2025-07-31192397_AmplifyAIPoweredEquityETF_TF_TSRAnnual
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Amplify AI Powered Equity ETF
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AIEQ (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify AI Powered Equity ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify AI Powered Equity ETF
$82
0.75%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund returned 19.68%. The Fund seeks to track the AI Powered Equity Index, which returned 21.04%. The S&P 500 Index returned 17.60% over the same period.
• During the period the Fund produced positive returns that exceeded the S&P 500 Index as the selection methodology favored sectors and companies within the S&P 500 that also performed well.
• Information Technology and Communication Services were the top contributing sectors to performance while Health Care and Consumer Discretionary were detractors to performance for the Period.
• During the Period, Industrials was held with the largest overweight relative to its benchmark while Financials were held with the largest underweight.
• During the Period, NVIDIA Corp and Strategy Inc were the top contributors to performance while Tesla Inc and Starbucks Corp were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify AI Powered Equity ETF  PAGE 1  TSR-AR-032108565
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(10/17/2017)
Amplify AI Powered Equity ETF NAV
19.68
8.71
9.60
S&P 500 TR
17.60
16.47
14.73
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$116,760,841
Number of Holdings
161
Net Advisory Fee
$826,598
Portfolio Turnover
804%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
NVIDIA Corp.
7.9%
Microsoft Corp.
6.5%
Apple, Inc.
3.5%
Amazon.com, Inc.
3.4%
Meta Platforms, Inc. - Class A
3.3%
Avery Dennison Corp.
3.0%
Costco Wholesale Corp.
2.6%
Alphabet, Inc. - Class A
2.5%
Broadcom, Inc.
2.5%
PPG Industries, Inc.
2.3%
Sector Breakdown**
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* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
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Amplify Alternative Harvest ETF
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MJ (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Alternative Harvest ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Alternative Harvest ETF
$39
0.40%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of -5.70%. The Fund seeks to track the returns of the Prime Alternative Harvest Index, which returned -6.38%. The S&P 500 Index returned 17.60%.
• The Fund is focused on providing exposure to companies in the cannabis industry. Regulatory uncertainty around the Federal legalization of cannabis has dampened investor interest and hurt performance of cannabis related companies.
• Health Care was the top contributing sector to performance over the Period while Real Estate was the biggest detractor to performance.
• During the Period, Health Care was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period, Tilray Brands Inc and Village Farms International were the top contributors to performance while Canopy Growth Corp and Innovative Industrials Proper were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Alternative Harvest ETF  PAGE 1  TSR-AR-032108474
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(12/03/2015)
Amplify Alternative Harvest ETF NAV
-5.70
-18.60
-15.06
S&P 500 TR
17.60
16.47
14.78
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$200,809,544
Number of Holdings
12
Net Advisory Fee
$591,933
Portfolio Turnover
75%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Amplify Seymour Cannabis ETF
46.3%
First American Government Obligations Fund - Class X
31.0%
Tilray Brands, Inc.
22.4%
SNDL, Inc.
7.8%
Cronos Group, Inc.
6.6%
Aurora Cannabis, Inc.
4.0%
Village Farms International, Inc.
3.7%
Canopy Growth Corp.
3.5%
High Tide, Inc.
3.0%
Organigram Global, Inc.
2.2%
* Percentages are stated as a percent of net assets.
Changes to Fund’s Investment Adviser or Sub Adviser:
Effective January 28, 2025, Seymour Asset Management LLC was appointed as an additional sub-advisor to the fund.
Other Material Fund Changes:
Effective January 28, 2025, the fund index, Prime Alternative Harvest Index, will provide U.S. cannabis company exposure via an allocation to Amplify Seymour Cannabis ETF (“CNBS”).
Effective February 21, 2025, the fund underwent a 1:12 reverse split.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
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Amplify Bitcoin 2% Monthly Option Income ETF
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BITY (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Bitcoin 2% Monthly Option Income ETF for the period of April 28, 2025, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Amplify Bitcoin 2% Monthly Option Income ETF
$31
0.65%
* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the since inception Period, the Fund had a NAV total return of 23.27%, the S&P 500 Index had a total return of 21.67%, and the Bloomberg Bitcoin Index returned 20.58%. The Fund paid monthly distributions for the Period. The Fund is actively managed and does not track an index.

• The Fund’s long exposure to Bitcoin was the primary performance driver. Over the period, the Bloomberg Bitcoin Index returned approximately 20.58%.
• Weekly covered calls are a primary component of the strategy and a secondary contributor to performance relative to the price of Bitcoin. The strategy involves selling out-of-the-money (OTM) call options on Bitcoin ETFs but only enough to sufficiently generate 2% in monthly option premiums. The call options are generally 5-10% OTM, which can limit upside participation on the covered portion of the Fund when Bitcoin prices exceed strike levels, but can enhance returns when the Bitcoin price change is at or below the strike level.
• The Fund’s weekly option writing allows for more frequent premium capture and contributed positively to the NAV return of 23.27% as of September 30, 2025.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Bitcoin 2% Monthly Option Income ETF  PAGE 1  TSR-AR-032108458
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(04/28/2025)
Amplify Bitcoin 2% Monthly Option Income ETF NAV
23.27
S&P 500 TR
21.67
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$20,614,035
Number of Holdings
11
Net Advisory Fee
$24,662
Portfolio Turnover
3%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Invesco Government & Agency Portfolio - Class Institutional
58.2%
iShares Bitcoin Trust ETF
22.2%
Cboe Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $2,605.00
10.0%
United States Treasury Bill
5.8%
United States Treasury Bill
3.8%
United States Treasury Bill
2.9%
United States Treasury Bill
2.4%
United States Treasury Bill
1.0%
Cboe Bitcoin U.S. ETF Index, Expiration: 10/03/2025; Exercise Price: $2,813.83
0.0%
Cboe Bitcoin U.S. ETF Index, Expiration: 10/03/2025; Exercise Price: $2,700.20
-0.9%
* Percentages are stated as a percent of net assets.
Fund Name Change:
Effective May 16, 2025, the fund changed its name from Amplify Bitcoin 24% Premium Income ETF to Amplify Bitcoin 2% Monthly Option Income ETF.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
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Amplify Bitcoin Max Income Covered Call ETF
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BAGY (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Bitcoin Max Income Covered Call ETF for the period of April 28, 2025, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Amplify Bitcoin Max Income Covered Call ETF
$33
0.69%
* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the since inception Period, the Fund had a NAV total return of 23.56%, the S&P 500 Index had a total return of 21.67%, and the Bloomberg Bitcoin Index returned 20.58%. The Fund paid monthly distributions for the Period. The Fund is actively managed and does not track an index.
• The Fund’s long exposure to Bitcoin was the primary performance driver. Over the period, the Bloomberg Bitcoin Index returned approximately 20.58%.
• Weekly covered calls are a primary component of the strategy and a secondary contributor to performance relative to the price of Bitcoin. The strategy involves selling out-of-the-money (OTM) call options on Bitcoin ETFs, generally 5-10% OTM, which can limit upside participation when Bitcoin prices exceed strike levels, but can enhance returns when the Bitcoin price change is at or below the strike level.
• The Fund’s weekly option writing allows for more frequent premium capture and contributed positively to the NAV return of 23.56% as of September 30, 2025.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Bitcoin Max Income Covered Call ETF  PAGE 1  TSR-AR-032108466
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(04/28/2025)
Amplify Bitcoin Max Income Covered Call ETF NAV
23.56
S&P 500 TR
21.67
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$16,274,569
Number of Holdings
14
Net Advisory Fee
$20,071
Portfolio Turnover
251%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Invesco Government & Agency Portfolio - Class Institutional
75.1%
Cboe Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $2,605.00
12.9%
United States Treasury Bill
6.9%
United States Treasury Bill
3.5%
United States Treasury Bill
2.5%
United States Treasury Bill
2.4%
United States Treasury Bill
2.4%
United States Treasury Bill
0.2%
Cboe Mini Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $260.50
0.0%
Cboe Mini Bitcoin U.S. ETF Index, Expiration: 10/03/2025; Exercise Price: $281.38
0.0%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
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Amplify BlackSwan Growth & Treasury Core ETF
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SWAN (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify BlackSwan Growth & Treasury Core ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify BlackSwan Growth & Treasury Core ETF
$51
0.49%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund returned 9.04%. The Fund seeks to track the S-Network BlackSwan Core Index. which returned 10.26%. The S&P 500 Index returned 17.60%.
• The Fund is primarily allocated to US Treasury holdings and achieves its equity exposure through long-dated call options (LEAPs) during the Period. In a rising equity market the LEAPS in the Fund tend to appreciate, but can underperform the equity benchmark because of the smaller allocation relative to US Treasuries. This was the case over the Period. In a falling equity market, the equity exposure through long-dated call options can limit the losses relative to the equity benchmark.
• The long-dated call options contributed 6.28% to returns for the period while the Treasuries contributed 2.76%. The performance numbers reflect their contribution to Fund returns during the period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify BlackSwan Growth & Treasury Core ETF  PAGE 1  TSR-AR-032108888
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(11/05/2018)
Amplify BlackSwan Growth & Treasury Core ETF NAV
9.04
3.66
6.88
S&P 500 TR
17.60
16.47
15.69
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$266,610,217
Number of Holdings
14
Net Advisory Fee
$1,272,193
Portfolio Turnover
43%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
United States Treasury Note/Bond
8.6%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
* Percentages are stated as a percent of net assets.
Other Material Fund Changes:
Effective October 3, 2024, the fund’s index, the S-Network BlackSwan Tech & Treasury Index, updated it’s methodology to include the use of FLexible EXchange® option contracts (“FLEX Options”).
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
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Amplify BlackSwan ISWN ETF
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ISWN (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify BlackSwan ISWN ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify BlackSwan ISWN ETF
$51
0.49%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund returned 6.25%. The Fund seeks to track the S-Network International BlackSwan Index. which returned 7.32%. The MSCI EAFE Index returned 14.99%.
• The Fund is primarily allocated to US Treasury holdings and achieves its equity exposure through long-dated call options (LEAPs) during the Period. In a rising equity market the LEAPS in the Fund tend to appreciate, but can underperform the equity benchmark because of the smaller allocation relative to US Treasuries. This was the case over the Period. In a falling equity market, the equity exposure through long-dated call options can limit the losses relative to the equity benchmark.
• The long-dated call options contributed 3.50% to returns for the period while the Treasuries contributed 2.75%. The performance numbers reflect their contribution to Fund returns during the period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify BlackSwan ISWN ETF  PAGE 1  TSR-AR-032108821
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(01/25/2021)
Amplify BlackSwan ISWN ETF NAV
6.25
-1.22
MSCI EAFE Net (USD)
14.99
8.03
S&P Developed Ex-U.S. BMI (USD) TR
17.78
7.92
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$33,305,329
Number of Holdings
13
Net Advisory Fee
$158,334
Portfolio Turnover
38%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
iShares MSCI EAFE ETF, Expiration: 12/19/2025; Exercise Price: $75.01
9.0%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.5%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
United States Treasury Note/Bond
8.4%
* Percentages are stated as a percent of net assets.
Other Material Fund Changes:
Effective October 3, 2024, the fund’s index, the S-Network International BlackSwan Index, updated it’s methodology to include the use of FLexible EXchange® option contracts (“FLEX Options”).
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
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Amplify Bloomberg AI Value Chain ETF
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AIVC (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Bloomberg AI Value Chain ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Bloomberg AI Value Chain ETF
$70
0.60%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 32.09%. The Fund sought to track the returns of the Bloomberg AI Value Chain Index, which returned 34.48%. The S&P 500 Index returned 17.60%.
• On October 21, 2024, the Fund began to track the Bloomberg AI Value Chain Index and had a concentration in the Information Technology sector, specifically those companies involved in AI hardware, AI semiconductors and AI oriented cloud technology activity. These companies performed well as more companies and consumers continue to adopt AI and cloud services for next-generation computing needs. These companies lead the Fund to outperform the broad-based S&P 500 Index.
• Information Technology was the top contributing sector to performance while Real Estate was the smallest contributor to performance for the Period.
• During the Period, Information Technology was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Communication Services was held with the largest underweight.
• During the Period, Western Digital Corp. and Broadcom Inc were the top contributors to performance while DigitalOcean Holdings Inc. and HP Inc. were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Bloomberg AI Value Chain ETF  PAGE 1  TSR-AR-032108573
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(03/08/2016)
Amplify Bloomberg AI Value Chain ETF NAV
32.09
8.56
10.70
S&P 500 TR
17.60
16.47
15.56
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$31,738,220
Number of Holdings
44
Net Advisory Fee
$152,216
Portfolio Turnover
129%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Western Digital Corporation
3.6%
Alibaba Group Holding Ltd.
3.4%
Credo Technology Group Holding Ltd.
3.1%
Celestica, Inc.
3.0%
MongoDB, Inc.
2.9%
Arista Networks, Inc.
2.8%
Micron Technology, Inc.
2.7%
Alphabet, Inc. - Class A
2.7%
Advantest Corp.
2.7%
Samsung Electronics Co. Ltd.
2.5%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
Changes to Fund’s Investment Objective or Goals:
Effective October 14, 2024, the fund will seek to invest at least 80% of its net assets for investment purposes in securities of companies that comprise the Bloomberg AI Value Chain Index. Each constituent selected for inclusion in the Indexis defined as a “AI Value Chain Company.” Under normalmarket conditions, the Fund will invest at least 80% of itsnet assets (plus any borrowings for investment purposes)in AI Value Chain Companies.
Changes to Shareholder Fees (fees paid directly from your investment):
Effective October 14, 2024, the fund reduced its management fee to 0.59%.
Fund Name Change:
Effective October 14, 2024, the fund changed its name from Amplify Global Cloud Technology ETF to Amplify Bloomberg AI Value Chain ETF. The fund ticker also changed from IVES to AIVC.
Other Material Fund Changes:
Effective October 14, 2024, the fund changed its index provider to Bloomberg Index Services Limited. On the same date, the fund began tracking the Bloomberg AI Value Chain Index.
Amplify Bloomberg AI Value Chain ETF  PAGE 2  TSR-AR-032108573
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Bloomberg AI Value Chain ETF  PAGE 3  TSR-AR-032108573
1000010715146141593314780175262142911906146352000826429100001108613149155041616318612241962045224874339163988489.05.32.72.30.7
 
image
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF
image
TLTP (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Bloomberg U.S. Treasury 12% Premium Income ETF for the period of October 28, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF
$28
0.30%
* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Since Inception Period, the Fund had a NAV total return of 0.93%. The Fund seeks to track the returns of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which returned 1.85%. The broad market benchmark for the Fund, the Bloomberg U.S. Long Treasury Total Return Index, returned 2.35%.
• The Fund’s core exposure to long-duration U.S. Treasury securities was the primary driver of performance. The Fund achieves this through a combination of owning the iShares 20+ Year Treasury Bond ETF (TLT) and Treasury securities. TLT’s price decline over the period contributed meaningfully to the Fund’s NAV return and was a headwind.
• Weekly covered call writing on TLT was a secondary contributor. The strategy involved selling at-the-money call options(ATM) on TLT, only to a level sufficient to generate 12% on an annualized basis. This approach limits upside participation when TLT rises above strike prices but enhances returns when price movements remain flat or decline.
• The Fund’s weekly option cycle allows for a frequent premium capture, which contributed positively to total returns over the period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF  PAGE 1  TSR-AR-032108516
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(10/28/2024)
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF NAV
0.93
Bloomberg U.S. Long Treasury Total Return Index
2.35
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$11,528,096
Number of Holdings
4
Net Advisory Fee
$25,168
Portfolio Turnover
92%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top 10 Securities
(%)
iShares 20+ Year Treasury Bond ETF
66.6%
United States Treasury Note/Bond
33.1%
Invesco Government & Agency Portfolio
0.1%
* Percentages are stated as a percent of net assets.
Fund Name Change:
Effective February 19, 2025, the fund changed its name from Amplify Bloomberg U.S. Treasury Target High Income ETF to Amplify Bloomberg U.S. Treasury 12% Premium Income ETF.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF  PAGE 2  TSR-AR-032108516
10000100931000010235
 
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Amplify BlueStar Israel Technology ETF
image
ITEQ (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify BlueStar Israel Technology ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify BlueStar Israel Technology ETF
$83
0.75%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 22.52%. The Fund seeks to track the returns of the BlueStar Israel Global Technology Index™, which returned 23.00%. The S&P 500 Index returned 17.60%.
• The Fund has significant exposure to Israeli listed and domiciled companies in the Technology sector. Israeli listed and domiciled companies experienced volatility over the Period as geopolitical uncertainty in the region created uncertainty, leading to some of the underperformance against the S&P 500 Index.
• Information Technology was the top contributing sector to the Fund’s performance while Health Care was the biggest detractor to the performance for the Period.
• During the Period, Information Technology was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Financials was held with the largest underweight.
• During the Period, Elbit Systems Ltd and CyberArk Software Ltd were the top contributors to performance while Monday.com Ltd and NICE Ltd were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify BlueStar Israel Technology ETF  PAGE 1  TSR-AR-032108599
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(11/02/2015)
Amplify BlueStar Israel Technology ETF NAV
22.52
1.25
9.21
S&P 500 TR
17.60
16.47
14.37
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$102,738,173
Number of Holdings
57
Net Advisory Fee
$686,486
Portfolio Turnover
19%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
CyberArk Software, Ltd.
8.4%
Elbit Systems Ltd.
8.2%
First American Government Obligations Fund - Class X
8.2%
Check Point Software Technologies, Ltd.
6.4%
Wix.com, Ltd.
5.7%
Nice Ltd.
5.4%
Amdocs, Ltd.
4.5%
Monday.com Ltd.
4.4%
Nova Ltd.
3.8%
Tower Semiconductor Ltd.
3.7%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify BlueStar Israel Technology ETF  PAGE 2  TSR-AR-032108599
1000010231126001454316168225062695317918168221954323944100001052012478147131533917662229621940923605321863785070.910.95.74.84.11.71.70.2
 
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Amplify Cash Flow Dividend Leaders ETF
image
COWS (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Cash Flow Dividend Leaders ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Cash Flow Dividend Leaders ETF
$0
0.00%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund returned 10.04%. The Fund seeks to track the COWSETF Index, which returned 10.23%. The S&P 500 Index returned 17.60%.
• During the Period, the Information Technology sector was the best performing sector in the S&P 500. Many companies in that sector don’t pay dividends and therefore aren’t eligible to be included in the Fund. This underweight was the primary detractor of Fund returns relative to the S&P 500 Index.
• Utilities and Communication Services were the top contributing sectors to performance while Energy and Consumer Staples detracted from performance over Period.
• During the Period, Energy was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period, Tapestry Inc and Vistra Corp were the top contributors to performance while Organon & Co and Abercrombie & Fitch Co were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Cash Flow Dividend Leaders ETF  PAGE 1  TSR-AR-032108698
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/12/2023)
Amplify Cash Flow Dividend Leaders ETF NAV
10.04
14.95
S&P 500 TR
17.60
23.54
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$22,975,152
Number of Holdings
52
Net Advisory Fee
$0
Portfolio Turnover
165%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Warner Bros Discovery, Inc.
3.0%
Dell Technologies, Inc. - Class C
2.8%
Range Resources Corp.
2.6%
EQT Corp.
2.6%
Alcoa Corp.
2.6%
QUALCOMM, Inc.
2.6%
FedEx Corp.
2.6%
CF Industries Holdings, Inc.
2.5%
First American Government Obligations Fund - Class X
2.5%
Nexstar Media Group, Inc.
2.4%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
Changes to Shareholder Fees (fees paid directly from your investment).
Effective September 11, 2025, Amplify Investments LLC, has agreed to extend the fee waiver currently in effect such that it will waive the management fees for the Fund for assets under management up to $100 million until at least January 28, 2026.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Cash Flow Dividend Leaders ETF  PAGE 2  TSR-AR-032108698
10000120901330410000131131542118.016.616.114.814.36.65.73.42.22.3
 
