Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Madison Aggregate Bond ETF
$19.28+0.01 (+0.05%)
- 0.36%
- $63M
- −2.1%
- 5.02%
- 0M sh
- $19.27
- low $19.06high $20.87
The ETF.net MAGG Grade
C
Score 48 out of 100
- 88 of 117
Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C46 out of 100Rank 61 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A76 out of 100Rank 87 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 83 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F14 out of 100Rank 109 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B63 out of 100Rank 53 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F22 out of 100Rank 108 of 117
Our read on MAGG
CMadison's compact take on the Agg: roughly 200 bonds instead of the benchmark's thousands, paying monthly. A hand-built core bond portfolio at the category's median fee, in a corner of the market where the index giants charge pennies.
The fund normally invests at least 80% of its net assets, plus investment-purpose borrowings, in bonds.
Why people hold it
- Holds about 200 bonds against a Bloomberg U.S. Aggregate benchmark that spans thousands: a curated portfolio, not a full index replica.
- The 0.36% fee sits right at the category median and matches Fidelity's FBND, so the managed approach doesn't carry a boutique premium.
- Pays monthly, and the prospectus commits at least 80% of net assets to bonds, keeping it a core fixed income sleeve rather than a wanderer.
Worth knowing
- Index funds on the same Bloomberg U.S. Aggregate benchmark (BND, AGG, SPAB) charge 0.03%, roughly a twelfth of this fee.
- Thinly traded with a modest asset base, so bid-ask spreads can run wider than the category anchors', which shows up most on bigger orders.
- Launched in 2023, it has a short live record next to the decades-old funds tracking the same benchmark.
MAGG Holdings
- Bonds
- 206
- 20%
- 91282CHR5
Geography
- United States97.30%
- Ireland1.02%
- United Kingdom0.93%
- Singapore0.76%
MAGG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
MAGG$9,788
Returns run to the Oct 12, 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 | MAGG |
|---|---|
| Year to date | −2.8% |
| 1 month | −1.0% |
| 3 months | −3.0% |
| 1 year | −2.1% |
| 3 years | +4.4% |
| 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 | MAGG |
|---|---|---|
| 2026 YTD | −2.8% | |
| 2025 | +7.3% | |
| 2024 | +1.8% | |
| 2023 | +4.4% |
MAGG in the news
MAGG Dividends
- 5.02%
- $0.97
- $0.08 per share
- Monthly
Distribution history
MAGG Risk
- 5.4%
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.
- −0.09
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.
- −5.1%
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.
- 0.22
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MAGG Cost
0.36%
MAGG0.36%
- The middle half of US Aggregate Bond funds
- Median 0.34%
61 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CFIXTTCW Core Plus Bond ETFExpense ratio 0.40%1 year return −1.9%
- CZHOGF/m Opportunistic Income ETFExpense ratio 0.40%1 year return —
- CTABDTransamerica Bond Active ETFExpense ratio 0.57%1 year return —
- CJIIIJanus Henderson Income ETFExpense ratio 0.56%1 year return +1.9%
- CAGGAEA Astoria Dynamic Core US Fixed Income ETFExpense ratio 0.55%1 year return +0.5%