At a glance
DIVO charges 0.56% a year, below the 0.62% average of the 3 funds most like it (the 3rd cheapest of 4). It has $7.19B in assets, the largest of that group; it paid 6.27% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 2nd of those 4 funds; over three years it returned +18.4% a year. At its worst it fell 29.7% in the 2020 crash (S&P 500: 33.7%) and 13.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 2 months after the lows. Its ten largest positions make up 47.9% of the fund, out of 29 in all.
The short version
Amplify CWP Enhanced Dividend Income ETF (DIVO) is an actively managed fund. It holds roughly 20 to 25 large US dividend-paying stocks and writes covered call options on some of them for extra income. Many option-income funds cover every position, but DIVO's manager writes calls only selectively, which leaves more room to gain when stocks rise. Its trailing 12-month yield was 6.27% as of October 27, 2026. It pays monthly and charges a 0.56% expense ratio.
Price history
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DIVO +12.2% 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 | |
|---|---|---|---|---|---|---|
| DIVO official prospectus, to Dec 31, 2024 | — | +17.57% | — | +12.07% | — | +12.50% |
| DIVO price data to Oct 27, 2026 | +11.4% | +12.2% | +18.4% | +10.8% | — | +12.6% |
- Over the year to Oct 27, 2026, DIVO returned +12.2%, 2nd of 4 among similar funds.
- Its 5-year annualized return was +10.8%.
- In the 2020 COVID crash it fell 29.7% and regained its old high 4.6 months after the low.
- Its worst full calendar year was 2018 (-3.1%); its best was 2019 (+24.9%).
- The deepest fall in its price history was 30% (Jan 17, 2020 to Mar 23, 2020), recovered by Aug 12, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.4% | — |
| 2025 | +17.4% | +17.57% |
| 2024 | +16.2% | +16.19% |
| 2023 | +6.9% | +6.98% |
| 2022 | -1.5% | -1.48% |
| 2021 | +22.9% | +22.78% |
| 2020 | +12.4% | +13.15% |
| 2019 | +24.9% | +23.53% |
| 2018 | -3.1% | -2.49% |
| 2017 | +21.4% | +21.32% |
| 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 | Lost 29.7% over that stretch · deepest drop along the way 29.7%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12% over that stretch · deepest drop along the way 13.7%, back to its old high 2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6600 | |
| 2025 | $2.8600 | +52.1% |
| 2024 | $1.8800 | +10.6% |
| 2023 | $1.7000 | -0.6% |
| 2022 | $1.7100 | -6.0% |
| 2021 | $1.8200 | +13.0% |
| 2020 | $1.6100 | -35.6% |
| 2019 | $2.5000 | +76.1% |
| 2018 | $1.4200 | +27.9% |
| 2017 | $1.1100 |
Living on DIVO: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 29 securities; the ten largest made up 47.89% of assets, and 3.82% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Caterpillar Inc | 6.98% | |
| Apple Inc | 5.10% | |
| Microsoft Corp | 4.93% | |
| JPMorgan Chase & Co | 4.86% | |
| Goldman Sachs Group Inc | 4.59% | |
| American Express Co | 4.52% | |
| TJX Cos Inc | 4.43% | |
| Amplify Samsung SOFR ETF | 4.31% | |
| Amgen Inc | 4.19% | |
| CME Group Inc | 3.98% | |
| Chevron Corp | 3.96% | |
| IBM | 3.75% | |
| Visa Inc | 3.36% | |
| Merck & Co Inc | 3.35% | |
| RTX Corp | 3.24% |
By country
United States 93.92%Canada 2.25%By asset type
Stocks 96.17%By sector
Sectors of the companies held, for the 88.1% 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 $458.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.58%, +1.35%, -0.71%.
How it works
DIVO doesn't track an index. Amplify Investments is the adviser. Capital Wealth Planning (CWP) chooses the stocks, and Penserra Capital Management trades and rebalances the portfolio from CWP's model portfolios. At least 80% of net assets go into dividend-paying US stocks. CWP looks for high-quality large companies in the S&P 500 that it expects to keep raising their dividends. It overweights sectors it sees outperforming the market. Each sector stays under 30%, and each stock is capped at 8%. The fund is classified as non-diversified, so a few stocks can carry a lot of weight.