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Amplify COWS Covered Call ETF
image
HCOW (Principal U.S. Listing Exchange: NasdaqNASDAQ)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify COWS Covered Call ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify COWS Covered Call ETF
$66
0.65%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 2.70% and the S&P 500 Index had a total return of 17.60%. The Fund is actively managed and invests at least 80% in US dividend paying high free cash flow companies via the constituents of the Amplify Cash Flow Dividend Leaders ETF (COWS). In addition, the Fund implements a covered call strategy on the holdings to produce option-based income. The Fund paid monthly distributions for the Period.
• During the Period, the Information Technology sector was the best performing sector in the S&P 500. Many companies in that sector don’t pay dividends and therefore aren’t eligible to be included in the Fund, via the constituents of COWS. This underweight was the primary detractor of Fund returns relative to the S&P 500 Index.
• The Utilities and Communication Services sectors were the top contributing sectors to performance, while the Consumer Staples sector was the biggest detractors to the Funds performance.
• During the Period, Energy was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period, Tapestry Inc and Vistra Corp, while Organon & Co. and Abercrombie & Fitch Co. were the top detractors to performance.
• The Fund sells covered calls on individual securities as part of the investment objective. When a security rises in price above the strike price of the sold call option, the upside to the Fund is limited. This was also a contributor to the underperformance during the Period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify COWS Covered Call ETF  PAGE 1  TSR-AR-032108680
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/19/2023)
Amplify COWS Covered Call ETF NAV
2.70
7.37
S&P 500 TR
17.60
24.01
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$12,968,948
Number of Holdings
94
Net Advisory Fee
$60,806
Portfolio Turnover
441%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Amplify Cash Flow Dividend Leaders ETF
3.8%
Warner Bros Discovery, Inc.
3.2%
Dell Technologies, Inc. - Class C
3.0%
Range Resources Corp.
2.8%
EQT Corp.
2.8%
Alcoa Corp.
2.8%
QUALCOMM, Inc.
2.7%
FedEx Corp.
2.7%
CF Industries Holdings, Inc.
2.7%
Nexstar Media Group, Inc.
2.6%
* Percentages are stated as a percent of net assets.
Fund Name Change:
Effective January 28, 2025, the fund changed its name from Amplify Cash Flow High Income ETF to Amplify COWS Covered Call ETF.
Other Material Fund Changes:
Effective January 28, 2025, the fund updated its investment policy to invest at least 80% of its assets in the equity securities of the COWS ETF and in covered call options referencing those securities. The fund now seeks to generate additional income through a covered call strategy targeting approximately 10% or more in annualized gross premiums.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify COWS Covered Call ETF  PAGE 2  TSR-AR-032108680
100001125011553100001316215478
 
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Amplify CWP Enhanced Dividend Income ETF
image
DIVO (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify CWP Enhanced Dividend Income ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify CWP Enhanced Dividend Income ETF
$58
0.54%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 13.56%, the S&P 500 Index had a total return of 17.60%, and the CBOE S&P 500 BuyWrite Index had a total return of 8.15%. The Fund paid monthly distributions for the Period. The Fund is actively managed and does not track an index.
• The Financials and Information Technology sectors were the top contributing sectors to performance, and the Health Care sector detracted from performance over the Period.
• During the period, Financials was held with the largest overweight relative to the S&P 500 index while Information Technology was held with the largest underweight. The Information Technology sector was the best performing sector in the S&P 500. Many companies in that sector don’t pay dividends and therefore aren’t eligible to be included in the Funds.
• The Fund selectively sells covered calls on individual securities as part of the investment objective. When a security rises in price above the strike price of the sold call option, the upside to the Fund is limited. This was also a contributor to the underperformance over the Period.
• Goldman Sachs Group Inc and JPMorgan Chase & Co were the top contributors to performance while UnitedHealth Group Inc and Freeport-McMoRan Inc were the top detractors for the period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify CWP Enhanced Dividend Income ETF  PAGE 1  TSR-AR-032108409
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(12/13/2016)
Amplify CWP Enhanced Dividend Income ETF NAV
13.56
13.37
12.52
S&P 500 TR
17.60
16.47
14.99
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$5,246,165,843
Number of Holdings
36
Net Advisory Fee
$22,769,062
Portfolio Turnover
94%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Invesco Government & Agency Portfolio - Class Institutional
5.9%
Caterpillar, Inc.
5.5%
Apple, Inc.
5.4%
RTX Corp.
5.1%
American Express Co.
5.0%
Visa, Inc. - Class A
5.0%
Microsoft Corp.
5.0%
Home Depot, Inc.
5.0%
CME Group, Inc.
5.0%
JPMorgan Chase & Co.
4.9%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify CWP Enhanced Dividend Income ETF  PAGE 2  TSR-AR-032108409
100001097312900139121506918207175541994724848282181000011268132861385215950207361752721316290653418024.714.614.513.45.83.13.12.82.415.6
 
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Amplify CWP Growth & Income ETF
image
QDVO (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify CWP Growth & Income ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify CWP Growth & Income ETF
$62
0.55%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 26.17% and the S&P 500 Index was 17.60%. The Fund paid monthly distributions for the Period. The Fund is actively managed and does not track an index.
• Information Technology and Communication Services were the top contributing sectors to performance while Consumer Staples and Real Estate were the biggest detractors to performance for the Period.
• During the Period, Communication Services was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Financials was held with the largest underweight.
• The Fund sells covered calls on individual securities as part of the investment objective. When a security rises in price above the strike price of the sold call option, the upside to the Fund is limited, which was the primary driver of the slight underperformance over the Period.
• During the Period NVIDIA Corp. and Broadcom Inc were the top contributors to performance while Lockhead Martin Corp. and UnitedHealth Group Inc. were the top detractors to performance
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify CWP Growth & Income ETF  PAGE 1  TSR-AR-032108524
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(08/21/2024)
Amplify CWP Growth & Income ETF NAV
26.17
25.69
S&P 500 TR
17.60
18.51
S&P 500 Growth TR
26.96
26.08
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$323,225,092
Number of Holdings
52
Net Advisory Fee
$383,732
Portfolio Turnover
175%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
NVIDIA Corp.
11.0%
Apple, Inc.
9.5%
Microsoft Corp.
8.9%
Alphabet, Inc. - Class A
6.5%
Amazon.com, Inc.
5.6%
Meta Platforms, Inc. - Class A
5.1%
Broadcom, Inc.
4.8%
Tesla, Inc.
4.3%
Netflix, Inc.
3.3%
Invesco Government & Agency Portfolio - Class Institutional
3.3%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify CWP Growth & Income ETF  PAGE 2  TSR-AR-032108524
1000010215128881000010267120749997101901293340.418.715.06.25.74.83.01.70.93.6
 
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Amplify CWP International Enhanced Dividend Income ETF
image
IDVO (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify CWP International Enhanced Dividend Income ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify CWP International Enhanced Dividend Income ETF
$74
0.65%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 28.63% and the  MSCI AC World Index ex USA had a total return of 16.45%. The Fund paid monthly distributions for the Period. The Fund is actively managed and does not track an index.
• The Financials and Consumer Discretionary sectors were the top contributing sectors to performance, while the Health Care sector was the smallest contributor to performance over the Period.
• During the Period, Energy had the largest overweight relative to the MSCI ACWI ex USA Index while Industrials was held with the largest underweight.
• During the Period, Alibaba Group ARE and Agnico Eagle Mines LTD were the top contributors to performance while Novo Nordisk A/S and Atlassian Corp. were the top detractors to performance.
• The Fund selectively sells covered calls on individual securities as part of the investment objective. When a security rises in price above the strike price of the sold call option, the upside to the Fund is limited. Strong security selection and selective call writing contributed positively to performance over the period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify CWP International Enhanced Dividend Income ETF  PAGE 1  TSR-AR-032108722
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/07/2022)
Amplify CWP International Enhanced Dividend Income ETF NAV
28.63
20.97
MSCI AC WORLD INDEX ex USA Net (USD)
16.45
17.36
S&P World Ex-U.S. Index (USD) TR
17.13
19.16
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$444,991,186
Number of Holdings
72
Net Advisory Fee
$1,497,874
Portfolio Turnover
132%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
First American Government Obligations Fund - Class X
10.7%
Alibaba Group Holding Ltd.
5.4%
Taiwan Semiconductor Manufacturing Co. Ltd.
3.9%
Mitsubishi UFJ Financial Group, Inc.
3.8%
Agnico Eagle Mines Ltd.
3.5%
Novartis AG
3.4%
Grupo Cibest SA
3.3%
Barclays PLC
3.1%
Sumitomo Mitsui Financial Group, Inc.
3.0%
Invesco Government & Agency Portfolio - Class Institutional
2.8%
Geographic Breakdown (%)
image
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
Amplify CWP International Enhanced Dividend Income ETF  PAGE 2  TSR-AR-032108722
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify CWP International Enhanced Dividend Income ETF  PAGE 3  TSR-AR-032108722
10000114271392817915100001118614022163281000011614146061710819.312.710.69.18.46.35.75.34.618.020.415.711.410.49.18.97.55.24.17.3
 
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Amplify Cybersecurity ETF
image
HACK (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Cybersecurity ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Cybersecurity ETF
$68
0.60%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 27.12%. The Fund seeks to track the returns of the Nasdaq ISE Cyber Security Select Index which returned 27.91%. The S&P 500 Index returned 17.60%.
• The primary driver of returns in the Fund and the S&P 500 were companies in the Information Technology sector. The Fund focuses on those companies in the cybersecurity market, while the S&P 500 returns came from large technology companies in the hardware and software industries. The cybersecurity related companies in the Fund returned more than the broad-based S&P 500.
• The Fund had exposure to two sectors—Information Technology, which contributed positively to performance, and Industrials, which detracted from performance.
• During the Period, Information Technology was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Financials was held with the largest underweight, as the Fund had no exposure to that sector.
• During the Period, Broadcom Inc and Cloudfare Inc. were the top contributors to performance while Rapid7 Inc. and Booz Allen Hamilton Holdings were the top detractors to performance.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Cybersecurity ETF  PAGE 1  TSR-AR-032108664
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Amplify Cybersecurity ETF NAV
27.12
13.48
13.62
S&P 500 TR
17.60
16.47
15.30
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$2,322,555,417
Number of Holdings
26
Net Advisory Fee
$12,398,799
Portfolio Turnover
25%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Broadcom, Inc.
9.1%
Cisco Systems, Inc.
6.1%
Crowdstrike Holdings, Inc. - Class A
6.1%
Palo Alto Networks, Inc.
5.8%
General Dynamics Corp.
5.3%
Northrop Grumman Corp.
5.1%
Fortinet, Inc.
4.9%
Cloudflare, Inc. - Class A
4.8%
Zscaler, Inc.
4.6%
CyberArk Software, Ltd.
4.4%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Cybersecurity ETF  PAGE 2  TSR-AR-032108664
1000011123120591605715027190472501717820212382820035846100001154313691161431683019380251942129625900353154153089.310.40.3
 
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Amplify Digital Payments ETF
image
IPAY (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Digital Payments ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Digital Payments ETF
$79
0.75%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 10.16%. The Fund seeks to track the returns of the Nasdaq CTA Global Digital Payments Index which returned 10.83%. The S&P 500 Index returned 17.60%.
• The Fund is concentrated in companies involved in digital payment and processing activity. As more consumers transact digitally, as opposed to with cash or check, these companies stand to benefit. These companies are concentrated in the Financials sector. This sector was not a top performing sector in the S&P 500 over the period, although the companies in the Fund generated positive returns, Fund performance was lagging the broad market index.
• The Fund had exposure to two sectors—Financials, which contributed positively to performance, and Information Technology, which detracted modestly to returns.
• During the Period, Financials was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period, Coinbase Global Inc and Affirm Holdings Inc were the top contributors to performance while Wex Inc and Fiserv Inc were the top detractors.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Digital Payments ETF  PAGE 1  TSR-AR-032108656
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Amplify Digital Payments ETF NAV
10.16
1.23
9.52
S&P 500 TR
17.60
16.47
15.30
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$260,362,501
Number of Holdings
41
Net Advisory Fee
$2,207,750
Portfolio Turnover
29%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
American Express Co.
6.7%
Visa, Inc. - Class A
6.1%
Mastercard, Inc. - Class A
6.0%
PayPal Holdings, Inc.
6.0%
Fiserv, Inc.
5.8%
Coinbase Global, Inc. - Class A
4.9%
Adyen NV
4.5%
Wise PLC - Class A
4.5%
Global Payments, Inc.
4.4%
First American Government Obligations Fund - Class X
4.4%
Geographic Breakdown
(%)
United States
83.4%
United Kingdom
4.8%
Netherlands
4.5%
Brazil
3.4%
Italy
2.3%
Australia
2.2%
Japan
1.5%
Puerto Rico
0.6%
South Korea
0.6%
Cash & Other
-3.3%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Digital Payments ETF  PAGE 2  TSR-AR-032108656
941410027130951723518870219952747415336158932122623382915310565125321477615405177382306119493237073232438013
 
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Amplify Etho Climate Leadership U.S. ETF
image
ETHO (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Etho Climate Leadership U.S. ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Etho Climate Leadership U.S. ETF
$46
0.45%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund returned 6.52%. The Fund seeks to track the Etho Climate Leadership Index – US, which returned 6.02%. The S&P 500 Index returned 17.60%.
• During the Period, the Fund invested in a broad range of companies, excluding those involved in fossil fuels, tobacco, weapons, and gambling. The equal-weighted portfolio structure was a primary detractor from performance relative to the S&P 500 Index, where top-weighted names primarily in the Information Technology sector were the main drivers of broad based index returns.
• Industrials and Information Technology were the top contributing sectors to performance while Utilities and Materials detracted from performance over the period.
• During the Period, Industrials was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight, which detracted from returns.
• During the Period, Bloom Energy Corp and Sunrun Inc were the top contributors to performance while Sunnova Energy International and TPI Composites Inc were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Etho Climate Leadership U.S. ETF  PAGE 1  TSR-AR-032108557
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(11/18/2015)
Amplify Etho Climate Leadership U.S. ETF NAV
6.52
8.55
10.92
S&P 500 TR
17.60
16.47
14.53
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$156,025,095
Number of Holdings
311
Net Advisory Fee
$749,612
Portfolio Turnover
29%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Bloom Energy Corp. - Class A
1.2%
Sunrun, Inc.
0.8%
Wayfair, Inc. - Class A
0.8%
First American Government Obligations Fund - Class X
0.8%
Arrowhead Pharmaceuticals, Inc.
0.8%
Lumentum Holdings, Inc.
0.7%
Resideo Technologies, Inc.
0.7%
Ciena Corp.
0.7%
elf Beauty, Inc.
0.6%
Five Below, Inc.
0.6%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Etho Climate Leadership U.S. ETF  PAGE 2  TSR-AR-032108557
1000010843130261539216396184602500919613215242611527818100001060412578148301546117803231451956423793324433815227.115.314.414.012.74.64.53.42.02.0
 
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Amplify High Income ETF
image
YYY (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify High Income ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify High Income ETF
$52
0.50%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 8.40%. The Fund seeks to track the returns of the Nasdaq CEF High Income Index, which returned 9.00%. The S&P 500 Index returned 17.60%. The Fund paid monthly distributions for the Period.
• The asset class exposure in the Fund, through the underlying closed end funds, covers a wide variety of categories, including Equity, Fixed Income and Alternatives, primarily focused on generating current income. The Fund return was below that of the S&P 500 as income generating closed-end funds, many of which have been negatively impacted by higher interest rates, did not perform as well.
• The allocation to equity funds was the top contributor to the Fund’s performance while the allocation to alternative funds was the smallest contributor.
• During the Period, its top exposures were in equity focused closed-end funds with the least exposure to MLP funds.
• During the Period, the BlackRock Science & Technology Term Trust and abrdn Total Dynamic Dividend Fund were the top contributors to the fund’s performance while CBRE Global Real Estate Inc. Fund and abrdn Healthcare Opportunistic Fund were the lowest.
• During the Period abrdn Total Dynamic Dividend Fund was held with the highest average weight while Franklin Ltd Duration Income Trust was held with the lowest average weight.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify High Income ETF  PAGE 1  TSR-AR-032108847
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Amplify High Income ETF NAV
8.40
7.23
6.42
S&P 500 TR
17.60
16.47
15.30
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$619,088,793
Number of Holdings
62
Net Advisory Fee
$2,776,806
Portfolio Turnover
48%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
First American Government Obligations Fund - Class X
4.2%
abrdn Healthcare Investors
3.6%
BlackRock Science and Technology Term Trust
3.4%
BlackRock ESG Capital Allocation Term Trust
3.3%
abrdn Total Dynamic Dividend Fund
3.3%
Western Asset Diversified Income Fund
3.2%
BlackRock Capital Allocation Term Trust
3.1%
BlackRock Health Sciences Term Trust
3.1%
Nuveen Credit Strategies Income Fund
3.0%
Nuveen Floating Rate Income Fund/Closed-end Fund
3.0%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify High Income ETF  PAGE 2  TSR-AR-032108847
10000120611349913535144161314516582124291369317188186321000011543136911614316830193802519421296259003531541530
 
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Amplify Junior Silver Miners ETF
image
SILJ (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Junior Silver Miners ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Junior Silver Miners ETF
$101
0.69%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 92.77%. The Fund seeks to track the returns of the Nasdaq Junior Silver Miners Index, returns over the period was 99.70%. The S&P 500 Index returned 17.60% over the same period.
• The Fund is concentrated in companies that are mining and producing silver, and the price of silver is one of the primary drivers of returns for these companies. Silver and other precious metals have performed very well over the Period helping drive the returns of the Fund well above those of the broad-based S&P 500 Index.
• Materials was only sector and had a positive impact to performance over the Period due to the selection of mining companies with that sector.
• During the Period, Materials was overweight relative to the S&P 500 Index, a broad-based market index, while no other sectors were held.
• During the Period, Hecla Mining Co and Coeur Mining Inc were the top contributors to performance while i-80 Gold Corp and Aya Gold & Silver Inc were the top detractors.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Amplify Junior Silver Miners ETF NAV
92.77
12.87
17.66
S&P 500 TR
17.60
16.47
15.30
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
Amplify Junior Silver Miners ETF  PAGE 1  TSR-AR-032108649
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$2,651,343,779
Number of Holdings
55
Net Advisory Fee
$8,715,891
Portfolio Turnover
47%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Coeur Mining, Inc.
12.9%
Hecla Mining Co.
12.8%
First Majestic Silver Corp.
9.7%
Endeavour Silver Corp.
5.2%
Wheaton Precious Metals Corp.
5.2%
SSR Mining, Inc.
4.3%
Boliden AB
3.8%
OR Royalties, Inc.
3.5%
Fortuna Mining Corp.
3.0%
Cia de Minas Buenaventura SAA
2.9%
Geographic Breakdown
(%)
Canada
55.5%
United States
34.6%
Peru
4.1%
Sweden
3.8%
Poland
2.8%
Mexico
1.6%
Australia
0.4%
Cash & Other
-2.8%
* Percentages are stated as a percent of net assets.
Other Material Fund Changes:
Effective November 18, 2024, the Index methodology was updated to use a modified theme-adjusted free float market capitalization weighting, incorporating silver revenue exposure and liquidity factors to determine constituent weights. Additional adjustments were introduced to limit concentration, including caps on individual weights and group-based rebalancing to ensure diversification.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Junior Silver Miners ETF  PAGE 2  TSR-AR-032108649
10000301992309316974187482775924133186721732226381508551000011543136911614316830193802519421296259003531541530
 
