At a glance
MDLV charges 0.58% a year, above the 0.18% average of the 1 funds most like it. It has $40.8M in assets; it paid 2.58% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +16.3% a year. Its ten largest positions make up 36.0% of the fund, out of 35 in all.
The short version
Morgan Dempsey Large Cap Value ETF (MDLV) is an actively managed fund. It holds about 35 dividend-paying large companies that its sub-adviser judges to be undervalued, led by Citigroup, Cisco and Entergy as of June 30, 2026. It pays dividends quarterly. It also charges 0.58% a year, more than three times the 0.18% of Strive 1000 Value ETF, the fund whose holdings overlap most with MDLV's.
Price history
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MDLV +16.1% 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 | |
|---|---|---|---|---|---|---|
| MDLV official prospectus, to Dec 31, 2025 | — | +13.46% | — | — | — | +8.44% |
| MDLV price data to Oct 27, 2026 | +14.1% | +16.1% | +16.3% | — | — | +10.9% |
- Over the year to Oct 27, 2026, MDLV returned +16.1%.
- Its worst full calendar year was 2024 (+10.2%); its best was 2025 (+13.3%).
- The deepest fall in its price history was 10.7% (Feb 28, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.1% | — |
| 2025 | +13.3% | +13.46% |
| 2024 | +10.2% | +10.03% |
| 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) | $0.6100 | |
| 2025 | $0.8600 | +19.4% |
| 2024 | $0.7200 |
What's inside
As of Jun 30, 2026, the fund held 35 securities; the ten largest made up 36.04% of assets, and 5.79% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Citigroup Inc | 5.06% | |
| Cisco Systems Inc | 3.82% | |
| Entergy Corp | 3.81% | |
| Exxon Mobil Corp | 3.79% | |
| Cummins Inc | 3.74% | |
| International Business Machines Corp | 3.30% | |
| Johnson & Johnson | 3.29% | |
| WEC Energy Group Inc | 3.28% | |
| Pembina Pipeline Corp | 3.01% | |
| Coca-Cola Co | 2.94% | |
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 2.91% | |
| Chevron Corp | 2.87% | |
| General Dynamics Corp | 2.83% | |
| ONEOK Inc | 2.73% | |
| AT&T Inc | 2.73% |
By country
United States 86.77%Canada 3.01%United Kingdom 2.2%Ireland 2.13%By asset type
Stocks 92.41%Real estate 1.7%By sector
Sectors of the companies held, for the 75.9% 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 $2.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.84%, +0.31%, +0.08%.
How it works
MDLV does not track an index. Its sub-adviser, Morgan Dempsey Capital Management, picks stocks through its own research. It starts by screening US-listed stocks worth at least $3 billion that look cheap. That leaves roughly 700 to 900 companies. It favors firms that kept paying dividends through hard times such as the 2008 financial crisis and the COVID pandemic. To judge whether a company can keep paying, it looks at free cash flow (the cash left after running and investing in the business) rather than the share of profits paid out.
A stock counts as "value" if it trades below its own past valuation or below industry peers on measures such as price-to-earnings, price-to-book or dividend yield. The manager then looks for a catalyst, meaning a plan that could lift the stock price, such as selling non-core units, making a strategic acquisition or investing in technology. The fund aims to hold 30 to 75 stocks and keep at least 80% in large-cap value companies. Up to 20% can go into ADRs, which are US-traded certificates for foreign shares.
A stock is usually sold if the company cuts its dividend to zero, its catalyst or business model changes, or it looks overvalued. The prospectus gives no fixed weighting formula or rebalancing schedule. Turnover was 19%. As of June 30, 2026, the fund held 35 stocks and no derivatives. It also held 5.79% in cash and 2.91% in a Treasury bill ETF.
What it really costs
- MDLV charges 0.58% a year, versus an average of 0.18% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MDLV | $59 | $186 | $324 | $726 |
In a retirement portfolio
The fund's stated goal is a high level of current income plus long-term growth, and it pays dividends from established large companies each quarter.
MDLV could add quarterly dividends and a tilt toward industrials, banks, utilities and energy companies. Its trailing 12-month yield was 2.58% as of October 27, 2026. Its record is short. It launched in April 2023, so it has not been tested in the 2008, 2020 or 2022 bear markets. Its deepest drop was 10.7%, from February 28 to April 8, 2025. It recovered by July 3, 2025, about three months later. Its weakest full year so far, 2024, was still a 10.0% gain. Someone who may need to sell shares in a bad year has no record of how it holds up in a long slump. Under the SEC's standard example, costs on $10,000 come to $59 after one year and $726 after ten. 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 who want quarterly dividends from mature companies such as Exxon Mobil, Johnson & Johnson and Coca-Cola, with a 2.58% trailing yield as of October 27, 2026.
- People who prefer a manager picking 30 to 75 dividend-paying value stocks over a broad index, and who accept a 0.58% fee for that judgment.
- Investors comfortable with heavy weights in industrials, financials, utilities and energy, the fund's four largest sectors as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: Strive 1000 Value ETF, whose holdings overlap most with MDLV's, charges 0.18% a year compared with MDLV's 0.58%.
- Anyone who wants a long track record. The fund launched in April 2023 and has not been through a prolonged bear market.
- Investors who prefer large, widely held funds. MDLV had about $40.8 million in net assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MDLV this fund | — | 0.58% | $40.8M | +16.1% | +16.3% |
| STXV Strive 1000 Value ETF | 20% | 0.18% | $80.0M | +23.7% | +22.0% |
Questions investors ask
Is MDLV good for retirement income?
It may suit some income-focused investors, but its yield is moderate. The trailing 12-month yield was 2.58% as of October 27, 2026, paid quarterly, or about $0.82 per share. The fund's goal is current income plus long-term growth. It favors companies that kept paying dividends through the 2008 crisis and the COVID pandemic. The fund itself launched in 2023, though, so it has no record in a long bear market.
What's the difference between MDLV and STXV?
The main differences are cost, approach and recent returns. MDLV charges 0.58% a year, compared with 0.18% for Strive 1000 Value ETF (STXV). MDLV's manager hand-picks about 35 dividend-paying value stocks. Only about 20% of the two funds' holdings overlap. As of October 27, 2026, STXV returned 23.7% over one year and 22% a year over three years. MDLV returned 16.1% and 16.3% over the same periods.
How often does MDLV pay dividends?
MDLV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.82 per share, a trailing yield of 2.58%. The amount can change from one payment to the next because it depends on the dividends paid by the companies the fund owns. Those companies, such as Citigroup, Exxon Mobil and AT&T, can raise, cut or eliminate their payouts.
What is MDLV's expense ratio?
MDLV's expense ratio is 0.58% a year, according to the prospectus filed July 27, 2026. All of it is the management fee, and there is no fee waiver. That is well above the 0.18% average among similar funds. Under the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $59 after one year, $324 after five years and $726 after ten years.
How has MDLV performed since launch?
MDLV has posted gains in each full calendar year so far: 10.03% in 2024 and 13.46% in 2025. Its average annual return from its April 2023 launch through December 31, 2025, was 8.44%. In 2026 it rose 14.1% through October 27. Its deepest drop was 10.7% in early 2025, which it recovered within about three months. That record is short and covers no major bear market.