At a glance
DIVP charges 0.55% a year, above the 0.29% average of the 6 funds most like it (the most expensive of 7). It has $54.4M in assets, the 6th largest of that group; it paid 5.96% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds. Its ten largest positions make up 36.3% of the fund, out of 35 in all.
The short version
Cullen Enhanced Equity Income ETF (DIVP) is an actively managed fund. It holds 30 to 40 dividend-paying, value-style stocks and sells covered call options on part of the portfolio to earn extra income. It pays monthly, and its trailing 12-month yield was 5.96% as of October 27, 2026. The trade-off is cost. Its 0.55% expense ratio is well above the 0.29% average of six similar dividend funds.
Price history
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DIVP +15.3% 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 | |
|---|---|---|---|---|---|---|
| DIVP official prospectus, to Dec 31, 2025 | — | +7.70% | — | — | — | +7.51% |
| S&P 500 Index (reflects no deductions for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +19.02% |
| CBOE S&P 500 Buy/Write Index (USD) (reflects no deductions for fees, expenses or taxes) index, same period | — | +8.91% | — | — | — | +13.60% |
| DIVP price data to Oct 27, 2026 | +13.1% | +15.3% | — | — | — | +10.1% |
- Over the year to Oct 27, 2026, DIVP returned +15.3%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (+7.7%); its best was 2025 (+7.7%).
- The deepest fall in its price history was 12.3% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.1% | — |
| 2025 | +7.7% | +7.70% |
| 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) | $1.2700 | |
| 2025 | $1.5300 |
What's inside
As of Jun 30, 2026, the fund held 35 securities; the ten largest made up 36.33% of assets.
| Holding | Weight | |
|---|---|---|
| MERCK & CO., INC. | 4.20% | |
| UNITEDHEALTH GROUP INCORPORATED | 4.02% | |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | 4.02% | |
| EOG RESOURCES, INC. | 3.67% | |
| SYSCO CORPORATION | 3.67% | |
| BRISTOL-MYERS SQUIBB COMPANY | 3.52% | |
| CONOCOPHILLIPS | 3.42% | |
| VICI PROPERTIES INC. | 3.38% | |
| Truist Financial Corporation | 3.28% | |
| KEURIG DR PEPPER INC. | 3.15% | |
| CITIGROUP INC. | 3.13% | |
| DUKE ENERGY CORPORATION | 3.10% | |
| HEALTHPEAK PROPERTIES, INC. | 3.10% | |
| BECTON, DICKINSON AND COMPANY | 3.04% | |
| Restaurant Brands International Inc. | 3.03% |
By country
United States 96.8%By asset type
Stocks 96.8%By sector
Sectors of the companies held, for the 74.3% 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 $10.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.02%, +1.24%, +2.76%.
How it works
DIVP is actively managed by Cullen Capital Management. It does not track an index. At least 80% of its net assets go into dividend-paying stocks, usually with yields above the average stock in the S&P 500. The manager uses a "value" style. It first screens for low price-to-earnings ratios (a stock's price compared with its profits), high dividend yields and good prospects for dividend and earnings growth. It then researches each company's finances and competitive position. The fund holds 30 to 40 stocks, bought in roughly equal amounts. It does not rebalance on a set schedule. Up to 30% can be in foreign companies, mostly through American Depositary Receipts (ADRs), which trade on US exchanges.
To boost income, the fund sells covered calls on about 25% to 40% of its stocks. A covered call is a contract that pays the fund a cash fee, called a premium. In return, the buyer gets the right to buy the stock at a set price before a set date. If the stock rises above that price, the fund may have to sell it and gives up the extra gain. As of June 30, 2026, the fund had nine short call positions, including July 2026 calls on Duke Energy, Truist and UPS.
Turnover was 138%. That means a lot of trading, which can raise trading costs and taxable gains.
What it really costs
- DIVP charges 0.55% a year, versus an average of 0.29% for the similar funds below (7th of 7, cheapest first).
- 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 |
|---|---|---|---|---|
| DIVP | $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
DIVP pays monthly and aims for a higher yield than the broad stock market by combining dividend stocks with covered call premiums.
