Quarterly Takeaway
The Amplify Cash Flow Dividend Leaders ETF (COWS) returned 0.73% based on NAV in the third quarter, closely tracking the Kelly U.S. Cash Flow Dividend Leaders Index (ticker COWSETF) return of 0.77%, while the S&P 500 Index returned 2.30%. Contributors were concentrated in the Information Technology, Financials, and Health Care sectors, partly offset by holdings in Industrials, Consumer Staples, and Energy. 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 fourth quarter of the year with more than double the trailing free cash flow yield (5.70% vs. 2.57%). The September rebalance reinforced the strategy’s emphasis on durable cash flow generation, attractive businesses, and disciplined capital allocation.
Performance
| QUARTER END AS OF 9/30/2026 |
CUMULATIVE (%) | ANNUALIZED (%) | |||||
| 1 Mo. | 3 Mo. | YTD | Since Inception | 1 Yr. | 3 Yr. | Since Inception | |
| NAV | -9.71% | 0.73% | 10.01% | 53.19% | 15.15% | 15.92% | 15.01% |
| Closing Price | -9.65% | 0.83% | 10.09% | 53.33% | 15.26% | 15.95% | 15.05% |
| COWSETF Index | -9.74% | 0.77% | 10.20% | 54.06% | 15.39% | 16.14% | 15.23% |
| S&P 500 TR Index | -0.35% | 2.30% | 12.75% | 78.48% | 15.74% | 22.89% | 20.92% |
Fund inception date: 9/12/2023. COWS’ management fee is 0.39%. The adviser has agreed to waive 0.20%, resulting in a net expense ratio of 0.19% on assets up to $100 million through at least January 28, 2027. 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; Financials; Health Care | Industrials; Consumer Staples; Energy |
| Top Contributors/Detractors | Accenture PLC; Cognizant Technology Solutions; Tetra Tech | Owens Corning; Pentair PLC; Constellation Brands |
| Remained in COWS | All Remained | Pentair PLC; Constellation Brands |
| Rebalanced out | No Removals | Owens Corning |
Index Characteristics
| Metric1 | COWSETF Index | Syntax US 1000 | S&P 500 |
| Trailing Free Cash Flow (FCF) Yield | 5.70% | 2.52% | 2.57% |
| Forward FCF Yield | 8.67% | 3.71% | 3.77% |
| Trailing 12M Dividend Yield | 1.58% | 1.07% | 1.08% |
| P/E Ratio | 16.24x | 26.65x | 25.36x |
| Price/Book Ratio | 3.29x | 5.29x | 5.52x |
As of 9/30/2026.
September Rebalance & Selected Stock Detail
Overview
The September 18 rebalance produced its largest sector changes in Information Technology, Energy, and Health Care. Technology exposure increased 7.1%, largely due to the additions of Hewlett Packard Enterprise and Qualcomm. Energy exposure increased 9.0% largely due to the additions of vertically integrated oil and gas companies of Chevron and ExxonMobil. Health Care exposure dropped after strong performance from Cencora and McKesson compressed their free cash flow yields relative to the broader universe.
September 18 Rebalance
| Sector | New Weight | Change |
| Industrials | 26.5% | -2.3% |
| Materials | 8.9% | -0.1% |
| Health Care | 3.0% | -8.4% |
| Consumer Staples | 2.9% | -0.1% |
| Consumer Discretionary | 6.0% | -3.2% |
| Financials | 13.5% | -1.9% |
| Information Technology | 19.0% | 7.1% |
| Communication Services | 2.9% | 0.0% |
| Utilities | 0.0% | 0.0% |
| Energy | 17.3% | 9.0% |
| Cash/other | 0.0% | 0.0% |
All data as of 9/18/2026. 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
| Qualcomm (QCOM) Sector: Technology |
SLB Ltd (SLB) Sector: Energy |
|
| Company Description | Qualcomm is a global leader in wireless communications and edge computing semiconductors. It develops integrated circuits and system software for mobile, automotive, and IoT as well as licenses its wireless IP portfolio. | SLB is the world’s largest oilfield services company, operating in 120+ countries across four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. |
| Business Highlights |
Diversification is the central strategic theme for Qualcomm. It has continued product leadership in mobile AI (Snapdragon), AI personal computers, Wi-Fi/broadband, and connectivity. Strategic acquisitions and partnerships to expand into AI software, open ecosystems, robotics, and infrastructure. Positioned as a connected-computing leader for the AI era, spanning personal devices, vehicles, edge systems, and data centers. |
Full lifecycle oilfield services from seismic studies and reservoir characterization through drilling, completion, and production which is supplemented by a growing digital technology portfolio. Approximately two-thirds of revenue originates from outside North America, giving it the most extensive international presence among its peers. |
| Financial Highlights | Dividend growth streak of 22 consecutive years; Forward P/E of 18.3x and PEG1 of 4.63. | Consecutive dividend payment streak of 39 consecutive years; Forward P/E of 15.8x and PEG of 1.44. |
Remained
| Oshkosh (OSK) Sector: Industrials |
Intercontinental Exchange (ICE) Sector: Financials |
|
| Company Description | Designer and manufacturer of purpose-built vehicles and equipment for access, vocational and defense/transport markets. | Operates global exchanges for energy, agricultural and financial derivatives, plus fixed income data and mortgage technology platforms. |
| 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 $14.75B consolidated backlog at the end of Q2 2026 (adjusted on 7/28/26). |
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. Business’s competitive moat reflects benchmark liquidity, clearing-related regulatory barriers, sticky proprietary data products and the NYSE brand. |
| Financial Highlights | Dividend growth streak of 12 consecutive annual increases since 2014; Forward P/E of 9.9x, PEG of 0.53 and market capitalization of $8.0B. | Dividend growth streak of 13 consecutive years; Forward P/E of 18.5x and PEG of 3.06 and a market capitalization of $85.3B. |
As of 9/30/2026.