ETF Evaluator:
Madison Dividend Value ETF ()
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(as of Aug 26)
Best Performing in Large Value Over the Last Year
| 72.4% | iShares MSCI USA Value Factor ETF (VLUE) |
| 39.0% | SEI QiM U.S. Lrg Cap Value Actv ETF (SEIV) |
| 34.8% | LSV Disciplined Value ETF (LSVD) |
| 34.7% | iShares Core Dividend ETF (DIVB) |
| 34.4% | Avantis US Large Cap Value ETF (AVLV) |
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Risk
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ETF Details
Madison Dividend Value ETF Overview
Madison Dividend Value ETF (DIVL) is an actively managed U.S. Equity Large Value exchange-traded fund (ETF). Madison Asset Management, LLC launched the ETF in 2023.
The investment seeks to produce current income while providing an opportunity for capital appreciation.
The fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in dividend paying equity securities. The fund may also invest up to 50% of its common stock allocation in foreign securities, including ADRs and emerging market securities.
About Madison Dividend Value ETF (DIVL)
There are 2 members of the management team with an average tenure of 2.96 years: John Brown (2023) and Drew Justman (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 Lipper Equity Income Funds TR USD index with a weighting of 100%. Madison Dividend Value ETF has 40 securities in its portfolio. The top 10 holdings constitute 39.4% 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 Dividend Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Madison Dividend Value ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.9% 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 Dividend Value ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $63 million in total assets, which is below the $5 billion average for the Large Value 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.
DIVL 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 Dividend Value ETF expense ratio is above average compared to funds in the Large Value category. Madison Dividend Value ETF has an expense ratio of 0.65%, which is 74% higher than its category average, making the fund expense ratio grade a F. 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 Dividend Value ETF has a portfolio turnover rate of 50%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Large Value category.
Recently, in the month of July 2026, Madison Dividend Value ETF returned 4.2%, which earned it a grade of B, as the Large Value category had an average return of 2.4%. 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 Dividend Value ETF has a trailing yield of 1.73%, which is above the 1.70% category average.
The fund normally distributes its income monthly 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 Dividend Value ETF Grades
Year to date, the ETF has returned 11.5%, 2.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 15.3% over the past year (grade of F).
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DIVL 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 |
|
| DIVL Return (NAV) | 4.2% | 1.1% | 15.3% | na | na | na |
| DIVL Return (Price) | 4.3% | 1.1% | 14.5% | na | na | na |
| NAV +/- Price Return | -0.164% | -0.006% | 0.810% | na | na | na |
| Large Value Avg | 2.4% | 5.9% | 24.1% | 16.3% | 11.3% | 12.1% |
| DIVL Grade (NAV) | B | F | F | na | na | na |
| +/- Category (NAV) | 1.8% | -4.8% | -8.8% | na | na | na |
| DIVL Tax-Cost Ratio | na | na | 0.7% | na | na | na |
DIVL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DIVL Return (NAV) | 11.5% | 9.7% | 8.8% | na | na | na | na | na | na | na | na |
| DIVL Return (Price) | 10.8% | 10.5% | 8.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.059% | 0.082% | 0.001% | na | na | na | na | na | na | na | na |
| Large Value Avg | 14.4% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| DIVL Grade (NAV) | D | F | F | na | na | na | na | na | na | na | na |
| +/- Category | -2.9% | -5.1% | -6.7% | 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: | 1.7% |
| Total Assets: | $ 63 Mil |
| Share Class Assets: | $ 63 Mil |
| Turnover: | 50.0% |
| Expense Ratio: | 0.65% |
| 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: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Brown John (2023), Justman Drew (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 40 |
| % in Top 10 Holdings: | 39.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Madison Asset Management, LLC |
| Phone Number: | 800-767-0300 |
| Website: | |
| Inception Date: | August 14, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.37% |
