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

Audio Commentary by Tim Seymour

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Audio Commentary by Tim Seymour, IDVO Portfolio Manager

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Actionable Market Opportunities and Mid-Year Update

Chicago, July 30, 2025—Amplify ETFs announces July income distributions for its income ETFs.

The Amplify TLT U.S. Treasury 12% Option Income ETF (TLTP) seeks investment results that generally correspond to the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index. TLTP provides access to a weekly covered call strategy that offers opportunities for a higher level of income. The second quarter of 2025 was characterized by persistent volatility in long-term U.S. Treasury yields, driven by ongoing trade policy uncertainty and evolving Federal Reserve guidance. The 30-year Treasury yield fluctuated between a low of approximately 4.39% and a high near 5.09%, representing a range of about 70 to 80 basis points (BPs)1 over the quarter, well above the average range of ~55 BPs seen over the last decade.2

What happened, what’s next, and 4 ETF picks, is your portfolio prepared?