QDVO Commentary July 2026

July was a volatile month for equity markets as investors navigated evolving Federal Reserve expectations, continued geopolitical tensions in the Middle East, and growing debate surrounding the elevated valuations of artificial intelligence-related stocks that have driven much of the market’s gains this year. While inflation data showed continued signs of moderation, uncertainty surrounding the path of interest rates remained a key focus for investors. Large-cap technology and artificial intelligence-related stocks came under pressure during portions of the month, contributing to episodic bouts of volatility driven by shifting interest rate expectations, earnings developments, and geopolitical headlines. At the same time, market leadership broadened as investors rotated away from large-cap technology into other areas of the market, particularly financials and energy. Broader participation across sectors and mega-cap equities was reflected in the performance of the S&P 500 Equal Weight Index, which outperformed both the cap-weighted S&P 500 and the Nasdaq-100 during July. The S&P 500 finished the month largely unchanged, recovering in the final days of July after experiencing periods of heightened volatility earlier in the month. Although the Federal Reserve left interest rates unchanged at its July meeting, policymakers maintained a cautious tone that reinforced uncertainty regarding the future path of monetary policy. Looking ahead, investors will remain focused on inflation trends, interest rate expectations, corporate earnings results, and ongoing geopolitical developments, as participation across a broader range of sectors and companies continues to evolve.

During the month of July, the Amplify CWP Growth & Income ETF (QDVO) returned -2.05% (NAV), while the benchmark, the S&P 500 Growth Index, returned -1.74%. The Fund’s performance was generally in-line with the benchmark as strength in several Energy and Financials positions helped offset weakness across portions of the Information Technology and Industrials sectors. The Fund’s covered call strategy continued to generate additional option premium during the month. Sectors that contributed most to returns were Financials (+6.90%), Energy (+6.67%), and Consumer Staples (+0.36%), while Information Technology (-5.16%) and Industrials (-12.85%) detracted from returns.¹ Positions that contributed most significantly were Microsoft Corp (MSFT), Amazon.com Inc (AMZN), and Apple Inc (AAPL) while the biggest detractors were Tesla Inc (TSLA) and Micron Technology Inc (MU).

During the month, the Fund initiated a small position in KLA Corp (KLAC) 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 eight positions, representing approximately 17.5% 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 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: 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 7/31/2026. Fund holdings should not be considered recommendations to buy or sell any security.
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