DHSB vs SWAN

DHSBDDay Hagan Smart Buffer ETF

SWANBAmplify BlackSwan Growth & Treasury Core ETF

In short

DHSB A buffer fund without a calendar. Day Hagan owns U.S. equity ETFs and stocks, sells calls against them, and spends the premium on puts, with the manager free to reset the buffer and cap as markets move.

SWAN The buffer fund that isn't one. Rather than a yearly reset and a capped ceiling, SWAN holds roughly 90% U.S. Treasuries and spends the other 10% on in-the-money S&P 500 call options, aiming for uncapped index exposure with a bond core underneath.

Stated mandate

DHSB The Fund seeks long-term capital appreciation and preservation of capital. It is an actively managed ETF that primarily uses U.S.-listed ETFs and equity securities tied to broad U.S. equity indexes, while using options to generate income and hedge losses.

SWAN The fund seeks to track the S-Network BlackSwan Core Index while pursuing uncapped S&P 500 exposure and buffering against significant losses. Its strategy uses approximately 90% U.S. Treasury securities and 10% SPY in-the-money call options.

Why people hold it

• DHSB The buffer and cap aren't locked to a set outcome period: the advisor can reset them at any time, at its discretion, based on market conditions and its risk objectives.sec.gov
• Holds U.S. equity ETFs and stocks outright, writes calls on up to 100% of each position, and uses part of that premium to buy puts or put spreads.sec.gov
• Current buffer and cap levels are posted daily on the fund's website, so the trade-off in place is visible rather than guesswork.sec.gov

• SWAN Cheapest in its peer group at 0.49%, against a 0.79% median for buffer-style rivals such as BAPR (0.79%) and BUFR (0.95%).
• No ceiling on gains. Defined-outcome funds sell away upside above a cap; SWAN's in-the-money SPY calls are built to leave the index climb uncapped.amplifyetfs.com
• No outcome period to track: no annual reset date, no entry-timing math, no cap that expires and resets.amplifyetfs.com
• Running the same recipe since 2018, through live market stress rather than backtests, and it stands among the stronger builds in its peer group.

Worth knowing

• DHSB Costs 0.82% with no fee waiver, above the category median and above peers such as HJUN at 0.30% and SWAN at 0.49%.
• Protection isn't fixed: the buffer's size shifts as holdings and options move, the overlay can be adjusted or suspended, and the prospectus notes no assurance it works as sought.sec.gov
• Launched February 2025, non-diversified, and one of the smaller, less-traded funds in its peer group, so there's limited track record to judge.sec.gov

• SWAN The cushion isn't a stated number. Unlike a named-depth buffer fund (FEBT, DMAX), SWAN's downside comes from Treasuries plus option value, so it moves with markets.amplifyetfs.com
• About 90% of the portfolio is Treasuries, so interest-rate moves drive results as much as the S&P 500 does.amplifyetfs.com
• A small, thinly traded fund, so bid-ask spreads deserve more attention than with the giant buffer names.

Full DHSB profile⁠

Full SWAN profile⁠