KNG vs NDIV

KNGAFT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF

NDIVBAmplify Energy & Natural Resources Covered Call ETF

In short

KNG Dividend Aristocrats with an income motor bolted on. KNG equal-weights the S&P 500's 25-year dividend raisers, then sells calls on each stock, sized by rule to hit an income target above the index's yield. Monthly payer since 2018.

NDIV Most covered-call ETFs sit on the S&P 500. NDIV writes calls on roughly 50 high-dividend energy, metals, timber and farm names, selling only as many each month as its index needs to hit a 0.50% premium target.

Stated mandate

KNG The Fund seeks to track the price and yield of the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series before fees and expenses.

NDIV The fund seeks to track, before fees and expenses, the VettaFi Energy and Natural Resources Covered Call Index.

Why people hold it

• KNG Base portfolio is the S&P 500 Dividend Aristocrats: roughly 140 companies that have raised dividends for at least 25 straight years, held equal-weighted instead of by market cap.cboe.com
• The overlay is written stock by stock, not as one index-level call, and the call count floats by rule to chase an income target set against the S&P 500's dividend yield.sec.govcboe.com
• Calls cover only part of each position, so a slice of every holding stays uncapped. Income lands monthly.sec.gov
• Running since 2018, well before the covered-call crowd showed up, and one of the stronger implementations in its peer group.

• NDIV The overlay is dialed, not blanket: the index varies how many calls it sells each month to target 0.50% premium (6% annualized), leaving part of the equity upside uncalled.sec.gov
• Undercuts most of its options-income group on fee at 0.59%, below peers like KNG (0.74%) and ACYN (0.75%).
• The stock sleeve screens for dividend payers earning most of their revenue from oil and gas, chemicals, agriculture, metals and mining, paper or timber, plus a non-energy minimum.amplifyetfs.com
• Pays monthly, and the fund's documents set a design target of at least 10% annual income from dividends plus option premium, with no guarantee the premium target is met.sec.gov

Worth knowing

• KNG Calls cap the upside on the covered portion of each stock, so in a fast rally those shares can lag the Aristocrats the fund holds outright.sec.gov
• Coverage floats with option pricing, so how much of the portfolio is written against (and how much upside stays open) shifts over time.cboe.comsec.gov
• Distributions can include return of capital, which trims your cost basis. At 0.74%, the fee sits about level with the 0.75% cohort median, and it prices like an options strategy.

• NDIV Sits among the smaller, thinner-trading funds in its peer group, so bid-ask spreads can be wider than on the big index buywrites.
• Concentrated by design: roughly 50 commodity-linked dividend payers, so oil, gas and metals price swings drive the ride.amplifyetfs.com
• The overlay arrived after launch. The fund debuted in 2022 as a plain natural-resources dividend ETF, so part of its live record predates the current strategy.amplifyetfs.com

Full KNG profile⁠

Full NDIV profile⁠