IDVO Commentary July 2026

International equities experienced a volatile July, with the MSCI ACWI ex USA declining approximately 1% after recovering from losses of nearly 4.5% earlier in the month. The weakness was driven largely by an unwind in momentum-driven AI infrastructure and semiconductor positions, particularly in Korea and Taiwan. However, a strong month-end rebound, coupled with renewed strength in Germany, Korea, Chinese technology, and select Latin American markets, suggests the selloff may have been overdone and reinforces our view that attractive opportunities remain across international equities, especially if we get a more “normalized” Middle East outcome. It should be noted that international equities, as measured by the MSCI ACWI ex – USA, remain below relative positioning to the SPX from pre-war levels, and eventual lower oil and energy prices would be a tailwind for international equity investment. Commodity markets were similarly volatile, with oil posting strong gains and copper remaining resilient despite broader uncertainty. We remain constructive on copper and global mining companies, supported by long-term demand drivers tied to electrification, infrastructure investment, and emerging technologies, and we view energy as a hedge against war uncertainty.

Looking ahead, central bank policy remains a key consideration as investors assess the path of Federal Reserve interest rates and the Bank of Japan's efforts to address inflation. While policy developments may continue to influence markets, easing uncertainty around rates and inflation is creating a more constructive backdrop for risk assets. Within the portfolio, we remain focused on companies that combine attractive income characteristics with exposure to long-term secular growth themes. Financials remain a key area of emphasis, supported by strong balance sheets, improving capital return policies, and a favorable operating environment, while we continue to find selective opportunities in technology tied to global AI adoption and infrastructure investment. We believe investors do not need to sacrifice exposure to innovative growth themes when investing internationally, as compelling opportunities exist across Europe, Japan, Asia, and emerging markets.

During the month of July, the Amplify CWP International Enhanced Dividend Income ETF (IDVO) returned 2.03% (at NAV), while the benchmark, the MSCI ACWI ex USA Index returned 0.34%. IDVO has returned 15.21% YTD (NAV), while the MSCI ACWI ex USA Index has returned 14.08% YTD. The Fund substantially outperformed the benchmark during the month, highlighting the benefits of active management coupled with a covered call strategy during periods of heightened market volatility. Information Technology and Materials contributed most to relative performance, while Health Care, Industrials, and Utilities were the largest detractors. On an absolute basis, the strongest performing sectors were Consumer Discretionary (24.19%) and Financials (7.44%), while Information Technology (-16.29%) and Health Care (-4.11%) weighed on returns.¹ The top contributors to performance were Alibaba Group Holding (BABA), Vodafone Group PLC (VOD), and Mitsubishi UFJ Financial Group (MUFG) while the largest detractors were Taiwan Semiconductor (TSM) and ASML Holding (ASML).

During the month, new positions were initiated in Sumitomo Electric Industries (SMTOY), Novo Nordisk A/S (NVO), Sea Ltd (SE) and Nokia Oyj (NOK). The Fund was active throughout the month of July, finishing the month with a total of 37 calls written against positions in the Fund.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 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 7/31/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.