At a glance
TBG charges 0.59% a year. It has $260.3M in assets; it paid 2.66% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.9% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 36.1% of the fund, out of 37 in all.
The short version
TBG Dividend Focus ETF (TBG) is an actively managed fund. It holds about 30 to 40 US dividend-paying companies, plus some REITs and master limited partnerships. Its sub-adviser, Madison Avenue Financial Solutions, picks them for their potential to grow dividends. Unlike index-based dividend funds, it relies on one manager's stock picks, and it charges 0.59% a year. It pays quarterly, and its trailing 12-month yield was 2.66% as of October 27, 2026.
Price history
The interactive chart needs JavaScript.
TBG +18.9% 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 | |
|---|---|---|---|---|---|---|
| TBG official prospectus, to Dec 31, 2024 | — | +20.71% | — | — | — | +27.30% |
| TBG price data to Oct 27, 2026 | +17.1% | +18.9% | — | — | — | +18.7% |
- Over the year to Oct 27, 2026, TBG returned +18.9%.
- Its worst full calendar year was 2025 (+7.5%); its best was 2024 (+20.6%).
- The deepest fall in its price history was 14.8% (Feb 28, 2025 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.1% | — |
| 2025 | +7.5% | — |
| 2024 | +20.6% | +20.71% |
| 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) | $0.7300 | |
| 2025 | $0.9400 | +27.0% |
| 2024 | $0.7400 |
What's inside
As of Jul 31, 2026, the fund held 37 securities; the ten largest made up 36.06% of assets, and 4.96% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Blackstone Inc | 4.52% | |
| Merck & Co Inc | 4.24% | |
| Verizon Communications Inc | 3.77% | |
| Chevron Corp | 3.70% | |
| Procter & Gamble Co | 3.53% | |
| Simon Property Group Inc Real estate | 3.44% | |
| Brookfield Infrastructure Corp | 3.34% | |
| PepsiCo Inc | 3.29% | |
| Johnson & Johnson | 3.21% | |
| Accenture PLC | 3.02% | |
| General Mills Inc | 2.98% | |
| American Electric Power Co Inc | 2.95% | |
| Energy Transfer LP | 2.89% | |
| Enterprise Products Partners LP | 2.71% | |
| UnitedHealth Group Inc | 2.67% |
By country
United States 86.62%Canada 5.2%Ireland 3.02%By asset type
Stocks 84.17%Real estate 10.67%By sector
Sectors of the companies held, for the 62.8% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $17.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.14%, -0.70%, +4.46%.
How it works
TBG does not track an index. Its sub-adviser, Madison Avenue Financial Solutions, starts with companies whose dividend yield is higher than the S&P 500 Index's average. It favors those that grew their dividends by more than 5% a year over a 5–7 year market cycle. It then studies each business: balance sheet strength, debt, growth in earnings and free cash flow, payout ratio (the share of earnings paid out as dividends), how cyclical earnings are, industry position and how well management invests the company's money.
The fund aims to hold 30 to 40 small, mid-size and large companies. It keeps at least 80% of net assets in dividend-paying US companies, a policy that can change with 60 days' notice to shareholders. It may also own REITs and master limited partnerships (partnerships whose units trade on an exchange like stocks). The prospectus sets no weighting formula or rebalancing schedule. The fund holds the companies the sub-adviser ranks highest for dividend growth potential. As of July 31, 2026, it held 37, led by Blackstone at 4.52%.
The sub-adviser generally sells in three cases: a stock's combined yield and dividend growth falls well below the portfolio average, the reason for owning it weakens, or management seems less committed to the dividend. It may make exceptions in crises such as a pandemic. The fund does not use leverage, and it held no derivatives as of July 31, 2026. Portfolio turnover was 26%.
What it really costs
- TBG charges 0.59% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBG | $60 | $189 | $329 | $738 |
In a retirement portfolio
TBG aims for income plus long-term growth from a concentrated group of dividend-growing companies, and it pays out quarterly.
TBG could add quarterly dividends from established companies such as Merck, Verizon, Chevron and Procter & Gamble. Its trailing 12-month yield was 2.66% as of October 27, 2026. Its record is short. The fund launched on November 6, 2023, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its deepest drop was 14.8%, from February 28 to April 8, 2025. It recovered by August 22, 2025, about 4.5 months later. Its weakest calendar year, 2025, still gained about 7.5%. Someone forced to sell in early April 2025 would have locked in a loss, though. In the SEC's standard example on $10,000, costs come to $60 in the first year and $738 over 10 years. Past results don't predict future ones, and a retirement 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 a hand-picked group of 30 to 40 dividend growers, such as Merck, Verizon, Chevron and Procter & Gamble.
- People willing to pay 0.59% a year for active stock picking focused on dividend growth rather than tracking an index.
- Investors who want stock exposure with smaller swings. Its deepest drop since launch was 14.8%, and it recovered in about 4.5 months.
Look elsewhere if
- Anyone who wants a long track record. TBG launched in November 2023 and has not been through a full bear market.
- Cost-focused investors. In the SEC's standard example, the 0.59% expense ratio adds up to about $738 over 10 years on $10,000.
- Those who want broad diversification. With 37 holdings and about 36% of assets in the top 10, a few stocks can move results.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is TBG a good ETF for retirement income?
It may suit retirees who care more about dividend growth than a high starting yield. TBG pays quarterly, and its trailing 12-month yield was 2.66% as of October 27, 2026. It picks holdings such as Merck, Verizon and Procter & Gamble for their potential to raise dividends. The drawbacks: a 0.59% expense ratio, only about 37 holdings, and a history that starts in November 2023, so it has not been tested in a long bear market.
Does TBG pay monthly dividends?
No. TBG pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.02 per share, a trailing yield of 2.66%. The payout can change from year to year. It depends on whether the companies it owns raise, cut or stop their dividends, and the prospectus warns that companies may reduce or stop paying them.
What is TBG's expense ratio?
TBG's expense ratio is 0.59% a year, according to its prospectus filed November 25, 2025. All of it is the management fee, and there is no fee waiver. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, an investor would pay about $60 in the first year, $189 over 3 years, $329 over 5 years and $738 over 10 years. The fee pays for active stock picking rather than index tracking.
What are TBG's top holdings?
As of July 31, 2026, TBG's largest holdings were Blackstone (4.52%), Merck (4.24%), Verizon (3.77%), Chevron (3.70%), Procter & Gamble (3.53%) and Simon Property Group (3.44%). The top 10 made up about 36% of the fund, which held 37 companies in total. It also owned master limited partnerships such as Energy Transfer and Enterprise Products Partners. These are publicly traded partnerships, often energy pipeline businesses, and they carry their own tax risks.
How has TBG performed since it launched?
TBG has gained in each full calendar year since it launched in November 2023. Its official return for 2024 was 20.71%. Based on share prices, it gained 7.52% in 2025 and 17.11% in 2026 through October 27. Its return for the year ending that date was 18.9%. Its deepest drop was 14.8%, between February 28 and April 8, 2025. Past results don't predict future returns.