Cullen Enhanced Equity Income ETF
DIVP
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- Cullen Enhanced Equity Income ETF (DIVP) is an actively managed exchange-traded fund that seeks long-term capital appreciation and current income through investments in large-cap, dividend-paying U.S. equities, supplemented by premiums from selectively writing covered call options on 25-40% of its portfolio holdings; the fund primarily targets high-dividend value stocks across sectors including health care, financials, industrials, energy, consumer staples, and utilities; top holdings typically include companies such as Medtronic, Merck & Co., Cisco Systems, PACCAR, VICI Properties, IBM, ConocoPhillips, PPL Corporation, EOG Resources, and Duke Energy. The ETF distributes income monthly, with a 12-month trailing distributed rate of approximately 6.75% and a 30-day SEC yield of 3.25% as of December 2025, while maintaining an expense ratio of 0.55%; it lists on the NYSE Arca exchange under ticker DIVP (CUSIP 00791R707) with assets under management around $38.91 million and approximately 1.525 million shares outstanding. Launched on March 6, 2024, by Cullen Capital Management LLC, headquartered in New York, NY, DIVP represents the firm's inaugural ETF offering and emulates its established Enhanced Equity Income strategy previously available via separately managed accounts and mutual funds; in conjunction with its launch, Cullen Capital partnered with SEI Investments' Advisors' Inner Circle Fund II, Inc. for operational support encompassing ETF product strategy, distribution, and compliance. The fund's portfolio exhibits a geographic focus on North America developed markets (93.0%), with minor allocations to Europe developed (6.2%) and cash equivalents (0.7%), reflecting holdings in U.S.-centric large- and mid-cap names alongside select international exposures such as Ireland and Canada; managed by a team including Jim Cullen, Jennifer Chang, Tim Cordle, and Michael Gallant, it emphasizes active oversight to balance income generation, equity upside participation, and risk mitigation. No major acquisitions, additional funding rounds, name changes, or strategic reorganizations have been reported for DIVP since its 2024 inception, with ongoing operations centered on portfolio optimization and monthly distributions including a December 30, 2024 capital gains payout.