CVRD Madison Covered Call ETF

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$18.84
+0.8% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Oct 28, 2026, CVRD paid 7.5% in cash and returned 8.0% in total, against 16.0% for its stocks.

Covered call on its own stocks, paying quarterlyMadison ↗Expense ratio 0.92%Fund assets $32m net assets, latest filing (Jun 30, 2026)First traded Aug 22, 2023Benchmark CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)SEC filings ↗Every Madison fund ETFIQ coversDividend history

Promise check: PartlyOver the year to Oct 28, 2026, CVRD paid 7.5% in cash and returned 8.0% in total, covering 106.7% of its payout. Since launch it covered 92.1%.

CVRD risk and return scorecard

vs CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)

Not measured: its benchmark is its own holdings, which has no weekly price series.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
−$9.8m
Since Aug 2023
+$39.3m

What you earned

CVRD +4.6%, its own stocks +6.0%: total return over one month to Oct 28, 2026.
CVRD+4.6%
its own stocks+6.0%
Paid 0.0% in cash. Price +4.6%.
CVRD +5.3%, its own stocks +7.9%: total return over three months to Oct 28, 2026.
CVRD+5.3%
its own stocks+7.9%
Paid 1.6% in cash. Price +3.6%.
CVRD +4.4%, its own stocks +8.4%: total return over six months to Oct 28, 2026.
CVRD+4.4%
its own stocks+8.4%
Paid 3.2% in cash. Price +1.0%.
CVRD +7.5%, its own stocks +16.4%: total return over the year to Oct 28, 2026.
CVRD+7.5%
its own stocks+16.4%
Paid 4.9% in cash. Price +2.2%.
CVRD +8.0%, its own stocks +16.0%: total return over one year to Oct 28, 2026.
CVRD+8.0%
its own stocks+16.0%
Paid 7.5% in cash. Price −0.1%.
CVRD +31.0%: total return over three years to Oct 28, 2026.
CVRD+31.0%
Paid 28.9% in cash. Price −1.9%.
CVRD +25.6%: total return since launch to Oct 28, 2026.
CVRD+25.6%
Paid 27.8% in cash. Price −6.0%.

What it paid

13 distributions · latest Sep 28, 2026
7.5%
Cash paid, 1 year, on its starting price
+8.0%
Total return, 1 year
−8.0 pts
Against its own stocks
6.4%
Latest payout, annualized on today’s price
$0.30
Last payment (paid quarterly), ex-date Sep 28, 2026
Pays quarterly.

More on CVRD

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Price and total return, 1 year

$18.84+0.8%1 day, priceClose, Oct 28, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

CVRD returns by window: total return, cash paid and price change
WindowTotal returnCash paidPriceits own stocksAhead or behind
1M Sep 28 – Oct 28, 2026+4.6%0.0%+4.6%+6.0%−1.4 pts
3M Jul 29 – Oct 28, 2026+5.3%1.6%+3.6%+7.9%−2.6 pts
6M Apr 29 – Oct 28, 2026+4.4%3.2%+1.0%+8.4%−4.0 pts
YTD Dec 31, 2025 – Oct 28, 2026+7.5%4.9%+2.2%+16.4%−8.9 pts
1Y Oct 28, 2025 – Oct 28, 2026+8.0%7.5%−0.1%+16.0%−8.0 pts
3Y Oct 27, 2023 – Oct 28, 2026+31.0%28.9%−1.9%not publishednot available
Since launch Aug 22, 2023 – Oct 28, 2026+25.6%27.8%−6.0%not publishednot available
Since launch, annualised Aug 22, 2023 – Oct 28, 2026+7.4%––––

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where the return came from
Price change +4.6%Cash paid 0.0%, reinvested−1.4 pts vs its own stocks
Price change +3.6%Cash paid +1.6%, reinvested−2.6 pts vs its own stocks
Price change +1.0%Cash paid +3.2%, reinvested−4.0 pts vs its own stocks
Price change −0.1%Cash paid +7.5%, reinvested−8.0 pts vs its own stocks

0.0%

66.5
IQ Income ScoreETFIQ Distribution Coverage Scorejoint 55th of 164 · Oct 28, 2026
0.3 · lowest of 164 income ETFs not writing on a single company99.7 · highest

How much of its payouts the fund's total return covered, ranked against 164 income ETFs not writing on a single company. 100 is best. How it is computed

CVRD paid 7.5% in cash over the year and returned 8.0% in total, more than it paid out.

total return as a share of the cash paid106.7% · 66th pct

Money in and out

Monthly data · as of Jun 30, 2026

CVRD: in the month to Jun 30, 2026, net $552k went out, by its SEC filing.

