At a glance
NDIV charges 0.59% a year, below the 0.71% average of the 3 funds most like it (the 2nd cheapest of 4). It has $26.0M in assets, the 4th largest of that group; it paid 8.63% of its price in distributions over the past 12 months, monthly. Over the past year it returned +36.8% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +18.2% a year. Its ten largest positions make up 47.0% of the fund, out of 39 in all.
The short version
Amplify Natural Resources Dividend Income ETF (NDIV), called Amplify Energy & Natural Resources Covered Call ETF in its January 28, 2026 prospectus, holds high-dividend energy, mining, chemical and paper stocks and sells monthly call options on them. It aims for income of at least 10% a year, though that isn't guaranteed; its 12-month yield was 8.63% as of October 27, 2026. Its 0.59% expense ratio is below the 0.71% average of three similar funds.
Price history
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NDIV +36.8% 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 | |
|---|---|---|---|---|---|---|
| NDIV official prospectus, to Dec 31, 2024 | — | +2.57% | — | — | — | +7.76% |
| NDIV price data to Oct 27, 2026 | +41.2% | +36.8% | +18.2% | — | — | +14.9% |
- Over the year to Oct 27, 2026, NDIV returned +36.8%, 1st of 4 among similar funds.
- Its worst full calendar year was 2025 (+2.8%); its best was 2023 (+15.5%).
- The deepest fall in its price history was 19.7% (Jan 21, 2025 to Apr 8, 2025), recovered by Jul 8, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +41.2% | — |
| 2025 | +2.8% | +2.57% |
| 2024 | +6.1% | +6.32% |
| 2023 | +15.5% | +15.49% |
| 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) | $2.6400 | |
| 2025 | $1.5100 | -6.2% |
| 2024 | $1.6100 | -21.1% |
| 2023 | $2.0400 |
What's inside
As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 47.01% of assets. It also reported 4.23% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Atlas Energy Solutions Inc | 7.76% | |
| FLEX LNG Ltd | 5.09% | |
| Eastman Chemical Co | 4.79% | |
| Sylvamo Corp | 4.74% | |
| Kinetik Holdings Inc | 4.67% | |
| Barrick Mining Corp | 4.48% | |
| South Bow Corp | 4.24% | |
| Anglogold Ashanti Plc | 3.93% | |
| Diversified Energy Co | 3.84% | |
| Enbridge Inc | 3.47% | |
| ONEOK Inc | 3.34% | |
| Pembina Pipeline Corp | 3.26% | |
| Northern Oil & Gas Inc | 3.00% | |
| PETROBRAS | 2.90% | |
| Antero Midstream Corp | 2.81% |
By country
United States 66.49%Canada 20.41%Bermuda 5.09%Brazil 2.9%France 2.41%By asset type
Stocks 99.56%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $2.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.41%, -4.12%, -4.98%.
How it works
NDIV tracks the VettaFi Energy and Natural Resources Covered Call Index. Its stocks are dividend payers earning over half their revenue from energy, chemicals, agriculture, mining, paper or timber, with a market value of at least $1 billion and a dividend yield of at least 5%. The yield bar drops if needed to include 30 companies, at least four outside energy. Stocks are weighted by yield, with caps at each rebalance of 5% per stock, 80% for energy and 20% for master limited partnerships (partnerships whose units trade like stocks). Weights drift between rebalances: Atlas Energy Solutions was 7.8% of the fund as of June 30, 2026.
The fund also sells call options on its holdings. A buyer pays the fund a premium for the right to buy shares at a set strike price, mostly above the stock's price at sale, within about a month or less. The fund aims to collect 0.50% of its value a month (6% a year) this way and, with dividends, at least 10% a year in income, paid monthly. Neither target is guaranteed, and premiums shrink when the fund's value falls. The cost: gains above the strike go to the option buyer.
Tidal Investments manages the portfolio for Amplify Investments. Reported turnover of 134% means holdings change often.
