QDVO Commentary September 2026

Fixed income remained the primary focus for investors in September as the Federal Reserve raised the Fed Funds rate by 0.25% and reaffirmed its commitment to bringing inflation back to target. While the decision was largely expected, Treasury yields moved sharply higher throughout the month, pushing borrowing costs to their highest levels in more than 20 years as markets grappled with the contrast between resilient economic growth, elevated energy prices, and uncertainty surrounding the path of future monetary policy. Encouragingly, inflation data released at month-end provided further evidence that underlying price pressures continue to moderate, leading markets to lower expectations for an additional rate hike in the coming month. Adding to this optimism, moderating inflation data and easing expectations for additional rate hikes reinforced the view that monetary policy may be approaching a more stable phase. Perhaps most notable, however, was the resilience of equity markets amid this backdrop. The Nasdaq-100 Index reached a new all-time high during the month, while the S&P 500 remained within striking distance of record levels. The ability of equities to perform well despite elevated interest rates continues to underscore the strength of corporate fundamentals and investor confidence in the economic outlook.

During the month of September, the Amplify CWP Growth & Income ETF (QDVO) returned 2.14% (at NAV), while the benchmark, the S&P 500 Growth Index, returned 1.89%. Strong security selection in Information Technology – one of the top performing sectors in the Index for the month – contributed to the Fund’s outperformance, even though the Fund maintained a relative underweight to the sector. The Fund’s covered call strategy continued to generate additional income during the month, writing covered calls on 13 distinct portfolio holdings. The sectors that contributed most to returns this month were Information Technology (+6.16%), Communication Services (+5.72%), and Health Care (+0.78%), while Consumer Discretionary (-3.62%) and Financials (-8.51%) detracted from returns.¹ Positions that contributed most significantly were Advanced Micro Devices Inc. (AMD), Meta Platforms Inc. (META), and Apple Inc. (AAPL), while the biggest detractors were Allstate Corp. (ALL) and Amazon.com Inc. (AMZN).

During the month, the Fund initiated positions in Take-Two Interactive Software Inc. (TTWO), SentinelOne Inc. (S), Natera Inc. (NTRA), and Dell Inc. (DELL). The Fund exited its positions in Linde PLC (LIN) and GE Vernova Inc. (GEV) due to underperformance; 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 eleven positions, representing approximately 25.79% 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 9/30/2026. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings.