IDVO Commentary April 2026

 
International equities staged a strong bounce in April off the headwinds of the Iran conflict that dominated March.  Emerging market equity allocations outperformed developed international market equities and have done so year-to-date. The fundamental case for allocating to non-U.S. equities remains in place and is rooted in the relative attractiveness of international equity valuations, dividend yields, and mean reversion for the asset class after years of underperformance. Other drivers include company‑specific earnings and corporate governance catalysts, continued U.S. dollar weakness, and the potential for a second‑half economic inflection point in China that could support China technology stocks as well as global resource and industrial equities. 

In April, Commodity- and FX-sensitive pockets of Latin America (notably Brazil) benefited from a more supportive backdrop as the world rethinks energy infrastructure as we look for post war normalization. Europe stayed more constrained, where energy costs and geopolitical risk remained headwinds despite resilient near-term fundamentals. Across all regions, the most durable theme was essentially the same theme that is currently dominating in the US: the AI buildout. This broadening theme is pushing critical parts of the tech supply chain beyond the U.S., supporting targeted exposure to key enablers such as memory and semiconductors in South Korea and Taiwan alongside select European leaders.  Taiwan Semiconductor (TSM) was the largest position in IDVO as of month end.

During the month of April, Amplify CWP International Enhanced Dividend Income ETF (IDVO) returned 5.74% (NAV), while the benchmark, the MSCI AC WORLD INDEX ex USA Net (USD) Index returned 9.65%. IDVO has returned 13.22% year-to-date (YTD), outperforming the benchmark which returned 8.88% YTD. The Fund's underperformance in April versus the benchmark was primarily driven by the magnitude of the broader equity market rally off the lows, which tends to limit relative returns for covered call strategies. The sectors that contributed most to performance were Information Technology (+18.87%) and Communication Services (+7.58%), while Health Care (-0.05%) was the only sector that detracted from fund returns. Positions that contributed the most were Taiwan Semiconductor (TSM), Siemens AG (SIEGY), and ASE Technology Holding Co (ASX). The biggest detractors were Agnico Eagle Mines LTD (AEM) and Takeda Pharmaceutical Co LTD (TAK).

During the month, a new position in ADECOAGRO SA (AGRO) was initiated. The fund ended the month with 25 calls sold against positions in the fund, reflecting a sharp increase from the previous month-end of only 10 calls written against positions in the fund.

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 IDVOETF.com.

YIELD

PERFORMANCE

Fund inception date: 09/07/2022. IDVO's total expense ratio is 0.65%. 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/IDVO. 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.

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

TOP 10 HOLDINGS

All data as of 4/30/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.