Amplify TLT U.S. Treasury 12% Option Income ETF (TLTP) Second Quarter Commentary 2026

The Amplify TLT U.S. Treasury 12% Option Income ETF (TLTP)¹ seeks investment results that generally correspond to the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index. TLTP provides convenient single ticker access to a weekly covered call strategy offering opportunities for a higher level of income and capital appreciation on the shares not covered by calls.

During the second quarter of 2026, U.S. Treasury yields continued their upward trajectory, as the Federal Reserve’s hawkish pivot and stubborn inflation forced a dramatic repricing in the bond market. With the continued pass-through of trade tariffs and escalating geopolitical tensions in the Middle East pushing Core PCE up to 3.4%, the market abruptly shifted from anticipating rate cuts to pricing in potential rate hikes. This narrative sustained upward pressure across the curve, particularly on the short end, while long-term yields also rose as the “higher for longer” reality set in.

Despite this challenging environment for long-duration bonds, the TLTP ETF demonstrated the defensive strength of its covered call² strategy, posting a return of 1.17% (NAV) for the second quarter (view standardized performance). By consistently collecting option premiums amidst heightened market volatility, the Fund successfully buffered duration-driven price declines, highlighting its resilience.

As geopolitical shocks and shifting Fed policy sustain high levels of market volatility, we believe the Fund remains ideally positioned to capture lucrative option premiums with less restrictive coverage. While long-term rates face near-term upward pressure, the potential for economic cooling in the second half of the year may cap further yield spikes. Under these highly volatile conditions, TLTP continues to effectively pursue its target of 12% annualized income, generating robust cash flow to help offset capital drawdowns while maintaining strategic positioning for any future stabilization in the bond market.

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.

QUARTER-END PERFORMANCE

Data as of 6/30/26. Fund inception date: 10/28/24. Total expense ratio is 0.39%. There is no guarantee that a distribution will be made. 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. Click here for recent month end performance. 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. Prospectus

TOP STRATEGIC HOLDINGS

Data as of 6/30/26. Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell a security.

Visit the TLTP fund page for more information, including fact sheets, index methodology and regulatory documents.