DIVO Commentary September 2026

Fixed income remained the primary focus for investors in September as the Federal Reserve raised the Fed Funds rate by 0.25% and reaffirmed its commitment to bringing inflation back to target. While the decision was largely expected, Treasury yields moved sharply higher throughout the month, pushing borrowing costs to their highest levels in more than 20 years as markets grappled with the contrast between resilient economic growth, elevated energy prices, and uncertainty surrounding the path of future monetary policy. Encouragingly, inflation data released at month-end provided further evidence that underlying price pressures continue to moderate, leading markets to lower expectations for an additional rate hike in the coming month. Adding to this optimism, moderating inflation data and easing expectations for additional rate hikes reinforced the view that monetary policy may be approaching a more stable phase. Perhaps most notable, however, was the resilience of equity markets amid this backdrop. The Nasdaq-100 Index reached a new all-time high during the month, while the S&P 500 remained within striking distance of record levels. The ability of equities to perform well despite elevated interest rates continues to underscore the strength of corporate fundamentals and investor confidence in the economic outlook.

During the month of September, the Amplify CWP Enhanced Dividend Income ETF (DIVO) returned -3.34% (NAV), while the benchmark, the S&P 500 Index, returned -0.35%. DIVO has returned 8.25% (NAV) year-to-date, compared to 12.75% for the S&P 500 Index. Relative performance was challenged as Information Technology significantly outperformed during the month. Given DIVO's focus on high-quality, dividend-paying companies, the portfolio has historically maintained a lower allocation to the Information Technology sector than the broader market. While this positioning can create headwinds during periods of narrow, technology-led market advances, it remains consistent with the Fund's objective of seeking a high level of risk-adjusted total return. The sectors contributing most to performance during September were Information Technology (+2.65%) and Energy (+0.72%), while Financials (-7.92%) and Industrials (-5.39%) detracted from returns.¹ Apple Inc. (AAPL), Marathon Petroleum (MPC), and Nvidia Corp. (NVDA) were the top contributors, while Goldman Sachs Group Inc. (GS) and RTX Corp. (RTX) were the primary detractors.

During the month of September, a new position was initiated in UnitedHealth Group Inc. (UNH), while the Fund sold out of its positions in Home Depot (HD), McDonald’s (MCD), and International Business Machines (IBM). The Fund was active in writing covered calls against Apple (AAPL), American Express (AXP), Chevron (CVX), TJX Companies (TJX), Walmart (WMT), and Marathon Petroleum (MPC).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.

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 9/30/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security.
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