Madison ETFs Trust NPORTP Madison Aggregate Bond ETF (Sep 2024 report)

Madison Aggregate Bond ETF
Schedule of Investments
September 30, 2024 (Unaudited)

CORPORATE BONDS - 32.3%	Par		Value
Communications - 0.6%
AT&T, Inc.
4.25%, 03/01/2027	$	150,000	$	150,426
2.25%, 02/01/2032		90,000		77,173
Verizon Communications, Inc., 4.33%, 09/21/2028		200,000		200,938
Total Communications				428,537

Consumer Discretionary - 1.7%
BorgWarner, Inc., 5.40%, 08/15/2034		400,000		408,116
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025 ^(a)		260,000		259,166
Lowe's Cos., Inc., 4.25%, 04/01/2052		150,000		126,882
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027		100,000		107,356
Tractor Supply Co., 5.25%, 05/15/2033		225,000		233,952
Total Consumer Discretionary				1,135,472

Consumer Staples - 1.0%
J M Smucker Co.
5.90%, 11/15/2028		100,000		106,437
6.20%, 11/15/2033		300,000		331,552
Performance Food Group, Inc., 5.50%, 10/15/2027 ^(a)		190,000		189,525
Total Consumer Staples				627,514

Energy - 4.6%
Devon Energy Corp., 5.20%, 09/15/2034		400,000		397,802
Energy Transfer LP
5.25%, 04/15/2029		200,000		205,533
6.55%, 12/01/2033		300,000		331,230
5.60%, 09/01/2034		60,000		62,351
Enterprise Products Operating LLC, 5.35%, 01/31/2033		250,000		262,168
Exxon Mobil Corp., 4.11%, 03/01/2046		275,000		244,819
Kinder Morgan, Inc., 5.55%, 06/01/2045		200,000		197,426
Marathon Petroleum Corp., 4.70%, 05/01/2025		350,000		349,619
MPLX LP, 4.80%, 02/15/2029		100,000		101,506
Murphy Oil USA, Inc., 5.63%, 05/01/2027		200,000		199,723
ONEOK, Inc., 5.80%, 11/01/2030		100,000		106,386
Phillips 66 Co., 4.95%, 12/01/2027		200,000		204,566
Schlumberger Holdings Corp., 3.90%, 05/17/2028 ^(a)		150,000		148,290
Valero Energy Corp., 4.00%, 06/01/2052		250,000		193,536
Total Energy				3,004,955

