investing in these funds 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.

Yield curve is a graph showing the various yields of similar types of securities that vary in their maturity dates.

The firm’s Assets Under Management is calculated as of 6/30/2023. The AUM includes all accounts to which Madison provides discretionary and non-discretionary advisory services, including accounts of a third-party adviser where Madison provides non-discretionary model portfolio services.