At a glance
ISWN charges 0.49% a year. It has $36.7M in assets; it paid 3.08% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +0.7% with distributions reinvested; over three years it returned +10.9% a year. At its worst it fell 27.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months after the low.
The short version
Amplify BlackSwan ISWN ETF tracks the S-Network International BlackSwan Index. The index puts roughly 90% in U.S. Treasury notes and about 10% in long-dated call options on the iShares MSCI EAFE ETF, a fund of developed-market stocks outside the U.S. and Canada. It aims for about 70% of those stocks' gains with a Treasury cushion, and it costs 0.49% a year. But the cushion is sensitive to interest rates: the fund lost about 25% in 2022.
Price history
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ISWN +0.7% 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 | |
|---|---|---|---|---|---|---|
| ISWN official prospectus, to Dec 31, 2024 | — | +22.92% | — | — | — | -0.71% |
| ISWN price data to Oct 27, 2026 | +0.6% | +0.7% | +10.9% | -1.0% | — | -0.3% |
- Over the year to Oct 27, 2026, ISWN returned +0.7%.
- Its 5-year annualized return was -1.0%.
- Its worst full calendar year was 2022 (-25.0%); its best was 2025 (+23.2%).
- The deepest fall in its price history was 32.4% (Sep 15, 2021 to Oct 25, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.6% | — |
| 2025 | +23.2% | +22.92% |
| 2024 | -4.0% | -3.42% |
| 2023 | +8.2% | +7.48% |
| 2022 | -25.0% | -24.99% |
| 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 | Lost 27.3% over that stretch · deepest drop along the way 27.7%, back to its old high 40 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4900 | |
| 2025 | $0.6200 | +6.9% |
| 2024 | $0.5800 | +3.6% |
| 2023 | $0.5600 | +55.6% |
| 2022 | $0.3600 |
What's inside
As of Jun 30, 2026, the fund held 10 securities; the ten largest made up 85.94% of assets.
| Holding | Weight | |
|---|---|---|
| US TREASURY N/B Bonds and notes | 8.65% | |
| US TREASURY N/B Bonds and notes | 8.65% | |
| US TREASURY N/B Bonds and notes | 8.59% | |
| US TREASURY N/B Bonds and notes | 8.59% | |
| US TREASURY N/B Bonds and notes | 8.59% | |
| US TREASURY N/B Bonds and notes | 8.58% | |
| US TREASURY N/B Bonds and notes | 8.58% | |
| US TREASURY N/B Bonds and notes | 8.57% | |
| US TREASURY N/B Bonds and notes | 8.57% | |
| US TREASURY N/B Bonds and notes | 8.57% |
By country
United States 85.94%By issuer
US Treasury 85.94%The bonds mature in 7.6 years on average (weighted by size), with an average coupon of 3.75%.
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 $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.57%, +1.62%, +0.19%.
How it works
ISWN is an index fund. Before fees, it tries to match the S-Network International BlackSwan Index, a rules-based index built by S-Network Global Indexes. Amplify Investments is the adviser, and Cerity Partners and Tidal Investments manage the money. The index puts about 90% in U.S. Treasury securities with an intermediate duration. Duration measures how much a bond's price moves when interest rates change. The other 10% or so goes into call options on the iShares MSCI EAFE ETF (EFA). As of June 30, 2026, the fund held ten Treasury notes of about 8.6% each. Together they made up about 86% of assets, with an average maturity of 7.6 years.
A call option is the right to buy shares at a set price, called the strike, before a deadline. The fund buys these options; it doesn't sell them. Each option's strike is below EFA's price when bought, and each expires in June or December at least a year and a day later. Each option moves about $0.70 for every $1 move in EFA. That is why the index expects roughly 70% of EFA's gains, with no cap, and about 70% of its losses on the options portion. As of June 30, 2026, two option positions made up about 13.4% of assets. The options don't collect EFA's dividends. If EFA ends at or below the strike, the option expires worthless.
What it really costs
- ISWN charges 0.49% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ISWN | $50 | $157 | $274 | $616 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It adds some international stock exposure to a mostly Treasury portfolio, but its 25% loss in 2022 shows it isn't a dependable shelter.
ISWN combines U.S. Treasuries with option-based exposure to developed-market stocks outside North America. Its record shows the limits of that cushion. The fund launched in 2021, so it has no record for 2008 or 2020. In the 2022 bear market it fell about 28% between January 4 and September 27, 2022. It took 40 months, until January 27, 2026, to get back to that January high. Its deepest drop was 32.4%, from September 2021 to October 2023, and it hadn't regained its September 2021 high as of October 27, 2026. Anyone selling shares for spending money during a year like 2022 would have locked in losses. The trailing 12-month yield was 3.08% as of October 27, 2026, paid quarterly. The expense ratio is 0.49%. 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 some exposure to developed-market stocks outside the U.S. and Canada, at about 70% of EFA's moves, alongside a large U.S. Treasury base.
- Holders who accept a 0.49% expense ratio, about $50 in the first year on $10,000 under the SEC's standard example.
- People who want quarterly payouts: the trailing yield was 3.08% as of October 27, 2026, from a portfolio about 86% in Treasury notes.
Look elsewhere if
- Investors who want a dependable crash hedge: it lost about 25% in 2022 even though it held mostly Treasuries.
- Anyone who wants returns that track the MSCI EAFE Index. The prospectus says the index isn't designed to match it.
- Investors wary of small funds (about $36.7 million in net assets as of June 30, 2026) or a fund still below its 2021 high.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
What does ISWN invest in?
ISWN mostly holds U.S. Treasury notes plus call options on the iShares MSCI EAFE ETF. As of June 30, 2026, ten Treasury notes of about 8.6% each made up roughly 86% of assets, with an average maturity of 7.6 years. Two EFA option positions made up about 13.4%. The fund follows the S-Network International BlackSwan Index, which targets about 90% Treasuries and 10% options.
Is ISWN a good hedge against a stock market crash?
Not reliably, judging by its record. The index aims to cushion rare, severe 'Black Swan' events by holding about 90% in Treasuries. But bond prices fall when interest rates rise. In the 2022 bear market, ISWN fell about 28% from peak to low and needed 40 months to recover. It launched in 2021, so it has no record for 2008 or 2020.
Does ISWN pay dividends?
Yes, ISWN pays distributions every quarter. In the 12 months to October 27, 2026, it paid $0.65 a share, a trailing yield of 3.08%. As of June 30, 2026, about 86% of the portfolio was in U.S. Treasury notes with an average coupon of 3.75%. The call options pay no income. Payouts could fall if interest rates drop, because maturing bonds would be reinvested at lower yields.
What's the difference between ISWN and EFA?
EFA owns stocks of large and mid-size companies in 21 developed markets outside the U.S. and Canada. ISWN doesn't own those stocks. It holds call options on EFA, about 13.4% of assets as of June 30, 2026, plus Treasury notes. The options aim to capture about 70% of EFA's gains and losses, without EFA's dividends. The prospectus says the fund isn't right for investors seeking MSCI EAFE Index returns.
How has ISWN performed since it launched?
ISWN's results have been uneven. The prospectus filed January 28, 2026, shows calendar-year returns of -24.99% in 2022, 7.48% in 2023, -3.42% in 2024 and 22.92% in 2025. Based on share price, as of October 27, 2026, it returned 10.9% a year over three years but lost 1% a year over five years. It was up 0.6% for 2026 through that date. All these figures are after the 0.49% expense ratio.