12 months
−$9.8m
−22.5% of $43.7m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
Since Aug 2023
+$39.3m
Aug 1, 2023 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions CVRD files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for CVRD, back to Aug 2023, is in its flows file. Flows across every fund · How these flows are computed · Compare CVRD with other funds in the flows tool

Month by month, money in and money outAug 2023 to Jun 2026

CVRD, money in and money out each month from Aug 2023 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from CVRD’s SEC filings (N-PORT item B.6). Of the 35 months listed, money came in on net in 5 and went out in 18.

Every bar is from CVRD’s SEC filings (N-PORT item B.6). Of the 35 months listed, money came in on net in 5 and went out in 18.

MonthInOutNet
Jun 2026 SEC Form N-PORT$0−$552k−$552k
May 2026 SEC Form N-PORT$0$0$0
Apr 2026 SEC Form N-PORT$0−$1.3m−$1.3m
Mar 2026 SEC Form N-PORT$0$0$0
Feb 2026 SEC Form N-PORT$0−$753k−$753k
Jan 2026 SEC Form N-PORT$0$0$0
Dec 2025 SEC Form N-PORT$0−$2.3m−$2.3m
Nov 2025 SEC Form N-PORT$0−$3.6m−$3.6m
Oct 2025 SEC Form N-PORT$0−$2.1m−$2.1m
Sep 2025 SEC Form N-PORT$0−$573k−$573k
Aug 2025 SEC Form N-PORT+$740k$0+$740k
Jul 2025 SEC Form N-PORT+$571k$0+$571k
Jun 2025 SEC Form N-PORT$0$0$0
May 2025 SEC Form N-PORT$0−$2.8m−$2.8m
Apr 2025 SEC Form N-PORT$0−$3.5m−$3.5m
Mar 2025 SEC Form N-PORT$0$0$0
Feb 2025 SEC Form N-PORT$0−$3.4m−$3.4m
Jan 2025 SEC Form N-PORT$0−$2.7m−$2.7m
Dec 2024 SEC Form N-PORT$0−$9.4m−$9.4m
Nov 2024 SEC Form N-PORT$0$0$0
Oct 2024 SEC Form N-PORT$0−$5.3m−$5.3m
Sep 2024 SEC Form N-PORT$0$0$0
Aug 2024 SEC Form N-PORT+$472k$0+$472k
Jul 2024 SEC Form N-PORT$0−$470k−$470k
Jun 2024 SEC Form N-PORT$0$0$0
May 2024 SEC Form N-PORT$0$0$0
Apr 2024 SEC Form N-PORT$0−$2.4m−$2.4m
Mar 2024 SEC Form N-PORT$0−$2.1m−$2.1m
Feb 2024 SEC Form N-PORT+$514k−$520k−$6k
Jan 2024 SEC Form N-PORT$0$0$0
Dec 2023 SEC Form N-PORT+$517k−$523k−$5k
Nov 2023 SEC Form N-PORT$0$0$0
Oct 2023 SEC Form N-PORT$0$0$0
Sep 2023 SEC Form N-PORT+$17.7m$0+$17.7m
Aug 2023 SEC Form N-PORT+$63.0m$0+$63.0m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

CVRD key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$19.07 on Dec 11, 2025
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$17.56 on Jun 30, 2026
Close on Oct 28, 2026, within that range (ETFIQ)$18.84, 85% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

CVRD return of capital and tax

Return of capital, fiscal year to Jun 30, 2026 (annual report, filed Sep 2, 2026)0.0%
Rule 19a-1 noticesnot read by ETFIQ
The fiscal year number is the annual report’s tax character. Not tax advice. What a 19a-1 estimate is · Income ETFs by return of capital

Trading

as of Sep 9, 2026
Trading · CVRDas of Sep 9, 2026
·
Not scored1 of 6 measured · Sep 9, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →
Sep 2023Quarterly, per shareSep 2026

13 distributions for CVRD, $0.0071 to $1.3535 a share and $0.3 in the middle, Sep 26, 2023 to Sep 28, 2026.

Latest
$0.3
Ex Sep 28, 2026 · paid about 2 days later
Annualized
6.4%
At its price on Oct 28, 2026
Trailing 12 months
7.5%
4 payments, ex Dec 26, 2025 to Sep 28, 2026: $1.4055
Return of capital
Not published
No Rule 19a-1 notice has been published for this fund
Next, projected

CVRD pays quarterly. The last distribution was $0.3 a share, which went ex on Sep 28, 2026, with payment about 2 days later.

Every distribution ETFIQ holds for CVRD (13, most recent first)
Sep 28, 2026$0.3
Jun 26, 2026$0.3
Mar 27, 2026$0.3
Dec 26, 2025$0.5055
Sep 26, 2025$0.3
Jun 26, 2025$0.3
Mar 27, 2025$0.3
Dec 26, 2024$0.4712
Sep 26, 2024$0.3
Jun 26, 2024$0.8223
Mar 26, 2024$1.3535
Dec 26, 2023$0.3042
Sep 26, 2023$0.0071

Cash distributions per share for CVRD. Source: ETFIQ from Tiingo end-of-day distributions.