Financials - 14.1%
AerCap Ireland Capital DAC – Designated Activity Company / AerCap Global Aviation Trust, 4.63%, 10/15/2027		650,000		653,367
Air Lease Corp., 1.88%, 08/15/2026		90,000		85,923
Alexandria Real Estate Equities, Inc., 4.75%, 04/15/2035		150,000		147,948
Ally Financial, Inc., 6.85% to 01/03/2029 then SOFR + 2.82%, 01/03/2030		250,000		263,896
American Express Co.
5.28% to 07/27/2028 then SOFR + 1.28%, 07/27/2029		350,000		362,378
4.05%, 05/03/2029		20,000		20,025
Bank of America Corp.
1.66% to 03/11/2026 then SOFR + 0.91%, 03/11/2027		90,000		86,487
4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028		175,000		178,091
5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033		280,000		286,934
Bank of New York Mellon Corp., 4.60% to 07/26/2029 then SOFR + 1.76%, 07/26/2030		275,000		278,841
Berkshire Hathaway Finance Corp., 3.85%, 03/15/2052		30,000		25,285
BlackRock, Inc., 4.75%, 05/25/2033		200,000		205,617
Capital One Financial Corp.
5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029		125,000		128,095
6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029		170,000		178,982
Citigroup, Inc.
4.91% to 05/24/2032 then SOFR + 2.09%, 05/24/2033		400,000		402,655
5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039		300,000		298,735
Fifth Third Bancorp
4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030		250,000		251,791
4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033		120,000		115,196
Fiserv, Inc., 3.50%, 07/01/2029		100,000		96,555
Goldman Sachs Group, Inc., 4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028		325,000		326,561
Huntington Bancshares, Inc.
4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028		115,000		115,120
6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029		300,000		317,140
Intercontinental Exchange, Inc., 4.60%, 03/15/2033		150,000		151,341
Iron Mountain, Inc., 4.50%, 02/15/2031 ^(a)		150,000		142,287
Jefferies Financial Group, Inc., 6.20%, 04/14/2034		100,000		106,949
JPMorgan Chase & Co., 4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033		350,000		357,150
KeyCorp, 4.10%, 04/30/2028		100,000		98,476
LPL Holdings, Inc., 4.00%, 03/15/2029 ^(a)		275,000		263,045
Morgan Stanley
5.45% to 07/20/2028 then SOFR + 1.63%, 07/20/2029		400,000		415,377
1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032		90,000		76,296
PNC Financial Services Group, Inc.
5.35% to 12/02/2027 then SOFR + 1.62%, 12/02/2028		250,000		258,286
6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034		200,000		228,778
Public Storage Operating Co., 5.13%, 01/15/2029		175,000		182,401
Regions Financial Corp., 1.80%, 08/12/2028		200,000		180,505
State Street Corp., 5.82% to 11/04/2027 then SOFR + 1.72%, 11/04/2028		225,000		236,301
Synchrony Financial, 3.70%, 08/04/2026		275,000		269,809
Truist Financial Corp.
4.12% to 06/06/2027 then SOFR + 1.37%, 06/06/2028		175,000		173,682
5.87% to 06/08/2033 then SOFR + 2.36%, 06/08/2034		225,000		239,002
US Bancorp
4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028		200,000		201,516
4.84% to 02/01/2033 then SOFR + 1.60%, 02/01/2034		190,000		189,693
Wells Fargo & Co.
5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029		175,000		181,987
4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033		20,000		20,199
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034		150,000		155,456
Weyerhaeuser Co., 3.38%, 03/09/2033		250,000		228,333
Total Financials				9,182,491

Health Care - 4.1%
AbbVie, Inc.
3.20%, 11/21/2029		240,000		229,365
5.40%, 03/15/2054		375,000		397,106
Amgen, Inc., 5.65%, 03/02/2053		250,000		262,641
Centene Corp., 2.45%, 07/15/2028		150,000		138,173
Eli Lilly & Co., 4.60%, 08/14/2034		250,000		253,429
GE HealthCare Technologies, Inc.
4.80%, 08/14/2029		400,000		407,297
6.38%, 11/22/2052		485,000		566,422
Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053		250,000		258,296
UnitedHealth Group, Inc., 4.20%, 05/15/2032		125,000		123,922
Zoetis, Inc., 3.00%, 05/15/2050		50,000		35,259
Total Health Care				2,671,910

Industrials - 1.9%
BAE Systems PLC, 5.30%, 03/26/2034 ^(a)		200,000		207,680
Boeing Co., 6.86%, 05/01/2054 ^(a)		250,000		274,262
Nordson Corp., 5.80%, 09/15/2033		100,000		107,648
Norfolk Southern Corp., 5.95%, 03/15/2064		250,000		276,473
Textron, Inc., 2.45%, 03/15/2031		100,000		87,379
United Rentals North America, Inc., 5.50%, 05/15/2027		260,000		260,244
Total Industrials				1,213,686

Materials - 0.8%
Ball Corp., 4.88%, 03/15/2026		190,000		189,230
Packaging Corp. of America, 4.05%, 12/15/2049		100,000		83,064
Vulcan Materials Co., 3.50%, 06/01/2030		110,000		105,188
WRKCo, Inc., 3.90%, 06/01/2028		150,000		147,152
Total Materials				524,634

Technology - 2.0%
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 ^(a)		250,000		242,460
Cisco Systems, Inc., 5.05%, 02/26/2034		250,000		262,299
Dell International LLC / EMC Corp., 3.45%, 12/15/2051		200,000		146,328
Gartner, Inc., 4.50%, 07/01/2028 ^(a)		180,000		178,149
Intuit, Inc., 5.20%, 09/15/2033		250,000		263,463
Oracle Corp.
6.15%, 11/09/2029		150,000		162,170
3.95%, 03/25/2051		55,000		44,194
Total Technology				1,299,063

