The Amplify Energy & Natural Resources Covered Call ETF (NDIV) is designed to balance high income and capital appreciation potential. NDIV targets 10% or greater annualized income from dividends and covered calls while providing exposure to energy and natural resource equities. NDIV seeks investment results that generally correspond to the price and yield of the VettaFi Energy and Natural Resources Covered Call Index. The Index comprises dividend-paying U.S. exchange-listed equities operating primarily in the energy (oil, gas, & consumable fuels) and natural resources-related industries.
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OVERALL MORNINGSTAR™ RATING |
NDIV gained 36.08% on a net asset value (NAV) compared to the VettaFi Energy and Natural Resources Covered Call Index at 20.22% for the first quarter (Q1) 2026.
There is no guarantee the Fund will achieve the Target Option Premium in any period. Actual premium income over a year may be higher or lower depending on changes in the Fund’s NAV.
| Distribution Rate/Yield* | |
| Distribution Rate: | 10.16% |
| 30-Day SEC Yield**: | 4.97% |
| Distribution Frequency: | Monthly |
| Cumulative (%) | Annualized (%) | ||||
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YTD |
Since Inception | 1 Yr. | 3 Yr. | Since Inception | |
| NAV | 36.08% | 74.85% | 31.68% | 20.06% | 16.78% |
| Closing Price | 35.87% | 74.78% | 31.77% | 20.05% | 16.76% |
| VettaFi Energy and Natural Resources Covered Call Index (NDIVY) | 20.22% | N/A | N/A | N/A | N/A |
| EQM Natural Resources Dividend Income Index (NDIVITR) | 41.39% | 87.91% | 37.60% | 22.75% | 19.13% |
Data as of 3/31/26. Fund inception date: 8/23/22. Total expense ratio is 0.59%. There is no guarantee that a distribution will be made. The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Click here for recent month end performance. Brokerage commissions will reduce returns. NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The closing price is the last price at which the fund traded. Prospectus.
Top 10 Holdings
| Ticker | Company | Weight (%) |
|---|---|---|
| PBR | Petroleo Brasileiro SA - Petrobras | 6.52% |
| LYB | LyondellBasell Industries NV | 6.51% |
| DOW | Dow Inc | 5.97% |
| UAN | CVR Partners LP | 4.98% |
| AESI | Atlas Energy Solutions Inc | 4.71% |
| NOG | Northern Oil & Gas Inc | 4.58% |
| FLNG | FLEX LNG Ltd | 4.54% |
| KNTK | Kinetik Holdings Inc | 4.44% |
| EMN | Eastman Chemical Co | 4.21% |
| SOBO | South Bow Corp | 4.15% |
Data as of 3/31/26. Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell a security.
Covered Call Overlay Provides Additional Income Opportunities
The covered call overlay on the index seeks to generate an additional 0.50% of income on a monthly basis. This option income is in addition to the indicated dividend yield of 4.6%, which has declined due to the surge in return for the underlying holdings on higher energy and commodity prices.
Iran War Supply Disruption Sends Oil and Chemical Prices Soaring
The Iran conflict has significantly disrupted oil markets driving prices to levels above $100 per barrel due to shipping constraints in the Strait of Hormuz, a key transit waterway. Oil prices have soared roughly 50% since the conflict began, but oil stocks are not the only beneficiaries. Chemical stocks are rising due to supply chain disruptions as well. The constraint in supply has allowed U.S. producers like Dow and LyondellBasell to raise prices and increase their market share, leading to analyst upgrades. Around 15% of global ethylene and polyethylene supply is directly impacted by the conflict, and prices of chemicals have already started to rise. Experts predict that the aftermath of Operation Epic Fury could weigh on oil markets for months.1 A rethinking of energy security could also benefit other non-energy natural resources in the index such as metals when oil prices begin to decline. The VettaFi Energy and Natural Resources Covered Call Index portfolio currently has a 78% weight to energy and 22% weight to materials.
Among NDIV’s top performers in Q1 were LyondellBasell Industries (+88.3%), Dow (+80.2%), and Petroleo Brasileiro (+75.1%).
U.S. chemical stocks are benefiting from tight supply and higher prices spurred by the war with Iran and supply chain disruptions in the Strait of Hormuz.1 Petrochemical stocks such as Dow and LyondellBasell Industries have soared as lower Middle East chemicals supply, and higher oil pricing is flowing through as benefits to commodity chemical producers. The boost comes amid a prolonged downturn for the chemical industry that had forced some companies to cut their dividends over the past year. Petroleo Brasileiro (Petrobras) stock is up due to a combination of record-high oil and gas production, high dividend yields (around 22%), and robust fourth-quarter earnings results.2 Surging crude prices, partly driven by global supply concerns in the Middle East and a positive, high operational output narrative have driven the stock to 2-year highs.
Detractors from performance for the Q1 period were Civitas Resources (+1.2%) and Global Partners LP (+2.3%).
Shares of Civitas Resources have lagged other energy names due to concerns about its recent merger with SM Energy that closed in January.3 Analysts (Piper Sandler) have downgraded the stock on merger concerns due to increased leverage. Global Partners LP has been under selling pressure due to concerns regarding insider selling and questions about the sustainability of its high dividend yield of 6.6%.4
Visit the NDIV fund page for more information, including fact sheets, index methodology and regulatory documents.