Madison Covered Call ETF
$18.45−0.06 (−0.34%)
- Expense ratio
- 0.92%
- Fund size
- $31M
- 1Y return
- +5.5%
- Yield · Last 12 months
- 7.61%
- Holdings
- 87
- Volume · 30D
- 0M sh
- NAV per share
- $18.47
- 52W range
The ETF.net CVRD Grade
Score 44 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 54Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 54Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 5Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 51Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 60Category rank
Our read on CVRD
CMadison's take on covered calls puts consistent total return first and income second, the reverse of most option-income funds. Roughly 90 stocks, an active call overlay, and a quarterly paycheck rather than a monthly one.
The Fund seeks consistent total return while secondarily pursuing a high level of income and gains.
Why people hold it
- The mandate is ordered: consistent total return first, high income and gains second. That ranking shapes how much stock upside gets sold off in premium.
- Roughly 90 stocks, actively managed rather than pinned to an index, so the manager sets both the share list and the call overlay on top of it.
- Plain plumbing: a 1940 Act equity fund that owns the shares it writes calls against. No index license, no synthetic wrapper standing between you and the stocks.
- At 0.92% a year, the fee sits close to what actively managed option-income funds typically charge, so the active overlay does not come with a boutique surcharge.
Worth knowing
- A small fund that trades thinly, so spreads can run wider than in the household names of the option-income aisle, and large orders need more care.
- Cheaper competition is thick here: DIVO charges 0.56% and PAPI 0.29% for equity-plus-options income, versus 0.92% for this one.
- Launched in 2023, so the public record behind the manager's option calls is still short compared with the decade-plus veterans of the category.
CVRD Holdings
- Stocks
- 87
- 47%
- 8AMMF0JA0
Sectors
- Technology22.4%
- Financials17.4%
- Consumer Discr.11.4%
- Communication10.5%
- Energy8.8%
- Health Care8.7%
- Cons. Staples7.0%
- Real Estate4.1%
- Materials3.8%
- Industrials3.1%
- Utilities3.0%
Geography
- United States92.38%
- Switzerland3.94%
- Ireland3.69%
CVRD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 18, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CVRD |
|---|---|
| Year to date | +3.6% |
| 1 month | −1.6% |
| 3 months | +3.9% |
| 1 year | +5.5% |
| 3 years | +6.0% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CVRD |
|---|---|---|
| 2026 YTD | +3.6% | |
| 2025 | +5.9% | |
| 2024 | +4.9% | |
| 2023 | +5.2% |
CVRD in the news
ETF.net Research hasn’t filed on CVRD yet — coverage lands here as it’s written.
CVRD Dividends
- 7.61%
- $1.41
- $0.30 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 26, 2026 | Jun 30, 2026 | $0.30 |
| Mar 27, 2026 | Mar 31, 2026 | $0.30 |
| Dec 26, 2025 | Dec 30, 2025 | $0.51 |
| Sep 26, 2025 | Sep 29, 2025 | $0.30 |
| Jun 26, 2025 | Jun 30, 2025 | $0.30 |
| Mar 27, 2025 | Mar 31, 2025 | $0.30 |
| Dec 26, 2024 | Dec 27, 2024 | $0.47 |
| Sep 26, 2024 | Sep 30, 2024 | $0.30 |
| Jun 26, 2024 | Jun 28, 2024 | $0.82 |
| Mar 26, 2024 | Mar 28, 2024 | $1.35 |
| Dec 26, 2023 | Dec 29, 2023 | $0.30 |
| Sep 26, 2023 | Sep 29, 2023 | $0.0071 |
CVRD Risk
- 9.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.25
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −17.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.58
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CVRD Cost
- The middle half of Active Option Income funds
- Median 0.95%
20 of the 47 Active Option Income funds charge less.