Audio Commentary by Tim Seymour

Introducing the Amplify Top 10TM ETF Suite: Defense, Nuclear, Quantum, Robotics, Semiconductors, Space, and Memory

Audio Commentary by Tim Seymour, IDVO Portfolio Manager

Despite headwinds in the bond market stemming from inflation concerns, equities continued their upward march to new all-time highs.

Getting Hyper About Tokenization

Download PDF Markets extended their spring rally in May, pushing major U.S. indices to fresh all-time highs and reinforcing the market’s resilience despite a challenging geopolitical backdrop. Large-cap growth and technology stocks continued to lead in a concentrated fashion, supported by strong earnings and sustained enthusiasm around the ongoing buildout of the AI ecosystem and related capital investment. Geopolitical uncertainty tied to the conflict in Iran remained a key headwind, contributing to a recent uptick in inflation pressures. However, a sharp decline in oil prices during May, along with a cooler-than-expected monthly personal consumption expenditure (PCE) reading, helped ease inflation concerns later in the month. While the timing of potential rate cuts has become less certain, many market participants increasingly view current interest rate levels as near neutral – supporting confidence that economic growth can continue without significant policy headwinds.

Download PDF Markets extended their spring rally in May, pushing major U.S. indices to fresh all-time highs and reinforcing the market’s resilience despite a challenging geopolitical backdrop. Large cap growth and technology stocks continued to lead in a concentrated fashion, supported by strong earnings and sustained enthusiasm around the ongoing buildout of the AI ecosystem and related capital investment. Geopolitical uncertainty tied to the conflict in Iran remained a key headwind, contributing to a recent uptick in inflation pressures. However, a sharp decline in oil prices during May, along with a cooler-than-expected monthly personal consumption expenditure (PCE) reading, helped ease inflation concerns later in the month. While the timing of potential rate cuts has become less certain, many market participants increasingly view current interest rate levels as near neutral – supporting confidence that economic growth can continue without significant policy headwinds.

Download PDF 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.

Audio Commentary by Tim Seymour

Audio Commentary by Tim Seymour