At a glance
COWS charges 0.19% a year, below the 0.56% average of the 6 funds most like it (the cheapest of 7). It has $36.1M in assets, the 6th largest of that group; it paid 1.25% of its price in distributions over the past 12 months, monthly. Over the past year it returned +25.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +22.8% a year. Its ten largest positions make up 32.6% of the fund, out of 40 in all.
The short version
Amplify Cash Flow Dividend Leaders ETF (COWS) is an index fund that tracks the Kelly US Cash Flow Dividend Leaders Index. The index holds 40 to 50 mid-size and large US companies with high free cash flow and steady dividend growth. It excludes financial stocks and leaves out the highest-yielding companies. Its 0.19% expense ratio includes a 0.20% fee waiver on a 0.39% management fee.
Price history
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COWS +25.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| COWS official prospectus, to Dec 31, 2024 | — | +15.20% | — | — | — | +15.47% |
| COWS price data to Oct 27, 2026 | +21.8% | +25.9% | +22.8% | — | — | +18.6% |
- Over the year to Oct 27, 2026, COWS returned +25.9%, 3rd of 7 among similar funds.
- Its worst full calendar year was 2024 (+11.1%); its best was 2025 (+15.3%).
- The deepest fall in its price history was 24.7% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.8% | — |
| 2025 | +15.3% | +5.20% |
| 2024 | +11.1% | +11.18% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3600 | |
| 2025 | $0.6700 | +6.3% |
| 2024 | $0.6300 |
What's inside
As of Jun 30, 2026, the fund held 40 securities; the ten largest made up 32.62% of assets.
| Holding | Weight | |
|---|---|---|
| Owens Corning | 4.02% | |
| Oshkosh Corp | 3.52% | |
| Crown Holdings Inc | 3.41% | |
| Williams-Sonoma Inc | 3.28% | |
| Booking Holdings Inc | 3.23% | |
| Pentair PLC | 3.13% | |
| Tetra Tech Inc | 3.10% | |
| Avery Dennison Corp | 3.03% | |
| AECOM | 2.96% | |
| Roper Technologies Inc | 2.95% | |
| EQT Corp | 2.94% | |
| Cencora Inc | 2.93% | |
| Hasbro Inc | 2.92% | |
| TD SYNNEX Corp | 2.91% | |
| Allison Transmission Holdings | 2.88% |
By country
United States 94.74%United Kingdom 3.13%Ireland 1.25%By asset type
Stocks 99.11%By sector
Sectors of the companies held, for the 43.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $2.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.06%, +3.60%, -0.19%.
How it works
COWS aims to match the total return of the Kelly US Cash Flow Dividend Leaders Index before fees. Kelly Indexes builds the index. It is an affiliate of Kelly Intelligence, which co-manages the fund with Penserra Capital Management under adviser Amplify Investments. The fund generally owns every stock in the index rather than picking its own. As of June 30, 2026, it held 99.1% in ordinary stocks and no derivatives.
The index starts with the Syntax US 1000 Index, which leaves out financial companies, and then drops its 200 smallest names. Each remaining company must trade actively, have paid a dividend in the past 12 months, and show positive free cash flow yield on both past and forecast numbers. Free cash flow is operating cash flow minus capital spending. The 200 companies with the highest free cash flow ranking are then screened. The top 10% by dividend yield are cut. The payout ratio, meaning dividends as a share of forecast earnings, must be under 75%. Dividends must have grown for three straight years.
The first 40 stocks that pass, in free cash flow order, each start at a 2.5% weight. A holding that stops raising its dividend can stay if it hasn't cut it and has shrunk its share count through repurchases. Holdings change often: portfolio turnover was 165%, according to the prospectus filed January 28, 2026.
What it really costs
- COWS charges 0.19% a year, versus an average of 0.56% for the similar funds below (1st of 7, cheapest first).
- Of that, 0.39% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.2% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $19 in the first year and $473 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COWS | $19 | $105 | $199 | $473 |
In a retirement portfolio
COWS is a 40-stock, equal-weighted fund with about three years of history and roughly $36 million in assets, so it fits better as a smaller side position than as a core holding.
