ETF Evaluator:
Amplify Cash Flow Dividend Leaders ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Value Over the Last Year
| 45.0% | VictoryShares Free Cash Flow ETF (VFLO) |
| 39.1% | Bushido Capital US SMID Cap Equity ETF (RNIN) |
| 38.8% | Bushido Capital US Equity ETF (SMRI) |
| 37.8% | ProShares Equities for Rising Rates ETF (EQRR) |
| 37.4% | Vanguard US Multifactor ETF (VFMF) |
Risk
Index
Risk
Index
ETF Details
Amplify Cash Flow Dividend Leaders ETF Overview
Amplify Cash Flow Dividend Leaders ETF (COWS) is a passively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). Amplify ETFs launched the ETF in 2023.
The investment seeks investment results that generally track the total return performance (before fees and expenses) of the Kelly U.S. Cash Flow Dividend Leaders Index.
The fund invests at least 80% of its net assets in securities that comprise the index, which will primarily include dividend paying U.S. equity securities. The index is based on a proprietary methodology developed and maintained by Kelly Indexes, LLC, an affiliate of Kelly Strategic Management, LLC, an investment sub-adviser to the fund. The fund is non-diversified.
About Amplify Cash Flow Dividend Leaders ETF (COWS)
There are 5 members of the management team with an average tenure of 2.70 years: Dustin Lewellyn (2023), Kevin Kelly (2023), Ernesto Tong (2023), Gerry O’Donnell (2023) and Christine Johanson (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Kelly US Cash Flow Dividend Leaders USD index with a weighting of 100%. Amplify Cash Flow Dividend Leaders ETF has 43 securities in its portfolio. The top 10 holdings constitute 32.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Amplify Cash Flow Dividend Leaders ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Amplify Cash Flow Dividend Leaders ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.7% There is 0.0% 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). Amplify Cash Flow Dividend Leaders ETF has -0.7% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $2 billion average for the Mid-Cap Value 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.
COWS 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 Amplify Cash Flow Dividend Leaders ETF expense ratio is low compared to funds in the Mid-Cap Value category. Amplify Cash Flow Dividend Leaders ETF has an expense ratio of 0.19%, which is 59% 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. Amplify Cash Flow Dividend Leaders ETF has a portfolio turnover rate of 165%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.
Recently, in the month of July 2026, Amplify Cash Flow Dividend Leaders ETF returned 6.8%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 3.5%. 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.
Amplify Cash Flow Dividend Leaders ETF has a trailing yield of 1.46%, which is below the 2.05% 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.
Amplify Cash Flow Dividend Leaders ETF Grades
Year to date, the ETF has returned 16.6%, 1.2 percentage points better than the category, which translates into a grade of B. The fund has returned 29.6% over the past year (grade of B).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Amplify Cash Flow Dividend Leaders ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
COWS 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 |
|
| COWS Return (NAV) | 6.8% | 10.5% | 29.6% | na | na | na |
| COWS Return (Price) | 6.9% | 10.5% | 29.8% | na | na | na |
| NAV +/- Price Return | -0.079% | -0.054% | -0.153% | na | na | na |
| Mid-Cap Value Avg | 3.5% | 6.1% | 23.5% | 13.9% | 10.2% | 10.8% |
| COWS Grade (NAV) | A | A | B | na | na | na |
| +/- Category (NAV) | 3.3% | 4.3% | 6.1% | na | na | na |
| COWS Tax-Cost Ratio | na | na | 0.7% | na | na | na |
COWS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| COWS Return (NAV) | 16.6% | 15.2% | 11.2% | na | na | na | na | na | na | na | na |
| COWS Return (Price) | 16.7% | 15.3% | 11.1% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.004% | 0.006% | -0.010% | na | na | na | na | na | na | na | na |
| Mid-Cap Value Avg | 15.4% | 10.4% | 12.2% | 12.9% | -5.7% | 31.6% | 0.6% | 25.6% | -10.0% | 15.5% | 20.3% |
| COWS Grade (NAV) | B | A | D | na | na | na | na | na | na | na | na |
| +/- Category | 1.2% | 4.8% | -1.1% | 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: | 1.5% |
| Total Assets: | $ 40 Mil |
| Share Class Assets: | $ 40 Mil |
| Turnover: | 165.0% |
| Expense Ratio: | 0.19% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 2.9 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Lewellyn Dustin (2023), Kelly Kevin (2023), Tong Ernesto (2023), O’Donnell Gerry (2023), Johanson Christine (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 43 |
| % in Top 10 Holdings: | 32.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.0% |
| Cash: | -0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Amplify ETFs |
| Phone Number: | 855-267-3837 |
| Website: | |
| Inception Date: | September 12, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.19% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.47% |