Source: ETFIQ, from Tiingo end-of-day distributions.

How much of what it paid out did its total return cover?

Total return as a share of the cash paid
ETTY −271.3%DFII −248.3%BITY −221.7%EHY −216.5%BAGY −174.1%BTCI −167.1%BLOX −164.9%YETH −127.5%ETCO −119.8%YBTC −115.9%TLTI −108.8%KLIP −106.4%LTTI −95.1%BTCC −91.8%YBIT −87.5%XBTY −82.9%BCCC −77.7%LFGY −64.4%TLTP −45.3%FDND −33.8%XLCI −32.7%TLTW −30.3%LQTI −27.4%, and 2 more at this point: ULTY −25.3%, HISF −20.4%TQQY −14.5%YMAX −11.1%OARK −7.1%XLYI −6.1%, and 3 more at this point: MAGY −4.6%, EGGY −2.1%, IGLD 0.0%CEPI 2.3%BNDI 5.4%, and 1 more at this point: IAUI 5.6%OVB 9.5%GDXY 9.9%, and 4 more at this point: QUSA 9.9%, XLRI 9.9%, LQDW 10.7%, YMAG 13.0%YQQQ 18.3%, and 1 more at this point: IWMY 18.4%XLUI 24.1%YSPY 28.1%HYTI 28.3%, and 1 more at this point: HYGW 33.0%QLDY 34.6%, and 2 more at this point: OVM 35.7%, HYBI 38.0%RDTY 39.7%, and 3 more at this point: OVT 40.5%, QDTY 41.1%, RDTE 42.2%GIAX 44.9%RNTY 45.4%, and 3 more at this point: QRMI 45.7%, QDTE 48.2%, ACEI 49.1%AIPI 51.0%, and 6 more at this point: GPTY 53.0%, XDTE 53.3%, IWMW 53.6%, SLJY 53.9%, XLFI 54.3%, SDTY 54.5%WDTE 54.9%, and 1 more at this point: QQQY 59.3%YFYA 60.8%XPAY 66.0%OMAH 67.1%, and 2 more at this point: JUCY 68.8%, BIGY 69.2%XRMI 72.3%, and 2 more at this point: FGSI 72.8%, TCAL 74.5%XLII 76.0%XLBI 81.8%IVVW 85.1%, and 3 more at this point: XLSI 85.1%, QQQI 86.9%, CAIE 87.1%WEEL 88.0%, and 4 more at this point: JULJ 89.3%, FTHI 89.8%, TSPY 89.8%, WTPI 90.0%JULH 91.7%, and 4 more at this point: TDAQ 92.1%, XIJN 94.1%, OCTJ 94.3%, LJUL 96.2%APRJ 98.4%, and 3 more at this point: LAPR 100.0%, LOCT 100.0%, RYLD 100.0%KHPI 101.1%, and 7 more at this point: APRH 101.6%, OCTH 101.6%, XIDE 101.6%, JANJ 102.0%, CSHI 102.1%, IWMI 102.7%, XLKI 102.8%JANH 103.2%, and 3 more at this point: LJAN 104.1%, QYLG 104.2%, SRHR 105.9%XISE 106.7%, and 3 more at this point: JEPI 108.7%, NIHI 110.4%, XIMR 111.8%SPYI 114.3%OVF 116.7%, and 2 more at this point: XYLG 116.8%, RYLG 118.1%OEI 120.9%JEPQ 122.4%, and 2 more at this point: CHPY 124.4%, DJIA 127.7%SCLZ 133.3%PBP 136.8%DRKY 137.0%BUYW 142.6%, and 2 more at this point: SDVD 142.7%, XLVI 147.6%XYLD 149.1%, and 2 more at this point: IQQQ 150.0%, KNG 151.7%GPIQ 151.9%FTKI 154.4%, and 3 more at this point: USOY 154.6%, FTQI 155.8%, QYLD 156.9%HCOW 157.8%, and 1 more at this point: OVL 161.9%GPIX 170.9%NBOS 170.9%SPIN 175.5%ISPY 177.2%, and 2 more at this point: OVS 178.9%, YLDE 184.4%DIVO 192.4%RDVI 196.7%DOGG 202.1%IDVO 204.6%, and 2 more at this point: ITWO 206.3%, SEPI 206.9%TDVI 207.6%, and 1 more at this point: SPUT 210.2%BALI 212.0%PAPI 217.5%XLEI 222.3%MDST 248.1%EIPI 307.9%WEEI 311.6%IDUB 320.4%SOXY 385.7%VEGA 561.5%DUBS 743.5%SIXH 862.5%JOYT 1,787.5%OVLH 2,166.7%CVRD 106.7%CVRD 106.7%−271.3%2,166.7%
−271.3% to 2,166.7% across 164

That is the share of the 164 income ETFs not writing on a single company sitting at or below CVRD.

