Tax Center

2026 Distribution Calendar

The distribution schedule for year-end ordinary income dividends and capital gains for the Madison Funds is noted below.

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2025 Madison ETFs Tax Information

Capital Gain Distributions

Throughout the year, exchange-traded funds realize gains and losses from selling securities held in their portfolios. Exchange trade funds are required to distribute the net realized gains from these sales to shareholders each year. Below are the capital gains paid by the Madison ETFs in 2025. Short-term capital gains distributions are taxed like ordinary income.

Actual distribution amounts are based on gains and losses realized by the Madison Fund ETFs through their fiscal year-end June 30.

Distribution of Ordinary Income Dividends

When exchange traded funds earn interest or dividends from securities held in their portfolios, it subtracts fund expenses and passes this “ordinary income” on to shareholders. Shareholders are notified on Form 1099-DIV (mailed in late January) of the actual amounts of any capital gains or ordinary income dividend distributions.

Redemptions In-Kind and Tax Efficiency

ETFs are generally designed to minimize taxable events for shareholders to the extent possible through the use of in-kind redemptions.

When authorized participants (APs) redeem shares of a Fund, the Fund may deliver securities from its portfolio rather than selling securities to raise cash (a process referred to as “redemption in kind”). This in-kind redemption process helps a Fund minimize the recognition of capital gains at the Fund level, as no taxable event occurs when securities are transferred out instead of sold.

As a result, the tax impact of realized gains on a Fund’s portfolio may be reduced or eliminated for shareholders, potentially decreasing the amount of capital gains distributions the Fund must make to its shareholders. It is possible that a Fund will not meet its objective of being tax efficient or a Fund may may not utilize redemptions in kind due to different investment objectives and strategies.

2026 Distribution Calendar – ETFs

The distribution schedule for year-end ordinary income dividends and capital gains for the Madison ETFs is noted below.

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