CVRD Fees and Costs — Madison Covered Call ETF
Data updated: 2026-09-09
The net expense ratio is 0.92%: a 0.90% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $21K in broker commissions, 0.0540% of average net assets, and portfolio turnover was 82%.
CVRD Fees and Expenses
Annual operating expenses and sales charges of CVRD. Prospectus, as of October 27, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.92% |
| Fee waiver | — |
| Net expense ratio | 0.92% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
CVRD Costs Over Time
On $10,000 invested in CVRD, assuming 5% a year before costs, total costs come to $610 over 5 years, cutting the return by 1.02% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.92%) | $97 | $301 | $523 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $335 | $610 |
| Value after costs | $10,398 | $11,241 | $12,153 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
CVRD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0540%
- Total broker commissions: $21K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 82%
- Securities lending: none during the year
CVRD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $18K | 86.26% |
| ROBERT W. BAIRD & CO. INCORPORATED | $3K | 12.18% |
| PERSHING LLC | $329 | 1.57% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.