COMMENTARY
The equity market rally extended through July, marking another month of gains for the S&P 500, which closed at record highs, driven by mega-cap tech names. Investors remained focused on economic data and potential signals of favorable monetary policy. Softer inflation readings during the month reinforced expectations that the Federal Reserve may begin easing rates later this year, while recent commentary from policymakers emphasized a data-dependent approach. Despite ongoing geopolitical tensions—including renewed friction between the U.S. and China—markets remained largely undisturbed, with domestic drivers outweighing global headlines. The CBOE Volatility Index held near multi-year lows, closing below 12 multiple times, reflecting steady risk appetite as investors positioned for a constructive second half of the year.
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OVERALL MORNINGSTAR™ RATING |
During July, DIVO returned 0.80% while the benchmark, the S&P 500 Index, returned 2.24% and the CBOE S&P 500 BuyWrite Index (BXM) returned 0.72%. Year-to-date, DIVO returned 8.64% while the S&P 500 returned 8.53%. While the fund trailed the S&P 500 in July, it continued to deliver strong absolute performance as market leadership broadened beyond just mega-cap technology stocks—a favorable trend for DIVO’s diversified, dividend-oriented strategy. The Fund remains structurally underweight Information Technology relative to the S&P 500, given its focus on dividend-paying companies. While this underweight has been challenging over the past several years, market breadth has improved this year across sectors and industries, helping support overall returns relative to the S&P 500—despite a strong July for mega-cap tech. Notably, Industrials (+5.72%), Communication Services (+2.94%), and Energy (+5.90%) were strong contributors, while Information Technology (-2.41%), and Consumer Staples (-4.44%), detracted from returns.1 Positions that contributed most significantly included Caterpillar Inc. (CAT), RTX Corp. (RTX), and Microsoft Corp. (MSFT). Among the biggest detractors were International Business Machine Corporation (IBM) and American Express Co. (AXP).
During July no new companies were added to the Fund, but existing holdings were added to during several periods of weakness or after being called away. Apple (AAPL) was added to, while Home Depot (HD) was reduced after being called away. During the month new calls were sold on Caterpillar (CAT), Meta Platforms (META), Microsoft Corp. (MSFT), RTX Corp. (RTX), and Visa (V).
At the end of the month 7 calls covered approximately 9.7% of the portfolio.2
The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For most recent month-end performance, visit DIVOETF.com.
| Distribution Frequency: Monthly |
Distribution Rate: 4.85% |
30-Day SEC Yield: 1.76% |
Distribution Rate is the normalized current distribution (annualized) over NAV per share. Distributions have been classified as a return of capital and may be comprised of option premiums, dividends, capital gains, and interest payments. As of the most recent distribution, 78% was estimated to be return of capital. See Form 19(a)-1. There is no guarantee the ETF will pay a distribution. 30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month end. This figure reflects the income earned from dividends – excluding option income – during the period after deducting the Fund’s expenses for the period.
Fund inception date: 12/13/2016. DIVO’s gross expense ratio is 0.56%. The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For most recent month-end performance, visit AmplifyETFs.com/DIVO. Brokerage commissions will reduce returns. NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The closing price is the last price at which the fund traded.
| Sector | % Weight |
| Financials | 26.71% |
| Information Technology | 16.59% |
| Industrials | 16.37% |
| Consumer Discretionary | 12.26% |
| Communication Services | 8.37% |
| Health Care |
5.52% |
| Consumer Staples | 5.42% |
| Energy | 3.56% |
| Materials | 2.79% |
| Utilities |
2.41% |
TOP 10 HOLDINGS
| Ticker | Name | % Weight |
| META | Meta Platforms Inc | 5.60% |
| RTX | RTX Corp |
5.51% |
| MSFT | Microsoft Corp | 5.36% |
| CAT | Caterpillar Inc |
5.13% |
| AAPL | Apple Inc | 4.97% |
| JPM | JPMORGAN CHASE & CO. |
4.90% |
| V | Visa Inc | 4.89% |
| GS | Goldman Sachs | 4.87% |
| CME | CME Group Inc | 4.86% |
| IBM | Int'l Business Machines | 4.70% |
All data as of 7/31/2025. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.
Index Definitions: All indexes are unmanaged and it’s not possible to invest directly in an index. S&P 500 Total Return Index—market-capitalization-weighted index of the 500 largest U.S. publicly traded companies by market value, and assumes distributions are reinvested back into the index. It does not include fees or expenses. CBOE S&P 500 BuyWrite Index (BXM)—tracks the performance of a hypothetical buy-write strategy on the S&P 500 Index. A “buy-write” strategy is generally one in which an investor buys a stock (or basket of stocks), and also writes covered calls that correspond to those holdings. CBOE Volatility Index (VIX) is a measure of implied volatility, based on the prices of a basket of S&P 500 Index options with 30 days to expiration. DIVO differs substantially from the S&P 500 Index and CBOE S&P 500 BuyWrite index, which are used for comparison purposes as widely recognized measures of U.S. stock market performance. While the returns of DIVO have exhibited positive (but varying) correlation to the indexes over time, DIVO may invest in different stocks and in different proportions than in the S&P 500 index and CBOE S&P 500 BuyWrite index.
1All percentages shown indicate total return of the sector for the month. 2A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.