{
 "ticker": "CVRD",
 "name": "Madison Covered Call ETF",
 "issuer": "Madison",
 "desk": "income",
 "url": "https://etfiq.com/funds/cvrd",
 "html": "https://etfiq.com/funds/cvrd",
 "markdown": "https://etfiq.com/funds/cvrd.md",
 "as_of": "2026-09-11",
 "verdict": "Over the year to Sep 11, 2026, CVRD paid 7.4% in cash and still finished 11.0 points behind SPY.",
 "key_facts": [
  {
   "key": "cash_paid_1_year_on_its_starting_price",
   "label": "Cash paid, 1 year, on its starting price",
   "value": "7.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CVRD, cash paid, 1 year, on its starting price: 7.4%, as of Sep 11, 2026."
  },
  {
   "key": "total_return_1_year",
   "label": "Total return, 1 year",
   "value": "+6.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CVRD, total return, 1 year: +6.5%, as of Sep 11, 2026."
  },
  {
   "key": "against_spy",
   "label": "Against SPY",
   "value": "\u221211.0 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CVRD, against SPY: \u221211.0 pts, as of Sep 11, 2026."
  },
  {
   "key": "latest_payout_annualized",
   "label": "Latest payout, annualized",
   "value": "6.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "CVRD, latest payout, annualized: 6.4%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$32m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "CVRD, net assets: $32m (SEC filing, whole fund, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.92%",
   "source": "485BPOS XBRL, Oct 27, 2025",
   "as_of": "2026-09-11",
   "sentence": "CVRD, expense ratio: 0.92% (485BPOS XBRL, Oct 27, 2025)."
  }
 ],
 "fields": [
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "covered call",
   "source": null
  },
  {
   "key": "benchmark",
   "label": "Benchmark",
   "value": "S&P 500 (SPY), used as a default proxy (proxy)",
   "source": null
  },
  {
   "key": "pays",
   "label": "Pays",
   "value": "quarterly",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$32m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026"
  },
  {
   "key": "latest_payout_annualized",
   "label": "Latest payout, annualized",
   "value": "6.4%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.92%",
   "source": "485BPOS XBRL, Oct 27, 2025"
  },
  {
   "key": "cash_paid_last_12_months_over_today_s_price",
   "label": "Cash paid, last 12 months, over today\u2019s price",
   "value": "7.5%",
   "source": "ETFIQ"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 22, 2023",
   "source": null
  },
  {
   "key": "pays",
   "label": "Pays",
   "value": "quarterly",
   "source": null
  },
  {
   "key": "typical_gap_between_ex_dates",
   "label": "Typical gap between ex-dates",
   "value": "91 days",
   "source": null
  },
  {
   "key": "typical_wait_from_ex_date_to_payment",
   "label": "Typical wait from ex-date to payment",
   "value": "2 days",
   "source": null
  },
  {
   "key": "last_paid_per_share",
   "label": "Last paid, per share",
   "value": "$0.3 ex Jun 26, 2026",
   "source": null
  },
  {
   "key": "sum_of_the_last_12_distributions",
   "label": "Sum of the last 12 distributions",
   "value": "$5.2638",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Cash paid": "1.6%",
   "Price": "+1.1%",
   "Total return": "+2.8%",
   "SPY": "+3.3%",
   "Ahead or behind": "\u22120.5 pts"
  },
  {
   "window": "6 months",
   "Cash paid": "3.3%",
   "Price": "+2.7%",
   "Total return": "+6.2%",
   "SPY": "+16.0%",
   "Ahead or behind": "\u22129.8 pts"
  },
  {
   "window": "1 year",
   "Cash paid": "7.4%",
   "Price": "\u22121.3%",
   "Total return": "+6.5%",
   "SPY": "+17.5%",
   "Ahead or behind": "\u221211.0 pts"
  },
  {
   "window": "3 years",
   "Cash paid": "25.9%",
   "Price": "\u22128.1%",
   "Total return": "+20.7%",
   "SPY": "+77.9%",
   "Ahead or behind": "\u221257.1 pts"
  },
  {
   "window": "Since launch",
   "Cash paid": "26.3%",
   "Price": "\u22126.7%",
   "Total return": "+22.6%",
   "SPY": "+81.1%",
   "Ahead or behind": "\u221258.5 pts"
  }
 ],
 "questions": [
  {
   "q": "How much has CVRD paid over the last year?",
   "a": "Over the year to Sep 11, 2026, CVRD paid 7.4% of its starting price in cash distributions, while the price fell 1.3%."
  },
  {
   "q": "Is CVRD ahead of SPY?",
   "a": "Over the year to Sep 11, 2026, with every distribution reinvested, CVRD returned +6.5% against +17.5% for S&P 500 (SPY), used as a default proxy, so a holder was behind it by 11.0 points."
  },
  {
   "q": "How often does CVRD pay, and how much?",
   "a": "CVRD pays quarterly. The latest distribution annualizes to 6.4% at its price on Sep 11, 2026, which is not a promise; the next one can differ."
  },
  {
   "q": "When does CVRD next pay a distribution?",
   "a": "CVRD pays quarterly. The last distribution went ex on Jun 26, 2026 at $0.3 a share. The next is not declared; on a cadence of about 91 days the ex-date falls near Sep 25, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days."
  },
  {
   "q": "What does CVRD cost?",
   "a": "The prospectus expense ratio is 0.92% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}