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HCOWAmplify COWS Covered Call ETF

Get income2y track recordRanked #1,341 of 1,624 in this goal

Seeks to provide investors with current income.

By Amplify ETFs · Launched 2023

Annual Cost

0.65%

#3,302 of 5,568 · average

Fund Size

$17M

#4,474 of 5,568 · small

Dividend YieldGoal

1.16%

Track Record

2 years

#3,170 of 5,568 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,908+19.1%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 38.2% of fundwell diversified

Dell Technologies Inc Ordinary Shares - Class CDELL
7.4%
Qualcomm IncQCOM
4.8%
TD Synnex CorpSNX
4.3%
Delta Air Lines IncDAL
3.6%
Amplify Cash Flow Dividend Leaders ETFCOWS
3.2%
The Timken CoTKR
3.2%
Reliance IncRS
3.2%
Owens-Corning IncOC
3.0%
The Cigna GroupCI
2.7%
Simpson Manufacturing Co IncSSD
2.7%

Asset allocation

Stocks
99.0%
Cash
1.0%
Other
0.1%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
13.9%Moderate

Year-on-year price swings

Max drawdown
-24.1%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
NASDAQ Global Select Market

Full fund details

Objective
Seeks to provide investors with current income.
Strategy
Invests primarily in equity securities held by the COWS ETF and writes call options referencing those securities.
Inception date
September 19, 2023
Fund family
Amplify ETFs

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

Covered call ETF — yield ≠ total return

The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.

Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Why we flagged this: strategy=option_income + option_income_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-20