What Is DIVO? Amplify CWP Enhanced Dividend Income ETF

DIVO is the Amplify CWP Enhanced Dividend Income ETF, launched in December 2016 and subadvised by Capital Wealth Planning. It holds a concentrated portfolio of high-quality large-cap dividend-growth companies and writes covered calls on selected positions to generate extra income, aiming to deliver a higher, more consistent monthly payout than a plain dividend fund.

DIVO, listed on NYSE Arca. The full name is Amplify CWP Enhanced Dividend Income ETF, issued by Amplify ETFs with Capital Wealth Planning (CWP) as the investment subadviser.

DIVO holds its stocks outright and then sells (writes) call options on a portion of individual positions. The premiums collected from selling those calls become extra income distributed to shareholders. The tradeoff is that if a stock rises above the call's strike price, the fund's gain on that position is capped. The manager writes calls tactically rather than on the whole portfolio, which is meant to preserve more upside than a fully covered fund.

DIVO holds a concentrated set of large-cap blue chips. Recent top positions included Caterpillar, Apple, Microsoft, JPMorgan Chase, Goldman Sachs, American Express, and TJX Companies, alongside a short-term SOFR holding used for cash management. The portfolio typically holds only around 20 to 40 names, so it is more concentrated than a broad dividend index fund.

0.56% per year (56 basis points), or $56 annually on a $10,000 investment. That is higher than a passive dividend index fund because DIVO is actively managed and runs an options overlay, both of which add cost.

The equity dividend yield is approximately 2.26% as of July 2026, but DIVO's total monthly distribution runs higher because option premiums are paid out on top of the stock dividends. Investors evaluating DIVO for income should look at the total distribution rate, not just the equity yield, and note that a portion of distributions can come from option income rather than dividends.

DIVO trades like any stock during US market hours and is available at major brokers including Robinhood, Fidelity, Schwab, and Public, most of which support fractional shares. Connecting your broker to Walnut lets the AI show how DIVO's income profile fits alongside the rest of your holdings.

Approximately $7.19 billion as of July 2026, making it one of the larger actively managed covered-call and dividend income ETFs on the market.

DIVO suits investors who want higher current income and a smoother monthly payout, and who are willing to give up some upside in strong bull markets because of the covered-call overlay. It is not designed to maximize total return. Walnut is not an investment adviser; whether DIVO fits depends on whether you value income over growth and how it sits with the rest of your portfolio.

December 13, 2016. It launched as one of Amplify ETFs' income-focused products and grew as demand for covered-call and enhanced-income strategies increased in the years that followed.

Yes. DIVO distributes income monthly, which is one of its main draws for income-focused investors. The monthly payout blends the underlying stock dividends with premiums collected from writing covered calls, and the total can vary month to month with option-market conditions.

The main downside is capped upside. When the fund writes a call on a stock and that stock rallies past the strike price, the fund forgoes gains above that level. In a strong, fast-rising market DIVO will typically lag a plain equity fund. The overlay helps most in flat or moderately rising markets, where the option income adds return without the stocks running away from the strikes.

SPHD passively tracks an index of high-yield, low-volatility S&P 500 stocks and does not use options. DIVO is actively managed, more concentrated, and layers a covered-call overlay on top of quality dividend growers to enhance income. DIVO's income comes partly from options premiums, while SPHD's comes purely from stock dividends.

No. The 2.26% figure is the equity dividend yield from the underlying stocks. DIVO's actual distribution rate is higher because it adds option premium income. Investors should be aware that option-income distributions can include return of capital in some periods, and the total payout is not fixed.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. DIVO's figures are above; the full method is in Walnut's guide on how to compare ETFs.