Amplify's Amplify BlackSwan Growth & Treasury Core ETF (SWAN), based on S-Network's SWANXT index, seeks significant exposure to the S&P 500 by investing 90% in a treasury ladder with a targeted duration equal to the 10-year T-bond while investing 10% in 70 delta long-term call options (LEAPs) on the S&P 500. This creates approximately 130-140% of absolute exposure. This is a direct result from the 10% in options which experience outsized returns during strong market performance and outsized losses during market declines. See A SWAN Takes Flight for more details. It is not a balanced