QDVO Commentary March 2026

 
After bouncing from gains to losses to start the year, equities ended March firmly in the red, driven by geopolitical uncertainties that have dominated headlines all month. Volatility (CBOE Volatility Index) spiked from roughly ~20 at the end of February to more than 31, before ultimately closing the month lower, near 25, reflecting the ongoing uncertainties regarding the conflict in Iran and the implications for broader markets. Among those implications was the possibility of an inflation shock in the near term due to rising energy prices, which put into question the future path of interest rates. This created uncertainty in interest‑rate markets, with traders briefly pricing in about a 35% chance of a Fed rate hike by December, before those expectations dropped to near zero by the end of the month. Markets ultimately bounced off the lows in the final days of the month on renewed hope for a swift end to the conflict, along with remarks from the current Fed Chair Jerome Powell that suggested inflation concerns were being dismissed for now.

During March, the Amplify CWP Growth & Income ETF (QDVO) returned -3.57% (NAV), while the benchmark, the S&P 500 Growth Index, returned -5.35%. Year to date, QDVO returned -5.81%, while the S&P 500 Growth Index returned -8.06%, outperforming the index to close the quarter. Despite the S&P 500 Growth Index underperforming the broader S&P 500 (-4.33%), QDVO has damped losses, underscoring the defensive attributes of a covered call strategy during volatile markets. Sectors that contributed to the active return include Industrials (-7.0%) and Financials (-2.86%), while Materials (-10.98%) and Consumer Discretionary (-5.26%) detracted from returns.1 Positions that contributed most significantly were Palantir Technologies (PLTR), Intuit (INTU), and Advanced Micro Devices (AMD). The biggest detractors were Alphabet (GOOGL) and Meta Platforms (META).

During the month the Fund exited positions in Delta Airlines (DAL), Intuitive Surgical (ISRG), Top Build Corp (BLD) and Martin Marietta Materials Inc (MLM). Positions were initiated in Linde PLC (LIN), Exelon Corp (EXC), Steel Dynamics (STLD), and TKO Group Holdings (TKO). QDVO ended the month with a total of 9 covered calls written but was active throughout the volatile month writing over 30 option contracts across a variety of holdings.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.

SECTORS

TOP 10 HOLDINGS

All data as of 3/31/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.