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Amplify Lithium & Battery Technology ETF
image
BATT (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Lithium & Battery Technology ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Lithium & Battery Technology ETF
$70
0.59%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 36.18%. The Fund seeks to track the returns of the EQM Lithium & Battery Technology Index, which returned 36.06%. The S&P 500 Index returned 17.60%.
• The Fund is a thematic strategy concentrated in lithium battery related companies as well as some electric vehicle manufacturers. While interest and demand for electric vehicles continues to ebb and flow, alternative sources of demand for the battery materials and technology has growth and helped drive overall performance for the companies in the Fund.
• Materials was the top contributing sector to performance while Information Technology was the smallest contributor to performance for the Period.
• During the Period, Materials was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period Bloom Energy Corp. and Tesla Inc. were the top contributors to performance while Ecopro Materials Co. Ltd and Samsung SDI Co Ltd were the top detractors.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Lithium & Battery Technology ETF  PAGE 1  TSR-AR-032108805
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/04/2018)
Amplify Lithium & Battery Technology ETF NAV
36.18
7.47
-3.61
S&P 500 TR
17.60
16.47
14.79
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$78,626,934
Number of Holdings
54
Net Advisory Fee
$382,693
Portfolio Turnover
73%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Contemporary Amperex Technology Co. Ltd. - Class A
7.8%
Tesla, Inc.
7.0%
BHP Group Ltd.
6.0%
First American Government Obligations Fund - Class X
4.8%
Grupo Mexico SAB de CV - Class B
4.1%
Freeport-McMoRan, Inc.
3.9%
BYD Co. Ltd. - Class H
3.0%
Bloom Energy Corp. - Class A
2.9%
TDK Corp.
2.5%
NAURA Technology Group Co. Ltd. - Class A
2.5%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Lithium & Battery Technology ETF  PAGE 2  TSR-AR-032108805
100007731536953279035685063455608763710000106721112612811166561407917122233462745453.420.618.47.20.4
 
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Amplify Natural Resources Dividend Income ETF
image
NDIV (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Natural Resources Dividend Income ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Natural Resources Dividend Income ETF
$61
0.59%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 5.67%. The Fund seeks to track the returns of the Natural Resources Dividend Income Index, which returned 6.61%. The MSCI AC World Index returned 17.27%. The Fund paid monthly distributions for the Period.
• Energy was the top contributing sector to the Fund’s performance while Materials was the biggest detractor to performance over the Period.
• During the Period, the broad market indexes delivered stronger performance due to the exposure to better performing sectors. Pursuant to the investment objective of the Fund, the Fund is concentrated in the Energy and Materials sectors which did not perform as well as those that drove the performance in the broader market.
• During the Period, CVR Energy Inc and APA Corp. were the top contributors to performance while DOW Inc and Huntsman Corp. were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Natural Resources Dividend Income ETF  PAGE 1  TSR-AR-032108730
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(08/23/2022)
Amplify Natural Resources Dividend Income ETF NAV
5.67
10.03
MSCI ACWI Net Total Return Index (USD)
17.27
17.10
MSCI AC WORLD INDEX ex USA Net (USD)
16.45
15.21
S&P 500 TR
17.60
18.57
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$10,726,247
Number of Holdings
43
Net Advisory Fee
$80,518
Portfolio Turnover
134%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
First American Government Obligations Fund - Class X
10.2%
FLEX LNG Ltd.
5.7%
Petroleo Brasileiro SA - Petrobras
5.3%
FMC Corp.
4.0%
Dow, Inc.
4.0%
CVR Energy, Inc.
4.0%
Huntsman Corp.
3.9%
LyondellBasell Industries NV - Class A
3.9%
South Bow Corp.
3.5%
Helmerich & Payne, Inc.
3.3%
Geographic Breakdown
(%)
United States
82.3%
Canada
13.8%
Bermuda
5.7%
Brazil
5.3%
United Kingdom
2.6%
Cash & Other
-9.7%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Natural Resources Dividend Income ETF  PAGE 2  TSR-AR-032108730
100008768111451273113452100008746105661392116325100008832106331332815520100008700105811442816967
 
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Amplify Online Retail ETF
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IBUY (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Online Retail ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Online Retail ETF
$73
0.65%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 24.84%. The Fund seeks to track the returns of the EQM Online Retail Index, which returned 25.35%. The S&P 500 Index returned 17.60%.
• The Fund is concentrated in companies that generate a significant portion of their revenue through online retail transactions with significant exposure to the Consumer Discretionary sector. While this sector wasn’t the top performing sector in the S&P 500 over the period, the selection of these companies within the sector helped drive returns above the broad market S&P 500 index.
• The Consumer Discretionary was the top contributing sector to performance over the Period while Consumer Staples was the biggest detractor.
• During the Period, Consumer Discretionary was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period, Carvana Co and Hims & Hers Health Inc were the top contributors to performance while 1-800-Flowers.com Inc and Figs Inc were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Online Retail ETF  PAGE 1  TSR-AR-032108102
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/19/2016)
Amplify Online Retail ETF NAV
24.84
-2.77
12.64
S&P 500 TR
17.60
16.47
15.01
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$160,345,898
Number of Holdings
80
Net Advisory Fee
$1,061,403
Portfolio Turnover
34%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
First American Government Obligations Fund - Class X
6.4%
Wayfair, Inc. - Class A
6.0%
Lyft, Inc. - Class A
3.6%
DoorDash, Inc. - Class A
3.2%
Carvana Co.
3.0%
Etsy, Inc.
3.0%
Affirm Holdings, Inc.
2.9%
eBay, Inc.
2.7%
Peloton Interactive, Inc. - Class A
2.6%
Expedia Group, Inc.
2.6%
Geographic Breakdown (%)
image
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Online Retail ETF  PAGE 2  TSR-AR-032108102
1000011019145582077818718354474410415958178962466930796100001042212362145761519617498227491922923386318873749882.84.33.52.92.31.61.41.31.11.2
 
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Amplify Samsung SOFR ETF
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SOFR (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Samsung SOFR ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Samsung SOFR ETF
$20
0.20%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had an NAV total return of 4.43%. The Fund seeks to closely replicate the returns of the Secured Overnight Financing Rate Index. The broad market benchmark for the Fund, the Bloomberg U. S. Aggregate Bond Index, returned 2.88%. The Fund is actively managed. The Fund paid monthly distributions for the Period.
• The Fund seeks to achieve its returns by primarily investing in short-term repurchase agreements, called repos.
• Repos in the Fund are collateralized by high quality U.S. Treasury securities.
• The Fund underperformed the Bloomberg U.S. Aggregate Bond Index because its floating-rate (overnight) structure limited price appreciation during declining interest rates, whereas the broad market benchmark benefited from duration exposure as yields fell.
• The average rate of the Secured Overnight Financing Rate Index over a one-year period until September 30, 2025 was 4.41%. There is no guarantee that the index will continue to perform at this level.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Samsung SOFR ETF  PAGE 1  TSR-AR-032108672
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(11/14/2023)
Amplify Samsung SOFR ETF NAV
4.43
4.88
Bloomberg U.S. Aggregate Bond Index
2.88
6.69
ICE BofA US Dollar Overnight Deposit Bid Rate Total Return Index
4.58
5.02
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$275,350,816
Number of Holdings
6
Net Advisory Fee
$511,964
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
SOF REPO 10/07/2025 4.22%
29.1%
SOF REPO 10/01/2025 4.30%
21.9%
SOF REPO 10/01/2025 4.27%
21.8%
SOF REPO 10/01/2025 4.27%
18.2%
Brookfield Corporate Treasury Ltd.
9.1%
Invesco Government & Agency Portfolio - Class Institutional
0.0%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Samsung SOFR ETF  PAGE 2  TSR-AR-032108672
100001047310937100001097811295100001048510965
 
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Amplify Samsung U.S. Natural Gas Infrastructure ETF
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USNG (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Samsung U.S. Natural Gas Infrastructure ETF for the period of May 19, 2025, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Amplify Samsung U.S. Natural Gas Infrastructure ETF
$23
0.59%
* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the since-inception period through September 30, 2025, the Fund had a NAV total return of 12.45% and the S&P 500 Index returned 12.67%. The Fund is actively managed and does not track an index.
• The Fund is a thematic strategy focused on companies involved in the infrastructure of U.S. natural gas. USNG is actively managed using a growth-at-a-reasonable-price (GARP) approach to identify companies positioned to benefit from long-term investment in the U.S. natural gas infrastructure ecosystem.
• Portfolio holdings outperformed the broader Energy sector within the S&P 500, supported by strong fundamentals across upstream, midstream, and downstream segments.
• Energy and Industrials sectors were the top contributing sectors to performance while Materials was the only detractor for the Period.
• During the Period, Energy was held with the largest overweight relative to the S&P 500 Index, while Information Technology was held with the largest underweight as the Fund held no positions in that sector.
• During the Period, Solaris Energy Infrastructure and Bloom Energy Corp were the top contributors to performance while Expand Energy Corp and Worthington Enterprises Inc were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Samsung U.S. Natural Gas Infrastructure ETF  PAGE 1  TSR-AR-032108441
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(05/19/2025)
Amplify Samsung U.S. Natural Gas Infrastructure ETF NAV
12.45
S&P 500 TR
12.67
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$3,905,065
Number of Holdings
27
Net Advisory Fee
$8,215
Portfolio Turnover
4%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Williams Cos., Inc.
9.1%
Kinder Morgan, Inc.
8.1%
Enbridge, Inc.
8.1%
MPLX LP
7.7%
Solaris Energy Infrastructure, Inc.
7.3%
Vistra Corp.
4.7%
TC Energy Corp.
4.3%
Energy Transfer LP
4.1%
DT Midstream, Inc.
4.1%
Plains GP Holdings LP
3.8%
Industry Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Samsung U.S. Natural Gas Infrastructure ETF  PAGE 2  TSR-AR-032108441
1000011245100001126780.09.17.32.31.3
 
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Amplify Seymour Cannabis ETF
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CNBS (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Seymour Cannabis ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Seymour Cannabis ETF
$68
0.75%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of -18.97% and the S&P 500 Index had a total return of 17.60%. The Fund is actively managed and does not track an index.
• The Fund is focused on providing exposure to companies in the cannabis industry. Regulatory uncertainty around the Federal legalization of cannabis has dampened investor interest and hurt performance of cannabis related companies.
• Consumer Staples and Information Technology sectors were the top contributing sector to performance while Health Care was the biggest detractor to performance for the Period.
• During the Period, Health Care was held with the largest overweight relative to the S&P 500 Index while Information Technology was held with the largest underweight.
• During the Period, Glass House Brands Inc. and WM Technology Inc. were the top contributors to performance while Green Thumb Industries Inc. and Innovative Industrial Properties Inc. were the top detractors of performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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Amplify Seymour Cannabis ETF  PAGE 1  TSR-AR-032108482
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(07/22/2019)
Amplify Seymour Cannabis ETF NAV
-18.97
-20.16
-26.51
S&P 500 TR
17.60
16.47
15.73
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$113,469,249
Number of Holdings
47
Net Advisory Fee
$185,620
Portfolio Turnover
42%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
United States Treasury Bill
37.3%
United States Treasury Bill
13.6%
Curaleaf Holdings, Inc.
11.9%
United States Treasury Bill
9.8%
Innovative Industrial Properties, Inc.
2.5%
Cresco Labs, Inc.
2.1%
WM Technology, Inc.
2.0%
United States Treasury Bill
2.0%
Trulieve Cannabis Corp.
1.9%
Invesco Government & Agency Portfolio - Class Institutional
1.8%
Geographic Breakdown (%)
image
* Percentages are stated as a percent of net assets.
Changes to Fund’s Investment Adviser or Sub Adviser:
Effective January 28, 2025: The investment sub-advisory agreement with Penserra Capital Management LLC (“Penserra”) will be terminated and Seymour Asset Management LLC (“Seymour”) will continue to serve as an investment sub-adviser. Tidal Investments LLC (“Tidal”) will be added as an investment sub-adviser to the Fund pursuant to an investment sub-advisory agreement between Amplify Investments LLC and Tidal.
Changes to Fund’s Investment Objective or Goals:
Effective January 28, 2025, the fund changed it’s investment policy to state that, under normal market conditions, the Fund seeks to achieve its investment objective by investing in the securities of U.S. companies engaged in cannabis and hemp-related activities selected by the Fund’s investment adviser, Amplify Investments LLC.
Changes to the Fund’s Principal Investment Strategy:
Effective January 28, 2025, the Fund is focused on U.S. companies involved in the emerging cannabis and hemp ecosystem, categorized into Cannabis/Hemp Plant, Support, and Ancillary sectors. These classifications span industries such as pharmaceuticals, cultivation, real estate, technology, and media.
Amplify Seymour Cannabis ETF  PAGE 2  TSR-AR-032108482
 
Other Material Fund Changes:      
Effective February 21, 2025, the fund underwent a 1:12 reverse split.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Seymour Cannabis ETF  PAGE 3  TSR-AR-032108482
100007254458079312391197918331486100001001211529149881266915408210092470694.51.34.2
 
image
Amplify SILJ Covered Call ETF
image
SLJY (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify SILJ Covered Call ETF for the period of August 18, 2025, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Amplify SILJ Covered Call ETF
$9
0.67%
* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Since Inception  Period, the Fund had a NAV total return of 19.33%, the S&P 500 Index had a total return of 3.88%, and the Nasdaq Junior Silver MinersTM Index has a total return of 37.43%. The Fund paid monthly distributions for the Period. The Fund is actively managed and does not track an index.
• The Funds seeks to balance high income and capital appreciation through exposure to junior silver mining companies in the Nasdaq Junior Silver Miners Index, tracked by the Amplify Junior Silver Miners ETF (SILJ), plus a dynamic covered call strategy.
• The Fund seeks to generate 18% annualized income by selling out-of-the-money covered calls on junior silver miners, a strategy that monetizes volatility but may limit upside potential during sharp rallies, which occurred during the since-inception period.
• The Fund outperformed the broad market index as silver mining equities performed better than the broad equity market.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(08/18/2025)
Amplify SILJ Covered Call ETF NAV
19.33
S&P 500 TR
3.88
Amplify SILJ Covered Call ETF  PAGE 1  TSR-AR-032108433
 
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$8,070,783
Number of Holdings
49
Net Advisory Fee
$2,554
Portfolio Turnover
11%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Amplify Junior Silver Miners ETF
21.6%
Invesco Government & Agency Portfolio - Class Institutional
9.2%
Seabridge Gold, Inc.
5.8%
First Majestic Silver Corp.
5.7%
Cia de Minas Buenaventura SAA
5.3%
OR Royalties, Inc.
5.3%
Fortuna Mining Corp.
5.1%
Franco-Nevada Corp.
5.1%
United States Treasury Bill
5.0%
Pan American Silver Corp.
4.9%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify SILJ Covered Call ETF  PAGE 2  TSR-AR-032108433
10000119331000010388
 
image
Amplify Small-Mid Cap Equity ETF
image
SMAP (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Small-Mid Cap Equity ETF for the period of October 22, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Amplify Small-Mid Cap Equity ETF
$57
0.60%
* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the since-inception period, the Fund had a NAV total return of 1.14% and the S&P 1000 Index had a total return of 5.37%. The S&P 1000 is an index of small and mid-cap companies. The Fund is actively managed and does not track an index.
• Financials and Information Technology sectors were the top contributing sectors to performance while Materials and Energy were detractors to performance.
• During the Period, Information Technology was held with the largest overweight relative to the S&P 1000 index, while Consumer Discretionary was held with the largest underweight.
• During the Period, Curtiss-Wright Corp and BWX Technologies Inc were the top contributors to performance while Carlisle Cos Inc and Eagle Materials Inc were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(10/22/2024)
Amplify Small-Mid Cap Equity ETF NAV
1.14
S&P 1000 Total Return
5.37
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
Amplify Small-Mid Cap Equity ETF  PAGE 1  TSR-AR-032108490
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$1,248,327
Number of Holdings
58
Net Advisory Fee
$6,829
Portfolio Turnover
40%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Monolithic Power Systems, Inc.
3.4%
West Pharmaceutical Services, Inc.
3.3%
Stifel Financial Corp.
3.1%
Watsco, Inc.
2.9%
Eagle Materials, Inc.
2.9%
Tyler Technologies, Inc.
2.8%
Curtiss-Wright Corp.
2.8%
NVR, Inc.
2.6%
Markel Group, Inc.
2.4%
PTC, Inc.
2.4%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Small-Mid Cap Equity ETF  PAGE 2  TSR-AR-032108490
1000010114100001053719.418.816.013.68.87.16.54.94.20.7
 
image
Amplify Transformational Data Sharing ETF
image
BLOK (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Transformational Data Sharing ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Transformational Data Sharing ETF
$101
0.70%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 89.20%, the MSCI ACWI Net Total Return Index (USD) had a total return of 17.27%. and the S&P 500 Index had a total return of 17.60%. The Fund is actively managed and does not track an index.
• The Fund is a thematic strategy focused on companies involved in the development and utilization of blockchain technologies. These companies performed well as cryptocurrencies, which are built on blockchain technology, helped drive the performance higher.
• Information Technology and Financial sectors were the top contributing sectors to performance while Industrials was the smallest contributor for the Period.
• During the Period, Financials was held with the largest overweight relative to the S&P 500, a broad-based market index, while Health Care was held with the largest underweight.
• During the Period, Robinhood Market Inc. and Metaplanet Inc. were the top contributors to performance while Canaan Inc. and Applied Digital Corp. were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(01/16/2018)
Amplify Transformational Data Sharing ETF NAV
89.20
27.91
20.92
MSCI ACWI Net Total Return Index (USD)
17.27
13.54
10.15
S&P 500 TR
17.60
16.47
13.96
Amplify Transformational Data Sharing ETF  PAGE 1  TSR-AR-032108607
 
