At a glance
DIVL charges 0.65% a year, above the 0.22% average of the 8 funds most like it (the 8th cheapest of 9). It has $60.1M in assets, the 7th largest of that group; it paid 1.69% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +15.8% a year. Its ten largest positions make up 40.1% of the fund, out of 36 in all.
The short version
Madison Dividend Value ETF (DIVL) is an actively managed fund holding 25 to 40 mostly US dividend-paying companies worth over $2 billion. Madison Asset Management picks the stocks rather than tracking an index, buying when a stock's yield looks high compared with its own history. The fund pays monthly. However, it charges 0.65% a year, far more than most dividend ETFs, and its trailing yield of 1.69% as of October 27, 2026 is modest.
Price history
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DIVL +15.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DIVL official prospectus, to Dec 31, 2025 | — | +9.73% | — | — | — | +8.14% |
| DIVL price data to Oct 27, 2026 | +15.2% | +15.6% | +15.8% | — | — | +11.3% |
- Over the year to Oct 27, 2026, DIVL returned +15.6%, 6th of 9 among similar funds.
- Its worst full calendar year was 2024 (+9.3%); its best was 2025 (+9.8%).
- The deepest fall in its price history was 13.7% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.2% | — |
| 2025 | +9.8% | +9.73% |
| 2024 | +9.3% | +8.80% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3200 | |
| 2025 | $0.4000 | -29.8% |
| 2024 | $0.5700 |
What's inside
As of Jun 30, 2026, the fund held 36 securities; the ten largest made up 40.13% of assets.
| Holding | Weight | |
|---|---|---|
| Johnson & Johnson | 5.49% | |
| Exxon Mobil Corp | 4.42% | |
| Texas Instruments Inc | 4.33% | |
| Chevron Corp | 4.24% | |
| NextEra Energy Inc | 4.13% | |
| AbbVie Inc | 3.68% | |
| Union Pacific Corp | 3.49% | |
| Analog Devices Inc | 3.47% | |
| Bunge Global SA | 3.45% | |
| Procter & Gamble Co | 3.44% | |
| Illinois Tool Works Inc | 3.26% | |
| CME Group Inc | 3.16% | |
| Home Depot Inc | 3.06% | |
| Air Products and Chemicals Inc | 3.02% | |
| ConocoPhillips | 2.92% |
By country
United States 97.25%Ireland 2.53%By asset type
Stocks 99.78%By sector
Sectors of the companies held, for the 89.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.87%, -2.35%, -0.64%.
How it works
DIVL does not track an index. Its adviser, Madison Asset Management, LLC, picks the stocks. It screens for companies worth over $2 billion with a strong balance sheet, a dividend history that is likely to keep growing, and a dividend yield at least equal to that of the S&P 500 Index. At least 80% of net assets must be in dividend-paying stocks.
The key test is valuation. Madison divides a stock's dividend yield by the S&P 500's yield to get its "relative yield." It then compares that figure with the stock's own range over as many as 20 years. A stock in or near the top half of that range counts as a buying opportunity. The fund holds only 25 to 40 of Madison's top ideas. As of June 30, 2026, it held 36 companies, and the ten largest made up 40% of assets. Johnson & Johnson (5.5%), Exxon Mobil (4.4%) and Texas Instruments (4.3%) were the largest. Portfolio turnover was 67%, so holdings change fairly often.
The fund may put up to 20% of its assets in preferred stocks and investment-grade bonds. It may also put up to a quarter of its stock holdings in foreign companies, including emerging markets and American Depositary Receipts (ADRs, which are US-traded shares of foreign firms). As of June 30, 2026, it was 99.8% stocks and 97% US, and it held no derivatives. The subadviser, Tidal Investments LLC, handles trading and tax management. The fund does not use leverage.
What it really costs
- DIVL charges 0.65% a year, versus an average of 0.22% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DIVL | $66 | $208 | $362 | $810 |
In a retirement portfolio
Its stated goal is current income from dividend stocks and it pays monthly, though its 1.69% trailing yield as of October 27, 2026 is modest for an income fund.
