# EDGAR Filing Document

**Accession Number:** 0001976877
**File Stem:** 0000894189-25-014853
**Filing Date:** 2025-11
**Character Count:** 23420
**Document Hash:** e8a018a677fabe0d672b34d0e7b9f2c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014853.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014853

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison ETFs Trust
- **CENTRAL INDEX KEY:** 0001976877

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23875
- **FILM NUMBER:** 251517585

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 800-767-0300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

## Series and Classes Contracts Data

### Madison Dividend Value ETF (Series ID: S000081096)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243767 | Madison Dividend Value ETF | DIVL            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Madison Dividend Value ETF** | **Madison Dividend Value ETF** | **Madison Dividend Value ETF** | **Madison Dividend Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.6%** | **COMMON STOCKS - 97.6%** | **Shares** | **Value**  |
| **Consumer Discretionary - 8.8%** | **Consumer Discretionary - 8.8%** | **Consumer Discretionary - 8.8%** | |
| Home Depot, Inc. | Home Depot, Inc. | 5581 | $2261365 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | 7200 | 1809432 |
| NIKE, Inc. - Class B | NIKE, Inc. - Class B | 19587 | 1365802 |
|  |  |  | 5436599 |
| **Consumer Staples - 3.7%** | **Consumer Staples - 3.7%** | **Consumer Staples - 3.7%** |  |
| Procter & Gamble Co. | Procter & Gamble Co. | 4980 | 765177 |
| Sysco Corp. | Sysco Corp. | 18529 | 1525678 |
|  |  |  | 2290855 |
| **Energy - 9.2%** | **Energy - 9.2%** | **Energy - 9.2%** |  |
| Chevron Corp. | Chevron Corp. | 11314 | 1756951 |
| ConocoPhillips | ConocoPhillips | 10396 | 983357 |
| EOG Resources, Inc. | EOG Resources, Inc. | 13858 | 1553759 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 12253 | 1381526 |
|  |  |  | 5675593 |
| **Financials - 20.9%** | **Financials - 20.9%** | **Financials - 20.9%** |  |
| Aflac, Inc. | Aflac, Inc. | 5596 | 625073 |
| Bank of America Corp. | Bank of America Corp. | 49699 | 2563971 |
| Blackrock, Inc. | Blackrock, Inc. | 2252 | 2625539 |
| CME Group, Inc. | CME Group, Inc. | 8503 | 2297426 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 6231 | 1965444 |
| Morgan Stanley | Morgan Stanley | 17482 | 2778939 |
|  |  |  | 12856392 |
| **Health Care - 14.5%** | **Health Care - 14.5%** | **Health Care - 14.5%** |  |
| Abbott Laboratories | Abbott Laboratories | 6446 | 863377 |
| AbbVie, Inc. | AbbVie, Inc. | 9067 | 2099373 |
| Johnson & Johnson | Johnson & Johnson | 13904 | 2578080 |
| Medtronic PLC | Medtronic PLC | 20808 | 1981754 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | 7562 | 1441166 |
|  |  |  | 8963750 |
| **Industrials - 22.9%** | **Industrials - 22.9%** | **Industrials - 22.9%** |  |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | 6936 | 2035716 |
| Cummins, Inc. | Cummins, Inc. | 2405 | 1015800 |
| Deere & Co. | Deere & Co. | 1701 | 777799 |
| Fastenal Co. | Fastenal Co. | 32310 | 1584482 |
| Honeywell International, Inc. | Honeywell International, Inc. | 9305 | 1958703 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | 5575 | 1453737 |
| Rockwell Automation, Inc. | Rockwell Automation, Inc. | 3095 | 1081795 |
| TE Connectivity PLC | TE Connectivity PLC | 11691 | 2566525 |
| Union Pacific Corp. | Union Pacific Corp. | 6872 | 1624335 |
|  |  |  | 14098892 |
| **Materials - 7.3%** | **Materials - 7.3%** | **Materials - 7.3%** |  |
| Agnico Eagle Mines Ltd. | Agnico Eagle Mines Ltd. | 11379 | 1918044 |
| Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | 4289 | 1169696 |
| Mosaic Co. | Mosaic Co. | 40574 | 1407107 |
|  |  |  | 4494847 |
| **Technology - 6.7%** | **Technology - 6.7%** | **Technology - 6.7%** |  |
| Analog Devices, Inc. | Analog Devices, Inc. | 3533 | 868058 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 7232 | 1203116 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 11044 | 2029114 |
|  |  |  | 4100288 |
| **Utilities - 3.6%** | **Utilities - 3.6%** | **Utilities - 3.6%** |  |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 29295 | 2211480 |
| **TOTAL COMMON STOCKS** (Cost $49,989,963) | **TOTAL COMMON STOCKS** (Cost $49,989,963) | **TOTAL COMMON STOCKS** (Cost $49,989,963) | 60128696 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.9%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.9%** | **Shares** | **Value**  |
| **Real Estate - 1.9%** | **Real Estate - 1.9%** | **Real Estate - 1.9%** |  |
| VICI Properties, Inc. | VICI Properties, Inc. | 36430 | 1187982 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,198,581) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,198,581) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,198,581) | 1187982 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $51,188,544**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $51,188,544**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $51,188,544**)** | 61316678 |
| Money Market Deposit Account - 0.4% <sup>(a)</sup> | Money Market Deposit Account - 0.4% <sup>(a)</sup> | Money Market Deposit Account - 0.4% <sup>(a)</sup> | 253747 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 31640 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $61602065 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