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$1,442,299,109
Number of Holdings
55
Net Advisory Fee
$6,477,999
Portfolio Turnover
50%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
First American Government Obligations Fund - Class X
11.6%
Cipher Mining, Inc.
5.1%
Galaxy Digital, Inc. - Class A
5.0%
Robinhood Markets, Inc. - Class A
4.7%
Coinbase Global, Inc. - Class A
3.9%
Cleanspark, Inc.
3.8%
ROBLOX Corp. - Class A
3.2%
Invesco Government & Agency Portfolio - Class Institutional
3.2%
Hut 8 Corp.
3.1%
Bed Bath & Beyond, Inc.
3.1%
Industry Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Transformational Data Sharing ETF  PAGE 2  TSR-AR-032108607
100001014190801262123615111431199622843432191000099641010211157142171128013627179542105410000106401109212773166051403617070232762737232.028.06.55.45.24.23.63.20.711.2
 
image
Amplify Travel Tech ETF
image
AWAY (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Travel Tech ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Travel Tech ETF
$78
0.75%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 8.97%. The Fund seeks to track the returns of the Prime Travel Technology Index NTR Index, which returned 9.71%. The S&P 500 Index returned 17.60%.
• Consumer Discretionary and Industrials were the top contributing sectors to performance while Consumer Services was the smallest contributor.
• The Information Technology sector was the primary driver of returns in the S&P 500. The Fund is focused on providing exposure to travel technology, primarily concentrated in the Consumer Discretionary sector, which provided positive returns but underperformed the S&P 500, which was driven by returns from the Information Technology sector.
• During the Period, Consumer Discretionary was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• During the Period, Lyft Inc. and On The Beach Group PLC were the top contributors to performance while Sabre Corp. and WEB Travel Group Ltd were the lowest.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Travel Tech ETF  PAGE 1  TSR-AR-032108540
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(02/12/2020)
Amplify Travel Tech ETF NAV
8.97
3.48
-1.93
S&P 500 TR
17.60
16.47
14.64
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$41,297,667
Number of Holdings
30
Net Advisory Fee
$402,406
Portfolio Turnover
41%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Lyft, Inc. - Class A
5.2%
Uber Technologies, Inc.
4.7%
Corporate Travel Management Ltd.
4.5%
Expedia Group, Inc.
4.4%
Airbnb, Inc. - Class A
4.3%
Booking Holdings, Inc.
4.3%
SiteMinder Ltd.
4.3%
Tongcheng Travel Holdings Ltd.
4.2%
Sabre Corp.
4.2%
Trainline PLC
4.2%
Geographic Breakdown (%)
image
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Travel Tech ETF  PAGE 2  TSR-AR-032108540
1000075501135163476762822289601000010074130971107113464183582158835.018.011.79.79.34.13.83.71.63.1
 
image
Amplify Video Game Leaders ETF
image
GAMR (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Video Game Leaders ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Video Game Leaders ETF
$79
0.64%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of 45.88%. The Fund seeks to track the returns of the VettaFi Video Game Leaders Index, which returned 55.58%. The S&P 500 Index returned 17.60%.
• On January 28, 2025 the Fund began to track the VettaFi Video Game Leaders Index. The Fund is a thematic strategy with a focus on video game developers, platforms, hardware, mobile and online gaming companies, publishers and retailers. The Index is concentrated in the Information Technology sector.
• Information Technology and Communication Services were the top contributing sector to performance while Health Care was the smallest contributor.
• During the Period, Communication Services was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Health Care was held with the largest underweight.
• During the Period, Applovin Corp. and Tencent Holdings Ltd. were the top contributors to performance while Pearl Abyss Corp. and BiliBili Inc. were the top detractors to performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Video Game Leaders ETF  PAGE 1  TSR-AR-032108615
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(03/08/2016)
Amplify Video Game Leaders ETF NAV
45.88
8.41
16.43
S&P 500 TR
17.60
16.47
15.56
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$50,599,128
Number of Holdings
23
Net Advisory Fee
$263,345
Portfolio Turnover
122%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Tencent Holdings, Ltd.
10.3%
NVIDIA Corp.
10.3%
Advanced Micro Devices, Inc.
10.1%
Microsoft Corp.
10.1%
Meta Platforms, Inc. - Class A
7.9%
AppLovin Corp. - Class A
4.8%
ROBLOX Corp. - Class A
4.7%
Sea, Ltd.
4.4%
Nintendo Co. Ltd.
4.4%
Sony Group Corp.
4.4%
Geographic Breakdown (%)
image
* Percentages are stated as a percent of net assets.
Changes to Shareholder Fees (fees paid directly from your investment).
Effective January 28, 2025 the fund reduced its management fee to 0.59%.
Fund Name Change:
Effective January 28, 2025, the Amplify Video Game Tech ETF changed its name to Amplify Video Game Leaders ETF.
Other Material Fund Changes:
Effective January 28, 2025, the fund changed index providers to VettaFi LLC and changed its index to track the VettaFi Video Game Leaders Index.
Effective March 26, 2025, the fund reduced its Creation Unit size from 50,000 to 10,000 shares.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
Amplify Video Game Leaders ETF  PAGE 2  TSR-AR-032108615
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Video Game Leaders ETF  PAGE 3  TSR-AR-032108615
1000013162181201963917428286023572722301234182935842826100001108613149155041616318612241962045224874339163988459.118.412.84.42.42.40.00.5
 
image
Amplify Weight Loss Drug & Treatment ETF
image
THNR (Principal U.S. Listing Exchange: NYSE ArcaNYSEArca)
Annual Shareholder Report | September 30, 2025
This annual shareholder report contains important information about the Amplify Weight Loss Drug & Treatment ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://amplifyetfs.com/fund-documents/. You can also request this information by contacting us at 855-267-3837.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Amplify Weight Loss Drug & Treatment ETF
$56
0.59%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the Period, the Fund had a NAV total return of -11.39%. The Fund seeks to track the returns of the VettaFi Weight Loss Drug & Treatment Index, which returned -10.89%. The S&P 500 Index returned 17.60%.
• The Fund targets companies involved in the GLP-1 weight loss drug and treatment industry, which are primarily concentrated in the Health Care sector. In contrast, the S&P 500’s largest sector weighting is Information Technology.
• During the Period, Health Care was held with the largest overweight relative to the S&P 500 Index, a broad-based market index, while Information Technology was held with the largest underweight.
• The Fund underperformed the broad-based market index, driven by weaker returns in the Health Care sector and increased scrutiny around GLP-1 drug pricing, efficacy, and adoption. An underweight to Information Technology also detracted from performance, as most companies in that sector are not aligned with the GLP-1 investment theme.
• During the Period, Innovent Biologics Inc and Hims & Hers Health Inc were the top contributors to performance while Novo-Nordisk A/S and Thermo Fisher Scientific Inc were the top detractors.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
Amplify Weight Loss Drug & Treatment ETF  PAGE 1  TSR-AR-032108532
 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(05/20/2024)
Amplify Weight Loss Drug & Treatment ETF NAV
-11.39
-4.43
S&P 500 TR
17.60
20.03
Visit https://amplifyetfs.com/fund-documents/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of September 30, 2025)
Net Assets
$3,051,196
Number of Holdings
22
Net Advisory Fee
$22,186
Portfolio Turnover
70%
WHAT DID THE FUND INVEST IN? (as of September 30, 2025)*
Top Holdings
(%)
Novo Nordisk AS
12.5%
Eli Lilly & Co.
12.4%
Amgen, Inc.
6.5%
Regeneron Pharmaceuticals, Inc.
6.5%
Chugai Pharmaceutical Co. Ltd.
6.3%
Merck & Co., Inc.
4.8%
Pfizer, Inc.
4.8%
AbbVie, Inc.
4.7%
Innovent Biologics, Inc.
4.7%
AstraZeneca PLC
4.6%
Sector Breakdown**
image
* Percentages are stated as a percent of net assets.
** The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
Other Material Fund Changes:
Effective June 20, 2025, the funds index, the VettaFi Weight Loss Drug & Treatment Index, was changed to expand its scope beyond GLP-1 agonist manufacturers to include companies involved in amylin and dual agonist therapies, combination treatments, and telehealth providers.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://amplifyetfs.com/fund-documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Amplify Investments, LLC documents not be householded, please contact Amplify Investments, LLC at 855-267-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Amplify Investments, LLC or your financial intermediary.
Amplify Weight Loss Drug & Treatment ETF  PAGE 2  TSR-AR-032108532
1000010609940110000109091282896.83.2
 
 2025-07-31192397_AmplifyAIPoweredEquityETF_TF_TSRAnnual

 
AMPLIFY ETF TRUST
 
 
 
 
AIEQ
 
 
Amplify AI Powered Equity ETF
MJ
 
 
Amplify Alternative Harvest ETF
BITY
 
 
Amplify Bitcoin 2% Monthly Option Income ETF
BAGY
 
 
Amplify Bitcoin Max Income Covered Call ETF
SWAN
 
 
Amplify BlackSwan Growth & Treasury Core ETF
ISWN
 
 
Amplify BlackSwan ISWN ETF
AIVC
 
 
Amplify Bloomberg AI Value Chain ETF
TLTP
 
 
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF
ITEQ
 
 
Amplify BlueStar Israel Technology ETF
COWS
 
 
Amplify Cash Flow Dividend Leaders ETF
HCOW
 
 
Amplify COWS Covered Call ETF
DIVO
 
 
Amplify CWP Enhanced Dividend Income ETF
QDVO
 
 
Amplify CWP Growth & Income ETF
IDVO
 
 
Amplify CWP International Enhanced Dividend Income ETF
HACK
 
 
Amplify Cybersecurity ETF
IPAY
 
 
Amplify Digital Payments ETF
ETHO
 
 
Amplify Etho Climate Leadership U.S. ETF
YYY
 
 
Amplify High Income ETF
SILJ
 
 
Amplify Junior Silver Miners ETF
BATT
 
 
Amplify Lithium & Battery Technology ETF
NDIV
 
 
Amplify Natural Resources Dividend Income ETF
IBUY
 
 
Amplify Online Retail ETF
SOFR
 
 
Amplify Samsung SOFR ETF
USNG
 
 
Amplify Samsung U.S. Natural Gas Infrastructure ETF
CNBS
 
 
Amplify Seymour Cannabis ETF
SLJY
 
 
Amplify SILJ Covered Call ETF
SMAP
 
 
Amplify Small-Mid Cap Equity ETF
BLOK
 
 
Amplify Transformational Data Sharing ETF
AWAY
 
 
Amplify Travel Tech ETF
GAMR
 
 
Amplify Video Game Leaders ETF
THNR
 
 
Amplify Weight Loss Drug & Treatment ETF
 
 
 
 
Annual
Core Financial Statements and Additional Information
September 30, 2025
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedules of Investments
 
 
1
Statements of Assets and Liabilities
 
 
54
Statements of Operations
 
 
61
Statements of Changes in Net Assets
 
 
68
Financial Highlights
 
 
83
Notes to the Financial Statements
 
 
114
Report of Independent Registered Public Accounting Firm
 
 
142
Additional Information
 
 
145
Additional Information, N-CSR Items 8-11
 
 
164
Supplemental Information
 
 
169
Privacy Policy
 
 
170
 
 
 
 
Amplify ETF Trust (the “Trust”) files its complete schedule of fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Part F of Form N-PORT within sixty days after the end of the period. The Trust’s Part F of Form N-PORT is available on the Commission’s website at www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that Amplify Investments, LLC (the “Adviser”) uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a fund voted proxies relating to portfolio securities during the most recent 12-month period ended September 30, is available (i) without charge, upon request, by calling 1-855-267-3837 and (ii) on the Commission’s website at www.sec.gov.

TABLE OF CONTENTS

Amplify AI Powered Equity ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.7%
 
 
 
 
Communication Services - 11.3%
 
 
 
 
Alphabet, Inc. - Class A
 
 
12,159
 
 
$2,955,853
Alphabet, Inc. - Class C
 
 
7,888
 
 
1,921,122
AT&T, Inc.
 
 
2,065
 
 
58,316
Charter Communications, Inc. -
Class A(a)
 
 
1,941
 
 
533,979
Comcast Corp. - Class A
 
 
25,637
 
 
805,514
Fox Corp. - Class B
 
 
1,017
 
 
58,264
Live Nation Entertainment, Inc.(a)
 
 
354
 
 
57,844
Meta Platforms, Inc. - Class A
 
 
5,177
 
 
3,801,885
Netflix, Inc.(a)
 
 
1,795
 
 
2,152,061
T-Mobile US, Inc.
 
 
244
 
 
58,409
Trade Desk, Inc. - Class A(a)
 
 
14,957
 
 
733,043
Verizon Communications, Inc.
 
 
1,340
 
 
58,893
 
 
 
 
13,195,183
Consumer Discretionary - 9.0%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
2,364
 
 
287,037
Amazon.com, Inc.(a)
 
 
18,049
 
 
3,963,019
CarMax, Inc.(a)
 
 
17,048
 
 
764,944
Chipotle Mexican Grill, Inc.(a)
 
 
24,977
 
 
978,849
Deckers Outdoor Corp.(a)
 
 
4,551
 
 
461,335
Domino’s Pizza, Inc.
 
 
1,544
 
 
666,560
Hilton Worldwide Holdings, Inc.
 
 
221
 
 
57,336
MGM Resorts International(a)
 
 
1,586
 
 
54,971
Royal Caribbean Cruises Ltd.
 
 
1,359
 
 
439,745
Starbucks Corp.
 
 
10,504
 
 
888,638
Tapestry, Inc.
 
 
624
 
 
70,649
Tesla, Inc.(a)
 
 
4,083
 
 
1,815,792
Tractor Supply Co.
 
 
1,022
 
 
58,121
 
 
 
 
10,506,996
Consumer Staples - 6.9%
 
 
 
 
Campbell’s Co.
 
 
3,226
 
 
101,877
Church & Dwight Co., Inc.
 
 
762
 
 
66,774
Coca-Cola Co.
 
 
23,087
 
 
1,531,130
Costco Wholesale Corp.
 
 
3,323
 
 
3,075,868
Dollar Tree, Inc.(a)
 
 
615
 
 
58,038
General Mills, Inc.
 
 
1,167
 
 
58,840
Kenvue, Inc.
 
 
3,547
 
 
57,568
Keurig Dr Pepper, Inc.
 
 
6,960
 
 
177,550
Kimberly-Clark Corp.
 
 
1,535
 
 
190,862
Kraft Heinz Co.
 
 
88,287
 
 
2,298,993
Kroger Co.
 
 
1,040
 
 
70,106
Molson Coors Beverage Co. - Class B
 
 
1,266
 
 
57,287
Philip Morris International, Inc.
 
 
1,751
 
 
284,012
Procter & Gamble Co.
 
 
451
 
 
69,296
 
 
 
 
8,098,201
Energy - 2.4%
 
 
 
 
ConocoPhillips
 
 
20,370
 
 
1,926,798
Coterra Energy, Inc.
 
 
27,999
 
 
662,177
EOG Resources, Inc.
 
 
565
 
 
63,348
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
ONEOK, Inc.
 
 
793
 
 
$57,865
Schlumberger NV
 
 
1,651
 
 
56,745
 
 
 
 
2,766,933
Financials - 10.8%
 
 
 
 
Allstate Corp.
 
 
274
 
 
58,814
Arch Capital Group Ltd.
 
 
8,401
 
 
762,223
Bank of New York Mellon Corp.
 
 
16,135
 
 
1,758,070
Berkshire Hathaway, Inc. - Class B(a)
 
 
141
 
 
70,886
Charles Schwab Corp.
 
 
18,180
 
 
1,735,645
Chubb, Ltd.
 
 
207
 
 
58,426
Cincinnati Financial Corp.
 
 
458
 
 
72,410
Citigroup, Inc.
 
 
725
 
 
73,587
CME Group, Inc.
 
 
2,019
 
 
545,514
Erie Indemnity Co. - Class A
 
 
1,384
 
 
440,333
FactSet Research Systems, Inc.
 
 
2,818
 
 
807,329
Fiserv, Inc.(a)
 
 
444
 
 
57,245
Interactive Brokers Group, Inc. - Class A
 
 
1,118
 
 
76,929
Intercontinental Exchange, Inc.
 
 
345
 
 
58,126
JPMorgan Chase & Co.
 
 
2,963
 
 
934,619
KeyCorp
 
 
121,296
 
 
2,267,022
KKR & Co., Inc.
 
 
2,937
 
 
381,663
Loews Corp.
 
 
581
 
 
58,327
Mastercard, Inc. - Class A
 
 
123
 
 
69,964
Progressive Corp.
 
 
1,177
 
 
290,660
Prudential Financial, Inc.
 
 
558
 
 
57,887
Robinhood Markets, Inc. - Class A(a)
 
 
1,591
 
 
227,799
S&P Global, Inc.
 
 
118
 
 
57,432
Truist Financial Corp.
 
 
15,439
 
 
705,871
US Bancorp
 
 
3,576
 
 
172,828
Visa, Inc. - Class A
 
 
2,261
 
 
771,860
 
 
 
 
12,571,469
Health Care - 8.5%
 
 
 
 
Abbott Laboratories
 
 
4,011
 
 
537,233
Align Technology, Inc.(a)
 
 
6,926
 
 
867,274
Amgen, Inc.
 
 
430
 
 
121,346
Boston Scientific Corp.(a)
 
 
2,863
 
 
279,515
Charles River Laboratories International, Inc.(a)
 
 
2,270
 
 
355,164
Cigna Group
 
 
5,672
 
 
1,634,954
DexCom, Inc.(a)
 
 
10,565
 
 
710,919
Eli Lilly and Co.
 
 
97
 
 
74,011
GE HealthCare Technologies, Inc.
 
 
20,972
 
 
1,574,997
Gilead Sciences, Inc.
 
 
12,331
 
 
1,368,741
Henry Schein, Inc.(a)
 
 
877
 
 
58,206
Humana, Inc.
 
 
227
 
 
59,059
Merck & Co., Inc.
 
 
1,331
 
 
111,711
Pfizer, Inc.
 
 
71,447
 
 
1,820,469
Regeneron Pharmaceuticals, Inc.
 
 
121
 
 
68,035
Revvity, Inc.
 
 
688
 
 
60,303
Stryker Corp.
 
 
313
 
 
115,707
Vertex Pharmaceuticals, Inc.(a)
 
 
147
 
 
57,571
Zimmer Biomet Holdings, Inc.
 
 
590
 
 
58,115
 
 
 
 
9,933,330
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

Amplify AI Powered Equity ETF
Schedule of Investments
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - 7.3%
 
 
 
 
Automatic Data Processing, Inc.
 
 
231
 
 
$67,798
Axon Enterprise, Inc.(a)
 
 
137
 
 
98,317
Boeing Co.(a)
 
 
779
 
 
168,132
Broadridge Financial Solutions, Inc.
 
 
7,821
 
 
1,862,727
Cintas Corp.
 
 
284
 
 
58,294
Dayforce, Inc.(a)
 
 
842
 
 
58,005
Deere & Co.
 
 
143
 
 
65,388
Delta Air Lines, Inc.
 
 
1,401
 
 
79,507
FedEx Corp.
 
 
304
 
 
71,686
GE Vernova, Inc.
 
 
2,153
 
 
1,323,880
Generac Holdings, Inc.(a)
 
 
4,809
 
 
805,027
General Electric Co.
 
 
4,345
 
 
1,307,063
Honeywell International, Inc.
 
 
277
 
 
58,308
Huntington Ingalls Industries, Inc.
 
 
2,770
 
 
797,511
JB Hunt Transport Services, Inc.
 
 
9,253
 
 
1,241,475
Paychex, Inc.
 
 
451
 
 
57,169
Rollins, Inc.
 
 
990
 
 
58,153
RTX Corp.
 
 
354
 
 
59,235
United Airlines Holdings, Inc.(a)
 
 
738
 
 
71,217
Waste Management, Inc.
 
 
756
 
 
166,947
 
 
 
 
8,475,839
Information Technology - 33.5%(b)
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
10,220
 
 
1,653,494
Amphenol Corp. - Class A
 
 
18,670
 
 
2,310,412
Apple, Inc.
 
 
16,124
 
 
4,105,654
AppLovin Corp. - Class A(a)
 
 
675
 
 
485,014
Arista Networks, Inc.(a)
 
 
3,517
 
 
512,462
Broadcom, Inc.
 
 
8,681
 
 
2,863,949
Crowdstrike Holdings, Inc. - Class A(a)
 
 
1,131
 
 
554,620
Fortinet, Inc.(a)
 
 
10,022
 
 
842,650
Gartner, Inc.(a)
 
 
7,305
 
 
1,920,265
Intel Corp.
 
 
1,681
 
 
56,397
Intuit, Inc.
 
 
105
 
 
71,705
Jabil, Inc.
 
 
334
 
 
72,535
KLA Corp.
 
 
54
 
 
58,244
Microsoft Corp.
 
 
14,584
 
 
7,553,783
Motorola Solutions, Inc.
 
 
2,799
 
 
1,279,955
NVIDIA Corp.
 
 
49,677
 
 
9,268,735
NXP Semiconductors NV
 
 
256
 
 
58,299
ON Semiconductor Corp.(a)
 
 
1,165
 
 
57,446
Oracle Corp.
 
 
3,220
 
 
905,593
Palantir Technologies, Inc. - Class A(a)
 
 
7,892
 
 
1,439,659
Qualcomm, Inc.
 
 
436
 
 
72,533
Roper Technologies, Inc.
 
 
4,884
 
 
2,435,602
Salesforce, Inc.
 
 
276
 
 
65,412
Seagate Technology Holdings PLC
 
 
1,996
 
 
471,176
Synopsys, Inc.(a)
 
 
121
 
 
59,700
 
 
 
 
39,175,294
Materials - 6.8%
 
 
 
 
Air Products and Chemicals, Inc.
 
 
214
 
 
58,362
Avery Dennison Corp.
 
 
21,669
 
 
3,514,062
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ecolab, Inc.
 
 
212
 
 
$58,058
International Flavors & Fragrances, Inc.
 
 
1,045
 
 
64,309
International Paper Co.
 
 
5,382
 
 
249,725
LyondellBasell Industries NV - Class A
 
 
1,432
 
 
70,225
Nucor Corp.
 
 
7,327
 
 
992,296
PPG Industries, Inc.
 
 
25,948
 
 
2,727,394
Smurfit WestRock PLC
 
 
5,082
 
 
216,341
 
 
 
 
7,950,772
Real Estate - 0.0%(c)
 
 
 
 
CoStar Group, Inc.(a)
 
 
688
 
 
58,047
Utilities - 3.2%
 
 
 
 
American Electric Power Co., Inc.
 
 
20,963
 
 
2,358,337
American Water Works Co., Inc.
 
 
423
 
 
58,877
Dominion Energy, Inc.
 
 
4,833
 
 
295,635
Edison International
 
 
1,049
 
 
57,989
Exelon Corporation
 
 
1,603
 
 
72,151
NextEra Energy, Inc.
 
