At a glance
SWAN charges 0.49% a year, above the 0.1% average of the 7 funds most like it (the most expensive of 8). It has $160.7M in assets, the 8th largest of that group; it paid 3.38% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +1.7% with distributions reinvested, 3rd of those 8 funds; over three years it returned +15.8% a year. At its worst it fell 12.8% in the 2020 crash (S&P 500: 33.7%) and 27.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 34 months after the lows.
The short version
Amplify BlackSwan Growth & Treasury Core ETF (SWAN) tracks the S-Network BlackSwan Core Index: about 90% U.S. Treasury notes and 10% long-dated call options on the SPDR S&P 500 ETF (SPY). It aims to capture roughly 70% of stock-market gains over a full market cycle, with Treasuries cushioning big losses. That option layer sets it apart from plain Treasury funds, as does its 0.49% expense ratio, about five times their 0.10% average.
Price history
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SWAN +1.7% 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 | |
|---|---|---|---|---|---|---|
| SWAN official prospectus, to Dec 31, 2024 | — | +13.73% | — | +2.93% | — | +6.85% |
| SWAN price data to Oct 27, 2026 | +3.0% | +1.7% | +15.8% | +1.9% | — | +6.5% |
- Over the year to Oct 27, 2026, SWAN returned +1.7%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +1.9%.
- In the 2020 COVID crash it fell 12.8% and regained its old high 2.7 months after the low.
- Its worst full calendar year was 2022 (-27.8%); its best was 2019 (+22.1%).
- The deepest fall in its price history was 31% (Nov 9, 2021 to Oct 27, 2023), recovered by Sep 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.0% | — |
| 2025 | +13.9% | +13.73% |
| 2024 | +13.4% | +13.38% |
| 2023 | +12.1% | +11.80% |
| 2022 | -27.8% | -27.36% |
| 2021 | +10.6% | +10.34% |
| 2020 | +16.2% | +16.62% |
| 2019 | +22.1% | +22.25% |
| 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 | Lost 8% over that stretch · deepest drop along the way 12.8%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.9% over that stretch · deepest drop along the way 27.5%, back to its old high 34.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8600 | |
| 2025 | $0.9300 | +24.0% |
| 2024 | $0.7500 | -5.1% |
| 2023 | $0.7900 | +51.9% |
| 2022 | $0.5200 | -70.1% |
| 2021 | $1.7400 | +222.2% |
| 2020 | $0.5400 | -49.1% |
| 2019 | $1.0600 |
What's inside
As of Jun 30, 2026, the fund held 10 securities; the ten largest made up 87.46% of assets.
| Holding | Weight | |
|---|---|---|
| US TREASURY N/B Bonds and notes | 8.80% | |
| US TREASURY N/B Bonds and notes | 8.80% | |
| US TREASURY N/B Bonds and notes | 8.74% | |
| US TREASURY N/B Bonds and notes | 8.74% | |
| US TREASURY N/B Bonds and notes | 8.74% | |
| US TREASURY N/B Bonds and notes | 8.73% | |
| US TREASURY N/B Bonds and notes | 8.73% | |
| US TREASURY N/B Bonds and notes | 8.73% | |
| US TREASURY N/B Bonds and notes | 8.73% | |
| US TREASURY N/B Bonds and notes | 8.72% |
By country
United States 87.46%By issuer
US Treasury 87.46%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 withdrew a net $217.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.19%, +3.42%, -1.01%.
How it works
SWAN aims to match the S-Network BlackSwan Core Index, a rules-based index built by S-Network Global Indexes. The index provider is not affiliated with Amplify Investments, the fund's adviser. Cerity Partners and Tidal Investments manage the portfolio. About 90% of the index sits in U.S. Treasury securities with an intermediate duration, generally 5 to 10 years. Duration estimates how much a bond's price falls when rates rise: about 1% for each year of duration, for each 1-point rate increase. As of June 30, 2026, ten Treasury notes of roughly 8.7% each made up 87.5% of assets.
The other 10% or so goes into in-the-money call options on SPY. These give the right to purchase SPY at a strike price below its market price. Each option expires at least a year out, in June or December, and has a delta of about 70 at purchase. That means it moves about $0.70 for each $1 move in SPY. Gains aren't capped, but the fund gets no SPY dividends, and an option that ends at or below its strike price expires worthless. As of June 30, 2026, two SPY calls made up 11.7% of assets.