PLC - Public Limited Company<br>

(a) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.95%.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Madison Dividend Value ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $60128696 | $– | $– | $60128696 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 1187982 | – | – | 1187982 |
| Total Investments | $61316678 | $– | $– | $61316678 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Madison ETFs Trust

- **b. Investment Company Act file number:** 811-23875

- **c. CIK number of Registrant:** 0001976877

- **d. LEI of Registrant:** 5493000I8Q6MKWCG2407

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 550 SCIENCE DRIVE

  - **City:** Madison

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

  - **Telephone number:** 800-767-0300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Madison Dividend Value ETF

- **b. EDGAR series identifier (if any):** S000081096

- **c. LEI of Series:** 5493000IABVCBRPOIQ09

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $61748851.28

**Total Liabilities:** $146773.43

**Net Assets:** $61602077.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243767 | 0.74%                | 3.76%                | 0.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $371912.37               | $-25256.76                                 |
| Month 2  | $46905.50                | $2095839.72                                |
| Month 3  | $-170537.32              | $503564.05                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Illinois Tool Works Inc        | Illinois Tool Works Inc        | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      5575 | NS      | $1453737.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     40574 | NS      | $1407106.32   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     20808 | NS      | $1981753.92   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11314 | NS      | $1756951.06   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc    | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      9305 | NS      | $1958702.50   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     13904 | NS      | $2578079.68   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp             | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      6872 | NS      | $1624334.64   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC            | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |     11691 | NS      | $2566525.23   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9067 | NS      | $2099373.18   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5581 | NS      | $2261365.39   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc             | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      3533 | NS      | $868058.10    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                  | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      2252 | NS      | $2625539.24   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins Inc                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      2405 | NS      | $1015799.85   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     12253 | NS      | $1381525.75   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     32310 | NS      | $1584482.40   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      6231 | NS      | $1965444.33   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     17482 | NS      | $2778938.72   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     19587 | NS      | $1365801.51   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4980 | NS      | $765177.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      7232 | NS      | $1203115.52   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    367909 | NS      | $367909.04    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                      | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      5596 | NS      | $625073.20    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc  | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      6936 | NS      | $2035716.00   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      8503 | NS      | $2297425.57   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1701 | NS      | $777799.26    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     13858 | NS      | $1553758.96   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc             | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     29295 | NS      | $2211479.55   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      7562 | NS      | $1441165.96   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc        | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      3095 | NS      | $1081795.35   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     11044 | NS      | $2029114.12   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      6446 | NS      | $863377.24    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd         | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     11379 | NS      | $1918044.24   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      4289 | NS      | $1169696.08   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp           | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     49699 | NS      | $2563971.41   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     10396 | NS      | $983357.64    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      7200 | NS      | $1809432.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     18529 | NS      | $1525677.86   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc            | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     36430 | NS      | $1187982.30   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Madison ETFs Trust

**Signature:** /s/ Greg D. Hoppe

**Name of Signer:** Greg D. Hoppe

**Title:** Chief Financial Officer