 
5,314
 
 
401,154
NiSource, Inc.
 
 
1,341
 
 
58,065
PG&E Corporation
 
 
16,066
 
 
242,275
Pinnacle West Capital Corp.
 
 
786
 
 
70,473
Southern Co.
 
 
761
 
 
72,120
 
 
 
 
3,687,076
TOTAL COMMON STOCKS
(Cost $108,300,009)
 
 
 
 
116,419,140
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.4%
 
 
 
 
Real Estate - 0.4%
 
 
 
 
American Tower Corp.
 
 
298
 
 
57,311
Camden Property Trust
 
 
634
 
 
67,698
Equinix, Inc.
 
 
74
 
 
57,960
Invitation Homes, Inc.
 
 
1,996
 
 
58,543
Mid-America Apartment Communities, Inc.
 
 
487
 
 
68,048
UDR, Inc.
 
 
1,799
 
 
67,031
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $391,193)
 
 
 
 
376,591
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.1%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
170,623
 
 
170,623
TOTAL MONEY MARKET FUNDS
(Cost $170,623)
 
 
 
 
170,623
TOTAL INVESTMENTS - 100.2%
(Cost $108,861,825)
 
 
 
 
$116,966,354
Liabilities in Excess of Other
Assets - (0.2)%
 
 
 
 
(205,513)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$116,760,841
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

Amplify AI Powered Equity ETF
Schedule of Investments
September 30, 2025(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

Amplify Alternative Harvest ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 53.4%
 
 
 
 
Consumer Staples - 3.8%
 
 
 
 
Village Farms International, Inc.(a)(b)
 
 
2,392,296
 
 
$7,487,886
Health Care - 49.6%(c)
 
 
 
 
Aurora Cannabis, Inc.(a)(b)
 
 
1,341,746
 
 
7,996,806
Canopy Growth Corp.(a)(b)
 
 
4,854,545
 
 
7,087,636
Cronos Group, Inc.(a)
 
 
4,783,074
 
 
13,296,946
High Tide, Inc.(a)
 
 
1,661,076
 
 
6,029,706
Organigram Global, Inc.(a)(b)
 
 
2,179,567
 
 
4,424,521
SNDL, Inc.(a)
 
 
5,874,481
 
 
15,743,609
Tilray Brands, Inc.(a)(b)
 
 
26,055,099
 
 
45,075,321
 
 
 
 
99,654,545
Industrials - 0.0%(d)
 
 
 
 
Empresas ICA SAB de CV(a)(e)
 
 
151,840
 
 
0
TOTAL COMMON STOCKS
(Cost $88,053,303)
 
 
 
 
107,142,431
AFFILIATED EXCHANGE TRADED FUNDS - 46.3%
 
 
 
 
Amplify Seymour Cannabis
ETF(b)(f)(g)
 
 
3,146,879
 
 
93,053,212
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $67,856,774)
 
 
 
 
93,053,212
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 31.0%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(h)
 
 
62,284,536
 
 
62,284,536
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $62,284,536)
 
 
 
 
62,284,536
MONEY MARKET FUNDS - 0.3%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(h)
 
 
546,965
 
 
546,965
TOTAL MONEY MARKET FUNDS
(Cost $546,965)
 
 
 
 
546,965
TOTAL INVESTMENTS - 131.0%
(Cost $218,741,578)
 
 
 
 
$263,027,144
Liabilities in Excess of Other
Assets - (31.0)%
 
 
 
 
(62,217,600)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$200,809,544
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $54,097,266.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
Represents less than 0.05% of net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(g)
Affiliated security as defined by the Investment Company Act of 1940.
(h)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

Amplify Bitcoin 2% Monthly Option Income ETF
Consolidated Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS - 22.3%
 
 
iShares Bitcoin Trust ETF(a)
 
 
 
 
70,560
 
 
$4,586,400
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,462,970)
 
 
 
 
 
 
4,586,400
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 10.0%(a)
 
 
 
 
 
 
Call Options - 10.0%
 
 
 
 
 
 
Cboe Bitcoin U.S. ETF Index, Expiration: 01/16/2026;
Exercise Price:
$2,605.00(b)(c)(d)
 
 
$16,503,733
 
 
61
 
 
2,064,725
TOTAL PURCHASED OPTIONS
(Cost $1,693,326)
 
 
 
 
 
 
2,064,725
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
MONEY MARKET FUNDS - 58.2%
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)(f)
 
 
 
 
12,003,285
 
 
12,003,285
TOTAL MONEY MARKET FUNDS
(Cost $12,003,285)
 
 
 
 
 
 
12,003,285
 
 
 
 
Par
 
 
U.S. TREASURY BILLS - 15.9%
 
 
 
 
 
 
4.22%, 10/09/2025(g)
 
 
 
 
$1,200,000
 
 
1,198,922
4.06%, 11/12/2025(g)
 
 
 
 
500,000
 
 
497,669
4.04%, 11/25/2025(g)
 
 
 
 
600,000
 
 
596,342
3.92%, 12/11/2025(g)
 
 
 
 
791,000
 
 
785,010
3.80%, 12/26/2025(g)
 
 
 
 
200,000
 
 
198,161
TOTAL U.S. TREASURY BILLS
(Cost $3,276,021)
 
 
 
 
 
 
3,276,104
TOTAL INVESTMENTS - 106.4%
(Cost $21,435,602)
 
 
 
 
 
 
$21,930,514
Liabilities in Excess of Other Assets – (6.4)%
 
 
 
 
 
 
(1,316,479)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$20,614,035
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(g)
The rate shown is the annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

AMPLIFY BITCOIN 2% MONTHLY OPTION INCOME ETF
CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (6.8)%
Call Options - (1.0)%
 
 
 
 
 
 
Cboe Bitcoin U.S. ETF Index(a)(b)
 
 
 
 
 
 
Expiration: 10/03/2025; Exercise Price: $2,700.20
 
 
$(13,798,203)
 
 
(51)
 
 
$(188,356)
Expiration: 10/03/2025; Exercise Price: $2,813.83
 
 
(2,705,530)
 
 
(10)
 
 
(5,952)
Total Call Options
 
 
 
 
 
 
(194,308)
Put Options - (5.8)%
 
 
 
 
 
 
Cboe Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $2,605.00(a)(b)
 
 
(16,503,733)
 
 
(61)
 
 
(1,199,086)
TOTAL WRITTEN OPTIONS
(Premiums received $1,497,911)
 
 
 
 
 
 
$(1,393,394)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percentof net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

Amplify Bitcoin Max Income Covered Call ETF
Consolidated Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
 
PURCHASED OPTIONS - 12.9%(a)
 
 
 
 
 
 
 
Call Options - 12.9%(b)(c)
 
 
 
 
 
 
 
Cboe Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $2,605.00(d)
 
 
$16,774,286
 
 
62
 
 
$2,098,574
 
Cboe Mini Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $260.50(d)
 
 
54,110
 
 
2
 
 
6,731
 
TOTAL PURCHASED OPTIONS
(Cost $1,683,115)
 
 
 
 
 
 
2,105,305
 
 
 
 
 
Shares
 
 
 
SHORT-TERM INVESTMENTS
 
 
 
MONEY MARKET FUNDS - 75.1%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)(f)
 
 
 
 
12,220,127
 
 
12,220,127
 
TOTAL MONEY MARKET FUNDS
(Cost $12,220,127)
 
 
 
 
 
 
12,220,127
 
 
 
 
 
Par
 
 
 
U.S. TREASURY BILLS - 18.1%
 
 
 
 
 
 
 
4.22%, 10/28/2025(g)
 
 
 
 
$40,000
 
 
39,879
 
4.16%, 10/30/2025(g)
 
 
 
 
570,000
 
 
568,145
 
4.10%, 11/13/2025(g)
 
 
 
 
400,000
 
 
398,086
 
4.12%, 11/20/2025(g)
 
 
 
 
400,000
 
 
397,797
 
3.92%, 12/11/2025(g)
 
 
 
 
410,000
 
 
406,895
 
3.84%, 12/26/2025(g)
 
 
 
 
1,140,000
 
 
1,129,515
 
TOTAL U.S. TREASURY BILLS
(Cost $2,940,275)
 
 
 
 
 
 
2,940,317
 
TOTAL INVESTMENTS - 106.1%
(Cost $16,843,517)
 
 
 
 
 
 
$17,265,749
 
Liabilities in Excess of Other Assets – (6.1)%
 
 
 
 
 
 
(991,180)
 
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$16,274,569
 
 
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
100 shares per contract.
(c)
Exchange-traded.
(d)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(g)
The rate shown is the annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

AMPLIFY BITCOIN MAX INCOME COVERED CALL ETF
CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (8.8)%(a)(b)
Call Options - (1.3)%
 
 
 
 
 
 
CboeBitcoin U.S. ETF Index
 
 
 
 
 
 
Expiration: 10/03/2025; Exercise Price: $2,700.20
 
 
$(15,692,074)
 
 
(58)
 
 
$(214,209)
Expiration: 10/03/2025; Exercise Price: $2,813.83
 
 
(1,082,212)
 
 
(4)
 
 
(2,381)
Cboe Mini Bitcoin U.S. ETF Index, Expiration: 10/03/2025; Exercise Price: $281.38
 
 
(54,110)
 
 
(2)
 
 
(75)
Total Call Options
 
 
 
 
 
 
(216,665)
Put Options - (7.5)%
 
 
 
 
 
 
Cboe Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $2,605.00
 
 
(16,774,286)
 
 
(62)
 
 
(1,218,743)
Cboe Mini Bitcoin U.S. ETF Index, Expiration: 01/16/2026; Exercise Price: $260.50
 
 
(54,110)
 
 
(2)
 
 
(3,942)
Total Put Options
 
 
 
 
 
 
(1,222,685)
TOTAL WRITTEN OPTIONS
(Premiums received $1,559,819)
 
 
 
 
 
 
$(1,439,350)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percentof net assets.
(a)
100 shares per contract.
(b)
Exchange-traded.
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

Amplify BlackSwan Growth & Treasury Core ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
U.S. TREASURY SECURITIES - 84.8%
 
 
 
 
 
 
United States Treasury Note/Bond
 
 
 
 
 
 
0.88%, 11/15/2030
 
 
 
 
$26,126,000
 
 
$22,663,284
1.63%, 05/15/2031
 
 
 
 
25,387,000
 
 
22,615,751
1.38%, 11/15/2031
 
 
 
 
26,196,000
 
 
22,684,099
2.88%, 05/15/2032
 
 
 
 
23,969,000
 
 
22,542,563
4.13%, 11/15/2032
 
 
 
 
22,184,000
 
 
22,450,035
3.38%, 05/15/2033
 
 
 
 
23,461,000
 
 
22,545,471
4.50%, 11/15/2033
 
 
 
 
21,751,000
 
 
22,495,717
4.38%, 05/15/2034
 
 
 
 
22,006,000
 
 
22,523,055
4.25%, 11/15/2034
 
 
 
 
22,545,000
 
 
22,806,557
4.25%, 05/15/2035
 
 
 
 
22,582,000
 
 
22,793,706
TOTAL U.S. TREASURY SECURITIES
(Cost $225,375,247)
 
 
 
 
 
 
226,120,238
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 14.0%(a)
 
 
 
 
 
 
Call Options - 14.0%
 
 
 
 
 
 
SPDR S&P 500 ETF Trust(b)(c)
 
 
 
 
 
 
Expiration: 12/19/2025; Exercise Price: $585.01
 
 
$125,774,784
 
 
1,888
 
 
16,718,920
Expiration: 06/18/2026; Exercise Price: $560.01
 
 
105,989,238
 
 
1,591
 
 
20,619,853
TOTAL PURCHASED
OPTIONS
(Cost $24,743,496)
 
 
 
 
 
 
37,338,773
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 0.2%
 
 
 
 
Dreyfus Treasury Securities Cash Management,
3.19%(d)
 
 
 
 
2,387
 
 
2,387
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
 
 
513,532
 
 
513,532
TOTAL MONEY MARKET FUNDS
(Cost $515,919)
 
 
 
 
 
 
515,919
TOTAL INVESTMENTS - 99.0%
(Cost $250,634,662)
 
 
 
 
 
 
$263,974,930
Other Assets in Excess of Liabilities - 1.0%
 
 
 
 
 
 
2,635,287
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$266,610,217
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

Amplify BlackSwan ISWN ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
U.S. TREASURY SECURITIES - 84.2%
 
 
 
 
 
 
United States Treasury Note/Bond
 
 
 
 
 
 
0.88%, 11/15/2030
 
 
 
 
$3,233,000
 
 
$2,804,501
1.63%, 05/15/2031
 
 
 
 
3,144,000
 
 
2,800,800
1.38%, 11/15/2031
 
 
 
 
3,245,000
 
 
2,809,967
2.88%, 05/15/2032
 
 
 
 
2,971,000
 
 
2,794,191
4.13%, 11/15/2032
 
 
 
 
2,749,000
 
 
2,781,967
3.38%, 05/15/2033
 
 
 
 
2,908,000
 
 
2,794,520
4.50%, 11/15/2033
 
 
 
 
2,696,000
 
 
2,788,306
4.38%, 05/15/2034
 
 
 
 
2,728,000
 
 
2,792,097
4.25%, 11/15/2034
 
 
 
 
2,802,000
 
 
2,834,508
4.25%, 05/15/2035
 
 
 
 
2,809,000
 
 
2,835,334
TOTAL U.S. TREASURY SECURITIES
(Cost $27,840,500)
 
 
 
 
 
 
28,036,191
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 14.6%(a)
 
 
 
 
 
 
Call Options - 14.6%
 
 
 
 
 
 
iShares MSCI EAFE ETF(b)(c)
 
 
 
 
 
 
Expiration: 12/19/2025; Exercise Price: $75.01
 
 
$15,060,581
 
 
1,613
 
 
2,985,163
Expiration: 01/15/2027; Exercise Price: $83.01
 
 
12,306,166
 
 
1,318
 
 
1,879,152
TOTAL PURCHASED OPTIONS
(Cost $3,011,416)
 
 
 
 
 
 
4,864,315
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 0.2%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
 
 
78,208
 
 
78,208
TOTAL MONEY MARKET FUNDS
(Cost $78,208)
 
 
 
 
 
 
78,208
TOTAL INVESTMENTS - 99.0%
(Cost $30,930,124)
 
 
 
 
 
 
$32,978,714
Other Assets in Excess of Liabilities - 1.0%
 
 
 
 
 
 
326,615
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$ 33,305,329
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

Amplify Bloomberg AI Value Chain ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.3%
 
 
 
 
Communication Services - 2.7%
 
 
 
 
Alphabet, Inc. - Class A
 
 
3,499
 
 
$850,607
Consumer Discretionary - 5.3%
 
 
 
 
Alibaba Group Holding Ltd.
 
 
46,900
 
 
1,066,950
Amazon.com, Inc.(a)
 
 
2,812
 
 
617,431
 
 
 
 
1,684,381
Industrials - 2.3%
 
 
 
 
Vertiv Holdings Co. - Class A
 
 
4,914
 
 
741,326
Information Technology - 89.0%(b)
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
4,555
 
 
736,953
Advantest Corp.
 
 
8,500
 
 
843,180
Appian Corp. - Class A(a)
 
 
20,611
 
 
630,078
Apple, Inc.
 
 
2,942
 
 
749,121
Arista Networks, Inc.(a)
 
 
6,128
 
 
892,911
ASM International NV
 
 
1,046
 
 
627,802
ASML Holding NV
 
 
809
 
 
787,175
Atlassian Corp. - Class A(a)
 
 
2,942
 
 
469,837
Broadcom, Inc.
 
 
2,283
 
 
753,184
Cadence Design System, Inc.(a)
 
 
1,922
 
 
675,122
Celestica, Inc.(a)
 
 
3,926
 
 
966,320
Confluent, Inc. - Class A(a)
 
 
23,887
 
 
472,963
Credo Technology Group Holding Ltd.(a)
 
 
6,711
 
 
977,189
Datadog, Inc. - Class A(a)
 
 
4,049
 
 
576,578
Dell Technologies, Inc. - Class C
 
 
5,017
 
 
711,260
DigitalOcean Holdings, Inc.(a)
 
 
21,515
 
 
734,952
Gitlab, Inc. - Class A(a)
 
 
13,548
 
 
610,744
Hewlett Packard Enterprise Co.
 
 
29,439
 
 
723,022
Hon Hai Precision Industry Co. Ltd.
 
 
113,000
 
 
800,840
HP, Inc.
 
 
24,162
 
 
657,931
International Business Machines Corp.
 
 
2,152
 
 
607,208
Marvell Technology, Inc.
 
 
8,356
 
 
702,489
MediaTek, Inc.
 
 
14,000
 
 
604,042
Micron Technology, Inc.
 
 
5,137
 
 
859,523
Microsoft Corp.
 
 
1,259
 
 
652,099
MongoDB, Inc.(a)
 
 
2,973
 
 
922,760
Monolithic Power Systems, Inc.
 
 
828
 
 
762,290
NetApp, Inc.
 
 
5,857
 
 
693,820
NVIDIA Corp.
 
 
3,943
 
 
735,685
Oracle Corp.
 
 
2,647
 
 
744,442
Qualcomm, Inc.
 
 
3,873
 
 
644,312
Quanta Computer, Inc.
 
 
65,000
 
 
618,479
Samsung Electronics Co. Ltd.
 
 
13,519
 
 
808,413
SK Hynix, Inc.
 
 
3,164
 
 
783,643
Snowflake, Inc. - Class A(a)
 
 
2,836
 
 
639,660
Super Micro Computer, Inc.(a)
 
 
12,937
 
 
620,200
Synopsys, Inc.(a)
 
 
1,145
 
 
564,932
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Taiwan Semiconductor Manufacturing Co. Ltd.
 
 
17,000
 
 
$727,902
Western Digital Corporation
 
 
9,507
 
 
1,141,410
 
 
 
 
28,230,471
TOTAL COMMON STOCKS
(Cost $24,168,467)
 
 
 
 
31,506,785
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.7%
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(c)
 
 
218,256
 
 
218,256
TOTAL MONEY MARKET FUNDS
(Cost $218,256)
 
 
 
 
218,256
TOTAL INVESTMENTS - 100.0%
(Cost $24,386,723)
 
 
 
 
$31,725,041
Other Assets in Excess of
Liabilities - 0.0%(d)
 
 
 
 
13,179
TOTAL NET ASSETS - 100.0%
 
 
 
 
$31,738,220
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(d)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

Amplify Bloomberg U.S. Treasury 12% Premium Income ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS - 67.0%
 
 
 
 
iShares 20+ Year Treasury Bond ETF(a)(b)
 
 
86,400
 
 
$7,721,568
TOTAL EXCHANGE TRADED FUNDS
(Cost $7,633,015)
 
 
 
 
7,721,568
 
 
Par
 
 
U.S. TREASURY SECURITIES - 33.1%
 
 
 
 
United States Treasury Note/Bond,
4.25%, 08/15/2054
 
 
$4,140,000
 
 
3,819,878
TOTAL U.S. TREASURY SECURITIES
(Cost $3,881,989)
 
 
 
 
3,819,878
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.1%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(c)
 
 
10,272
 
 
10,272
TOTAL MONEY MARKET FUNDS
(Cost $10,272)
 
 
 
 
10,272
TOTAL INVESTMENTS - 100.2%
(Cost $11,525,276)
 
 
 
 
$11,551,718
Liabilities in Excess of Other
Assets – (0.2)%
 
 
 
 
(23,622)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$11,528,096
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

AMPLIFY BLOOMBERG U.S. TREASURY 12% PREMIUM INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.4)%
Call Options - (0.4)%
 
 
 
 
 
 
iShares 20+ Year Treasury Bond ETF, Expiration: 10/03/2025; Exercise Price: $89.00(a)(b)
 
 
$(7,721,568)
 
 
(864)
 
 
$ (43,217)
TOTAL WRITTEN OPTIONS
(Premiums received $27,648)
 
 
 
 
 
 
$(43,217)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percentof net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

Amplify BlueStar Israel Technology ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Communication Services - 1.7%
 
 
 
 
Nexxen International Ltd.(a)
 
 
36,895
 
 
$341,278
Perion Network Ltd.(a)
 
 
41,498
 
 
398,381
Playtika Holding Corp.
 