DIVP could add monthly income from a mix of value stocks such as Merck, UnitedHealth, IBM and EOG Resources. Its trailing yield was 5.96% as of October 27, 2026. Option income is usually taxed as ordinary income rather than as qualified dividends. The fund launched in March 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 12.3%, from November 29, 2024 to April 8, 2025. It recovered by July 22, 2025. In its only full year, 2025, it returned 7.7%, compared with 17.88% for the S&P 500. Selling calls limits gains in strong markets. Costs are high, at $56 in the first year on $10,000 under the SEC's standard example. The track record is short. Past results don't predict the future, 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 monthly income and like a 5.96% trailing yield (as of October 27, 2026) from dividend stocks plus covered call premiums.
- Value-minded investors who want 30 to 40 roughly equal-weighted holdings across health care, financials, energy and consumer staples.
- Holders who accept giving up some upside in strong markets in exchange for option income and lower market sensitivity.
Look elsewhere if
- Cost-focused investors: the 0.55% expense ratio ranks highest among seven similar dividend funds, and SCHD charges 0.06%.
- Investors who want growth in line with the market: DIVP returned 7.7% in 2025, compared with 17.88% for the S&P 500.
- Taxable investors who prefer qualified dividends and low turnover, given option income taxed as ordinary income and 138% turnover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DIVP this fund | — | 0.55% | $54.4M | +15.3% | — |
| DURA VanEck Durable High Dividend ETF · different strategy | 30% | 0.3% | $37.2M | +23.2% | +15.9% |
| SCHD Schwab US Dividend Equity ETF · different strategy | 29% | 0.06% | $112.34B | +38.9% | +19.9% |
| DHS WisdomTree US High Dividend Fund · different strategy | 25% | 0.38% | $1.50B | +20.5% | +21.1% |
| FDL First Trust Morningstar Dividend Leaders In… · different strategy | 21% | 0.45% | $7.29B | +26.1% | +23.9% |
| GMOV GMO US Value ETF · different strategy | 21% | 0.5% | $107.1M | +25.5% | — |
| HDV iShares Core High Dividend ETF · different strategy | 21% | 0.08% | $14.90B | +38.0% | +21.7% |
Questions investors ask
Does DIVP pay monthly dividends?
Yes. DIVP pays monthly. Over the 12 months to October 27, 2026, it paid $1.63 per share, a trailing yield of 5.96%. The payouts come from two sources: dividends from its stocks and premiums from selling covered call options on part of the portfolio. Option premiums are usually taxed as ordinary income rather than at the lower rate for qualified dividends. That matters for anyone holding the fund in a taxable account.
Is DIVP good for retirement income?
DIVP may suit retirees who want monthly income from dividend stocks plus option premiums. Its trailing yield was 5.96% as of October 27, 2026. The drawbacks are a short record (it launched in March 2024), a 0.55% expense ratio and less upside in strong markets. In 2025, its only full year, it returned 7.7%, compared with 17.88% for the S&P 500. Its deepest drop was 12.3%, and it recovered in about 3.4 months.
What's the difference between DIVP and SCHD?
Both hold dividend stocks, and about 29% of their holdings overlap. Their strategies differ, though. SCHD is a low-cost index fund that does not sell options. DIVP is actively managed and sells covered calls for extra income. SCHD charges 0.06% a year. DIVP charges 0.55%. Over one year, SCHD returned 38.8% (as of October 30, 2026), while DIVP returned 15.3% (as of October 27, 2026).
How does DIVP use covered calls?
DIVP sells covered call options on about 25% to 40% of the stocks it owns. Each sale brings in a premium. In return, the buyer can purchase the stock at a set price before the option expires. The fund keeps the premium either way. If a stock rises above that price, it may be "called away" and the fund misses the extra gain. The manager says stock selection comes first and option writing comes second.
How has DIVP performed compared with the S&P 500?
DIVP has trailed the S&P 500 by a wide margin. As of December 31, 2025, the fund returned 7.51% a year since its March 2024 launch. The S&P 500 returned 19.02% a year, and the CBOE S&P 500 BuyWrite Index, a covered call benchmark, returned 13.6%. In 2025, DIVP returned 7.7%. Its price swings have been milder than the market's: one-year volatility was 10.5% as of October 27, 2026.