May 2025 witnessed a notable market recovery as the S&P 500 regained its year-to-date losses despite significant headwinds. The month brought a mix of encouraging developments including trade agreement progress alongside persistent concerns about America's fiscal position. Economic indicators painted a complex picture of strength tempered by consumer uncertainty, while Treasury yields experienced volatility driven by federal spending concerns. For investors focused on the long term, May demonstrated markets' capacity to navigate uncertainty and adapt to evolving economic conditions.

Audio Commentary by Tim Seymour

Full Circle: TradFi Loves DeFi

Audio Commentary by Tim Seymour, IDVO Portfolio Manager

BITY & BAGY Yields, Performance & Strategy: ETF Watch

Chicago, June 27, 2025—Amplify ETFs announces June income distributions for its income ETFs.

Distribution rates for BAGY: 30.66% and BITY: 24.40% Chicago, July 2, 2025—Amplify ETFs announces June income distributions for its Bitcoin* option income ETFs, BITY and BAGY.

Market and Economic Update

COMMENTARY The equity market rally that began in mid-April extended into June, albeit at a slower pace, as investors continued to look past near-term uncertainties in favor of a resilient economic backdrop and the potential for easing monetary policy later in the year. The S&P 500 notched modest gains having now delivered positive returns in 7 of the last 8 months, and finished near record highs, supported by solid corporate earnings expectations and better-than-feared consumer sentiment. Notably, markets focused on domestic fundamentals and central bank signals and remained remarkably steady in the face of geopolitical shocks. The CBOE Volatility Index remained low throughout the month, reflecting a constructive risk appetite as investors positioned for continued gains amid a supportive macro environment.

Audio Commentary by Tim Seymour