IDVO Commentary August 2026

International equities continued a resurgence in August that began in the last week of July and left many of the major indices at all-time highs by month’s end. Earnings underpinned performance, with European and Asian earnings particularly buoyant. The war in the Middle East continued to put stress on oil markets and thus upward pressure on inflation. Heading into September, international equity markets are confronting the crossroads of central bank policy (particularly the Bank of Japan (BOJ) and European Central Bank (ECB)) and higher bond yields globally. We continue to believe that international equity markets remain well positioned to participate in the AI/data-center buildout story, while also offering core exposure to improving secular trends in the Financials, Energy, and Industrials sectors.

Second quarter earnings in Europe were completed in August and, overall, the trend is stronger than we have seen in recent years. Consensus FY’26 EPS growth is now expected to be 18%. Japanese equities have also shown extraordinary earnings growth and are supported by macro factors that include increased deficit spending, and a weak yen that is supporting exporters. Looking forward to September, key central bank meetings in Europe, Japan, and the U.S. will shape a major part of the macro environment, along with the developments in the Middle East. We do not see the Iran war benefiting international equities due to the higher cost of energy that many net importers are experiencing.

During the month of August, the Amplify CWP International Enhanced Dividend Income ETF (IDVO) returned 0.41% (NAV), while the benchmark, the MSCI ACWI ex USA Index, returned 2.57%. IDVO has returned 15.69% YTD (NAV), while the MSCI ACWI ex USA Index has returned 17.01% YTD. At the country level, exposure to the U.K. (Europe), South Korea, and Brazil, outperformed, while China and selective global multinationals underperformed. On a sector level, Materials (+13.23%) and Energy (+1.73%) contributed most to relative performance, while Information Technology (+4.56%) was also resurgent. Consumer Staples (6.13%) were weak, and Financials (0.53%) underperformed amid higher interest rates and concerns about inflation and debt issuance. The top individual contributors to performance were Agnico Eagle Mines Ltd. (AEM), Wheaton Precious Metals Corp. (WPM), and Southern Copper Corp. (SCCO), while the largest detractors were America Movil SAB de CV (AMX) and Baidu Inc (BIDU).¹

Despite being active in writing calls during the month, IDVO ended the month with no calls written against portfolio positions.² The Fund continues to generate attractive income from dividends and options premiums (6.1% yield as of 8/31/26) relative to the MSCI ACWI ex USA Index.

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

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: 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 8/31/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.