ETF Evaluator:
Cullen Enhanced Equity Income ETF ()
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(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Cullen Enhanced Equity Income ETF Overview
Cullen Enhanced Equity Income ETF (DIVP) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Cullen Capital Management, LLC launched the ETF in 2024.
The investment seeks long-term capital appreciation and current income.
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).
About Cullen Enhanced Equity Income ETF (DIVP)
There are 4 members of the management team with an average tenure of 2.40 years: Jennifer Chang (2024), Timothy Cordle (2024), Michael Gallant (2024) and James Cullen (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 100% and CBOE S&P 500 BuyWrite TR USD index with a weighting of 100%. Cullen Enhanced Equity Income ETF has 44 securities in its portfolio. The top 10 holdings constitute 35.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Cullen Enhanced Equity Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Cullen Enhanced Equity Income ETF has 6.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.1% There is 6.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Cullen Enhanced Equity Income ETF has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $56 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DIVP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Cullen Enhanced Equity Income ETF expense ratio is average compared to funds in the Derivative Income category. Cullen Enhanced Equity Income ETF has an expense ratio of 0.55%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Cullen Enhanced Equity Income ETF has a portfolio turnover rate of 138%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, Cullen Enhanced Equity Income ETF returned 2.3%, which earned it a grade of A, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Cullen Enhanced Equity Income ETF has a trailing yield of 4.07%, which is below the 19.96% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Cullen Enhanced Equity Income ETF Grades
Year to date, the ETF has returned 11.9%, 9.3 percentage points better than the category, which translates into a grade of A. The fund has returned 16.0% over the past year (grade of C).
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DIVP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DIVP Return (NAV) | 2.3% | 4.6% | 16.0% | na | na | na |
| DIVP Return (Price) | 2.5% | 4.7% | 16.3% | na | na | na |
| NAV +/- Price Return | -0.149% | -0.061% | -0.284% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| DIVP Grade (NAV) | A | B | C | na | na | na |
| +/- Category (NAV) | 3.9% | 4.0% | 4.8% | na | na | na |
| DIVP Tax-Cost Ratio | na | na | 1.6% | na | na | na |
DIVP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DIVP Return (NAV) | 11.9% | 7.7% | na | na | na | na | na | na | na | na | na |
| DIVP Return (Price) | 12.0% | 7.8% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.005% | 0.008% | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| DIVP Grade (NAV) | A | D | na | na | na | na | na | na | na | na | na |
| +/- Category | 9.3% | -2.9% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.1% |
| Total Assets: | $ 57 Mil |
| Share Class Assets: | $ 57 Mil |
| Turnover: | 138.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 2.4 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Chang Jennifer (2024), Cordle Timothy (2024), Gallant Michael (2024), Cullen James (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 35.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.8% |
Portfolio Allocation |
|
| Domestic Stock: | 89.1% |
| Foreign Stock: | 6.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Cullen Capital Management, LLC |
| Phone Number: | 877-485-8586 |
| Website: | www.cipvt.com |
| Inception Date: | March 6, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.83% |