 
107,574
 
 
418,463
Taboola.com Ltd.(a)
 
 
174,519
 
 
595,110
 
 
 
 
1,753,232
Consumer Discretionary - 4.1%
 
 
 
 
Global-e Online Ltd.(a)
 
 
71,059
 
 
2,541,070
Maytronics, Ltd.
 
 
0(b)
 
 
0
Mobileye Global, Inc. - Class A(a)
 
 
115,389
 
 
1,629,293
 
 
 
 
4,170,363
Financials - 4.8%
 
 
 
 
Lemonade, Inc.(a)
 
 
40,886
 
 
2,188,628
Payoneer Global, Inc.(a)
 
 
176,637
 
 
1,068,654
Plus500, Ltd.
 
 
38,145
 
 
1,653,566
 
 
 
 
4,910,848
Health Care - 1.7%
 
 
 
 
Inmode Ltd.(a)
 
 
52,023
 
 
775,143
Nano-X Imaging Ltd.(a)(c)
 
 
81,404
 
 
301,195
Novocure, Ltd.(a)
 
 
48,564
 
 
627,447
Pluri, Inc.(a)
 
 
0(b)
 
 
0
 
 
 
 
1,703,785
Industrials - 10.9%
 
 
 
 
Elbit Systems Ltd.(c)
 
 
16,467
 
 
8,394,876
Fiverr International Ltd.(a)
 
 
25,192
 
 
614,937
Hilan, Ltd.
 
 
8,969
 
 
693,954
Kornit Digital, Ltd.(a)
 
 
31,193
 
 
421,105
Nano Dimension Ltd. - ADR(a)
 
 
285,816
 
 
448,731
Stratasys, Ltd.(a)
 
 
56,303
 
 
630,594
 
 
 
 
11,204,197
Information Technology - 70.9%(d)
 
 
 
 
Amdocs, Ltd.
 
 
56,615
 
 
4,645,261
Camtek Ltd.(a)(c)
 
 
21,796
 
 
2,289,670
Cellebrite DI Ltd.(a)
 
 
94,250
 
 
1,746,453
CEVA, Inc.(a)
 
 
20,083
 
 
530,392
Check Point Software Technologies, Ltd.(a)
 
 
31,770
 
 
6,573,531
Cognyte Software, Ltd.(a)
 
 
48,741
 
 
409,424
CyberArk Software, Ltd.(a)
 
 
17,883
 
 
8,640,171
Formula Systems 1985, Ltd.
 
 
5,088
 
 
709,717
Gilat Satellite Networks Ltd.(a)
 
 
66,474
 
 
865,491
Ituran Location and Control, Ltd.
 
 
14,479
 
 
517,190
JFrog Ltd.(a)
 
 
71,095
 
 
3,364,926
Magic Software Enterprises Ltd.
 
 
25,387
 
 
518,149
Matrix IT, Ltd.
 
 
23,510
 
 
829,095
Monday.com Ltd.(a)
 
 
23,495
 
 
4,550,747
Nayax Ltd.(a)
 
 
14,371
 
 
688,642
Next Vision Stabilized Systems Ltd.
 
 
38,518
 
 
1,748,963
Nice Ltd. - ADR(a)
 
 
38,433
 
 
5,564,330
Nova Ltd.(a)
 
 
12,099
 
 
3,867,566
One Software Technologies Ltd.
 
 
26,547
 
 
650,034
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Pagaya Technologies Ltd. - Class A(a)
 
 
39,567
 
 
$1,174,744
Powerfleet, Inc.(a)
 
 
120,018
 
 
628,894
Priortech Ltd.(a)
 
 
7,948
 
 
473,969
Radware, Ltd.(a)
 
 
29,860
 
 
790,991
Riskified Ltd. - Class A(a)
 
 
91,689
 
 
429,105
Sapiens International Corp.
 
 
29,108
 
 
1,251,644
SentinelOne, Inc. - Class A(a)
 
 
191,011
 
 
3,363,704
SimilarWeb Ltd.(a)
 
 
61,387
 
 
570,899
SolarEdge Technologies, Inc.(a)(c)
 
 
39,639
 
 
1,466,643
Tower Semiconductor Ltd.(a)
 
 
53,131
 
 
3,841,371
Varonis Systems, Inc.(a)
 
 
63,475
 
 
3,647,908
Weebit Nano Ltd.(a)
 
 
317,086
 
 
668,275
Wix.com, Ltd.(a)
 
 
33,039
 
 
5,868,718
 
 
 
 
72,886,617
Utilities - 5.7%
 
 
 
 
Energix-Renewable Energies, Ltd.
 
 
192,852
 
 
833,639
Enlight Renewable Energy, Ltd.(a)
 
 
58,789
 
 
1,813,398
Ormat Technologies, Inc.
 
 
33,865
 
 
3,259,506
 
 
 
 
5,906,543
TOTAL COMMON STOCKS
(Cost $96,170,004)
 
 
 
 
102,535,585
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.1%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(e)
 
 
8,388,694
 
 
8,388,694
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $8,388,694)
 
 
 
 
8,388,694
MONEY MARKET FUNDS - 0.2%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)
 
 
175,688
 
 
175,688
TOTAL MONEY MARKET FUNDS
(Cost $175,688)
 
 
 
 
175,688
TOTAL INVESTMENTS - 108.1%
(Cost $104,734,386)
 
 
 
 
$111,099,967
Liabilities in Excess of Other
Assets - (8.1)%
 
 
 
 
(8,361,794)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$102,738,173
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
The accompanying notes are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

Amplify BlueStar Israel Technology ETF
Schedule of Investments
September 30, 2025(Continued)
(a)
Non-income producing security.
(b)
Rounds to zero.
(c)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $8,306,703.
(d)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

Amplify Cash Flow Dividend Leaders ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.2%
 
 
 
 
Communication Services - 14.8%
 
 
 
 
Comcast Corp. - Class A
 
 
13,411
 
 
$421,374
Match Group, Inc.
 
 
11,279
 
 
398,374
Nexstar Media Group, Inc.
 
 
2,844
 
 
562,372
Omnicom Group, Inc.
 
 
5,868
 
 
478,418
Paramount Skydance Corp.(a)
 
 
29,715
 
 
562,208
T-Mobile US, Inc.
 
 
1,146
 
 
274,329
Warner Bros Discovery, Inc.(b)
 
 
35,805
 
 
699,272
 
 
 
 
3,396,347
Consumer Discretionary - 18.0%
 
 
 
 
Abercrombie & Fitch Co. - Class A(b)
 
 
4,660
 
 
398,663
Bath & Body Works, Inc.
 
 
15,944
 
 
410,717
Best Buy Co., Inc.
 
 
5,410
 
 
409,104
BorgWarner, Inc.
 
 
9,947
 
 
437,270
Crocs, Inc.(b)
 
 
5,532
 
 
462,199
Etsy, Inc.(b)
 
 
7,720
 
 
512,531
Expedia Group, Inc.
 
 
1,897
 
 
405,484
Gap, Inc.
 
 
18,654
 
 
399,009
LKQ Corp.
 
 
10,427
 
 
318,440
Mattel, Inc.(b)
 
 
22,737
 
 
382,664
 
 
 
 
4,136,081
Consumer Staples - 2.2%
 
 
 
 
Molson Coors Beverage Co. - Class B
 
 
11,443
 
 
517,796
Energy - 16.1%
 
 
 
 
APA Corp.
 
 
19,278
 
 
468,070
Coterra Energy, Inc.
 
 
15,714
 
 
371,636
EQT Corp.
 
 
10,969
 
 
597,043
Magnolia Oil & Gas Corp. - Class A
 
 
13,772
 
 
328,738
Matador Resources Co.
 
 
11,352
 
 
510,045
NOV, Inc.
 
 
29,407
 
 
389,643
Ovintiv, Inc.
 
 
10,474
 
 
422,940
Range Resources Corp.
 
 
16,110
 
 
606,380
 
 
 
 
3,694,495
Financials - 5.7%
 
 
 
 
Global Payments, Inc.
 
 
5,278
 
 
438,496
PayPal Holdings, Inc.(b)
 
 
6,840
 
 
458,690
WEX, Inc.(b)
 
 
2,648
 
 
417,140
 
 
 
 
1,314,326
Health Care - 3.4%
 
 
 
 
Biogen, Inc.(b)
 
 
3,148
 
 
440,972
Universal Health Services, Inc. - Class B
 
 
1,710
 
 
349,592
 
 
 
 
790,564
Industrials - 16.6%
 
 
 
 
Allison Transmission Holdings, Inc.
 
 
4,472
 
 
379,583
FedEx Corp.
 
 
2,487
 
 
586,460
Genpact Ltd.
 
 
13,053
 
 
546,790
Leidos Holdings, Inc.
 
 
1,662
 
 
314,052
Lyft, Inc. - Class A(b)
 
 
22,137
 
 
487,235
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Owens Corning
 
 
3,665
 
 
$518,451
Science Applications International Corp.
 
 
4,290
 
 
426,297
Timken Co.
 
 
7,347
 
 
552,348
 
 
 
 
3,811,216
Information Technology - 14.3%
 
 
 
 
Cognizant Technology Solutions Corp. - Class A
 
 
8,116
 
 
544,340
Dell Technologies, Inc. - Class C
 
 
4,510
 
 
639,383
Dropbox, Inc. - Class A(b)
 
 
14,621
 
 
441,701
EPAM Systems, Inc.(b)
 
 
2,933
 
 
442,267
NetApp, Inc.
 
 
2,440
 
 
289,042
QUALCOMM, Inc.
 
 
3,531
 
 
587,417
Skyworks Solutions, Inc.
 
 
4,310
 
 
331,784
 
 
 
 
3,275,934
Materials - 6.6%
 
 
 
 
Alcoa Corp.
 
 
18,146
 
 
596,822
CF Industries Holdings, Inc.
 
 
6,459
 
 
579,372
Sealed Air Corp.
 
 
9,777
 
 
345,617
 
 
 
 
1,521,811
Utilities - 1.5%
 
 
 
 
NRG Energy, Inc.
 
 
2,171
 
 
351,594
TOTAL COMMON STOCKS
(Cost $22,162,235)
 
 
 
 
22,810,164
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.5%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(c)
 
 
576,460
 
 
576,460
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $576,460)
 
 
 
 
576,460
MONEY MARKET FUNDS - 0.7%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(c)
 
 
148,303
 
 
148,303
TOTAL MONEY MARKET FUNDS
(Cost $148,303)
 
 
 
 
148,303
TOTAL INVESTMENTS - 102.4%
(Cost $22,886,998)
 
 
 
 
$23,534,927
Liabilities in Excess of Other
Assets - (2.4)%
 
 
 
 
(559,775)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$22,975,152
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

Amplify Cash Flow Dividend Leaders ETF
Schedule of Investments
September 30, 2025(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $545,331.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

Amplify COWS Covered Call ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 96.9%
 
 
 
 
Communication Services - 13.7%
 
 
 
 
Match Group, Inc.(a)
 
 
6,753
 
 
$238,516
Nexstar Media Group, Inc.(a)
 
 
1,703
 
 
336,751
Omnicom Group, Inc.(a)
 
 
3,514
 
 
286,497
Paramount Skydance Corp.(a)
 
 
17,795
 
 
336,681
T-Mobile US, Inc.(a)
 
 
686
 
 
164,215
Warner Bros Discovery, Inc.(a)(b)
 
 
21,442
 
 
418,762
 
 
 
 
1,781,422
Consumer Discretionary - 15.1%
 
 
 
 
Abercrombie & Fitch Co. -
Class A(a)(b)
 
 
2,790
 
 
238,684
Best Buy Co., Inc.(a)
 
 
3,239
 
 
244,933
BorgWarner, Inc.(a)
 
 
5,957
 
 
261,870
Etsy, Inc.(a)(b)
 
 
4,623
 
 
306,921
Expedia Group, Inc.(a)
 
 
1,135
 
 
242,606
Gap, Inc.(a)
 
 
11,171
 
 
238,948
LKQ Corp.(a)
 
 
6,244
 
 
190,692
Mattel, Inc.(a)(b)
 
 
13,616
 
 
229,157
 
 
 
 
1,953,811
Energy - 17.1%
 
 
 
 
APA Corp.(a)
 
 
11,544
 
 
280,288
Coterra Energy, Inc.(a)
 
 
9,410
 
 
222,547
EQT Corp.(a)
 
 
6,568
 
 
357,496
Magnolia Oil & Gas Corp. - Class A(a)
 
 
8,247
 
 
196,856
Matador Resources Co.(a)
 
 
6,798
 
 
305,434
NOV, Inc.(a)
 
 
17,610
 
 
233,333
Ovintiv, Inc.(a)
 
 
6,271
 
 
253,223
Range Resources Corp.(a)
 
 
9,646
 
 
363,075
 
 
 
 
2,212,252
Financials - 6.1%
 
 
 
 
Global Payments, Inc.(a)
 
 
3,160
 
 
262,533
PayPal Holdings, Inc.(a)(b)
 
 
4,096
 
 
274,678
WEX, Inc.(a)(b)
 
 
1,585
 
 
249,685
 
 
 
 
786,896
Health Care - 3.6%
 
 
 
 
Biogen, Inc.(a)(b)
 
 
1,885
 
 
264,051
Universal Health Services, Inc. - Class B(a)
 
 
1,024
 
 
209,346
 
 
 
 
473,397
Industrials - 17.6%
 
 
 
 
Allison Transmission Holdings,
Inc.(a)
 
 
2,678
 
 
227,309
FedEx Corp.(a)
 
 
1,489
 
 
351,121
Genpact Ltd.(a)
 
 
7,816
 
 
327,412
Leidos Holdings, Inc.(a)
 
 
995
 
 
188,015
Lyft, Inc. - Class A(a)(b)
 
 
13,256
 
 
291,764
Owens Corning(a)
 
 
2,195
 
 
310,505
Science Applications International Corp.(a)
 
 
2,568
 
 
255,182
Timken Co.(a)
 
 
4,399
 
 
330,717
 
 
 
 
2,282,025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Information Technology - 15.1%
 
 
 
 
Cognizant Technology Solutions Corp. - Class A(a)
 
 
4,860
 
 
$325,960
Dell Technologies, Inc. - Class C(a)
 
 
2,700
 
 
382,779
Dropbox, Inc. - Class A(a)(b)
 
 
8,755
 
 
264,489
EPAM Systems, Inc.(a)(b)
 
 
1,756
 
 
264,787
NetApp, Inc.(a)
 
 
1,461
 
 
173,070
QUALCOMM, Inc.(a)
 
 
2,114
 
 
351,685
Skyworks Solutions, Inc.(a)
 
 
2,581
 
 
198,686
 
 
 
 
1,961,456
Materials - 7.0%
 
 
 
 
Alcoa Corp.(a)
 
 
10,866
 
 
357,383
CF Industries Holdings, Inc.(a)
 
 
3,867
 
 
346,870
Sealed Air Corp.(a)
 
 
5,855
 
 
206,974
 
 
 
 
911,227
Utilities - 1.6%
 
 
 
 
NRG Energy, Inc.(a)
 
 
1,300
 
 
210,535
TOTAL COMMON STOCKS
(Cost $12,236,126)
 
 
 
 
12,573,021
AFFILIATED EXCHANGE TRADED FUNDS - 3.8%
 
 
 
 
Amplify Cash Flow Dividend Leaders ETF(c)
 
 
15,500
 
 
494,641
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $494,083)
 
 
 
 
494,641
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.2%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
23,006
 
 
23,006
TOTAL MONEY MARKET FUNDS
(Cost $23,006)
 
 
 
 
23,006
TOTAL INVESTMENTS - 100.9%
(Cost $12,753,215)
 
 
 
 
$13,090,668
Liabilities in Excess of Other
Assets - (0.9)%
 
 
 
 
(121,720)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$12,968,948
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(b)
Non-income producing security.
(c)
Affiliated security as defined by the Investment Company Act of 1940.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

AMPLIFY COWS COVERED CALL ETF
SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (1.0)%
 
 
 
 
 
 
Call Options - (1.0)%(a)(b)
 
 
 
 
 
 
Abercrombie & Fitch Co., Expiration: 10/17/2025; Exercise Price: $98.00
 
 
$(205,320)
 
 
(24)
 
 
$(1,140)
Alcoa Corp., Expiration: 10/17/2025; Exercise Price: $36.00
 
 
(305,877)
 
 
(93)
 
 
(4,557)
Allison Transmission Holdings, Inc., Expiration: 10/17/2025; Exercise Price: $95.00
 
 
(195,224)
 
 
(23)
 
 
(1,840)
APA Corp., Expiration: 10/17/2025; Exercise Price: $26.00
 
 
(252,512)
 
 
(104)
 
 
(3,744)
Best Buy Co., Inc., Expiration: 10/17/2025; Exercise Price: $77.00
 
 
(211,736)
 
 
(28)
 
 
(4,704)
Biogen, Inc., Expiration: 10/17/2025; Exercise Price: $152.50
 
 
(224,128)
 
 
(16)
 
 
(760)
BorgWarner, Inc., Expiration: 10/17/2025; Exercise Price: $47.50
 
 
(237,384)
 
 
(54)
 
 
(540)
CF Industries Holdings, Inc., Expiration: 10/17/2025; Exercise Price: $92.50
 
 
(296,010)
 
 
(33)
 
 
(4,867)
Cognizant Technology Solutions Corp., Expiration: 10/17/2025; Exercise Price: $75.00
 
 
(288,401)
 
 
(43)
 
 
(538)
Coterra Energy, Inc., Expiration: 10/17/2025; Exercise Price: $25.00
 
 
(203,390)
 
 
(86)
 
 
(1,505)
Dell Technologies, Inc., Expiration: 10/17/2025; Exercise Price: $146.00
 
 
(297,717)
 
 
(21)
 
 
(7,087)
Dropbox, Inc., Expiration: 10/17/2025; Exercise Price: $32.00
 
 
(217,512)
 
 
(72)
 
 
(1,440)
EPAM Systems, Inc., Expiration: 10/17/2025; Exercise Price: $170.00
 
 
(211,106)
 
 
(14)
 
 
(1,645)
EQT Corp., Expiration: 10/17/2025; Exercise Price: $53.00
 
 
(326,580)
 
 
(60)
 
 
(15,270)
Etsy, Inc., Expiration: 10/17/2025; Exercise Price: $70.00
 
 
(265,560)
 
 
(40)
 
 
(7,840)
Expedia Group, Inc., Expiration: 10/17/2025; Exercise Price: $235.00
 
 
(192,375)
 
 
(9)
 
 
(333)
FedEx Corp., Expiration: 10/17/2025; Exercise Price: $242.50
 
 
(306,553)
 
 
(13)
 
 
(4,095)
Gap, Inc., Expiration: 10/17/2025; Exercise Price: $24.00
 
 
(216,039)
 
 
(101)
 
 
(758)
Genpact Ltd., Expiration: 10/17/2025; Exercise Price: $45.00
 
 
(305,797)
 
 
(73)
 
 
(1,095)
Global Payments, Inc., Expiration: 10/17/2025; Exercise Price: $95.00
 
 
(232,624)
 
 
(28)
 
 
(560)
Leidos Holdings, Inc., Expiration: 10/17/2025; Exercise Price: $195.00
 
 
(151,168)
 
 
(8)
 
 
(1,380)
LKQ Corp., Expiration: 10/17/2025; Exercise Price: $32.50
 
 
(146,592)
 
 
(48)
 
 
(600)
Lyft, Inc., Expiration: 10/17/2025; Exercise Price: $29.00
 
 
(224,502)
 
 
(102)
 
 
(816)
Magnolia Oil & Gas Corp., Expiration: 10/17/2025; Exercise Price: $25.00
 
 
(162,316)
 
 
(68)
 
 
(2,380)
Matador Resources Co., Expiration: 10/17/2025; Exercise Price: $50.00
 
 
(278,566)
 
 
(62)
 
