What These Three Funds Actually Do
All three are options-income ETFs. They own stocks and sell call options on them. The premium from the calls pays for a large monthly distribution. In exchange, the fund gives up part of its upside.
QDVO (Amplify CWP Growth & Income, launched Aug. 22, 2024) holds 37 stocks, mostly large growth names. NVIDIA is 10.2%, Apple 9.1%, Alphabet 7.1% and Microsoft 6.7% (Amplify, Nov. 4, 2026). It sells covered calls on individual stocks “on a tactical basis,” and sometimes on indexes. DIVO (Amplify CWP Enhanced Dividend Income, launched December 2016) is the same manager's older fund. It is designed to hold 20–25 dividend stocks (Amplify's Nov. 4 holdings list shows 28 individual stocks, plus ETFs and cash), including Microsoft, Amgen, JPMorgan, Visa and Goldman Sachs, and also writes calls tactically. QQQI (NEOS Nasdaq-100 High Income, launched Jan. 30, 2024) holds the Nasdaq-100 and sells (and sometimes buys) Nasdaq-100 index calls.
Tech stocks were flat to down from November through March, rose sharply from April to early October, then pulled back after QQQ peaked on Oct. 6, 2026. We compare QDVO and QQQI with QQQ, and DIVO with SPY. QQQ is our proxy for QDVO, not Amplify's choice: Amplify measures QDVO against the S&P 500 Growth Index. Against that index, QDVO's one-year NAV return was 6.75% vs. 8.28% through Oct. 31, about 82% capture, which lands in our healthy band rather than caution. All results are as of Nov. 3, 2026.
The Claim, and the Number That Tests It
A popular income video this week said all three show “no NAV erosion” and called them long-term holds that won't get killed by NAV in a down market. It quoted these “5-year” returns: QDVO 12.71%, QQQI 2.62%, DIVO 26.68%.
QDVO and QQQI haven't been around for five years. The figures roughly match share price changes, not total return. QDVO's price is up 14.8% since launch and QQQI's is up 3.0% since launch. DIVO's price is up 26.4% over five years. The video's evidence for “no erosion” was rising payouts per share. Payouts rose almost entirely during a rising market, when a growing payout is easiest to sustain and price erosion is hardest to spot.
The number that tests the claim: from Nov. 3, 2025 to QQQ's Oct. 6, 2026 peak, QQQ's share price rose 20.2%. QDVO's rose 2.0% and QQQI's 1.7%. The gain went out as payouts.
Performance and yield figures are historical and may change. Total return includes price movement and distributions where available. Past performance does not guarantee future results. Yield is not the same as total return.
Fund Snapshot
| Metric | QDVO | QQQI | DIVO |
| Launched | Aug. 2024 | Jan. 2024 | Dec. 2016 |
| Price (Nov. 3, 2026) | $28.30 | $51.31 | $47.15 |
| Expense ratio | 0.56% | 0.68% | 0.56% |
| Net assets (Nov. 3, 2026) | $747M | $14.8B | $8.0B |
| Trailing 12-month payout yield | 11.20% | 14.87% | 6.42%* |
| Issuer distribution rate (Oct. 31, 2026) | 11.41% | 14.09% | 4.85% |
| 30-day SEC yield | 0.37% | −0.05% | 1.35% |
| Strategy | Growth stocks, tactical single-stock calls | Nasdaq-100, index calls | Dividend stocks, tactical calls |
Trailing yield = last 12 payouts ÷ Nov. 3 price (Tiingo). *DIVO's includes a one-off $0.95 December payout; see below. Issuer figures from Amplify and NEOS fund pages.
These are strategy profiles, not recommendations. Suitability depends on individual objectives, risk tolerance, tax situation, time horizon, and broader portfolio construction.
QDVO and QQQI both launched less than three years ago. That gives them limited live performance data and makes them harder to judge across a full market cycle. Yields and expense ratios can change.
