ETF Evaluator:
Amplify COWS Covered Call ETF ()
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(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Amplify COWS Covered Call ETF Overview
Amplify COWS Covered Call ETF (HCOW) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Amplify ETFs launched the ETF in 2023.
The investment seeks to provide investors with current income.
The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in shares of the COWS ETF, a series of the Amplify ETF Trust advised by Amplify Investments, LLC, the investment advisor to the fund. Pursuant to its investment objective, it will additionally seek to implement the Call Income Strategy for the purposes of providing income to the fund that supplements the cash flows received through the fund’s investment in the COWS ETF. The fund is non-diversified.
About Amplify COWS Covered Call ETF (HCOW)
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 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Amplify COWS Covered Call ETF has 88 securities in its portfolio. The top 10 holdings constitute 32.3% 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 COWS Covered Call ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Amplify COWS Covered Call ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1% 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 COWS Covered Call ETF has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $727 million average for the Derivative Income 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.
HCOW 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 COWS Covered Call ETF expense ratio is above average compared to funds in the Derivative Income category. Amplify COWS Covered Call ETF has an expense ratio of 0.65%, which is 22% lower than its category average, making the fund expense ratio grade a B. 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 COWS Covered Call ETF has a portfolio turnover rate of 441%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, Amplify COWS Covered Call ETF returned 6.5%, which earned it a grade of A, as the Derivative Income category had an average return of -1.5%. 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 COWS Covered Call ETF has a trailing yield of 3.67%, which is below the 19.96% 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 COWS Covered Call ETF Grades
Year to date, the ETF has returned 10.7%, 8.1 percentage points better than the category, which translates into a grade of B. The fund has returned 21.1% over the past year (grade of B).
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HCOW 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 |
|
| HCOW Return (NAV) | 6.5% | 7.6% | 21.1% | na | na | na |
| HCOW Return (Price) | 6.7% | 7.8% | 21.5% | na | na | na |
| NAV +/- Price Return | -0.184% | -0.214% | -0.400% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| HCOW Grade (NAV) | A | A | B | na | na | na |
| +/- Category (NAV) | 8.1% | 7.0% | 9.8% | na | na | na |
| HCOW Tax-Cost Ratio | na | na | 1.4% | na | na | na |
HCOW Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HCOW Return (NAV) | 10.7% | 5.7% | 7.1% | na | na | na | na | na | na | na | na |
| HCOW Return (Price) | 10.7% | 5.8% | 7.6% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | 0.003% | 0.065% | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| HCOW Grade (NAV) | B | F | F | na | na | na | na | na | na | na | na |
| +/- Category | 8.1% | -4.8% | -11.3% | 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: | 3.7% |
| Total Assets: | $ 17 Mil |
| Share Class Assets: | $ 17 Mil |
| Turnover: | 441.0% |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| 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: | 88 |
| % in Top 10 Holdings: | 32.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Amplify ETFs |
| Phone Number: | 855-267-3837 |
| Website: | |
| Inception Date: | September 19, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.83% |