A covered call gives another investor the right to purchase a stock the fund owns at a set price (the strike) before a set date. In return, the fund collects a payment called a premium. The fund gives up any gain above the strike but keeps the full risk if the stock falls. CWP writes short-term calls tactically, for example when a stock has rallied or when implied volatility (the price swings that option prices are expecting) rises. It aims for gross income of about 2% to 3% from dividends and 2% to 4% from premiums.
As of June 30, 2026, the fund held 29 issuers. The 10 largest made up 47.9% of assets, led by Caterpillar (7.0%), Apple (5.1%) and Microsoft (4.9%). Only two call options were open, on JPMorgan Chase and Caterpillar. The fund also held 4.3% in a sister fund, the Amplify Samsung SOFR ETF. Portfolio turnover was 94%.
What it really costs
- DIVO charges 0.56% a year, versus an average of 0.62% for the similar funds below (3rd of 4, cheapest first).
- Of that, 0.55% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DIVO | $56 | $176 | $307 | $689 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
DIVO pairs a portfolio of large US dividend stocks with option premiums to produce monthly cash payments, with some upside kept because it doesn't cover every position.
DIVO could add a monthly income stream to the stock part of a portfolio. Its trailing 12-month yield was 6.27% as of October 27, 2026. Part of that income comes from option premiums, which change with market conditions and are usually taxed as ordinary income. The fund launched in December 2016, so it has no 2008 record. In the 2020 COVID crash it fell 29.7% and was back to its prior high by August 11, 2020, about 4.6 months later. In 2022 it dropped 13.7% between April and September, recovered in about two months, and ended the year down 1.48%. Its worst calendar year was 2018, at -2.49%. Someone drawing income or raising cash in a sharp fall would still face stock-like losses, because the calls offer only a small cushion. The SEC's standard example puts the cost at $56 for the first year on $10,000. Past results don't predict the future, 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 monthly payments from large US dividend stocks. The trailing 12-month yield was 6.27% as of October 27, 2026.
- Those comfortable with a manager who writes calls selectively rather than covering every stock, leaving more room to gain in rallies.
- People who want a stock fund that has swung less than the market, with a one-year beta of 0.5 as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.56% expense ratio is above DYLG's 0.35%, though below the 0.62% average of similar funds.
- Taxable-account investors who prefer qualified dividends, since option premium income is usually taxed as ordinary income.
- Anyone seeking broad diversification: about 29 issuers, top 10 at 47.9%, and 21.3% in financials as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does DIVO pay monthly dividends?
Yes. DIVO makes distributions every month. Over the 12 months to October 27, 2026, it paid about $3 per share, a trailing yield of 6.27%. The payments combine stock dividends and premiums from writing covered calls, so the amount can change from month to month. Premium income is usually taxed as ordinary income rather than at the lower rate for qualified dividends, which matters in a taxable account.
Is DIVO good for retirement income?
It can serve as one income source, but it is still a stock fund. It paid a 6.27% trailing yield monthly as of October 27, 2026, and it fell 29.7% in the 2020 COVID crash before recovering in about 4.6 months. Calls give only a small cushion in sharp drops. Its five-year annualized return was 10.8% through October 27, 2026. Past results don't predict future ones.
What's the difference between DIVO and DYLG?
The two funds share about 52% of their holdings, and both write covered calls. Global X Dow 30 Covered Call & Growth ETF (DYLG) is built around Dow 30 stocks and costs 0.35%, compared with DIVO's 0.56%. DIVO is far larger, at $7.19 billion versus about $6.2 million. As of October 27, 2026, DYLG returned 12.6% over one year against DIVO's 12.2%. Over three years, DIVO's 18.4% annualized was ahead of DYLG's 16.4%.
Does DIVO's covered call strategy cap its upside?
Partly. When DIVO writes a call on a stock, it gives up gains above the strike price until the option expires. But CWP writes calls tactically rather than on every position. As of June 30, 2026, only two calls were open, on JPMorgan Chase and Caterpillar. That leaves more room to gain than in funds that cover everything. DIVO returned 17.57% in 2025, but it can still lag in strong rallies.
What is DIVO's expense ratio?
DIVO's expense ratio is 0.56%, according to its prospectus filed January 28, 2026. That includes a 0.55% management fee. In the SEC's standard example ($10,000 invested, a 5% yearly return, shares cashed out at the end of each period), costs total $56 after one year, $176 after three, $307 after five and $689 after ten. That is below the 0.62% average of similar funds but above DYLG's 0.35%.