QSWN — Amplify BlackSwan Tech & Treasury ETF
Data updated: 2025-02-25
QSWN — Amplify BlackSwan Tech & Treasury ETF. Intermediate Treasury / Sovereign Bond · $2.71M AUM. Holdings, fees, performance and SEC filings.
QSWN Fund Overview
QSWN — Amplify BlackSwan Tech & Treasury ETF is a US ETF managed by Amplify ETF Trust, categorised as Intermediate Treasury / Sovereign Bond. 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: Intermediate Treasury / Sovereign Bond
- Assets under management: $2.71M
- 1-year return: 11.7%
- Ticker: QSWN
- SEC CIK: 0001633061
- SEC series ID: S000074428
- Share class ID: C000232343
QSWN Investment Objective and Strategy
Amplify BlackSwan Tech & Treasury ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Amplify ETF Trust.
Investment objective
The Amplify BlackSwan Tech & Treasury ETF seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S -Network BlackSwan Tech & Treasury Index (the Index).
Principal investment strategy
The Fund will invest at least 80% of its net assets in the securities that comprise the S -Network BlackSwan Tech & Treasury Index, which will primarily include U.S. Treasury securities and long -dated call options (LEAP Options) and/or FLexible EXchange option contracts (FLEX Options and collectively with LEAP Options, Options) on the Invesco QQQ Trust, Series 1 (QQQ). The Fund is not a money market fund. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Funds investment sub -advisers , Cerity Partners LLC (Cerity) and Tidal Investments LLC (Tidal, and with Cerity, the Sub -Advisers ), manage the investment of the Funds assets. The index provider is S -Network Global Indexes, Inc. (S -Network or the Index Provider).
The Index Provider is not affiliated with the Fund, Amplify Investments LLC (Amplify or the Adviser) who serves as investment adviser to the Fund, or either Sub -Adviser . LEAP Options are long -term exchange -traded call options that allow holders the opportunity to participate in the underlying securities appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities. A holder of a LEAP Option will be entitled to receive a specified number of shares of the underlying stock upon payment of the exercise price, and therefore the LEAP Option will be exercisable at any time the price of the underlying stock is above the strike price. However, if at expiration the price of the underlying stock is at or below the strike price, the LEAP Option will expire and be worthless.
FLEX Options are customized option contracts with uniquely customizable terms, such as exercise prices, style and expiration dates, and are guaranteed for settlement by the OCC. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the buyer for every seller and the seller for every buyer, protecting clearing members and options traders from counterparty risk. The Index seeks to provide capital protection against the unpredictable, rare and highly disruptive events that have come to be referred to as Black Swans. The Index is a rules -based , quantitative index designed to allow for some participation in the investment gains experienced by QQQ while providing the opportunity for a buffer against significant losses through the Indexs target portfolio weighting of approximately 90% U.S.
Treasury securities. QQQ is a unit investment trust that seeks to track the investment results, before fees and expenses, of the Nasdaq -100 Index, an index which includes 100 of the largest domestic and international non -financial companies listed on the Nasdaq Stock Market based on market capitalization and is currently comprised of predominantly technology focused constituents. The Index allocates approximately 10% of its index market capitalization to a portfolio of Options on QQQ and approximately 90% of its index market capitalization in a portfolio of U.S. Treasury securities. The QQQ Options utilize QQQ as the reference asset in order to provide the exposure to the Nasdaq -100 Index. Due to the terms of these QQQ Options (which are discussed in more detail below), these positions allow the equity portion of the Index to participate in approximately 70% of the upside experienced by QQQ over a full market cycle.
The U.S. Treasury securities portion of the portfolio is included to help mitigate against significant losses. By allocating approximately 90% of its index market capitalization to U.S. Treasury securities, the Index seeks to create a portfolio buffer that is positioned to preserve capital in the event of a Black Swan event. The Index is not designed to provide investment returns that correspond closely with the returns of the Nasdaq -100 Index. The Fund is not an appropriate investment for investors who seek such returns. The QQQ Options portfolio is composed of in -the-money Options that, at the time of purchase, have expirations of at least one year and one day in the future and expire in either June or December, as applicable. The QQQ Options purchased by the Fund are sold exclusively on the New York Stock Exchange and bought outright by the Fund.
The QQQ Options are subject to customary brokerage costs in addition to the current market price for the Options (i.e. option premium). An in -the-money option contract is one that currently presents a profit opportunity due to the relationship between the strike price and the current price of the reference asset. For purchased call option contracts, such as the QQQ Options held by the Fund, an in -the-money option contract is one with a strike price that is below the current price of the underlying reference asset. The Options utilized by the Fund will generally have a delta of 70 at the time of purchase, meaning that for every $1.00 of movement in the share price of QQQ, each LEAP Option will have a corresponding movement of $0.70. Therefore, while not subject to a return cap when QQQ experiences gains, the Index generally only participates in approximately 70% of the gains experienced by QQQ over a full market cycle.
