IDVO Commentary May 2026

 
International equities extended their recovery in May, rebounding from April’s pullback and continuing the broader advance off recent lows. Emerging markets led performance, supported by strength in semiconductors and memory-related exposures in Taiwan and Korea, and reached new relative highs versus developed markets. While international equities modestly lagged the U.S. on a relative basis, the fundamental case for non-U.S. allocations remains intact, supported by attractive valuations, dividend income, and improving regional growth dynamics. Additional drivers include ongoing earnings and corporate catalysts across emerging markets and a constructive outlook for China’s second-half economic trajectory. We continue to believe that emerging markets relative to developed peers will continue to outperform, reflecting expected improvements in China’s growth and consumption trends alongside catalysts in large-cap technology companies. In developed markets, European financials remain a key area of opportunity, supported by strong balance sheets, attractive income characteristics, and the potential for AI-driven efficiency gains to support further rerating. Against this backdrop, international equities continue to present a compelling opportunity, as investor allocations remain below historical norms and global markets increasingly offer differentiated sources of income, growth exposure, and diversification.

During the month of May, Amplify CWP International Enhanced Dividend Income ETF (IDVO) returned 0.30% (NAV), while the benchmark, the MSCI ACWI ex USA Index, returned 5.03%. IDVO has returned 13.56% YTD while the MSCI ACWI ex USA Index has returned 14.36% YTD. The Fund underperformed the benchmark this month, reflecting the upward trending, risk-on environment, where benchmark returns were concentrated in a narrower set of growth-oriented names, specifically memory in South Korea not available in the U.S., which can limit returns for diversified strategies as well as covered call strategies. The sectors that contributed most to performance were Information Technology (+9.92%) and Financials (+4.33%), while Utilities (-13.59%) and Energy (-5.69%) were the two biggest detractors to the Fund.¹ Positions that contributed the most were ASE Technology Holding (ASX), Banco Macro SA (BMA), and ASML Holding NV (ASML). The biggest detractors were CIA Saneamento Basico DE (SBS) and Nutrien LTD (NTR).

During the month, new positions were initiated in Telecom Argentina SA (TEO), Itau Unibanco (ITUB) and YPF S.A (YPF). Positions were exited in Korea Electric Power Corp (KEP), Atour Lifestyle Holdings (ATAT), Ryanair Holdings PLC (RYAAY) and CRH PLC (CRH). Despite being active throughout the month writing covered calls on several of the underlying holdings, the Fund ended the month with no covered calls² written against holdings.

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 5/31/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.