Amplify CWP Growth & Income ETF

Amplify CWP Growth & Income ETF (QDVO) is an actively managed fund that holds about 38 U.S. growth stocks, led by NVIDIA, Apple and Alphabet. It also sells call options on some of them for extra income. Unlike plain growth index funds, it had a trailing 12-month yield of 10.63%, paid monthly, as of October 27, 2026. The trade-offs are a 0.56% expense ratio, against a 0.24% average for similar funds, and capped upside on stocks with options sold.

• Over the year to Oct 27, 2026, QDVO returned +9.9%, 3rd of 9 among similar funds.
• Its worst full calendar year was 2025 (+20.2%); its best was 2025 (+20.2%).
• The deepest fall in its price history was 17.7% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 4, 2025.

As of Jun 30, 2026, the fund held 38 securities; the ten largest made up 60.18% of assets, and 2.55% sat in cash and money-market holdings.

By sector

• Over the three months to Jun 30, 2026, investors added a net $82.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +11.00%, +5.85%, -1.85%.

QDVO does not track an index. Amplify Investments is the adviser. Sub-adviser Capital Wealth Planning (CWP) picks the stocks, and sub-adviser Penserra Capital Management trades and rebalances the fund to match CWP's model portfolios. CWP picks large companies from the Russell 1000 Growth Index, a benchmark of larger U.S. growth companies. It looks for companies it expects to grow earnings and cash flow steadily, and it overweights sectors and stocks that are beating the market. Under normal conditions, any one sector stays under 50% of the fund and no stock can top 15%. Portfolio turnover was 175%, so holdings change often.

The income comes mainly from covered calls. A call option gives the buyer the right to buy a stock from the fund at a set “strike” price. The fund keeps an upfront payment, called a premium, but gives up any gains above the strike. CWP sells calls that expire in a month or less, and only when it sees an opening, such as a stock rallying or option prices rising. The goal is about 4–6% a year from premiums plus 0–2% from dividends. The fund may also sell uncovered calls on market indexes and ETFs as a hedge. Those can lose money if markets jump.

The fund is “non-diversified,” which means it can put more money into fewer companies. Its top 10 holdings made up about 60% of assets as of June 30, 2026.

• QDVO charges 0.56% a year, versus an average of 0.24% for the similar funds below (7th of 9, cheapest first).
• Of that, 0.55% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $57 in the first year and $— over 10 years (assuming a 5% annual return).

QDVO is built to pay monthly cash from option premiums and dividends while keeping exposure to large U.S. growth stocks.

QDVO could add monthly cash flow while keeping a portfolio invested in growth stocks. Its trailing 12-month yield was 10.63% as of October 27, 2026. That is above the prospectus target of 4–6% from premiums plus 0–2% from dividends, so payouts may not stay that high. Option income is usually taxed as ordinary income. Costs are 0.56% a year, or $57 in the first year on $10,000 under the SEC's standard example.

The track record is short. The fund launched in August 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 20.25%. Its deepest drop was 17.7%, from January 23 to April 8, 2025, and it was back to its old high by June 4, 2025. Anyone who sold near the low would have locked in losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.