At a glance
IDVZ charges 0.75% a year. It has $196.9M in assets; it paid 3.1% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.1% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 32.4% of the fund, out of 43 in all.
The short version
Opal International Dividend Income ETF (IDVZ) is an actively managed fund that holds about 40 to 60 dividend-paying companies based outside the US, mostly through American Depositary Receipts. A manager picks the stocks instead of copying an index, aiming for a higher yield and lower volatility than the MSCI ACWI ex USA High Dividend Yield Index. It pays monthly and yielded 3.1% as of October 27, 2026, but it costs 0.75% a year and has less than two years of history.
Price history
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IDVZ +12.1% 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 | |
|---|---|---|---|---|---|---|
| IDVZ official prospectus, to Dec 31, 2025 | — | +30.12% | — | — | — | — |
| IDVZ price data to Oct 27, 2026 | +8.1% | +12.1% | — | — | — | +20.9% |
- Over the year to Oct 27, 2026, IDVZ returned +12.1%.
- Its worst full calendar year was 2025 (+33.1%); its best was 2025 (+33.1%).
- The deepest fall in its price history was 11% (Mar 17, 2025 to Apr 8, 2025), recovered by Apr 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.1% | — |
| 2025 | +33.1% | +32.55% |
| 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) | $0.8700 | |
| 2025 | $0.9200 |
What's inside
As of Jul 31, 2026, the fund held 43 securities; the ten largest made up 32.4% of assets.
| Holding | Weight | |
|---|---|---|
| Enel SpA | 3.68% | |
| Intesa Sanpaolo SpA | 3.59% | |
| PETROBRAS | 3.49% | |
| GSK PLC | 3.16% | |
| Roche Holding AG | 3.14% | |
| TotalEnergies SE | 3.13% | |
| Orange SA | 3.10% | |
| British American Tobacco PLC | 3.09% | |
| Sanofi SA | 3.04% | |
| BNP Paribas SA | 2.99% | |
| Wal-Mart de Mexico SAB de CV | 2.99% | |
| Reckitt Benckiser Group PLC | 2.95% | |
| HSBC Holdings PLC | 2.87% | |
| Rio Tinto PLC | 2.86% | |
| TSMC | 2.76% |
By country
United Kingdom 25.99%France 12.26%Mexico 10.88%Switzerland 8.45%Brazil 8.01%By asset type
Stocks 98.98%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $41.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.78%, +0.20%, +1.72%.
How it works
This is not an index fund. The issuer is Truemark Group, and a sub-adviser, Opal Capital LLC, picks the stocks in three steps. First, it looks for companies that can keep paying their dividends and raise them over time. Next, it narrows the list to "high quality" businesses: companies with a lasting competitive edge, steady and growing free cash flow (cash left after running and investing in the business), and managers who return cash to shareholders with discipline. Last, it buys only stocks it sees as attractively priced. At least 80% of assets must be in dividend payers. These are usually companies worth more than $8 billion, though smaller ones are allowed if their yields are above the market average. Emerging markets are included.
Most holdings are American Depositary Receipts (ADRs), which are US-traded certificates that stand for shares of a foreign company. As of July 31, 2026, the fund held 43 companies, and the top 10 made up 32.4% of assets. The largest were Enel (3.7%), Intesa Sanpaolo (3.6%) and Petrobras (3.5%). The UK made up 26% of the fund, France 12% and Mexico 11%. The prospectus sets no weighting formula or rebalancing schedule. Turnover was 35%.
The fund is "non-diversified," meaning it may put more money into fewer companies. The MSCI index is only a yardstick. The prospectus filed February 27, 2026 calls the fund the Polen International Dividend Income ETF.
What it really costs
- IDVZ charges 0.75% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IDVZ | $77 | $240 | $417 | $930 |
In a retirement portfolio
It pays monthly from a portfolio of dividend-paying companies outside the US, which yielded 3.1% as of October 27, 2026.
IDVZ could add monthly income and exposure to large companies outside the US, such as Enel, GSK, Roche and TotalEnergies. It launched December 26, 2024, so it missed the 2008, 2020 and 2022 downturns, and there is no record of how it holds up in a long bear market. Its only full calendar year, 2025, returned 32.55%, according to the prospectus. Its deepest drop was 11%, from March 17 to April 8, 2025, and it was back to its old high by April 28, 2025. That is far too short a record for anyone who may need to sell shares in a bad year to rely on. Dividends can be cut, and foreign stocks add political and currency risk. The 0.75% fee costs $77 in the first year on $10,000, under the SEC's standard example. 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
- Income-focused investors who want monthly payments from large non-US companies such as Enel, GSK and Roche, with a 3.1% yield as of October 27, 2026.
- Investors who want an active manager to screen international dividend payers for quality and price, instead of owning a high-yield index.
- Those adding non-US exposure weighted toward the UK, France and Mexico, with a beta of 0.52 over one year as of October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 0.75% fee is typical of active management and higher than many index-based international funds charge.
- Investors who want a long track record: the fund launched in December 2024 and has never been through a full bear market.
- Those who want broad diversification: it holds only 43 companies, is non-diversified, and is concentrated in a handful of countries.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does IDVZ pay monthly dividends?
Yes. IDVZ pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.04 per share, a trailing yield of 3.1%. The payments come from dividends paid by its roughly 40 to 60 non-US holdings, so they can change. The prospectus warns that companies may cut or stop their dividends, which would lower the fund's yield.
What is the IDVZ expense ratio?
IDVZ's expense ratio is 0.75% a year, all of which is the management fee, according to the prospectus filed February 27, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $77 after one year, $240 after three, $417 after five and $930 after ten. That fee is typical of active management and higher than many index-based international funds charge.
Does IDVZ track the MSCI ACWI ex USA High Dividend Yield Index?
No. IDVZ is actively managed. The sub-adviser, Opal Capital, picks stocks for dividend durability, quality and price. The MSCI ACWI ex USA High Dividend Yield Total Return Index is just the benchmark the fund aims to beat on yield and volatility. Because it doesn't copy the index, its holdings and returns can differ a lot. No similar funds were matched by holdings overlap, so there is no direct peer to compare with here.
What are IDVZ's top holdings?
As of July 31, 2026, the largest holdings were Enel (3.7%), Intesa Sanpaolo (3.6%), Petrobras (3.5%), GSK (3.2%), Roche (3.1%) and TotalEnergies (3.1%). Orange, British American Tobacco, Sanofi and BNP Paribas rounded out the top 10, which together made up 32.4% of assets. The fund held 43 companies. The UK made up 26% of assets, France 12%, Mexico 11%, Switzerland 8%, Brazil 8% and Italy 7%.
Is IDVZ good for retirement income?
It may suit part of an income plan, but its record is short. IDVZ pays monthly and yielded 3.1% as of October 27, 2026. Its only full calendar year, 2025, returned 32.55%, according to the prospectus, and its deepest drop, 11% in spring 2025, recovered in under a month. It launched in December 2024, so it has never been tested in a long downturn, and dividends can be cut. Its fee is 0.75% a year.