At a glance
DIVZ charges 0.65% a year, above the 0.28% average of the 5 funds most like it (the most expensive of 6). It has $267.0M in assets, the 6th largest of that group; it paid 2.54% of its price in distributions over the past 12 months, monthly. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +17.7% a year. At its worst it fell 15.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 48.5% of the fund, out of 29 in all.
The short version
Opal Dividend Income ETF (DIVZ) is an actively managed fund holding 25 to 35 U.S.-listed dividend stocks, such as UnitedHealth Group, Philip Morris International and MPLX, picked by sub-adviser Opal Capital. It pays dividends monthly and aims for lower volatility than the S&P 500. Its 0.65% expense ratio is the highest among the similar funds compared here, which average 0.28%.
Price history
The interactive chart needs JavaScript.
DIVZ +8.3% 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 | |
|---|---|---|---|---|---|---|
| DIVZ official prospectus, to Dec 31, 2025 | — | +16.63% | — | +11.46% | — | — |
| DIVZ price data to Oct 27, 2026 | +6.8% | +8.3% | +17.7% | +9.4% | — | +10.5% |
- Over the year to Oct 27, 2026, DIVZ returned +8.3%, 6th of 6 among similar funds.
- Its 5-year annualized return was +9.4%.
- Its worst full calendar year was 2023 (-0.5%); its best was 2024 (+18.5%).
- The deepest fall in its price history was 15.4% (Jun 7, 2022 to Sep 30, 2022), recovered by Mar 20, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +16.7% | +16.63% |
| 2024 | +18.5% | +18.39% |
| 2023 | -0.5% | -0.73% |
| 2022 | +3.5% | +3.65% |
| 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 | Lost 7.1% over that stretch · deepest drop along the way 15.4%, back to its old high 17.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $0.9300 | +9.4% |
| 2024 | $0.8500 | -16.7% |
| 2023 | $1.0200 | +9.7% |
| 2022 | $0.9300 |
What's inside
As of Jun 30, 2026, the fund held 29 securities; the ten largest made up 48.54% of assets, and 2.14% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| UnitedHealth Group Inc | 5.98% | |
| Philip Morris International Inc | 5.80% | |
| MPLX LP | 5.61% | |
| Verizon Communications Inc | 5.23% | |
| Johnson & Johnson | 4.83% | |
| NextEra Energy Inc | 4.73% | |
| United Parcel Service Inc | 4.63% | |
| Chevron Corp | 4.01% | |
| British American Tobacco PLC | 3.87% | |
| Home Depot Inc | 3.86% | |
| American Electric Power Co Inc | 3.59% | |
| AbbVie Inc | 3.49% | |
| Hershey Co | 3.22% | |
| Enbridge Inc | 3.21% | |
| CME Group Inc | 3.15% |
By country
United States 88.28%Canada 5.67%United Kingdom 3.87%By asset type
Stocks 97.82%By sector
Sectors of the companies held, for the 74.2% 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 $34.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.60%, -0.93%, +0.22%.
How it works
DIVZ does not track an index. Its adviser, TrueMark Investments, and its sub-adviser, Opal Capital, choose 25 to 35 stocks. The goal is growth with lower volatility and a higher dividend yield than the S&P 500. At least 80% of assets go into dividend-paying stocks, including ADRs (American Depositary Receipts, which are U.S.-listed shares of foreign companies). The managers focus on companies worth more than $8 billion. They may buy smaller ones if the dividend yield is above the market average.
Stock picking happens in two steps. First, the sub-adviser looks for high-quality companies: firms with a lasting competitive edge, steady and growing free cash flow (cash left after running and investing in the business), and disciplined management. It checks financial strength, dividend history and management commentary to judge whether a company can keep raising its dividend. Second, it checks valuation using measures such as price-to-earnings, price-to-book and free cash flow yield, and it prefers companies with higher free cash flow.
The prospectus does not set a weighting formula or a rebalancing schedule. Those choices are up to the managers. Portfolio turnover was 52%, so about half the portfolio changes over a year. As of June 30, 2026, the fund held 29 companies, with 48.5% in the top 10, 2.1% in cash and no derivatives. It is a plain stock portfolio with no options or leverage.
