What Is DIVO? Amplify CWP Enhanced Dividend Income ETF

DIVO is the Amplify CWP Enhanced Dividend Income ETF, an actively managed fund launched in December 2016 and subadvised by Capital Wealth Planning. It holds a concentrated portfolio of high-quality, dividend-paying US large caps and adds a tactical covered-call overlay to lift income. The result is a fund that pays roughly 4.85% monthly while still owning genuine blue-chip stocks, at a 0.56% expense ratio.

The distinguishing idea is selectivity. Rather than sell call options against the whole portfolio, DIVO's managers write covered calls opportunistically on individual holdings when they judge the premiums attractive. That approach is meant to capture income where it makes sense while leaving other positions free to appreciate, aiming for a balance of yield and growth.

Approximate weights as of mid-2026; refresh quarterly from Amplify ETFs (subadvised by Capital Wealth Planning)'s fund page. Each ticker links to its individual stock guide in Walnut.

DIVO owns a focused book of about 25 to 40 dividend-paying large caps. Recent top positions include Caterpillar (around 6.0%), Apple (around 5.7%), Microsoft (around 5.5%), Goldman Sachs (around 5.0%), and American Express (around 4.9%), followed by names like JPMorgan, Home Depot, Visa, UnitedHealth, and Chevron. This is a deliberately concentrated portfolio, not a broad index.

On top of these stocks sits the covered-call overlay. At any given time the managers may have written calls against a subset of the holdings to harvest premium income, while leaving others uncovered so they can still rise. The dividends from the stocks plus the option premiums together produce the fund's roughly 4.85% yield, paid out monthly.

These three funds sit on a spectrum. SCHD is a cheap, passive dividend-quality index fund with no options and a yield around 3.5%, favored by investors who want low cost and simple dividend growth. JEPI uses equity-linked notes and a broader options strategy to push yield higher, but caps more of its upside in strong markets.

DIVO lands in the middle. It combines active dividend stock selection with a selective, name-by-name covered-call overlay, targeting a yield near 4.85% while trying to preserve more growth than a full-overwrite fund. The trade-off is a higher 0.56% fee and a concentrated portfolio. Which fits depends on whether you prioritize the lowest cost (SCHD), the highest income (JEPI-style), or a blend (DIVO).

DIVO is built to deliver steadier, income-oriented returns rather than to maximize total return in a bull market. In rising markets it typically trails a plain equity index because the covered calls cap gains on the names they cover and because the portfolio is concentrated in mature dividend payers. In flat or falling markets, the option income and dividend focus can cushion results.

Over its multi-year history DIVO has offered lower volatility than the broad market with a competitive income stream, which is the core appeal of the strategy. Future returns depend on how its concentrated holdings perform and on the level of option premiums available, both of which vary with market volatility. As always, past behavior does not guarantee future results.

DIVO tends to suit investors who want equity income with some growth participation and are comfortable with an actively managed, concentrated portfolio. It can serve as a core-satellite dividend holding, sitting alongside broad index funds rather than replacing them. Because it holds real stocks, it still carries full equity risk in a downturn, only partly offset by the option income.

Walnut is not an investment adviser, and this is not a recommendation to buy or sell DIVO. Whether it belongs in your portfolio depends on your income needs, your growth expectations, and how a concentrated dividend-plus-options fund fits your other holdings. Tracking it in a basket makes it easier to see its real total return and how its income lands over time.

DIVO trades like any US-listed ETF, so you can buy it through Robinhood, Fidelity, Schwab, or Public, often in fractional shares if you want a small starter position. Because DIVO distributes monthly, some investors reinvest the payouts to compound while others take the income as cash.

If you connect your brokerage to Walnut, you can track DIVO inside a basket alongside your other holdings, watch its dividends and total return in one place, and see how a dividend-and-covered-call fund fits the overall shape of your portfolio. Walnut is the tracking and intelligence layer; the trade itself is placed and held at your own broker.

ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold DIVO as a core position, these are the themes you might layer on as satellites.

DIVO is a middle-ground income play: real dividend growth stocks plus a tactical covered-call overlay that lifts the yield to around 4.85% without fully capping upside. Its 0.56% fee is higher than a plain dividend index fund but reflects active management. It suits investors who want equity income with some growth participation, as a core-satellite dividend holding rather than a pure yield vehicle.

Whether DIVO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DIVO a buy?

DIVO yields ~4.85% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see DIVO dividend: yield and schedule.