COWS adds a tilt toward cash-rich, dividend-growing companies, mostly industrial, consumer and energy businesses, with no financial stocks. It launched September 13, 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its deepest drop was 24.7%, from November 25, 2024, to April 8, 2025. It recovered by August 22, 2025, about 4.5 months later. Anyone who had to sell shares near that low would have locked in the loss.
No calendar year has been negative so far. The weakest, 2024, still gained about 11%. The trailing yield was 1.25% as of October 27, 2026, paid monthly, which is modest income. The 0.19% expense ratio relies on a fee waiver that could end. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a dividend-growth tilt that excludes financial stocks and avoids the highest yielders, since a very high yield can be a sign of a stressed dividend.
- Investors who prefer equal weighting: each of the 40 stocks starts at 2.5%, and no holding was above about 4% as of June 30, 2026.
- Holders who want small monthly payouts, with a 1.25% trailing yield as of October 27, 2026, and a 0.19% expense ratio after the fee waiver.
Look elsewhere if
- Retirees who need meaningful income from their investments: the 1.25% trailing yield is low for a fund with "dividend" in its name.
- Investors who want a long track record: COWS launched in September 2023 and missed the 2008, 2020 and 2022 market declines.
- Investors uneasy with a small fund (about $36 million as of June 30, 2026) that has high trading activity, with 165% annual portfolio turnover.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| COWS this fund | — | 0.19% | $36.1M | +25.9% | +22.8% |
| MDPL Monarch Dividend Plus ETF | 24% | 1.25% | $64.8M | +14.2% | — |
| VFLO VictoryShares Free Cash Flow ETF | 17% | 0.39% | $7.76B | +42.0% | +31.5% |
| COWZ Pacer US Cash Cows 100 ETF | 14% | 0.49% | $18.69B | +25.8% | +15.5% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 14% | 0.25% | $33.1M | +31.1% | +24.4% |
| SMOT VanEck Morningstar SMID Moat ETF | 8% | 0.49% | $334.4M | +9.7% | +16.7% |
| MOAT VanEck Morningstar Wide Moat ETF | 7% | 0.47% | $11.62B | +9.7% | +17.7% |
Questions investors ask
Does COWS pay monthly dividends?
Yes. COWS pays distributions every month. Over the 12 months through October 27, 2026, it paid about $0.50 per share, a trailing yield of 1.25%. The yield is low because the index deliberately drops the top 10% of stocks by dividend yield. It favors companies with strong free cash flow and growing dividends over companies with big payouts now.
What is the COWS expense ratio?
The expense ratio is 0.19%, according to the prospectus filed January 28, 2026. That figure reflects a 0.39% management fee minus a 0.20% fee waiver, and the waiver could end. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $19 after one year, $105 over three years, $199 over five years and $473 over ten years.
What are the top holdings in COWS?
As of June 30, 2026, the largest holdings were Owens Corning (4.0%), Oshkosh (3.5%), Crown Holdings (3.4%), Williams-Sonoma (3.3%) and Booking Holdings (3.2%). The fund held 40 stocks, and the top 10 made up 32.6% of assets. That spread reflects the equal-weight design. About 95% of assets were in US companies, and the rest were classified as UK or Ireland.
How has COWS performed since launch?
Returns have been positive but the record is short. According to the prospectus, COWS returned 11.18% in 2024 and averaged 15.47% a year from launch through December 31, 2024. As of October 27, 2026, its price return was 25.9% over one year and 22.8% a year over three years. Its deepest decline was 24.7%, between November 2024 and April 2025.
Why doesn't COWS own bank stocks?
COWS doesn't own bank stocks because the index starts from the Syntax US 1000 Index, which excludes the financials sector. That leaves out banks, insurers and similar companies. As a result, the fund's sector mix differs from broad-market funds. The prospectus flags industrials, consumer discretionary and energy companies as key risk areas. A downturn in those areas could hit the fund harder.