What it really costs
- DIVZ charges 0.65% a year, versus an average of 0.28% for the similar funds below (6th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DIVZ | $66 | $208 | $362 | $810 |
In a retirement portfolio
DIVZ pays monthly dividends from a concentrated group of established dividend payers and aims to move less than the S&P 500.
DIVZ launched in January 2021, so it has no record in the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it lost 7.1% between the market's peak and its low, then ended calendar 2022 up 3.65%. Its deepest drop, 15.4%, ran from June 7 to September 30, 2022. Recovery took about 17.6 months, until March 20, 2024. Anyone who had to sell during that stretch would have locked in losses. Its worst full year was 2023, at -0.73%.
The fund paid $0.97 per share over the 12 months to October 27, 2026, a 2.54% yield, in monthly payments. Companies can still cut dividends, though. Under the SEC's standard example, the 0.65% expense ratio costs $66 in 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 dividends from about 30 established dividend payers, such as UnitedHealth, Philip Morris, Verizon and Johnson & Johnson.
- Those who prefer managers who screen for dividend growth and valuation over a fund that follows fixed index rules.
- Holders who want a steadier stock fund: its deepest drop since launch was 15.4%, and its 1-year volatility was 10% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.65% expense ratio compares with 0.08% for HDV and 0.07% for DJD, which use different strategies.
- Those who want broad diversification or technology exposure: as of June 30, 2026, technology was 3.2% of the fund and the top 10 holdings were 48.5%.
- Investors focused on recent returns: its 8.3% 1-year price return to October 27, 2026 ranked last among six similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DIVZ this fund | — | 0.65% | $267.0M | +8.3% | +17.7% |
| HDV iShares Core High Dividend ETF · different strategy | 31% | 0.08% | $14.90B | +38.0% | +21.7% |
| EQIN Columbia U.S. Equity Income ETF | 25% | 0.35% | $304.1M | +18.1% | — |
| DJD Invesco Dow Jones Industrial Average Divide… · different strategy | 23% | 0.07% | $486.5M | +22.3% | +22.2% |
| FDV Federated Hermes U.S. Strategic Dividend ETF · different strategy | 21% | 0.5% | $880.6M | +20.7% | +20.3% |
| DHS WisdomTree US High Dividend Fund · different strategy | 21% | 0.38% | $1.50B | +20.5% | +21.1% |
Questions investors ask
Does DIVZ pay monthly dividends?
Yes. DIVZ pays dividends monthly. Over the 12 months to October 27, 2026, it paid $0.97 per share, a trailing yield of 2.54%. Payments change from month to month because they depend on dividends from the companies the fund owns. The prospectus warns that companies that have paid dividends in the past may reduce or stop them, which would lower the fund's yield.
What stocks are in DIVZ?
As of June 30, 2026, DIVZ held 29 companies, with 48.5% of assets in the top 10. The largest were UnitedHealth Group (6.0%), Philip Morris International (5.8%), MPLX, a pipeline partnership (5.6%), Verizon (5.2%), Johnson & Johnson (4.8%) and NextEra Energy (4.7%). Health care and consumer staples were the biggest sectors. About 88% was in U.S. companies, with the rest in Canadian and British firms such as Enbridge and British American Tobacco.
DIVZ vs EQIN: what's the difference?
The main differences are cost and recent returns. Columbia U.S. Equity Income ETF (EQIN) is the closest match among similar funds with the same strategy, sharing 25% of holdings with DIVZ. EQIN charges 0.35% a year, compared with 0.65% for DIVZ. Over the year to October 27, 2026, EQIN returned 18.1% and DIVZ 8.3%. The two are similar in size: EQIN had $304 million in net assets as of July 31, 2026, and DIVZ had $267 million as of June 30, 2026.
What is the DIVZ expense ratio?
DIVZ charges 0.65% a year, all of it a management fee, with no fee waiver. That is the highest of the six similar funds compared here, which average 0.28%. Under the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $66 in fees after one year, $208 after three years, $362 after five and $810 after ten.
How did DIVZ do in the 2022 bear market?
DIVZ held up better than many stock funds. It ended calendar 2022 up 3.65% and lost 7.1% between the market's January peak and October low. Its worst stretch was a 15.4% drop from June 7 to September 30, 2022, which took about 17.6 months to recover. As of December 31, 2025, its official average annual return was 11.46% over five years and 16.63% over one year.