ETF Research Center

The Amplify YieldShares CWP Dividend & Option Income ETF is an actively-managed ETF that aims to provide income by selecting stocks from the S&P 500 Index overlaid with a tactical call writing strategy.

FUND BASICS
Category	US Equities
Fund Sponsor	Amplify
Website	www.amplifyetfs.com
Inception date	Dec 13, 2016
Assets (mns)	$7,172
Currency	USD
Expense ratio	55 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	28
Wgt avg mkt cap (mns)	$634,213
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	49.8 %
CATERPILLAR INC	6.2 %
APPLE INC	5.6 %
MICROSOFT CORP	5.4 %
GOLDMAN SACHS GROUP INC	5.0 %
JPMORGAN CHASE & CO	4.8 %
AMERICAN EXPRESS CO	4.8 %
RTX CORP	4.8 %
TJX COMPANIES INC	4.8 %
CME GROUP INC	4.5 %
CHEVRON CORP	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.0 %
	CANADA	2.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.0%	17.4%	10.4%	--	12.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	53%
MSCI EAFE	0.42	47%
MSCI Emg. Mkts.	0.24	26%

Technical Indicators
Recent close	$46.18
30d moving avg.	$45.70
Annualized volatility	9.8%
Short interest (ETF)	0.1%
Short interest (Underlying)	0.9%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	918
Turnover	0.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$26,326

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 28 potential alternatives to the Amplify CWP Enhanced Dividend Income ETF ETF based on the alternatives' overlap in portfolio holdings with DIVO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DIVO

Expense:

55 bp

ALTAR Score™:

4.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DIVO
Ticker	Fund Name	Overlap¹ vs DIVO (%)	Expense ratio (bp)	Savings vs DIVO (bp)	ALTAR Score™ (%)	ALTAR vs DIVO (%)
DYLG	Global X Dow 30 Covered Call & Growth ETF	52.5	60	-5	4.3	+0.0
CCOR	Core Alternative ETF	28.7	107	-52	5.1	+0.8
ACIO	Aptus Collared Investment Opportunity ETF	22.8	79	-24	3.4	-1.0
PBP	Invesco S&P 500 BuyWrite ETF	21.2	49	6	4.1	-0.2
XCLR	Global X S&P 500 Collar 95-110 ETF	20.7	25	30	4.2	-0.1
SFLR	Innovator Equity Managed Floor ETF	20.6	89	-34	3.3	-1.0
XRMI	Global X S&P 500 Risk Managed Income ETF	20.2	60	-5	4.1	-0.2
XYLD	Global X S&P 500 Covered Call ETF	20.2	60	-5	4.0	-0.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	20.0	60	-5	3.8	-0.6
XTR	Global X S&P 500 Tail Risk ETF	19.9	26	29	4.0	-0.3
FTHI	First Trust BuyWrite Income ETF	16.0	75	-20	4.5	+0.2
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	15.4	25	30	3.4	-0.9
EFIV	State Street SPDR S&P 500 ESG ETF	15.4	10	45	4.3	-0.0
QYLD	Global X NASDAQ 100 Covered Call ETF	14.8	60	-5	3.1	-1.3
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	14.8	60	-5	3.2	-1.1
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	14.8	82	-27	5.7	+1.4
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	14.6	60	-5	2.8	-1.5
QUSA	VistaShares Target 15 USA Quality Income ETF	14.5	95	-40	0.0	-4.3
QTR	Global X NASDAQ 100 Tail Risk ETF	14.4	26	29	3.0	-1.3
GARP	iShares MSCI USA Quality GARP ETF	13.8	15	40	3.1	-1.2
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	13.8	35	20	3.4	-0.9
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	12.6	68	-13	3.2	-1.2
TYLG	Global X Information Technology Covered Call & Growth ETF	10.7	60	-5	2.9	-1.4
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	10.3	75	-20	5.1	+0.8
FTQI	First Trust Nasdaq BuyWrite Income ETF	10.2	75	-20	3.0	-1.3
THNQ	ROBO Global Artificial Intelligence ETF	3.0	68	-13	1.1	-3.2
IDVO	Amplify International Enhanced Dividend Income ETF	2.1	65	-10	5.8	+1.4
HAWX	iShares Currency Hedged MSCI ACWI ex U.S. ETF	0.2	35	20	6.0	+1.7

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Amplify CWP Enhanced Dividend Income ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.0	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.57

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.