QDVO Commentary August 2026

August was a tale of two markets: optimism powered stocks higher, while rising geopolitical and inflation concerns rattled fixed income. Equities rallied early in the month as the AI trade reignited, and another round of strong corporate earnings pushed the S&P 500 to new all-time highs. Sentiment shifted mid-month after escalating tensions in Iran drove energy prices higher, fueling a rise in Treasury yields and bond market volatility that prompted intervention from Treasury Secretary Scott Bessent. Despite sticky inflation, a disappointing personal consumption expenditures (PCE) report, and a hawkish Jackson Hole speech from Fed Chair Warsh, markets ultimately held on to their gains. The month’s dominant theme was rising Treasury yields, with the 30-year briefly topping 5.3% and the 10-year approaching 4.8%, levels near multi-decade highs. While higher rates are often viewed as a headwind, the reason behind the increase matters. Unlike recent years, when inflation drove yields higher, this rise is increasingly being led by stronger real yields, reflecting an economy that continues to expand alongside healthy corporate earnings. That backdrop helps explain why both interest rates and stock prices remain elevated. Markets are now pricing in a roughly 65% probability of a rate hike in September, yet equities remained only modestly below their record highs. Ultimately, markets tend to favor clarity, and recent price action may suggest that investors are becoming more comfortable with the prospect of higher rates in a resilient economy.

During the month of August, the Amplify CWP Growth & Income ETF (QDVO) returned 2.84% (at NAV), while the benchmark, the S&P 500 Growth Index, returned 3.30%. The Fund slightly underperformed the benchmark as Information Technology was this month’s best performing sector, and QDVO maintains a lower sector concentration relative to the benchmark. The Fund’s covered call strategy continued to generate additional income during the month, writing covered calls on 11 distinct portfolio holdings during a busy earnings season. The sectors that contributed most to returns this month were Information Technology (+6.51%), Consumer Discretionary (+2.96%), and Health Care (+2.63%), while Industrials (-4.41%) and Materials (-2.35%) detracted from returns.¹ Positions that contributed most significantly were NVIDIA Corp. (NVDA), Tesla Inc. (TSLA), and Micron Technology Inc. (MU), while the biggest detractors were Alphabet Inc. (GOOGL) and Amazon.com Inc. (AMZN).

During the month, the Fund exited its position in Exelon Corp. (EXC), and several existing holdings were actively adjusted, with positions both added to and trimmed throughout the month. QDVO also maintained an active options program, ending the month with covered calls written on nine positions, representing approximately 26.72% notional coverage of the portfolio.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 QDVOETF.com.

YIELD

Distribution Rate is the normalized current distribution (annualized) over NAV per share. Distributions have been classified as a return of capital and may be comprised of option premiums, dividends, capital gains, and interest payments. As of the most recent distribution, 96% was estimated to be return of capital. See 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: 8/21/2024. QDVO's total expense ratio is 0.56%.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/QDVO. 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.

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.