HCOW — Amplify Cash Flow High Income ETF

HCOW Fund Overview

HCOW — Amplify Cash Flow High Income ETF is a US ETF managed by Amplify ETF Trust, categorised as United States Mid Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Amplify ETF Trust
• Category: United States Mid Cap Value Equity
• Assets under management: $16.30M
• 1-year return: 16.5%
• Ticker: HCOW
• SEC CIK: 0001633061
• SEC series ID: S000080779
• Share class ID: C000243314

HCOW Investment Objective and Strategy

Amplify Cash Flow High Income ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Amplify ETF Trust.

Investment objective

The Fund seeks to provide investors with current income.

Principal investment strategy

The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities (the Equity Securities) held by the Amplify Cash Flow Dividend Leaders ETF (the COWS ETF), a series of the Amplify ETF Trust advised by Amplify Investments, LLC, the investment adviser to the Fund (Amplify Investments or the Adviser), and written covered call option contracts that reference the Equity Securities. Amplify Investments serves as the investment adviser to the Fund. Kelly Strategic Management, LLC (doing business as Kelly Intelligence) (Kelly Intelligence) and Penserra Capital Management LLC (Penserra, together with Kelly Intelligence, the Sub -Advisers ) serve as investment sub -advisers to the Fund. The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act).

Equity Securities The Fund invests in the Equity Securities that comprise the COWS ETF. The COWS ETF invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. equity securities (primarily common stocks) that comprise the Kelly US Cash Flow Dividend Leaders Index (the COWS Index), which primarily includes common stocks. The COWS Index is based on a proprietary methodology developed and maintained by Kelly Indexes, LLC (the Index Provider), an affiliate of Kelly Intelligence, an investment sub -adviser to the COWS ETF and the Fund. The COWS Index begins with an initial index universe that is comprised of companies included in the Syntax US 1000 Index, excluding its 200 smallest companies as ranked by float -adjusted market capitalization. The Syntax US 1000 Index is a broad -based US Equity index that tracks the top 1000 companies within the Syntax US 3000 Index (an index of the 3000 largest and most liquid mid -capitalization and large -capitalization US -listed publicly -traded companies ranked by its free float -adjusted market capitalization), excluding companies in the financials sector.

From this initial universe, the COWS Index uses an objective, rules -based methodology that is comprised of at least 40 and up to 50 mid- to large -capitalization publicly -traded equity securities of US companies exhibiting characteristics of high free cash flow and consistent dividend growth. A companys free cash flow or FCF measures its cash flow from operations minus capital expenditures. The COWS Index ranks securities by Trailing FCF Yield (defined as trailing 12 -month free cash flow divided by enterprise value) and Forward FCF Yield (defined as estimated forward -year free cash flow per share divided by share price). Once selected the securities are then screened for additional cash flow criteria, including screens relating to certain dividend and earnings characteristics. For additional information regarding the COWS Index methodology, see Additional Information About the Funds Strategies COWS Index Methodology below.

Additional information regarding the COWS ETF, including its prospectus and most recent annual report, is available without charge by visiting https://amplifyetfs.com/cows/. Covered Call Option Strategy In furtherance of the Funds investment objective to provide investors with current income, the Fund will seek to generate high current income by employing a covered call option strategy in which it will write (sell) U.S. exchange -traded covered call options on the Equity Securities. A covered call is an options trading strategy where an investor sells (writes) a call option on a stock they already own, essentially giving someone else the right to buy their shares at a set price (strike price) within a specific time frame, in exchange for receiving a premium upfront. The Fund expects to write covered call options on each Equity Security, but such call writing may be reduced under certain market circumstances.

The Funds covered call strategy seeks to generate approximately 10% or greater annualized gross income from premiums received from selling option contracts (i.e., aims to achieve approximately 10% or more in annual gross income from premiums received), however the amount of income generated by the Funds implementation of the covered call option strategy will vary based on factors such as market prices, volatility and interest rates. An option contract is an agreement between a buyer and a seller that gives the purchaser of the option the right to buy (for a call option) or sell (for a put option) a particular asset on or before a specified future date (the expiration date) at an agreed upon price (the strike price). In exchange for selling the right to buy or sell the particular reference asset, the seller of an option contract receives income from the purchaser (a premium).

The Fund will write (sell) call options that reference an Equity Security, which will give the holder (buyer) of the call option the right, but not the obligation, to purchase the specific Equity Security at the strike price from the Fund, in exchange for a premium received. In selling call option contracts, the Fund effectively sells its ability to participate in gains of the Equity Security beyond the predetermined strike price in exchange for the premium income received. The Fund expects to sell call option contracts with expiration dates of approximately one month or less. The Fund will directly own the Equity Securities underlying the given written call option contracts, and none of the Funds sold call option contracts will be considered uncovered. The Fund intends to utilize traditional exchange -traded options contracts and/or FLexible EXchange Options (FLEX Options).

The Fund will only invest in options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange -traded options have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange -listed options contracts are guaranteed for settlement by the Options Clearing Corporation (OCC). FLEX Options are a type of exchange -listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. Option contracts can either be American style or European style. An American -style options is one that may be exercised on any day before the expiration of the option.

However, a European -style option may only be exercised on the specific date of the options expiration. The FLEX Options in which the Fund will invest are all European style option contracts (option contracts that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

HCOW Holdings

Top 10 holdings of Amplify Cash Flow High Income ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all HCOW holdings

HCOW Portfolio Allocation

Asset-class allocation of Amplify Cash Flow High Income ETF by percentage of net assets, from the latest SEC N-PORT filing.

HCOW Performance

Total returns for HCOW (as of 2026-10-01), from SEC filings.

HCOW Risk Information

Risk metrics for HCOW, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 9.2%

HCOW Costs and Fees

HCOW costs about $65 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.65%
• Gross expense ratio: 0.65%
• Portfolio turnover: 441%
• Brokerage commissions: 0.11 bps of average net assets (SEC N-CEN)

HCOW Cashflows

Over the 12 months to 2026-06, Amplify Cash Flow High Income ETF had net inflows of $4.36M, from monthly SEC N-PORT filings.

HCOW Debt Constituents

No individual debt constituents are reported in Amplify Cash Flow High Income ETF's latest SEC N-PORT filing.

HCOW Prospectus and SEC Filings

Official Amplify Cash Flow High Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-01-28
• Prospectus (485BPOS) — filed 2025-01-28
• Prospectus (485BPOS) — filed 2024-02-28
• Portfolio holdings (N-PORT) — filed 2026-08-28
• Portfolio holdings (N-PORT) — filed 2026-05-27
• Portfolio holdings (N-PORT) — filed 2026-02-25
• Annual census (N-CEN) — filed 2024-12-11
• Annual census (N-CEN) — filed 2024-01-12

Related Funds

Other United States Mid Cap Value Equity funds tracked on ABC INVEST:

• Vanguard Small-Cap Value Index Fund (VISVX)
• Vanguard Mid-Cap Value Index Fund (VMVIX)
• Vanguard Windsor Fund (VWNDX)
• iShares Select Dividend ETF (DVY)
• John Hancock Disciplined Value Mid Cap Fund (JVMAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.