September defied seasonal expectations, delivering broad equity gains despite historical headwinds. The S&P 500 marked its strongest September performance in over a decade. While leadership remained concentrated in mega-cap tech, participation widened modestly across sectors. The Federal Reserve initiated its first rate cut of 2025 a 0.25% reduction to a target range of 4.00%–4.25% - citing softening labor data and elevated downside risks to employment. Markets responded positively, though policymakers signaled a cautious path forward, with two additional cuts penciled in but contingent on incoming data. Historically, September ranks as the weakest month for equity returns, but 2025 bucked the trend. Looking ahead, October is typically the most volatile month for U.S. equities, and with fiscal and monetary policy in flux, investors may face a more reactive tape. As of September 30th, a government shutdown appeared imminent, adding another layer of uncertainty to an already seasonally turbulent period.
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OVERALL MORNINGSTAR™ RATING |
During September, DIVO returned 2.60% (NAV) while the benchmark, the S&P 500 index returned 3.65%, and the CBOE S&P 500 BuyWrite Index (BXM) returned 1.80%. Year-to-date, DIVO returned 14.22% while the S&P 500 has returned 14.83%. The Fund trailed the S&P 500 in September but continues to deliver strong performance relative to the S&P 500 year-to-date. The fund continues to be structurally underweighted in Information Technology relative to the S&P 500, given its focus on dividend paying companies. While the 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. Notably, Information Technology (+8.21%) and Industrials (+5.69%) were strong contributors to the Fund, while Consumer Staples (-2.55%) and Energy (-3.31%) detracted from returns.1 Positions that contributed most significantly were Caterpillar (CAT), International Business Machine Corporation (IBM), and Apple (AAPL). Among the biggest detractors were Honeywell International (HON) and Visa (V).
During September no new companies were added to the Fund, but existing holdings changed. Honeywell International (HON) was trimmed, while International Business Machine Corporation (IBM) was called away but soon added back too alongside Home Depot (HD). Calls were sold Coca-Cola (KO), Goldman Sachs (GS), Apple (AAPL), International Business Machine Corporation (IBM), American Express Co. (AXP), JPMorgan (JPM), Caterpillar (CAT), RTX Corp. (RTX), and Agnico Eagle Mines ltd (AEM).
The Fund ended the month with calls sold against 8 positions, covering approximately 10.3% 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: 4.78% |
30-Day SEC Yield: 1.70% |
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, 69% 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 | 28.79% |
| Information Technology | 16.88% |
| Industrials | 16.54% |
| Consumer Discretionary | 15.44% |
| Communication Services | 6.77% |
| Energy |
3.67% |
| Materials | 3.65% |
| Consumer Staples | 3.30% |
| Utilities | 2.77% |
| Health Care | 2.18% |
TOP 10 HOLDINGS
| Ticker | Name | % Weight |
| CAT | Caterpillar Inc | 5.49% |
| AAPL | Apple Inc |
5.43% |
| AXP |
American Express Co | 5.21% |
| RTX | RTX Corp | 5.04% |
| HD | Home Depot Inc | 5.02% |
| V | Visa Inc |
5.01% |
| CME | CME Group Inc | 5.00% |
| MSFT | Microsoft Corp |
4.97% |
| JPM | JPMorgan Chase & Co. | 4.92% |
| GS | Goldman Sachs Group Inc |
4.79% |
All data as of 9/30/2025. 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.