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OVERALL MORNINGSTAR™ RATING |
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.
NDIV declined 8.51% on a net asset value (NAV) basis compared to its benchmark, the VettaFi Energy and Natural Resources Covered Call Index at -8.80% for the second quarter (Q2) 2026. Despite the Q2 pullback, NDIV remains up 24.50% YTD on an NAV basis.
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 Frequency: Monthly |
Distribution Rate: 11.25% |
30-Day SEC Yield: 5.23% |
Distribution Rate is the normalized current distribution (annualized) over NAV per share. Distributions may include income, capital gains, or return of capital and may change during the year. Details are provided in the Fund’s Form 19(a)-1. There is no guarantee the ETF will pay a distribution. 30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month end. This figure reflects the income earned from dividends – excluding option income – during the period after deducting the Fund’s expenses for the period.
| Cumulative (%) | Annualized (%) | |||||
|---|---|---|---|---|---|---|
| 1 Mo. | YTD | Since Inception | 1 Yr. | 3 Yr. | Since Inception |
|
| NAV | -4.98% | 24.50% | 59.97% | 24.07% | 15.09% | 12.97% |
| Closing Price | -4.41% | 24.54% | 60.20% | 24.21% | 15.13% | 13.01% |
| EQM Natural Resources Dividend Income Index (NDIVITR) | -5.31% |
28.87% |
71.28% |
28.92% |
17.46% | 14.99% |
| VettaFi Energy & Natural Resources Covered Call Total Return Index (USD) | -5.13% | 9.63% | N/A | N/A |
N/A | N/A |
Data as of 6/30/26. Fund inception date: 08/23/2022. Total expense ratio is 0.59%.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
| Ticker | Company | Weight (%) |
|---|---|---|
| AESI | Atlas Energy Solutions Inc | 7.76% |
| FLNG | FLEX LNG Ltd | 5.29% |
| EMN | Eastman Chemical Co | 4.76% |
| KNTK | Kinetik Holdings Inc | 4.75% |
| SLVM | Sylvamo Corp | 4.68% |
| B | Barrick Mining Corp | 4.47% |
| SOBO | South Bow Corp | 4.24% |
| AU | Anglogold Ashanti Plc | 3.95% |
| DEC | Diversified Energy Co | 3.72% |
| ENB | Enbridge Inc | 3.53% |
Data as of 6/30/26. 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
The covered call overlay on the fund 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 6.31% on a 12-month basis.
Middle East Conflict Creates Price Volatility
Natural resources and energy stocks underperformed significantly in the second quarter of 2026, weighed down by geopolitical factors like the ongoing conflict in the Middle East, shifting supply expectations, and volatile oil and natural resource prices. The Brent oil benchmark, which has greater global exposure, climbed to a high of US$114.47 in Q2. This peak marked a 46 month high, and represented a massive 90% increase compared to its price of US$60.24 in January. By mid-May, on-again, off-again peace and ceasefire negotiations had renewed hopes for the reopening of the strategic shipping corridor. As of June, the strait was open. These developments quelled price growth, with both Brent and WTI slipping below US$100 to the mid $80 level. Other natural resource stocks such as chemicals and mining have also been caught up in the market turbulence. All of this market volatility is creating good covered call opportunities. Despite significant volatility in the underlying commodity, the covered calls have helped hedge downside returns and generate option income for investors.
Among NDIV’s top performers in Q2 were Atlas Energy Solutions (+26.60%), Kodiak Gas Services (+8.45%) and TC Energy Corp (+10.11%).
Shares of Atlas Energy Solutions, a Permian basin power producer, gained on its shift in focus toward commercial power, securing a massive 1.4 GW framework agreement with Caterpillar and raising $450 million in convertible notes to build out up to 2 GW of power capacity. Several analysts upgraded the stock. Kodiak Gas Services reported a strong quarter and is aggressively expanding into distributed power for data centers. TC Energy experienced upward momentum in Q2 2026 due to strong natural gas demand, a broader sector rally, and favorable economic conditions for rate-sensitive infrastructure assets.1
Detractors from performance for the Q2 period were Northern Oil & Gas (-36.33%), Anglogold Ashanti (-25.00%), and LyondellBasell Industries (-17.74%).
Shares of Northern Oil and Gas experienced pressure and declined in the second quarter due to several macroeconomic and operational headwinds.2 Significantly negative natural gas realizations in the Waha hub (Permian Basin) offset the benefits of otherwise strong oil prices. AngloGold Ashanti experienced a notable decline during Q2, pulling back from earlier 2026 highs. The drop was driven by a combination of sector rotation out of gold, operational headwinds, and macroeconomic pressures. Chemical producer LyondellBasell sold off in Q2 due to a sharp drop in revenue, lower profit margins, and ongoing supply chain challenges for petrochemicals. LyondellBasell is navigating a prolonged cyclical downturn, suffering from weak demand and pricing in plastics and derivatives.3
Visit the NDIV fund page for more information, including fact sheets, index methodology and regulatory documents.