ETF Evaluator:
Amplify BlackSwan ISWN ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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Risk
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Risk
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ETF Details
Amplify BlackSwan ISWN ETF Overview
Amplify BlackSwan ISWN ETF (ISWN) is a passively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Amplify ETFs launched the ETF in 2021.
The investment seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S-Network International BlackSwan Index.
The fund invests at least 80% of its net assets in the securities that comprise the index, which will primarily include U.S. Treasury securities and long-dated call options ("LEAP Options") on the iShares MSCI EAFE ETF ("EFA"). The index seeks to provide returns by allocating approximately 10% of its index market capitalization to a portfolio of LEAP Options on EFA and approximately 90% of its index market capitalization in a portfolio of U.S. Treasury securities. The fund is non-diversified.
About Amplify BlackSwan ISWN ETF (ISWN)
There are 5 members of the management team with an average tenure of 5.52 years: Michael Venuto (2021), Charles Ragauss (2021), Dan Cupkovic (2021), Indu Chhachhi (2021) and Matt Westfall (2021). 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 S-Network BlackSwan Intl TR USD index with a weighting of 100%. Amplify BlackSwan ISWN ETF has 15 securities in its portfolio. The top 10 holdings constitute 92.5% 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 BlackSwan ISWN ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Amplify BlackSwan ISWN ETF has 24.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.4% There is 24.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 84.8% (84.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Amplify BlackSwan ISWN ETF has -10.0% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $294 million average for the Equity Hedged 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.
ISWN 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 BlackSwan ISWN ETF expense ratio is average compared to funds in the Equity Hedged category. Amplify BlackSwan ISWN ETF has an expense ratio of 0.49%, which is 36% 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 BlackSwan ISWN ETF has a portfolio turnover rate of 38%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, Amplify BlackSwan ISWN ETF returned -0.5%, which earned it a grade of D, as the Equity Hedged category had an average return of -1.4%. 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 BlackSwan ISWN ETF has a trailing yield of 2.87%, which is below the 3.45% category average.
The fund normally distributes its income quarterly.
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 BlackSwan ISWN ETF Grades
Year to date, the ETF has returned 4.7%, 2.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.1% over the past year (grade of C), 8.0% over the past three years (grade of F) and -0.5% per year over the past five years (grade of F).
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ISWN 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 |
|
| ISWN Return (NAV) | -0.5% | 1.3% | 13.1% | 8.0% | -0.5% | na |
| ISWN Return (Price) | 0.4% | 1.8% | 13.1% | 8.5% | -0.2% | na |
| NAV +/- Price Return | -0.973% | -0.531% | 0.022% | -0.463% | -0.209% | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| ISWN Grade (NAV) | D | D | C | F | F | na |
| +/- Category (NAV) | 0.9% | -0.4% | -0.5% | -4.0% | -7.0% | na |
| ISWN Tax-Cost Ratio | na | na | 1.2% | 1.2% | 1.1% | na |
ISWN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ISWN Return (NAV) | 4.7% | 22.9% | -3.4% | 7.5% | -25.0% | na | na | na | na | na | na |
| ISWN Return (Price) | 5.7% | 23.2% | -4.0% | 8.2% | -24.9% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.213% | 0.013% | 0.161% | 0.095% | -0.002% | na | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| ISWN Grade (NAV) | D | A | F | D | F | na | na | na | na | na | na |
| +/- Category | -2.4% | 10.3% | -18.0% | -7.3% | -12.1% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.56 |
| R-Squared: | 34% |
| Standard Deviation: | 12.5% |
| Category Risk Index: | 1.18 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.02 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 37 Mil |
| Share Class Assets: | $ 37 Mil |
| Turnover: | 38.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Venuto Michael (2021), Ragauss Charles (2021), Cupkovic Dan (2021), Chhachhi Indu (2021), Westfall Matt (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 92.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 24.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.4% |
| Foreign Stock: | 24.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 84.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.7% |
| Cash: | -10.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Amplify ETFs |
| Phone Number: | 855-267-3837 |
| Website: | |
| Inception Date: | January 25, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.76% |
