Cullen Enhanced Equity Income ETF

Frequently Asked Questions About DIVP

What does DIVP invest in?

Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend paying common stocks. As part of its strategy, the fund, in order to generate additional portfolio income, will selectively write (i.e., sell) covered call options, on a target range of between 25-40% of the underlying equity securities owned by the fund (although the fundamental “value” features of the fund’s approach to portfolio security selection stated above take precedence over option writing potential in that process).

What is the expense ratio of DIVP?

Cullen Enhanced Equity Income ETF (DIVP) charges an expense ratio of 0.55%. This is the annual fee deducted from fund assets to cover management and operations.

What is DIVP's distribution yield?

DIVP's trailing-twelve-month yield is 5.87%, calculated from the sum of distributions over the past year divided by the current price.

How does DIVP's covered-call strategy work?

DIVP sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside — when the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is DIVP?

Cullen Enhanced Equity Income ETF (DIVP) manages $35.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is DIVP actively managed or an index fund?

DIVP's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.