Utilities - 1.5%
AES Corp., 1.38%, 01/15/2026		300,000		287,836
Duke Energy Corp., 4.30%, 03/15/2028		180,000		180,094
Florida Power & Light Co., 2.88%, 12/04/2051		400,000		276,479
National Rural Utilities Cooperative Finance Corp., 4.80%, 03/15/2028		100,000		102,196
PECO Energy Co., 3.05%, 03/15/2051		200,000		141,463
Total Utilites				988,068
TOTAL CORPORATE BONDS (Cost $20,068,642)				21,076,330

MORTGAGE-BACKED SECURITIES - 30.3%
Federal Home Loan Mortgage Corp.
Pool G06168, 3.50%, 11/01/2040		132,137		126,579
Pool G08653, 3.00%, 07/01/2045		217,406		200,913
Pool G60722, 3.00%, 10/01/2046		273,100		251,348
Pool Q04092, 4.00%, 10/01/2041		177,288		175,367
Pool Q35614, 3.50%, 08/01/2045		277,909		262,884
Pool Q52955, 3.50%, 12/01/2047		119,250		112,609
Pool QA1033, 3.00%, 07/01/2049		208,814		190,646
Pool RA7380, 3.50%, 05/01/2052		417,238		390,265
Pool RA8278, 5.00%, 12/01/2052		222,326		222,485
Pool RB5105, 2.00%, 03/01/2041		105,797		92,431
Pool SB0546, 2.00%, 01/01/2036		374,771		345,680
Pool SC0151, 2.50%, 06/01/2041		353,448		319,967
Pool SD0960, 3.50%, 04/01/2052		529,996		499,821
Pool SD1859, 5.50%, 11/01/2052		130,547		133,338
Pool SD1921, 4.50%, 12/01/2052		351,760		348,760
Pool SD2172, 5.50%, 02/01/2053		361,791		370,533
Pool SD2875, 5.00%, 05/01/2053		841,420		853,071
Pool SD3174, 5.50%, 06/01/2053		465,801		474,569
Pool SD3739, 6.00%, 09/01/2053		528,240		545,840
Pool SD4901, 5.50%, 02/01/2054		291,663		296,347
Pool SD7552, 2.50%, 01/01/2052		652,134		571,292
Pool SD7556, 3.00%, 08/01/2052		487,461		443,381
Pool SD8214, 3.50%, 05/01/2052		86,071		80,220
Pool SD8266, 4.50%, 11/01/2052		1,120,772		1,101,776
Pool SD8267, 5.00%, 11/01/2052		175,436		175,525
Pool SD8268, 5.50%, 11/01/2052		106,538		107,823
Pool SD8276, 5.00%, 12/01/2052		444,535		444,760
Pool SD8299, 5.00%, 02/01/2053		227,655		227,624
Pool SD8363, 6.00%, 09/01/2053		726,667		743,152
Pool V80025, 3.00%, 04/01/2043		110,602		102,720
Pool V80026, 3.00%, 04/01/2043		261,532		242,894
Pool ZS8641, 2.50%, 02/01/2032		108,581		104,110
Federal National Mortgage Association
Pool 890696, 3.00%, 09/01/2030		114,815		112,095
Pool AB2080, 4.00%, 01/01/2041		159,572		157,671
Pool AB8818, 3.00%, 03/01/2043		87,786		81,439
Pool AJ4046, 4.00%, 10/01/2041		166,918		165,751
Pool AL3072, 3.00%, 02/01/2043		366,223		339,971
Pool AL8924, 3.00%, 12/01/2030		136,107		133,398
Pool AO4134, 3.50%, 06/01/2042		226,294		216,255
Pool AP2133, 3.50%, 08/01/2042		207,780		198,520
Pool AP7363, 4.00%, 10/01/2042		242,667		238,579
Pool BV4133, 2.50%, 03/01/2052		341,963		297,188
Pool CB2548, 2.50%, 01/01/2052		104,404		90,790
Pool CB2601, 2.00%, 01/01/2052		125,825		106,119
Pool CB3105, 2.00%, 03/01/2052		637,691		537,389
Pool CB3115, 3.00%, 03/01/2052		599,978		545,445
Pool CB3845, 3.50%, 06/01/2052		434,049		406,002
Pool CB4383, 4.50%, 08/01/2052		443,480		438,587
Pool FM5530, 4.00%, 11/01/2050		379,425		368,645
Pool FS1704, 4.00%, 05/01/2052		242,440		234,947
Pool FS2605, 4.50%, 08/01/2052		115,125		113,298
Pool FS4049, 2.50%, 09/01/2036		393,068		371,432
Pool FS4138, 2.50%, 04/01/2052		401,210		349,552
Pool FS4296, 3.00%, 01/01/2049		433,487		402,181
Pool FS4996, 4.50%, 07/01/2053		403,045		397,773
Pool FS5575, 5.50%, 09/01/2053		137,844		140,662
Pool FS7759, 5.50%, 05/01/2054		246,186		249,602
Pool MA2177, 4.00%, 02/01/2035		171,227		170,365
Pool MA4571, 2.50%, 03/01/2042		523,244		469,794
Pool MA4806, 5.00%, 11/01/2052		545,797		546,709
Pool MA4841, 5.00%, 12/01/2052		992,369		994,008
Pool MA4842, 5.50%, 12/01/2052		237,928		241,319
Pool MA5013, 4.50%, 05/01/2038		99,516		99,757
TOTAL MORTGAGE-BACKED SECURITIES (Cost $19,074,484)				19,773,973

