QDVO Commentary June 2026

June was a volatile month for equity markets as investors navigated evolving Federal Reserve expectations, heightened geopolitical tensions in the Middle East, and continued uncertainty surrounding the path of interest rates. Large-cap technology and artificial intelligence-related stocks remained a key market driver, though leadership broadened throughout the month as investors increasingly rotated into cyclical sectors and small-cap equities. The S&P 500 reached a new all-time high early in June but remained volatile and largely range-bound as the month progressed, ultimately finishing lower. Market uncertainty was reflected in several spikes in the CBOE Volatility Index (VIX) above 20 during the month. Despite the choppier backdrop, improving market breadth suggested participation was expanding beyond the narrow group of technology companies that had driven much of the market's gains earlier in the year. Looking ahead to the second half of the year, investors will remain focused on inflation trends, interest rate expectations, second-quarter earnings results, and ongoing geopolitical developments, while monitoring whether improving market breadth can be sustained beyond the largest technology companies.

During the month of June, the Amplify CWP Growth & Income ETF (QDVO) returned -1.85% (NAV), while the benchmark, the S&P 500 Growth Index, returned -1.79%. The Fund's performance was generally in-line with the benchmark as strength in several Health Care and Financials positions helped offset weakness across portions of the Information Technology and Communication Services sectors. The Fund's covered call strategy continued to generate additional option premium during the month. Sectors that contributed most to returns were Health Care (+9.1%), Financials (+9.1%), and Consumer Staples (+1.2%), while Information Technology (-2.6%) and Communication Services (-7.8%) detracted.¹ Positions that contributed most significantly were Lam Research (LRCX), Applied Materials (AMAT), and Micron Technology (MU) while the biggest detractors were Microsoft (MSFT) and Amazon (AMZN).

During the month, the Fund initiated a small position in SpaceX (SPCX) and exited positions in Schlumberger Limited (SLB) and Netflix (NFLX). 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 18.2% 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 6/30/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.