 
(2,015)
Match Group, Inc., Expiration: 10/17/2025; Exercise Price: $41.00
 
 
(215,452)
 
 
(61)
 
 
(2,989)
Mattel, Inc., Expiration: 10/17/2025; Exercise Price: $18.00
 
 
(205,326)
 
 
(122)
 
 
(1,525)
NetApp, Inc., Expiration: 10/17/2025; Exercise Price: $130.00
 
 
(130,306)
 
 
(11)
 
 
(330)
Nexstar Media Group, Inc., Expiration: 10/17/2025; Exercise Price: $220.00
 
 
(257,062)
 
 
(13)
 
 
(1,625)
NOV, Inc., Expiration: 10/17/2025; Exercise Price: $14.00
 
 
(209,350)
 
 
(158)
 
 
(3,160)
NRG Energy, Inc., Expiration: 10/17/2025; Exercise Price: $187.50
 
 
(178,145)
 
 
(11)
 
 
(385)
Omnicom Group, Inc., Expiration: 10/17/2025; Exercise Price: $80.00
 
 
(244,590)
 
 
(30)
 
 
(10,050)
Ovintiv, Inc., Expiration: 10/17/2025; Exercise Price: $45.00
 
 
(230,166)
 
 
(57)
 
 
(1,140)
Owens Corning, Expiration: 10/17/2025; Exercise Price: $155.00
 
 
(268,774)
 
 
(19)
 
 
(1,330)
Paramount Skydance Corp., Expiration: 10/17/2025; Exercise Price: $25.00
 
 
(293,260)
 
 
(155)
 
 
(930)
PayPal Holdings, Inc., Expiration: 10/17/2025; Exercise Price: $72.50
 
 
(248,122)
 
 
(37)
 
 
(1,943)
QUALCOMM, Inc., Expiration: 10/17/2025; Exercise Price: $180.00
 
 
(299,448)
 
 
(18)
 
 
(1,215)
Range Resources Corp., Expiration: 10/17/2025; Exercise Price: $38.00
 
 
(319,940)
 
 
(85)
 
 
(8,712)
Science Applications International Corp., Expiration: 10/17/2025; Exercise Price: $110.00
 
 
(218,614)
 
 
(22)
 
 
(770)
Sealed Air Corp., Expiration: 10/17/2025; Exercise Price: $35.00
 
 
(176,750)
 
 
(50)
 
 
(7,125)
Skyworks Solutions, Inc., Expiration: 10/17/2025; Exercise Price: $90.00
 
 
(169,356)
 
 
(22)
 
 
(385)
Timken Co., Expiration: 10/17/2025; Exercise Price: $80.00
 
 
(278,166)
 
 
(37)
 
 
(3,053)
T-Mobile US, Inc., Expiration: 10/17/2025; Exercise Price: $250.00
 
 
​(119,690)
 
 
(5)
 
 
​(615)
Universal Health Services, Inc., Expiration: 10/17/2025; Exercise Price: $210.00
 
 
(163,552)
 
 
(8)
 
 
(2,320)
Warner Bros Discovery, Inc., Expiration: 10/17/2025; Exercise Price: $25.00
 
 
(371,070)
 
 
(190)
 
 
(855)
WEX, Inc., Expiration: 10/17/2025; Exercise Price: $170.00
 
 
(189,036)
 
 
(12)
 
 
(1,800)
TOTAL WRITTEN OPTIONS
(Premiums received $105,380)
 
 
 
 
 
 
$(123,766)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
100 shares per contract.
(b)
Exchange-traded.
The accompanying notes are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

Amplify CWP Enhanced Dividend Income ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 86.6%
 
 
 
 
Communication Services - 5.8%
 
 
 
 
Meta Platforms, Inc. - Class A
 
 
277,027
 
 
$203,443,088
Verizon Communications, Inc.
 
 
2,332,627
 
 
102,518,957
 
 
 
 
305,962,045
Consumer Discretionary - 13.4%
 
 
 
 
Home Depot, Inc.
 
 
646,045
 
 
261,770,973
McDonald’s Corp.
 
 
689,784
 
 
209,618,460
TJX Cos., Inc.
 
 
1,588,767
 
 
229,640,382
 
 
 
 
701,029,815
Consumer Staples - 2.8%
 
 
 
 
Procter & Gamble Co.
 
 
974,479
 
 
149,728,698
Energy - 3.1%
 
 
 
 
Chevron Corp.
 
 
1,066,931
 
 
165,683,715
Financials - 24.7%
 
 
 
 
American Express Co.(a)
 
 
797,031
 
 
264,741,817
CME Group, Inc.
 
 
962,279
 
 
259,998,163
Goldman Sachs Group, Inc.(a)
 
 
311,839
 
 
248,332,988
JPMorgan Chase & Co.(a)
 
 
816,336
 
 
257,496,864
Visa, Inc. - Class A
 
 
771,024
 
 
263,212,173
 
 
 
 
1,293,782,005
Health Care - 2.0%
 
 
 
 
Merck & Co., Inc.
 
 
1,258,653
 
 
105,638,746
Industrials - 14.5%
 
 
 
 
Caterpillar, Inc.(a)
 
 
609,738
 
 
290,936,487
Honeywell International, Inc.
 
 
948,239
 
 
199,604,310
RTX Corp.(a)
 
 
1,611,659
 
 
269,678,900
 
 
 
 
760,219,697
Information Technology - 14.7%
 
 
 
 
Apple, Inc.(a)
 
 
1,118,248
 
 
284,739,488
International Business Machines Corp.(a)
 
 
789,647
 
 
222,806,798
Microsoft Corp.
 
 
505,427
 
 
261,785,915
 
 
 
 
769,332,201
Materials - 3.2%
 
 
 
 
Agnico Eagle Mines Ltd.(a)
 
 
992,720
 
 
167,332,883
Utilities - 2.4%
 
 
 
 
Duke Energy Corp.
 
 
1,024,223
 
 
126,747,596
TOTAL COMMON STOCKS
(Cost $3,650,593,809)
 
 
 
 
4,545,457,401
EXCHANGE TRADED
FUNDS - 4.0%
 
 
 
 
SPDR Dow Jones Industrial Average ETF Trust
 
 
450,955
 
 
209,125,872
TOTAL EXCHANGE TRADED FUNDS
(Cost $207,850,032)
 
 
 
 
209,125,872
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
AFFILIATED EXCHANGE TRADED FUNDS - 3.6%
 
 
 
 
Amplify Samsung SOFR
ETF(b)(c)
 
 
1,902,160
 
 
$190,529,857
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $190,793,158)
 
 
 
 
190,529,857
SHORT-TERM INVESTMENTS
 
 
 
 
Money Market Funds - 6.0%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
312,130,968
 
 
312,130,968
TOTAL MONEY MARKET FUNDS
(Cost $312,130,968)
 
 
 
 
312,130,968
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0%(e)
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(d)
 
 
419,225
 
 
419,225
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $419,225)
 
 
 
 
419,225
TOTAL INVESTMENTS - 100.2%
(Cost $4,361,787,192)
 
 
 
 
$5,257,663,323
Liabilities in Excess of Other
Assets - (0.2)%
 
 
 
 
(11,497,480)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$5,246,165,843
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $410,677.
(c)
Affiliated security as defined by the Investment Company Act of 1940.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(e)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

AMPLIFY CWP ENHANCED DIVIDEND INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.2)%
Call Options - (0.2)%(a)(b)
 
 
 
 
 
 
Agnico Eagle Mines Ltd., Expiration: 10/03/2025; Exercise Price: $160.00
 
 
$(67,424,000)
 
 
(4,000)
 
 
$(3,560,000)
American Express Co., Expiration: 10/17/2025; Exercise Price: $360.00
 
 
(26,572,800)
 
 
(800)
 
 
(150,000)
Apple, Inc.
 
 
 
 
 
 
Expiration: 10/10/2025; Exercise Price: $250.00
 
 
(7,638,900)
 
 
(300)
 
 
(204,750)
Expiration: 10/17/2025; Exercise Price: $250.00
 
 
(152,778,000)
 
 
(6,000)
 
 
(4,755,000)
Caterpillar, Inc.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $470.00
 
 
(47,715,000)
 
 
(1,000)
 
 
(1,500,000)
Expiration: 10/17/2025; Exercise Price: $520.00
 
 
(76,344,000)
 
 
(1,600)
 
 
(110,400)
Goldman Sachs Group, Inc., Expiration: 10/17/2025; Exercise Price: $850.00
 
 
(19,908,750)
 
 
(250)
 
 
(154,375)
International Business Machines Corp., Expiration: 10/17/2025; Exercise Price: $280.00
 
 
(14,108,000)
 
 
(500)
 
 
(416,250)
JPMorgan Chase & Co.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $330.00
 
 
(25,234,400)
 
 
(800)
 
 
(195,200)
Expiration: 10/17/2025; Exercise Price: $335.00
 
 
(141,943,500)
 
 
(4,500)
 
 
(695,250)
RTX Corp., Expiration: 10/17/2025; Exercise Price: $165.00
 
 
(25,099,500)
 
 
(1,500)
 
 
(686,250)
TOTAL WRITTEN OPTIONS
(Premiums received $7,698,499)
 
 
 
 
 
 
$(12,427,475)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
100 shares per contract.
(b)
Exchange-traded.
The accompanying notes are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

Amplify CWP Growth & Income ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 96.9%
 
 
 
 
Communication Services - 18.8%
 
 
 
 
Alphabet, Inc. - Class A(a)
 
 
86,597
 
 
$21,051,731
AST SpaceMobile, Inc.(b)
 
 
14,492
 
 
711,267
Meta Platforms, Inc. - Class A
 
 
22,247
 
 
16,337,752
Netflix, Inc.(b)
 
 
8,943
 
 
10,721,941
ROBLOX Corp. - Class A(b)
 
 
24,090
 
 
3,336,947
Spotify Technology SA(a)(b)
 
 
3,935
 
 
2,746,630
T-Mobile US, Inc.(a)
 
 
24,131
 
 
5,776,479
Verizon Communications, Inc.
 
 
932
 
 
40,961
 
 
 
 
60,723,708
Consumer Discretionary - 15.0%
 
 
 
 
Amazon.com, Inc.(a)(b)
 
 
82,973
 
 
18,218,382
Coupang, Inc.(b)
 
 
48,348
 
 
1,556,806
DoorDash, Inc. - Class A(b)
 
 
12,577
 
 
3,420,818
DraftKings, Inc. - Class A(b)
 
 
35,485
 
 
1,327,139
Hasbro, Inc.
 
 
47,378
 
 
3,593,621
Home Depot, Inc.
 
 
16,316
 
 
6,611,080
Tesla, Inc.(b)
 
 
31,029
 
 
13,799,217
 
 
 
 
48,527,063
Consumer Staples - 5.7%
 
 
 
 
Altria Group, Inc.
 
 
55,809
 
 
3,686,743
Coca-Cola Co.
 
 
60,766
 
 
4,030,001
Costco Wholesale Corp.
 
 
5,490
 
 
5,081,709
PepsiCo, Inc.
 
 
10,819
 
 
1,519,420
Procter & Gamble Co.
 
 
26,333
 
 
4,046,065
 
 
 
 
18,363,938
Financials - 6.5%
 
 
 
 
Allstate Corp.
 
 
20,895
 
 
4,485,112
Robinhood Markets, Inc. -
Class A(a)(b)
 
 
48,438
 
 
6,935,353
Visa, Inc. - Class A
 
 
27,901
 
 
9,524,843
 
 
 
 
20,945,308
Health Care - 3.0%
 
 
 
 
Cencora, Inc.
 
 
14,351
 
 
4,485,118
Eli Lilly & Co.(a)
 
 
6,693
 
 
5,106,759
 
 
 
 
9,591,877
Industrials - 4.8%
 
 
 
 
Boeing Co.(b)
 
 
13,859
 
 
2,991,188
EMCOR Group, Inc.
 
 
1,700
 
 
1,104,218
Honeywell International, Inc.
 
 
18,533
 
 
3,901,197
Rocket Lab Corp.(b)
 
 
5,953
 
 
285,208
RTX Corp.
 
 
27,024
 
 
4,521,926
Uber Technologies, Inc.(b)
 
 
26,463
 
 
2,592,580
 
 
 
 
15,396,317
Information Technology - 40.5%(c)
 
 
 
 
Advanced Micro Devices, Inc.(b)
 
 
50,430
 
 
8,159,070
Apple, Inc.
 
 
121,075
 
 
30,829,327
Broadcom, Inc.(a)
 
 
47,000
 
 
15,505,770
Cisco Systems, Inc.
 
 
70,085
 
 
4,795,215
Microsoft Corp.
 
 
55,335
 
 
28,660,763
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
NVIDIA Corp.
 
 
191,134
 
 
$35,661,782
Oracle Corp.(a)
 
 
12,641
 
 
3,555,155
Palantir Technologies, Inc. - Class A(b)
 
 
10,740
 
 
1,959,191
Unity Software, Inc.(b)
 
 
49,069
 
 
1,964,723
 
 
 
 
131,090,996
Materials - 1.7%
 
 
 
 
Linde PLC
 
 
11,608
 
 
5,513,800
Real Estate - 0.9%
 
 
 
 
Jones Lang LaSalle, Inc.(b)
 
 
10,327
 
 
3,080,338
TOTAL COMMON STOCKS
(Cost $289,513,404)
 
 
 
 
313,233,345
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 3.3%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
10,636,643
 
 
10,636,643
TOTAL MONEY MARKET FUNDS
(Cost $10,636,643)
 
 
 
 
10,636,643
TOTAL INVESTMENTS - 100.2%
(Cost $300,150,047)
 
 
 
 
$323,869,988
Liabilities in Excess of Other
Assets - (0.2)%
 
 
 
 
(644,896)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$323,225,092
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
(a)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

AMPLIFY CWP GROWTH & INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (1.9)%
Call Options - (1.9)%(a)(b)
 
 
 
 
 
 
Alphabet, Inc., Expiration: 10/10/2025; Exercise Price: $240.00
 
 
$(6,199,050)
 
 
(255)
 
 
$(174,675)
Amazon.com, Inc., Expiration: 10/10/2025; Exercise Price: $220.00
 
 
(5,401,422)
 
 
(246)
 
 
(103,320)
Broadcom, Inc., Expiration: 10/17/2025; Exercise Price: $332.50
 
 
(6,862,128)
 
 
(208)
 
 
(221,000)
Eli Lilly & Co., Expiration: 10/17/2025; Exercise Price: $730.00
 
 
(1,373,400)
 
 
(18)
 
 
(76,005)
NASDAQ 100 Index, Expiration: 10/17/2025; Exercise Price: $23,350.00
 
 
(78,975,968)
 
 
(32)
 
 
(4,528,320)
Oracle Corp., Expiration: 10/17/2025; Exercise Price: $290.00
 
 
(1,771,812)
 
 
(63)
 
 
(61,740)
Robinhood Markets, Inc., Expiration: 01/16/2026; Exercise Price: $110.00
 
 
(3,149,960)
 
 
(220)
 
 
(906,950)
Spotify Technology SA, Expiration: 10/10/2025; Exercise Price: $692.50
 
 
(907,400)
 
 
(13)
 
 
(29,770)
T-Mobile US, Inc., Expiration: 10/03/2025; Exercise Price: $242.50
 
 
(2,345,924)
 
 
(98)
 
 
(9,800)
TOTAL WRITTEN OPTIONS
(Premiums received $5,069,203)
 
 
 
 
 
 
$(6,111,580)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
100 shares per contract.
(b)
Exchange-traded.
The accompanying notes are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

Amplify CWP International Enhanced Dividend Income ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 96.9%
 
 
 
 
Communication Services - 11.4%
 
 
 
 
America Movil SAB de CV - ADR
 
 
214,828
 
 
$4,511,388
NetEase, Inc. - ADR(a)
 
 
76,751
 
 
11,665,385
Nintendo Co. Ltd. - ADR
 
 
312,362
 
 
6,665,805
Telefonica SA - ADR
 
 
518,993
 
 
2,636,484
Tencent Holdings Ltd. - ADR
 
 
117,994
 
 
10,047,189
Tencent Music Entertainment Group - ADR
 
 
372,664
 
 
8,697,978
Vodafone Group PLC - ADR
 
 
549,135
 
 
6,369,966
 
 
 
 
50,594,195
Consumer Discretionary - 15.8%
 
 
 
 
Alibaba Group Holding Ltd. -
ADR(a)
 
 
134,406
 
 
24,022,384
Atour Lifestyle Holdings Ltd. - ADR
 
 
259,235
 
 
9,744,644
Coupang, Inc.(a)(b)
 
 
147,567
 
 
4,751,657
Ferrari NV
 
 
10,301
 
 
4,998,251
Melco Resorts & Entertainment Ltd. - ADR(b)
 
 
451,089
 
 
4,136,486
MercadoLibre, Inc.(b)
 
 
1,586
 
 
3,706,387
Sea Ltd. - ADR(a)(b)
 
 
46,720
 
 
8,350,266
Sony Group Corp. - ADR(c)
 
 
366,915
 
 
10,563,483
 
 
 
 
70,273,558
Consumer Staples - 4.0%
 
 
 
 
British American Tobacco PLC - ADR(a)
 
 
175,224
 
 
9,300,890
Fomento Economico Mexicano SAB de CV - ADR
 
 
45,110
 
 
4,449,199
Philip Morris International, Inc.
 
 
25,137
 
 
4,077,222
 
 
 
 
17,827,311
Energy - 8.9%
 
 
 
 
Cameco Corp.(a)
 
 
109,518
 
 
9,184,180
Enbridge, Inc.
 
 
215,415
 
 
10,869,841
Eni SpA - ADR
 
 
146,084
 
 
5,105,636
Imperial Oil Ltd.(c)
 
 
91,692
 
 
8,320,132
Petroleo Brasileiro SA - Petrobras - ADR
 
 
187,017
 
 
2,367,635
TotalEnergies SE - ADR
 
 
64,641
 
 
3,858,421
 
 
 
 
39,705,845
Financials - 20.4%
 
 
 
 
Banco Bilbao Vizcaya Argentaria SA - ADR
 
 
479,089
 
 
9,222,463
Banco Santander SA - ADR
 
 
500,176
 
 
5,241,845
Bank of Montreal
 
 
16,805
 
 
2,188,851
Barclays PLC - ADR
 
 
666,132
 
 
13,768,949
Grupo Cibest SA - ADR
 
 
284,643
 
 
14,784,357
ICICI Bank Ltd. - ADR(a)
 
 
363,553
 
 
10,990,207
Mitsubishi UFJ Financial Group, Inc. - ADR(c)
 
 
1,066,591
 
 
17,001,461
Sony Financial Group, Inc. - ADR(b)
 
 
72,616
 
 
​80,604
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Sumitomo Mitsui Financial Group, Inc. - ADR(c)
 
 
786,865
 
 
$13,172,120
XP, Inc. - Class A
 
 
228,032
 
 
4,284,721
 
 
 
 
​90,735,578
Health Care - 5.2%
 
 
 
 
AstraZeneca PLC - ADR
 
 
104,642
 
 
8,028,135
Novartis AG - ADR
 
 
118,905
 
 
15,248,377
 
 
 
 
23,276,512
Industrials - 7.5%
 
 
 
 
Airbus SE - ADR
 
 
80,194
 
 
4,668,895
Elbit Systems Ltd.
 
 
6,627
 
 
3,378,444
Embraer SA - ADR
 
 
200,033
 
 
12,091,995
Grupo Aeroportuario del Centro Norte SAB de CV - ADR
 
 
23,675
 
 
2,459,122
Siemens AG - ADR(c)
 
 
80,576
 
 
10,878,566
 
 
 
 
33,477,022
Information Technology - 9.1%
 
 
 
 
ASE Technology Holding Co. Ltd. - ADR
 
 
272,758
 
 
3,024,886
ASML Holding NV
 
 
10,064
 
 
9,742,858
SAP SE - ADR(c)
 
 
39,470
 
 
10,546,778
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR(a)
 
 
61,699
 
 
17,231,914
 
 
 
 
40,546,436
Materials - 10.5%
 
 
 
 
Agnico Eagle Mines Ltd.(a)
 
 
91,892
 
 
15,489,316
ArcelorMittal SA
 
 
91,992
 
 
3,325,511
Cemex SAB de CV - ADR
 
 
205,590
 
 
1,848,254
CRH PLC
 
 
38,027
 
 
4,559,437
Southern Copper Corp.
 