The index rebalances each June and December. Each June, it sells its June options and replaces them with ones expiring the next June. The December options stay as they are. Portfolio turnover was 43%.
What it really costs
- SWAN charges 0.49% a year, versus an average of 0.1% for the similar funds below (8th of 8, cheapest first).
- 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 |
|---|---|---|---|---|
| SWAN | $50 | $157 | $274 | $616 |
Structure and tax notes
- 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 keeps about 90% in Treasuries to limit stock-market losses, though 2022 showed that this cushion can fail when bonds fall too.
SWAN could serve as a defensive holding: mostly Treasuries, plus a limited slice of stock-market exposure. Its record is mixed. In the 2020 COVID crash, it fell 12.8% and recovered in about 2.7 months. But 2022 was its worst calendar year. It lost 27.4%, according to the prospectus, because the Treasuries meant to cushion stock losses fell too. Its deepest drop was 31%, from November 2021 to October 2023, and it did not recover until September 2025. It launched in 2018, so it has no 2008 record. Selling shares to cover spending in a year like 2022 would have locked in steep losses. The trailing yield was 3.38% as of October 27, 2026, paid quarterly. Its 0.49% expense ratio is far above plain Treasury funds. Past results don't predict the future, 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 mostly Treasury holdings with some S&P 500 upside, accepting roughly 70% of SPY's gains over a full cycle, with no cap.
- Those who like that the stock slice can lose no more than the calls cost, about 10% of the index at each rebalance.
- People willing to pay 0.49% a year, or $50 on $10,000 in year one under the SEC example, for a packaged strategy.
Look elsewhere if
- Anyone seeking S&P 500 returns; the prospectus says the index is not designed to track the S&P 500 closely.
- Investors counting on protection when stocks and bonds fall together; SWAN lost 27.4% in 2022 and took until 2025 to recover.
- Cost-focused investors who want plain Treasury exposure; GOVT charges 0.05% and VGIT 0.03%, against SWAN's 0.49%.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SWAN this fund | 7.6 yrs | 0.49% | $160.7M | +1.7% | +15.8% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
Questions investors ask
Is SWAN good for retirement?
It depends on the role it plays in a portfolio. SWAN keeps about 90% in Treasuries and about 10% in SPY call options. The goal is part of the stock market's gains with less downside. That worked in the 2020 crash, when it fell 12.8% and recovered in about 2.7 months. It did not work in 2022, when it lost 27.4%. It pays quarterly, with a trailing yield of 3.38% as of October 27, 2026. Its 0.49% expense ratio is high next to plain Treasury funds.
Does SWAN pay dividends?
Yes, SWAN pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $1.10 per share, a trailing yield of 3.38%. The income comes from interest on its Treasury notes, which had an average coupon of 3.75% as of June 30, 2026. The SPY call options pay nothing, because option holders don't receive SPY's dividends. If interest rates fall, income could drop as maturing notes are replaced with lower-yielding ones.
Why did SWAN lose so much in 2022?
SWAN fell 27.4% in 2022, according to its prospectus, because both parts of its design lost money at the same time. Its SPY call options move about 70 cents for each $1 move in SPY, so they fell with stocks. The roughly 90% in intermediate Treasuries was meant to cushion that. But bond prices drop when interest rates rise, and the Treasuries lost value too. From its November 2021 peak, the fund was down 31% at its October 2023 low and did not recover until September 2025.
SWAN vs GOVT: what's the difference?
GOVT, the iShares U.S. Treasury Bond ETF, is the closest match on the bond side. Its average maturity was 7.4 years, near SWAN's 7.6. But GOVT holds only Treasuries, while SWAN adds about 10% in SPY call options for stock-market exposure. GOVT charges 0.05% against SWAN's 0.49%. It is also far larger: about $43.6 billion versus SWAN's $160.7 million, per their latest N-PORT filings. Through late October 2026, SWAN's three-year annualized return was 15.8%, against GOVT's 4.3%.
Does SWAN protect against a stock market crash?
Partly, but not reliably. At each rebalance, the stock slice is about 10% of the index, and an option buyer can lose no more than the price paid for the option. The rest is in Treasuries. In the 2020 COVID crash, SWAN fell 12.8% and recovered in about 2.7 months. But the protection depends on Treasuries holding up. In 2022, when stocks and bonds fell together, SWAN dropped 27.5% from its January peak to its October low. It took about 34 months to recover.