U.S. TREASURY SECURITIES - 28.7%
United States Treasury Note/Bond
4.50%, 07/15/2026		1,250,000		1,267,139
4.63%, 06/15/2027		750,000		770,010
4.00%, 06/30/2028		1,500,000		1,521,797
4.38%, 08/31/2028		600,000		617,039
4.88%, 10/31/2028		2,000,000		2,096,719
4.00%, 07/31/2030		2,700,000		2,750,941
3.50%, 02/15/2033		2,400,000		2,356,031
4.38%, 05/15/2034		2,850,000		2,981,367
3.88%, 05/15/2043		1,000,000		961,640
4.63%, 05/15/2044		900,000		952,875
4.13%, 08/15/2053		2,500,000		2,486,133
TOTAL U.S. TREASURY SECURITIES (Cost $18,327,777)				18,761,691

ASSET-BACKED SECURITIES - 3.8%
Capital One Financial Corp., Series 2023-A1, Class A, 4.42%, 05/15/2028		110,000		110,433
CarMax Auto Owner Trust, Series 2022-3, Class A4, 4.06%, 02/15/2028		130,000		129,472
Chase Auto Owner Trust, Series 2023-AA, Class A2, 5.90%, 03/25/2027 ^(a)		534,498		536,954
CNH Equipment Trust, Series 2023-A, Class A3, 4.81%, 08/15/2028		200,000		201,423
Dell Equipment Finance Trust, Series 2023-2, Class A2, 5.84%, 01/22/2029 ^(a)		83,282		83,447
Enterprise Fleet Financing
Series 2022-4, Class A2, 5.76%, 10/22/2029 ^(a)		28,056		28,297
Series 2023-1, Class A2, 5.51%, 01/22/2029 ^(a)		31,976		32,147
Honda Auto Receivables Owner Trust, Series 2021-3, Class A3, 0.41%, 11/18/2025		197,427		195,962
LAD Auto Receivables Trust, Series 2023-2A, Class A2, 5.93%, 06/15/2027 ^(a)		52,789		52,942
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.45%, 11/15/2029		50,000		50,183
PHH Arval
Series 2023-1A, Class A1, 5.65%, 05/15/2035 ^(a)		129,864		130,984
Series 2023-2A, Class A1, 6.16%, 10/15/2035 ^(a)		228,920		232,721
Santander Revolving Auto Loan Trust, Series 2019-A, Class C, 3.00%, 01/26/2032 ^(a)		25,000		24,889
Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.85%, 01/25/2064 ^(a)(b)		436,732		441,115
Verizon Master Trust, Series 2024-3, Class B, 5.54%, 04/22/2030		250,000		257,330
TOTAL ASSET-BACKED SECURITIES (Cost $2,487,707)				2,508,299