What it really costs
- NDIV charges 0.59% a year, versus an average of 0.71% for the similar funds below (2nd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NDIV | $60 | $189 | $329 | $738 |
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
Its main job is monthly income from dividends and option premiums, but its narrow, energy-heavy focus suits a smaller slice of a portfolio rather than a core position.
NDIV launched on August 24, 2022, so it has no record through the 2008 or 2020 crashes and missed most of the 2022 bear market. Its deepest drop was 19.7%, from January 21 to April 8, 2025, and it recovered by July 8, 2025. Its weakest calendar year, 2025, still gained 2.57%. A longer energy slump could hurt more, and selling shares for cash during a drop locks in losses.
The 12-month yield was 8.63% as of October 27, 2026, paid monthly. Option income is usually taxed as ordinary income, and some payouts may be return of capital (your own money handed back). The 0.59% expense ratio, below the 0.71% average of three similar funds, comes to $60 in year one on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payouts and accept that part of the 8.63% yield (as of October 27, 2026) comes from selling call options.
- Investors wanting high-yield natural resources stocks beyond pipelines, such as Eastman Chemical, Sylvamo and Barrick Mining, alongside energy names like Atlas Energy Solutions.
- Cost-conscious investors comparing energy income funds: its 0.59% expense ratio is below MDST's 0.80% and UMI's 0.85%, though above EINC's 0.47%.
Look elsewhere if
- Investors wanting full rally upside: selling calls caps gains, and its three-year return of 18.2% a year trailed EINC and UMI through October 27, 2026.
- Taxable investors who prefer qualified dividends: option income is usually taxed as ordinary income, and some distributions may be return of capital.
- Those wanting a large, long-tested fund: launched August 2022, it held about $26 million as of June 30, 2026, smallest among similar funds.
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 NDIV pay monthly dividends?
Yes. NDIV expects to pay distributions every month, funded by dividends from its holdings and premiums from selling call options. Over the 12 months to October 27, 2026, it paid $3.04 per share, a yield of 8.63%. The fund targets at least 10% a year in income, but the prospectus says no payment is guaranteed in any period, and part of a distribution may be return of capital, meaning your own money handed back.
Is NDIV a covered call ETF?
Yes. Its prospectus filed January 28, 2026 names it Amplify Energy & Natural Resources Covered Call ETF, formerly Amplify Natural Resources Dividend Income ETF. It tracks the VettaFi Energy and Natural Resources Covered Call Index, owning high-dividend natural resources stocks and selling call options on them that expire in about a month or less. It aims to collect premiums worth 0.50% of its value each month, or 6% a year. In return, it gives up gains when a stock climbs above the option's strike price.
What are NDIV's top holdings?
As of June 30, 2026, NDIV's largest holdings were Atlas Energy Solutions (7.8%), FLEX LNG (5.1%), Eastman Chemical (4.8%), Sylvamo (4.7%), Kinetik Holdings (4.7%) and Barrick Mining (4.5%). The fund had 39 holdings, and the top 10 made up 47% of assets. US companies were about 66% and Canadian ones 20%. Energy makes up much of the fund, but the index must include at least four non-energy companies, bringing in chemical, paper and mining stocks.
NDIV vs MDST: what's the difference?
The main differences are cost, focus and size. Westwood Salient Enhanced Midstream Income ETF (MDST), NDIV's closest match by holdings overlap at 29%, charges 0.80% a year against NDIV's 0.59%. MDST's name points to midstream energy (pipelines and storage), while NDIV's index also includes chemical, paper and mining stocks. Over the year to October 27, 2026, NDIV returned 36.8% and MDST 25.7%. MDST is far larger: about $287 million as of July 31, 2026, against NDIV's $26 million as of June 30, 2026.
Is NDIV good for retirement income?
It may suit retirees who want monthly income and can accept sector risk, but it has drawbacks. Its 12-month yield was 8.63% as of October 27, 2026, and its weakest calendar year from 2023 to 2025 was a 2.57% gain in 2025. Yet it is energy-heavy, fell 19.7% between January and April 2025, and limits its upside by selling calls. Launched in August 2022, it has no record through the 2008 or 2020 crashes, and its option income is usually taxed as ordinary income.