Amplify Cash Flow Dividend Leaders ETF (COWS) Performance & Rebalance Commentary 2Q 2026

Index Definitions: COWSETF Index is comprised of 40 to 100 mid-to large-cap publicly traded equity securities of U.S. companies exhibiting characteristics of high FCF and consistent dividend growth. S&P 500 Total Return Index is a market-cap-weighted index of the 500 largest U.S. publicly traded companies. Syntax US 1000 Index – the starting universe of the COWSETF index methodology – is a broad-based U.S. equity index that tracks the top 1000 companies within the Syntax US 3000 Index, excluding companies in the financials sector as determined by Syntax LLC.

¹ The Fund’s investment adviser has agreed to waive the management fees so the Fund’s net expense ratio will not exceed 0.19% of AUM, for assets up to $100 million until at least January 28, 2027.

² Free cash flow (FCF) is a company’s remaining cash after covering all expenses. Trailing FCF measures a company’s remaining cash over a past period of time. Forward FCF estimates a company’s future cash flows and ability to be profitable. Price-to-earnings (P/E) ratio measures a company’s share price relative to its earnings per share. Price-to-book (P/B) ratio compares a company’s stock price to its book value per share. Price/earnings-to-growth (PEG) ratio compares a stock’s P/E ratio to its expected earnings growth rate.

Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. The fund is new with limited operating history. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. There can be no assurance that the Fund’s investment objectives will be achieved. Although the Shares are listed for trading on the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained.

The value of the Shares will fluctuate with changes in the value of the equity securities in which it invests. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. Diversification does not assure a profit or protect against a loss in a declining market. The Fund is susceptible to operational risks through breaches in cyber security. Small and/or mid-capitalization companies may be more vulnerable to adverse general market or economic developments.

There is no guarantee that a company will pay or continually increase its dividends. The Fund intends to estimate annual income and pay in monthly installments. In doing so, some portion of the distribution could be considered a return of capital for tax purposes.

The Fund employs a “passive management” or indexing investment approach that seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index. Differences in timing of trades and valuation as well as fees and expenses, may cause the fund to not exactly replicate the index known as tracking error.

Amplify Investments LLC serves as the investment adviser to the Fund. Kelly Strategic Management, LLC and Penserra Capital Management LLC each serve as investment sub-advisers to the Fund. Amplify ETFs are distributed by Foreside Fund Services, LLC.

The views expressed are those of the author, are as of the date indicated and may change based on market and other conditions.