DIVO Commentary May 2026

Markets extended their spring rally in May, pushing major U.S. indices to fresh all-time highs and reinforcing the market’s resilience despite a challenging geopolitical backdrop. Large-cap growth and technology stocks continued to lead in a concentrated fashion, supported by strong earnings and sustained enthusiasm around the ongoing buildout of the AI ecosystem and related capital investment. Geopolitical uncertainty tied to the conflict in Iran remained a key headwind, contributing to a recent uptick in inflation pressures. However, a sharp decline in oil prices during May, along with a cooler-than-expected monthly personal consumption expenditure (PCE) reading, helped ease inflation concerns later in the month. While the timing of potential rate cuts has become less certain, many market participants increasingly view current interest rate levels as near neutral – supporting confidence that economic growth can continue without significant policy headwinds.

During the month of May,  the Amplify CWP Enhanced Dividend Income ETF (DIVO) returned 1.35% (NAV), while the benchmark, the S&P 500 Index returned 5.26%. DIVO has gained 5.97% YTD (NAV) while the S&P 500 Index returned 11.27% YTD with a majority of the benchmark’s performance coming in just the last two months. The Fund continues to seek a high level of risk-adjusted total return, which in a substantial risk-on environment, can limit upside participation for covered call strategies. The underperformance can also be attributed to being structurally underweight in the Information Technology sector relative to the S&P 500 given the Fund’s focus on dividend paying companies. Information Technology was once again the leading sector in the S&P 500 this month. The sectors that contributed most to the Fund’s performance were Information Technology (+16.34%) and Health Care (+2.69%), while the Consumer Discretionary (-2.77%) and Consumer Staples (-4.77%) sectors were key detractors to fund.¹  Positions that contributed the most were International Business Machines (IBM), Apple (AAPL) and Microsoft (MSFT). The biggest detractors were Walmart (WMT) and CME Group (CME).

No new positions were initiated or exited throughout the month. DIVO finished the month with seven call options written against positions in the Fund, covering approximately 7% of the portfolio. May was a big month for quarterly earnings across the underlying holdings. During earnings periods, the Fund may be more selective in writing calls, as event-driven volatility can raise the opportunity cost of capping upside. Throughout the month the Fund wrote a total of nine covered calls² against underlying positions.

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.

YIELD

Distribution Rate is the normalized current distribution (annualized) over NAV per share. Distributions may include income, capital gains, or return of capital and may change during the year. Details are provided in the Fund’s 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.

PERFORMANCE

Fund inception date: 12/13/2016. DIVO’s total 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.

All data as of 5/31/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.