DIVL launched in August 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 13.7%, from November 29, 2024 to April 8, 2025. It recovered by July 1, 2025, less than three months later. It has not had a losing calendar year. Its weakest was 2024, when it gained 8.8%, according to the prospectus. Someone drawing income during a deeper, longer slump might have to sell shares at low prices, and this fund has not yet been tested in one. It paid $0.44 a share over the 12 months to October 27, 2026. Costs are high: under the SEC's standard example, $10,000 invested would cost $66 in the first year and $810 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a concentrated, hand-picked mix of about 36 dividend payers such as Johnson & Johnson, Exxon Mobil and Texas Instruments, chosen by a yield-based valuation test.
- Retirees who like monthly payments and a stock fund that moved about a third as much as the market over the year to October 27, 2026.
- Those willing to pay 0.65% a year for active management with heavy weights in financials, energy, industrials and health care.
Look elsewhere if
- Cost-focused investors: SCHD, VYM and VIG charge 0.05% to 0.06% a year, compared with DIVL's 0.65%, which ranks 8th of 9 similar funds on cost.
- Anyone needing high income: DIVL's trailing 12-month yield was 1.69% as of October 27, 2026, which is low for a dividend fund.
- Investors wanting a long record: launched in August 2023, it hasn't faced a bear market, and its three-year return ranks last among nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DIVL this fund | — | 0.65% | $60.1M | +15.6% | +15.8% |
| DURA VanEck Durable High Dividend ETF | 37% | 0.3% | $37.2M | +23.2% | +15.9% |
| HDV iShares Core High Dividend ETF | 28% | 0.08% | $14.90B | +38.0% | +21.7% |
| DJD Invesco Dow Jones Industrial Average Divide… | 27% | 0.07% | $486.5M | +22.3% | +22.2% |
| SCHD Schwab US Dividend Equity ETF | 27% | 0.06% | $112.34B | +38.9% | +19.9% |
| VYM Vanguard High Dividend Yield Index ETF | 26% | 0.06% | $99.19B | +19.1% | +21.2% |
| DIVS SmartETFs Dividend Builder ETF | 25% | 0.65% | $38.5M | +12.3% | +17.4% |
| EDOW First Trust Dow 30 Equal Weight ETF | 24% | 0.5% | $306.6M | +14.6% | +19.9% |
Questions investors ask
Is DIVL good for retirement income?
It provides some income, but not much. DIVL pays dividends monthly, and its trailing 12-month yield was 1.69% as of October 27, 2026, or $0.44 a share. That is modest for a fund whose stated goal is current income. The 0.65% expense ratio also takes a large bite out of that yield. It may suit retirees who care more about established dividend payers and monthly payments than about getting the most income possible.
Does DIVL pay monthly dividends?
Yes. DIVL pays dividends every month. Over the 12 months to October 27, 2026, it paid $0.44 a share, a yield of 1.69%. Monthly amounts can vary, because they depend on the dividends paid by the roughly 36 companies the fund holds. Those include Johnson & Johnson, Exxon Mobil, Chevron and Procter & Gamble.
What's the difference between DIVL and DURA?
They are the most alike of DIVL's similar funds, with 37% of holdings in common based on their latest N-PORT reports. DIVL is actively managed by Madison and costs 0.65% a year. VanEck's DURA charges 0.30%. As of October 27, 2026, DURA returned 23.2% over one year, compared with 15.6% for DIVL. Their three-year annualized returns were nearly equal: 15.9% for DURA and 15.8% for DIVL. Both are small. As of June 30, 2026, DURA had about $37 million in net assets and DIVL about $60 million.
Is DIVL's expense ratio high?
Yes, compared with similar funds. DIVL charges 0.65% a year. The average for its peer group is 0.22%, and large funds such as VIG, SCHD, VYM and HDV charge 0.05% to 0.08%. The fee pays for Madison's active stock picking. Under the SEC's standard example, $10,000 earning 5% a year would cost $66 in the first year, $362 over five years and $810 over 10 years.
How has DIVL performed since launch?
It has posted steady gains but trails most similar funds. According to its prospectus, it returned 8.8% in 2024 and 9.73% in 2025. Its average annual return from launch through December 31, 2025 was 8.14%. Based on price, it was up 15.2% for 2026 through October 27. Its three-year annualized return of 15.8% as of that date ranked last among nine similar funds. SCHD returned 20.9% a year over three years as of October 30, 2026.