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. Where the fund sits in this set, not a rating. Do not average it with another category's score.

Total return as a share of the cash paid: 106.7% · 66th pct, −271.3% to 2,166.7% across 164.

Covered the mostOne bar per fund · CVRD in whiteCovered the least

CVRD top ten by weight, 38.9% of the fund, of its 35 equity positions, from the holdings filed for Jun 30, 2026. The options the fund writes are not positions of this kind and are not listed. Source: the fund’s SEC filing.

Source: The fund’s SEC filing.

About CVRD

Strategycovered call
BenchmarkCVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)
How the benchmark is set (ETFIQ)Its long holdings without the options, priced from daily closes (Tiingo). Each stretch of a window uses the holdings the fund had filed by its first day, at the filed weights, rebalanced at each filing: 4 filings, Sep 30, 2025 to Jun 30, 2026. A window its filings do not cover has no data.
Paysquarterly
Net assets (SEC filing, whole fund, as filed for Jun 30, 2026)$32mReport
Latest payout, annualized (ETFIQ)6.4%
Expense ratio (485BPOS XBRL, Oct 27, 2025)0.92%Report
Cash paid, last 12 months, over today’s price (ETFIQ)7.5%
First tradedAug 22, 2023
Paysquarterly
Typical gap between ex-dates91 days
Typical wait from ex-date to payment2 days
Last paid, per share$0.3 ex Sep 28, 2026
Cash paid in the 12 months to Oct 28, 2026, 4 distributions, ex Dec 26, 2025 to Sep 28, 2026$1.4055
How we measure
Every number is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. Method
IQ Investment Committee on CVRD

12 seats on CVRD, as of Oct 28, 2026: 1 Supports, 1 Mixed, 8 Challenges, 2 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyChallenges
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityMixed
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceChallenges
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatChallenges
Put CVRD to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about CVRD

How much has CVRD paid over the last year?
Over the year to Oct 28, 2026, CVRD paid 7.5% of its starting price in cash distributions, while the price fell 0.1%.
Is CVRD ahead of its own stocks?
Over the year to Oct 28, 2026, with every distribution reinvested, CVRD returned +8.0% against +16.0% for CVRD's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026), so a holder was behind it by 8.0 points.
How often does CVRD pay, and how much?
CVRD pays quarterly. The latest distribution annualizes to 6.4% at its price on Oct 28, 2026, which is not a promise; the next one can differ.
When does CVRD next pay a distribution?
CVRD pays quarterly. The last distribution went ex on Sep 28, 2026 at $0.3 a share.
What does CVRD cost?
The prospectus expense ratio is 0.92% a year.
Sources and dates
Prices, CVRD and its own stocksTiingo end-of-day · Oct 28, 2026
Net assets, $32mSEC filing, whole fund · Jun 30, 2026
HoldingsThe fund’s SEC filing · Jun 30, 2026
DistributionsTiingo end-of-day · 13 payments

Links are sources, not endorsements.

Cite this pageCitation, APA and Markdown

ETFIQ, CVRD, income ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/cvrd

The payout bar for CVRD, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Price change plus every distribution reinvested on the day it went ex-dividend. This is what you actually ended up with, and the only fair basis for comparing with an index.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Total return minus benchmark total return, in percentage points. A fund can pay 12% a year and still be behind by 10 points if its price fell while the index rose.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
The fund owns the stocks and sells call options on them, collecting premium and giving up gains above the strike. Synthetic covered call funds hold options instead of the stocks. 0DTE funds sell options that expire the same day.
A fund that pays a coupon and can be called away early, on dates set when it launched. If it is called, you get your money back with the coupon and the run ends. If it is not, it runs on to the next date.
The level the underlying has to stay above for you to be repaid in full. A barrier is not a buffer. A buffer takes the first slice of a fall for you; a barrier takes none of it once it breaks, so below it you take the whole fall rather than only the part past it.
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CVRD: CVRD over 1 year: paid 7.5%, price −0.1%, total +8.0%, its own stocks +16.0%, −8.0 pts. Data to Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/cvrd"><img src="https://etfiq.com/assistant/api/embed/income/cvrd.svg" alt="CVRD: CVRD over 1 year: paid 7.5%, price −0.1%, total +8.0%, its own stocks +16.0%, −8.0 pts. Data to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">CVRD: CVRD over 1 year: paid 7.5%, price −0.1%, total +8.0%, its own stocks +16.0%, −8.0 pts. Data to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/cvrd">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.