Quarterly Takeaway
The Amplify Cash Flow Dividend Leaders ETF (COWS) returned 9.68% based on NAV in the second quarter, closely tracking the Kelly U.S. Cash Flow Dividend Leaders Index (ticker COWSETF) return of 9.79%, while the S&P 500 Index returned 15.20%. Contributors were concentrated in the Information Technology, Industrials, and Financials sectors, partly offset by holdings in Energy and Communication Services. While mega-cap growth stocks continued to lead the broader market, COWS maintained its focus on companies generating strong free cash flow and attractive shareholder economics. Compared with the S&P 500, the COWSETF index entered the second half of the year with more than double the trailing free cash flow yield (5.44% vs. 2.59%). The June rebalance reinforced the strategy’s emphasis on durable cash flow generation, attractive businesses, and disciplined capital allocation.
Performance
| QUARTER END AS OF 6/30/2026 |
CUMULATIVE (%) | ANNUALIZED (%) | ||||
| 1 Mo. | 3 Mo. | YTD | Since Inception | 1 Yr. | Since Inception | |
| NAV | -0.19% | 9.68% | 9.21% | 52.07% | 25.54% | 16.15% |
| Closing Price | -0.17% | 9.77% | 9.18% | 52.07% | 25.49% | 16.15% |
| COWSETF Index | -0.17% | 9.79% | 9.35% | 52.88% | 25.86% | 16.37% |
| S&P 500 TR Index | -0.95% | 15.20% | 10.21% | 74.46% | 22.32% | 21.99% |
Fund inception date: 9/12/2023. COWS’ net expense ratio is 0.19%.1 The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For most recent month end performance, visit AmplifyETFs.com/COWS. Brokerage commissions will reduce returns. NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The closing price is the last price at which the fund traded. Indexes are unmanaged and it’s not possible to invest directly in an index.
Contributors, Detractors and Rebalance Status
| View | Contributors | Detractors |
| Top sectors | Information Technology; Industrials; Financials | Energy; Communication Services; Health Care |
| Top Contributors/Detractors | Dell Technologies; Qualcomm; TD SYNNEX | Cognizant Technology Solutions; Accenture; Nexstar Media Group |
| Remained in COWS | TD SYNNEX | Cognizant Technology Solutions and Accenture |
| Rebalanced out | Dell Technologies and Qualcomm | Nexstar Media Group |
Index Characteristics
| Metric2 | COWSETF Index | Syntax US 1000 | S&P 500 |
| Trailing Free Cash Flow (FCF) Yield | 5.44% | 2.58% | 2.59% |
| Forward FCF Yield | 8.73% | 4.42% | 4.30% |
| Trailing 12M Dividend Yield | 1.62% | 1.06% | 1.10% |
| P/E Ratio | 17.82x | 29.22x | 28.13x |
| Price/Book Ratio | 3.35x | 5.42x | 5.68x |
As of 6/30/2026.
June Rebalance & Selected Stock Detail
Overview
The June 18 rebalance produced its largest sector changes in Information Technology and Consumer Discretionary. Technology exposure declined 9.1%, largely due to the removal of Dell Technologies and Qualcomm after strong performance compressed their free cash flow yields relative to the broader universe. Together, the two holdings represented more than 9% of portfolio weight prior to the rebalance. Consumer Discretionary exposure increased 6.9% through the addition of new constituents and reweighting of existing holdings with attractive free cash flow yields.
June 18 Rebalance
| Sector | New Weight | Change |
| Industrials | 28.8% | -0.6% |
| Materials | 9.0% | 0.8% |
| Health Care | 11.4% | 3.7% |
| Consumer Staples | 3.0% | 0.2% |
| Consumer Discretionary | 9.2% | 6.9% |
| Financials | 15.4% | 0.0% |
| Information Technology | 12.0% | -9.1% |
| Communication Services | 2.9% | -1.2% |
| Utilities | 0.0% | -2.3% |
| Energy | 8.3% | 1.6% |
| Cash/other | 0.0% | 0.0% |
All data as of 6/18/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.
Selected Stock Detail
Added
| FedEx (FDX) Sector: Industrials |
Intercontinental Exchange (ICE) Sector: Financials |
|
| Company Description | One of the world's largest express delivery and freight networks, serving e-commerce, business and government customers globally across more than 220 countries. | Operates global exchanges for energy, agricultural and financial derivatives, plus fixed income data and mortgage technology platforms. |
| Business Highlights |
Executing the multi-year DRIVE cost restructuring program to improve margins, including data and AI optimization capabilities. Structural advantages include network density, integrated air/ground scale, e-commerce tailwinds, recurring customer relationships and premium volume mix across business-to-business, health care and data center customers. |
Exchange business benefits from structural volume growth in derivatives and data, with high recurring revenue characteristics. Volume growth in futures/equities and expansion into tokenized securities and GPU compute futures. |
| Financial Highlights | Dividend growth streak of 20 consecutive years; Forward P/E of 15.8x and PEG2 of 1.33. |
Business’s competitive moat reflects benchmark liquidity, clearing-related regulatory barriers, sticky proprietary data products and the NYSE brand. Dividend growth streak of 12 consecutive years; Forward P/E of 16.7x and PEG of 2.58. |
Remained
| Oshkosh (OSK) Sector: Industrials |
EQT Corporation (EQT) Sector: Energy |
|
| Company Description | Designer and manufacturer of purpose-built vehicles and equipment for access, vocational and defense/transport markets. | Largest independent natural gas producer in the United States, with a leading position in the Appalachian Basin supported by vertically integrated upstream, gathering, and transmission assets. |
| Business Highlights |
Business model benefits from a large installed base supporting aftermarket parts and service revenue, multi-year government/municipal contracts and replacement demand in essential categories. Growth in specialized engineering, strong OEM/government relationships and a $14.54B consolidated backlog at the end of Q1 2026. |
Low-cost production scale and midstream integration help support durable free cash flow generation across commodity price cycles, complemented by a disciplined hedging and risk management framework. Management maintains a shareholder-focused capital allocation strategy centered on dividend growth, debt reduction, and capital discipline. |
| Financial Highlights | Dividend growth streak of 13 consecutive annual increases since 2013; Forward P/E of 11.4x, PEG of 0.71 and market capitalization of $7.9B. | Dividend growth streak of 10 consecutive annual increases; Forward P/E of 12.7x, PEG of 1.21, and market capitalization of approximately $31.7B. |
As of 6/30/2026.