When QQQ experiences losses, the QQQ Options portfolio participates in approximately 70% of such losses experienced by QQQ, which at times can result in a full loss of the call Options, but those losses are mitigated by the Indexs approximately 90% position in U.S. Treasury securities. The U.S. Treasury securities portfolio is composed of U.S. Treasury securities that cumulatively provide an intermediate duration. This duration was selected as the Indexs target duration to seek to lower portfolio risk levels by increasing the probability of low correlation of the U.S. Treasuries to the U.S. equities markets. Duration is a measure of the expected price volatility of a debt security as a result of changes in market rates of interest, based on, among other factors, the weighted average timing of the debt securitys expected principal and interest payments.
In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a security with a duration of 10 years would be expected to drop by approximately 10% in response to a 1% increase in interest rates. An intermediate duration, is generally referred to as a security with a duration of 5 to 10 years. The Index reconstitutes and rebalances every June and December. At each June reconstitution, the Index liquidates its existing June Options and purchases Options that expire the following June. The December LEAP Option positions will remain unchanged at each June reconstitution. At each December reconstitution, the Index liquidates its existing December Options and purchases Options that expire the following December.
The June Options positions will remain unchanged at each December reconstitution. So as to maintain the desired allocation of the portfolio, net gains or losses derived from the reconstitutions of the Options positions are added to or subtracted from the U.S. Treasury securities portfolio at each reconstitution. The Index also rebalances the U.S. Treasury securities portfolio any time the portfolios target duration deviates by more than 0.5 years. For more information regarding the Index methodology, please see the section entitled Additional Information About the Funds Strategies and Risks. Diversification Status . The Fund is classified as non -diversified under the Investment Company Act of 1940, as amended (the 1940 Act).
QSWN Holdings
Top 10 holdings of Amplify BlackSwan Tech & Treasury ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| US Treasury N/b | 8.81% |
| US Treasury N/b | 8.78% |
| US Treasury N/b | 8.74% |
| US Treasury N/b | 8.74% |
| US Treasury N/b | 8.71% |
| US Treasury N/b | 8.71% |
| US Treasury N/b | 8.68% |
| US Treasury N/b | 8.67% |
| US Treasury N/b | 8.65% |
| US Treasury N/b | 8.62% |
QSWN Portfolio Allocation
Asset-class allocation of Amplify BlackSwan Tech & Treasury ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 87.1% |
| Derivatives | 12.4% |
| Cash & Equivalents | 0.9% |
QSWN Performance
Total returns for QSWN (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 11.7% |
| 3 years (annualised) | -1.9% |
QSWN Risk Information
Risk metrics for QSWN, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.4%
QSWN Costs and Fees
QSWN costs about $49 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.49%
- Gross expense ratio: 0.49%
- Portfolio turnover: 39%
- Brokerage commissions: 0.14 bps of average net assets (SEC N-CEN)
QSWN Cashflows
Over the 12 months to 2024-12, Amplify BlackSwan Tech & Treasury ETF had net inflows of $0, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-12 | $0 |
| 2024-11 | $0 |
| 2024-10 | $0 |
| 2024-09 | $0 |
| 2024-08 | $0 |
| 2024-07 | $0 |
QSWN Debt Constituents
Largest debt holdings of Amplify BlackSwan Tech & Treasury ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| US Treasury N/b | 8.81% |
| US Treasury N/b | 8.78% |
| US Treasury N/b | 8.74% |
| US Treasury N/b | 8.74% |
| US Treasury N/b | 8.71% |
| US Treasury N/b | 8.71% |
| US Treasury N/b | 8.68% |
| US Treasury N/b | 8.67% |
| US Treasury N/b | 8.65% |
| US Treasury N/b | 8.62% |
QSWN Prospectus and SEC Filings
Official Amplify BlackSwan Tech & Treasury ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-01-28
- Prospectus (485BPOS) — filed 2024-02-28
- Prospectus (485BPOS) — filed 2023-02-28
- Portfolio holdings (N-PORT) — filed 2025-02-25
- Portfolio holdings (N-PORT) — filed 2024-11-27
- Portfolio holdings (N-PORT) — filed 2024-08-27
- Annual census (N-CEN) — filed 2024-12-11
- Annual census (N-CEN) — filed 2024-01-12
Related Funds
Other Intermediate Treasury / Sovereign Bond funds tracked on ABC INVEST:
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.