Amplify High Income ETF

Amplify High Income ETF (YYY) is a fund of funds. It tracks the Nasdaq CEF High Income Index by owning up to 60 U.S.-listed closed-end funds, chosen for high yield, trading volume and price relative to asset value. Its trailing 12-month yield was 13.93% as of October 27, 2026, and it pays monthly. The trade-off is cost: total expenses are 3.23% a year, which includes the underlying funds' own fees.

• Over the year to Oct 27, 2026, YYY returned -1.2%, 8th of 8 among similar funds.
• Its 5-year annualized return was +1.9%.
• Its worst full calendar year was 2022 (-21.8%); its best was 2025 (+13.1%).
• The deepest fall in its price history was 28% (Jul 2, 2021 to Oct 20, 2022), recovered by Sep 24, 2024.

As of Jun 30, 2026, the fund held 60 securities; the ten largest made up 32.68% of assets. It also reported 3.91% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $29.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.06%, +0.92%, +0.99%.

YYY tracks the Nasdaq CEF High Income Index and generally owns every fund in it. Those holdings are closed-end funds. A closed-end fund has a fixed number of shares that trade on an exchange, so its price can sit above (a premium) or below (a discount) the value of what it owns, called net asset value or NAV. The index starts with every closed-end fund listed on Nasdaq, the NYSE, NYSE American or Cboe. Top-tier candidates need at least $500 million in net assets, $1 million in average daily trading, a yield at least 1.2 times the median, and expenses of 6% or less. They must also pass a premium-or-discount screen. Candidates are ranked on yield, premium or discount, and trading volume, and the top 60 are selected. A looser second tier fills any gaps.

The 30 highest-yielding funds start at 3% each, and the rest split the remainder equally. Caps hold any one fund to 3.5% and funds outside the top 30 to 2%. Further limits are based on each fund's trading volume and size. The index rebalances in January and July.

YYY itself held no derivatives as of June 30, 2026. Its underlying funds can own junk bonds, municipal bonds, preferred stock, REITs and commodities. Some write covered calls: they sell others the right to buy their holdings at a set price in exchange for a fee. That adds income but limits gains in strong rallies.

• YYY charges 3.23% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $326 in the first year and $3,531 over 10 years (assuming a 5% annual return).

YYY is built to produce high monthly income from a basket of closed-end funds, but it charges a high fee and has seen deep losses along the way.

YYY's main draw is income. Its trailing 12-month yield was 13.93% as of October 27, 2026, paid monthly. It is expensive, though: 3.23% a year, or $326 in the first year on $10,000 under the SEC's standard example. The fund launched in 2013, so it has no record from 2008. It lost 26.62% in the first quarter of 2020 but ended that year down only 1.2%. In 2022 it fell about 26% from January to September and took roughly two years to recover. That made 2022 its worst calendar year, at about -21.7%. Anyone who had to sell shares during that stretch would have sold at much lower prices, even though monthly payouts kept coming. Payouts from the underlying funds can also change. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.