ETF Evaluator:
Madison Covered Call ETF ()
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(as of Aug 24)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Madison Covered Call ETF Overview
Madison Covered Call ETF (CVRD) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Madison Asset Management, LLC launched the ETF in 2023.
The investment seeks to provide consistent total return and secondarily, to produce a high level of income and gains.
The fund will seek to achieve its objectives by (1) investing in common stocks of equity securities that pay dividends and (2) writing (i.e., selling) covered call options on a substantial portion of its portfolio of securities. Under normal market conditions, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equity securities of companies, including other investment companies.
About Madison Covered Call ETF (CVRD)
There are 2 members of the management team with an average tenure of 2.95 years: Drew Justman (2023) and Ray DiBernardo (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 BuyWrite Monthly TR USD index with a weighting of 100%. Madison Covered Call ETF has 68 securities in its portfolio. The top 10 holdings constitute 42.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Madison Covered Call ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Madison Covered Call ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Madison Covered Call ETF has 4.7% of the portfolio in cash.
Assets Under Management
The fund has $30 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CVRD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Madison Covered Call ETF expense ratio is high compared to funds in the Derivative Income category. Madison Covered Call ETF has an expense ratio of 0.92%, which is 11% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Madison Covered Call ETF has a portfolio turnover rate of 82%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, Madison Covered Call ETF returned 4.3%, which earned it a grade of A, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Madison Covered Call ETF has a trailing yield of 7.65%, which is below the 19.96% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Madison Covered Call ETF Grades
Year to date, the ETF has returned 3.1%, 0.5 percentage points better than the category, which translates into a grade of D. The fund has returned 6.5% over the past year (grade of D).
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CVRD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CVRD Return (NAV) | 4.3% | -0.5% | 6.5% | na | na | na |
| CVRD Return (Price) | -1.6% | -0.5% | 5.2% | na | na | na |
| NAV +/- Price Return | 5.870% | -0.032% | 1.329% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| CVRD Grade (NAV) | A | D | D | na | na | na |
| +/- Category (NAV) | 5.8% | -1.2% | -4.7% | na | na | na |
| CVRD Tax-Cost Ratio | na | na | 2.9% | na | na | na |
CVRD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVRD Return (NAV) | 3.1% | 5.8% | 5.5% | na | na | na | na | na | na | na | na |
| CVRD Return (Price) | 2.0% | 5.8% | 4.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.366% | 0.014% | -0.101% | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| CVRD Grade (NAV) | D | D | F | na | na | na | na | na | na | na | na |
| +/- Category | 0.5% | -4.8% | -13.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 7.7% |
| Total Assets: | $ 31 Mil |
| Share Class Assets: | $ 31 Mil |
| Turnover: | 82.0% |
| Expense Ratio: | 0.92% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Justman Drew (2023), DiBernardo Ray (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 68 |
| % in Top 10 Holdings: | 42.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 95.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 4.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Madison Asset Management, LLC |
| Phone Number: | 800-767-0300 |
| Website: | |
| Inception Date: | August 21, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.92% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