COLLATERALIZED MORTGAGE OBLIGATIONS - 3.7%
Fannie Mae Connecticut Avenue Securities, Series 2022-R01, Class 1M1, 6.28% (30 day avg SOFR US + 1.00%), 12/25/2041 ^(a)		169,272		168,955
Federal Home Loan Mortgage Corp., Series K066, Class A2, 3.12%, 06/25/2027		100,000		97,815
Federal National Mortgage Association
Series 2017-M15, Class ATS2, 3.21%, 11/25/2027 ^(b)		205,295		200,703
Series 2020-44, Class TI, 5.50%, 12/25/2035 ^(c)		539,901		81,576
Series 2022-M1, Class A2, 1.72%, 10/25/2031 ^(b)		530,000		449,089
Flagstar Mortgage Trust, Series 2021-9INV, Class A1, 2.50%, 09/25/2041 ^(a)(b)		206,568		186,911
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.84%, 01/25/2048 ^(a)(b)		80,000		79,411
Series 2020-K106, Class B, 3.68%, 03/25/2053 ^(a)(b)		100,000		93,935
Government National Mortgage Association, Series 2024-153, Class AB, 4.50%, 03/16/2065		500,000		490,760
JP Morgan Mortgage Trust
Series 2021-6, Class A4, 2.50%, 10/25/2051 ^(a)(b)		100,601		90,067
Series 2024-5, Class A4, 6.00%, 11/25/2054 ^(a)(b)		236,464		240,094
Sequoia Mortgage Trust, Series 2013-7, Class A2, 3.00%, 06/25/2043 ^(b)		235,977		212,841
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,335,057)				2,392,157

TOTAL INVESTMENTS - 98.8% (Cost $62,293,667)				64,512,450
Money Market Deposit Account - 0.8% ^(d)				548,990
Other Assets in Excess of Liabilities - 0.4%				259,425
TOTAL NET ASSETS - 100.0%			$	65,320,865

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2024, the value of these securities total $4,327,733 or 6.6% of the Fund’s net assets.
(b)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2024.
(c)	Interest only security.
(d)	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, 2024 was 4.70%.

Notes to Portfolio of Investments (Unaudited)

1. Portfolio Valuation: Madison ETF Trust, a Delaware business trust (the "Trust" and each series of the Trust referred to individually as a "fund" and collectively, the "funds") values securities and other investments as follows: Equity securities, including American Depositary Receipts ("ADRs"), Global Depository Receipts ("GDRs") and exchange-traded funds ("ETFs") listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price ("NOCP"). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on the New York Stock Exchange (the "NYSE"), usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund's total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the "Underlying Funds"), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.

Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates fair value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser's opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Pricing Committee ( the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these funds. However, an Underlying Fund may need to "fair value" one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying Fund's NAV.

A fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's primary market or exchange (for example, a foreign exchange or market) and the time the fund's share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust.

2. Fair Value Measurements: Each fund has adopted Financial Accounting Standards Board (the "FASB") guidance on fair value measurements. Fair value is defined as the price that each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data "inputs" and minimize the use of unobservable "inputs" and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)

Madison Aggregate Bond ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	21,076,330	$	–	$	21,076,330
Mortgage-Backed Securities		–		19,773,973		–		19,773,973
U.S. Treasury Securities		–		18,761,691		–		18,761,691
Asset-Backed Securities		–		2,508,299		–		2,508,299
Collateralized Mortgage Obligations		–		2,392,157		–		2,392,157
Total Investments	$	–	$	64,512,450	$	–	$	64,512,450

Refer to the Schedule of Investments for further disaggregation of investment categories.

Madison ETFs Trust NPORT-PMadison Aggregate Bond ETF (Sep 2024 report)