 
91,716
 
 
11,130,594
Wheaton Precious Metals Corp.(a)
 
 
91,974
 
 
10,286,372
 
 
 
 
46,639,484
Utilities - 4.1%
 
 
 
 
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR
 
 
189,623
 
 
4,719,716
Enel SpA - ADR(c)
 
 
425,249
 
 
4,022,856
Korea Electric Power Corp. - ADR
 
 
380,348
 
 
4,963,541
RWE AG - ADR(c)
 
 
101,680
 
 
4,550,180
 
 
 
 
18,256,293
TOTAL COMMON STOCKS
(Cost $355,918,517)
 
 
 
 
​431,332,234
AFFILIATED EXCHANGE TRADED FUNDS - 0.5%
 
 
 
 
Amplify Samsung SOFR ETF(c)(d)
 
 
22,382
 
 
2,241,893
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $2,243,880)
 
 
 
 
2,241,893
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

Amplify CWP International Enhanced Dividend Income ETF
Schedule of Investments
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.7%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(e)
 
 
47,539,824
 
 
$47,539,824
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $47,539,824)
 
 
 
 
47,539,824
MONEY MARKET FUNDS - 2.8%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)
 
 
12,317,619
 
 
12,317,619
TOTAL MONEY MARKET FUNDS
(Cost $12,317,619)
 
 
 
 
12,317,619
TOTAL INVESTMENTS - 110.9%
(Cost $418,019,840)
 
 
 
 
$493,431,570
Liabilities in Excess of Other
Assets - (10.9)%
 
 
 
 
(48,440,384)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$444,991,186
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $46,368,540.
(d)
Affiliated security as defined by the Investment Company Act of 1940.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

AMPLIFY CWP INTERNATIONAL ENHANCED DIVIDEND INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.2)%
Call Options - (0.2)%(a)(b)
 
 
 
 
 
 
Agnico Eagle Mines Ltd.
 
 
 
 
 
 
Expiration: 10/03/2025; Exercise Price: $162.50
 
 
$(4,214,000)
 
 
(250)
 
 
$(166,250)
Expiration: 10/17/2025; Exercise Price: $175.00
 
 
(2,528,400)
 
 
(150)
 
 
(45,000)
Alibaba Group Holding Ltd.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $177.50
 
 
(4,468,250)
 
 
(250)
 
 
(203,125)
Expiration: 10/17/2025; Exercise Price: $185.00
 
 
(4,468,250)
 
 
(250)
 
 
(127,500)
British American Tobacco PLC, Expiration: 10/17/2025; Exercise Price: $50.00
 
 
(2,123,200)
 
 
(400)
 
 
(124,000)
Cameco Corp., Expiration: 10/17/2025; Exercise Price: $95.00
 
 
(2,096,500)
 
 
(250)
 
 
(16,375)
Coupang, Inc., Expiration: 10/17/2025; Exercise Price: $37.00
 
 
(1,288,000)
 
 
(400)
 
 
(8,400)
ICICI Bank Ltd.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $30.00
 
 
(2,116,100)
 
 
(700)
 
 
(50,750)
Expiration: 10/17/2025; Exercise Price: $32.00
 
 
(2,116,100)
 
 
(700)
 
 
(7,000)
NetEase, Inc., Expiration: 10/17/2025; Exercise Price: $175.00
 
 
(2,279,850)
 
 
(150)
 
 
(6,375)
Sea Ltd., Expiration: 10/17/2025; Exercise Price: $210.00
 
 
(1,787,300)
 
 
(100)
 
 
(2,700)
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 10/17/2025; Exercise Price: $300.00
 
 
(3,351,480)
 
 
(120)
 
 
(42,000)
Wheaton Precious Metals Corp.
 
 
 
 
 
 
Expiration: 10/03/2025; Exercise Price: $112.00
 
 
(2,796,000)
 
 
(250)
 
 
(40,625)
Expiration: 10/17/2025; Exercise Price: $115.00
 
 
(1,677,600)
 
 
(150)
 
 
(34,500)
TOTAL WRITTEN OPTIONS
(Premiums received $982,019)
 
 
 
 
 
 
$(874,600)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
100 shares per contract.
(b)
Exchange-traded.
The accompanying notes are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

Amplify Cybersecurity ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.7%
 
 
 
 
Industrials - 10.4%
 
 
 
 
General Dynamics Corp.
 
 
360,839
 
 
$123,046,099
Northrop Grumman Corp.
 
 
195,631
 
 
119,201,881
 
 
 
 
242,247,980
Information Technology - 89.3%(a)
 
 
 
 
A10 Networks, Inc.(b)
 
 
3,086,381
 
 
56,017,815
Broadcom, Inc.
 
 
643,145
 
 
212,179,967
Check Point Software Technologies, Ltd.(c)
 
 
468,945
 
 
97,029,410
Cisco Systems, Inc.
 
 
2,084,153
 
 
142,597,748
Cloudflare, Inc. - Class A(c)
 
 
518,862
 
 
111,342,597
Crowdstrike Holdings, Inc. - Class A(c)
 
 
288,456
 
 
141,453,053
CyberArk Software, Ltd.(b)(c)
 
 
212,321
 
 
102,582,891
F5, Inc.(c)
 
 
277,781
 
 
89,776,041
Fastly, Inc. - Class A(c)
 
 
7,235,649
 
 
61,864,799
Fortinet, Inc.(c)
 
 
1,352,675
 
 
113,732,914
Gen Digital, Inc.
 
 
2,917,934
 
 
82,840,146
Okta, Inc.(c)
 
 
914,982
 
 
83,903,849
Palo Alto Networks, Inc.(c)
 
 
662,012
 
 
134,798,883
Qualys, Inc.(c)
 
 
515,840
 
 
68,261,107
Radware, Ltd.(c)
 
 
2,157,083
 
 
57,141,129
Rapid7, Inc.(c)
 
 
2,681,246
 
 
50,273,363
Rubrik, Inc. - Class A(c)
 
 
931,524
 
 
76,617,849
SentinelOne, Inc. - Class A(c)
 
 
3,926,695
 
 
69,149,099
Tenable Holdings, Inc.(c)
 
 
2,181,678
 
 
63,617,731
Trend Micro, Inc.
 
 
1,460,023
 
 
80,077,099
Varonis Systems, Inc.(c)
 
 
1,267,222
 
 
72,827,248
Zscaler, Inc.(c)
 
 
353,934
 
 
106,059,862
 
 
 
 
2,074,144,600
TOTAL COMMON STOCKS
(Cost $1,708,341,396)
 
 
 
 
2,316,392,580
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.3%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
7,253,580
 
 
7,253,580
TOTAL MONEY MARKET FUNDS
(Cost $7,253,580)
 
 
 
 
7,253,580
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.27%(d)
 
 
3,255,850
 
 
$3,255,850
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $3,255,850)
 
 
 
 
3,255,850
TOTAL INVESTMENTS - 100.2%
(Cost $1,718,850,826)
 
 
 
 
$2,326,902,010
Liabilities in Excess of Other
Assets - (0.2)%
 
 
 
 
(4,346,593)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,322,555,417
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC - Limited Liability Company
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $3,187,740.
(c)
Non-income producing security.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

AMPLIFY DIGITAL PAYMENTS ETF
SCHEDULE OF INVESTMENTS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Communication Services - 0.4%
 
 
 
 
Ibotta, Inc. - Class A(a)
 
 
33,207
 
 
$924,815
Financials - 93.8%(b)
 
 
 
 
Adyen NV(a)(c)(d)
 
 
7,344
 
 
11,778,911
Affirm Holdings, Inc.(a)
 
 
152,553
 
 
11,148,573
American Express Co.
 
 
52,417
 
 
17,410,831
Block, Inc.(a)
 
 
158,431
 
 
11,449,808
Boku, Inc.(a)(c)(d)
 
 
338,177
 
 
1,019,812
Coinbase Global, Inc. - Class A(a)
 
 
37,818
 
 
12,763,197
Corpay, Inc.(a)
 
 
37,805
 
 
10,890,108
Dlocal Ltd.
 
 
111,398
 
 
1,590,763
Euronet Worldwide, Inc.(a)
 
 
53,151
 
 
4,667,189
EVERTEC, Inc.
 
 
48,558
 
 
1,640,289
Fidelity National Information Services, Inc.
 
 
169,547
 
 
11,179,929
Fiserv, Inc.(a)
 
 
117,132
 
 
15,101,829
Flywire Corp.(a)
 
 
146,625
 
 
1,985,303
Global Payments, Inc.
 
 
138,369
 
 
11,495,697
GMO Payment Gateway, Inc.
 
 
71,546
 
 
4,019,482
Green Dot Corp. - Class A(a)
 
 
70,941
 
 
952,738
Kakaopay Corp.(a)
 
 
42,713
 
 
1,637,831
Marqeta, Inc. - Class A(a)
 
 
392,682
 
 
2,073,361
Mastercard, Inc. - Class A
 
 
27,527
 
 
15,657,633
Nanduq PLC - ADR(a)(e)(f)
 
 
235,051
 
 
0
Nexi SpA(c)(d)
 
 
1,050,302
 
 
5,943,476
Pagseguro Digital Ltd. - Class A
 
 
269,420
 
 
2,694,200
PayPal Holdings, Inc.(a)
 
 
231,287
 
 
15,510,106
PayPoint PLC
 
 
78,938
 
 
798,094
Remitly Global, Inc.(a)
 
 
241,248
 
 
3,932,342
Shift4 Payments, Inc. - Class A(a)(f)
 
 
87,244
 
 
6,752,686
StoneCo Ltd. - Class A(a)
 
 
334,137
 
 
6,318,531
Toast, Inc. - Class A(a)
 
 
278,308
 
 
10,161,025
Visa, Inc. - Class A
 
 
46,484
 
 
15,868,708
Western Union Co.(f)
 
 
408,513
 
 
3,264,019
WEX, Inc.(a)
 
 
40,632
 
 
6,400,759
Wise PLC - Class A(a)
 
 
841,904
 
 
11,730,892
Worldline SA(a)(c)(d)(f)
 
 
237,628
 
 
767,839
Zip Co. Ltd.(a)
 
 
1,938,882
 
 
5,679,691
 
 
 
 
244,285,652
Information Technology - 5.6%
 
 
 
 
ACI Worldwide, Inc.(a)
 
 
117,473
 
 
6,199,050
NCR Voyix Corp.(a)
 
 
139,225
 
 
1,747,274
PAX Global Technology, Ltd.
 
 
914,000
 
 
675,480
Q2 Holdings, Inc.(a)
 
 
79,970
 
 
5,789,028
 
 
 
 
14,410,832
TOTAL COMMON STOCKS
(Cost $279,720,237)
 
 
 
 
259,621,299
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.4%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(g)
 
 
11,488,633
 
 
$11,488,633
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $11,488,633)
 
 
 
 
11,488,633
MONEY MARKET FUNDS - 0.3%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(g)
 
 
840,139
 
 
840,139
TOTAL MONEY MARKET FUNDS
(Cost $840,139)
 
 
 
 
840,139
TOTAL INVESTMENTS - 104.5%
(Cost $292,049,009)
 
 
 
 
$271,950,071
Liabilities in Excess of Other
Assets - (4.5)%
 
 
 
 
(11,587,570)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$260,362,501
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $19,510,038 or 7.5% of the Fund’s net assets.
(d)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of September 30, 2025, the value of these securities total $19,510,038 or 7.5% of the Fund’s net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(f)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $10,085,345.
(g)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF
SCHEDULE OF INVESTMENTS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 95.0%
 
 
 
 
Communication Services - 4.5%
 
 
 
 
Alphabet, Inc. - Class A
 
 
2,810
 
 
$683,111
Cable One, Inc.
 
 
1,634
 
 
289,300
Cargurus, Inc.(a)
 
 
14,900
 
 
554,727
Cars.com, Inc.(a)
 
 
38,514
 
 
470,641
Electronic Arts, Inc.
 
 
3,007
 
 
606,512
Eventbrite, Inc. - Class A(a)
 
 
205,709
 
 
518,386
John Wiley & Sons, Inc. - Class A
 
 
9,825
 
 
397,618
Netflix, Inc.(a)
 
 
477
 
 
571,885
New York Times Co. - Class A
 
 
8,950
 
 
513,730
Omnicom Group, Inc.
 
 
5,389
 
 
439,365
Paramount Skydance Corp.(b)
 
 
36,272
 
 
686,266
Pinterest, Inc. - Class A(a)
 
 
13,955
 
 
448,932
TEGNA, Inc.
 
 
23,869
 
 
485,257
T-Mobile US, Inc.
 
 
1,626
 
 
389,232
 
 
 
 
7,054,962
Consumer Discretionary - 14.4%
 
 
 
 
Asbury Automotive Group, Inc.(a)
 
 
1,979
 
 
483,767
Booking Holdings, Inc.
 
 
98
 
 
529,128
Boot Barn Holdings, Inc.(a)
 
 
4,041
 
 
669,675
Burlington Stores, Inc.(a)
 
 
1,822
 
 
463,699
Carter’s, Inc.
 
 
10,673
 
 
301,192
Cheesecake Factory, Inc.
 
 
8,953
 
 
489,192
Chipotle Mexican Grill, Inc.(a)
 
 
8,645
 
 
338,798
Columbia Sportswear Co.
 
 
5,754
 
 
300,934
Crocs, Inc.(a)
 
 
4,088
 
 
341,552
Deckers Outdoor Corp.(a)
 
 
3,882
 
 
393,518
Dorman Products, Inc.(a)
 
 
3,602
 
 
561,480
Etsy, Inc.(a)
 
 
9,201
 
 
610,854
Five Below, Inc.(a)
 
 
5,794
 
 
896,332
Floor & Decor Holdings, Inc. -
Class A(a)
 
 
5,394
 
 
397,538
Frontdoor, Inc.(a)
 
 
11,299
 
 
760,310
Gentherm, Inc.(a)
 
 
16,175
 
 
550,920
G-III Apparel Group Ltd.(a)
 
 
15,872
 
 
422,354
H&R Block, Inc.
 
 
7,914
 
 
400,211
Haverty Furniture Cos., Inc.
 
 
22,615
 
 
495,947
Helen of Troy Ltd.(a)
 
 
8,086
 
 
203,767
Home Depot, Inc.
 
 
1,198
 
 
485,418
Installed Building Products, Inc.
 
 
2,528
 
 
623,556
iRobot Corp.(a)
 
 
160,195
 
 
575,100
Kontoor Brands, Inc.
 
 
6,782
 
 
541,000
La-Z-Boy, Inc.
 
 
11,108
 
 
381,227
LCI Industries
 
 
5,099
 
 
474,972
Levi Strauss & Co. - Class A
 
 
28,323
 
 
659,926
Lithia Motors, Inc.
 
 
1,493
 
 
471,788
Meritage Homes Corp.
 
 
6,291
 
 
455,657
Modine Manufacturing Co.(a)
 
 
5,694
 
 
809,459
Movado Group, Inc.
 
 
26,758
 
 
507,599
O’Reilly Automotive, Inc.(a)
 
 
4,530
 
 
488,379
Planet Fitness, Inc. - Class A(a)
 
 
4,478
 
 
464,816
Pool Corp.
 
 
1,380
 
 
427,897
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ralph Lauren Corp.
 
 
1,964
 
 
$615,832
RH(a)
 
 
1,847
 
 
375,237
Rivian Automotive, Inc. - Class A(a)
 
 
34,741
 
 
509,998
Ross Stores, Inc.
 
 
3,392
 
 
516,907
Steven Madden Ltd.
 
 
16,333
 
 
546,829
TJX Cos., Inc.
 
 
3,561
 
 
514,707
Visteon Corp.
 
 
5,638
 
 
675,771
Wayfair, Inc. - Class A(a)
 
 
13,643
 
 
1,218,729
YETI Holdings, Inc.(a)
 
 
13,069
 
 
433,629
 
 
 
 
22,385,601
Consumer Staples - 3.4%
 
 
 
 
elf Beauty, Inc.(a)
 
 
6,913
 
 
915,834
Estee Lauder Cos., Inc. - Class A
 
 
6,601
 
 
581,680
Hain Celestial Group, Inc.(a)
 
 
104,223
 
 
164,672
Marzetti Co.
 
 
2,483
 
 
429,038
Performance Food Group Co.(a)
 
 
5,502
 
 
572,428
PriceSmart, Inc.
 
 
4,925
 
 
596,861
Sprouts Farmers Market, Inc.(a)
 
 
2,836
 
 
308,557
SunOpta, Inc.(a)
 
 
88,997
 
 
521,522
TreeHouse Foods, Inc.(a)
 
 
15,969
 
 
322,734
USANA Health Sciences, Inc.(a)
 
 
16,038
 
 
441,847
Walmart, Inc.
 
 
4,937
 
 
508,807
 
 
 
 
5,363,980
Financials - 13.7%
 
 
 
 
Ally Financial, Inc.
 
 
11,979
 
 
469,577
Amerant Bancorp, Inc.
 
 
21,311
 
 
410,663
American Express Co.
 
 
1,617
 
 
537,103
Arthur J Gallagher & Co.
 
 
1,247
 
 
386,246
Associated Banc-Corp.
 
 
19,402
 
 
498,825
Bank of Hawaii Corp.
 
 
6,340
 
 
416,158
Bank OZK
 
 
10,198
 
 
519,894
BankUnited, Inc.
 
 
12,770
 
 
487,303
Banner Corp.
 
 
6,845
 
 
448,348
BOK Financial Corp.
 
 
4,185
 
 
466,376
Brown & Brown, Inc.
 
 
3,493
 
 
327,608
Camden National Corp.
 
 
10,885
 
 
420,052
Cass Information Systems, Inc.
 
 
10,089
 
 
396,800
Cohen & Steers, Inc.
 
 
5,439
 
 
356,853
Columbia Banking System, Inc.
 
 
17,946
 
 
461,930
Comerica, Inc.
 
 
7,414
 
 
508,007
Commerce Bancshares, Inc.
 
 
6,998
 
 
418,200
Essent Group Ltd.
 
 
7,561
 
 
480,577
First Busey Corp.
 
 
20,420
 
 
472,723
First Citizens BancShares, Inc. -
Class A
 
 
236
 
 
422,242
First Financial Bancorp
 
 
17,498
 
 
441,825
First Financial Bankshares, Inc.
 
 
12,130
 
 
408,175
First Horizon Corp.
 
 
22,471
 
 
508,069
Global Payments, Inc.
 
 
4,444
 
 
369,208
Hamilton Lane, Inc. - Class A
 
 
2,919
 
 
393,452
Hancock Whitney Corp.
 
 
8,296
 
 
519,413
Huntington Bancshares, Inc.
 
 
29,017
 
 
501,124
Jack Henry & Associates, Inc.
 
 
2,375
 
 
353,709
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF
SCHEDULE OF INVESTMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
LPL Financial Holdings, Inc.
 
 
1,318
 
 
$438,485
M&T Bank Corp.
 
 
2,491
 
 
492,271
Mastercard, Inc. - Class A
 
 
799
 
 
454,479
MGIC Investment Corp.
 
 
17,991
 
 
510,405
NMI Holdings, Inc. - Class A(a)
 
 
12,337
 
 
473,001
OneMain Holdings, Inc.
 
 
9,191
 
 
518,924
PayPal Holdings, Inc.(a)
 
 
6,630
 
 
444,608
Piper Sandler Cos.
 
 
1,752
 
 
607,926
Primerica, Inc.
 
 
1,525
 
 
423,325
Prosperity Bancshares, Inc.
 
 
6,097
 
 
404,536
Selective Insurance Group, Inc.
 
 
4,742
 
 
384,434
Southside Bancshares, Inc.
 
 
15,350
 
 
433,638
Visa, Inc. - Class A
 
 
1,251
 
 
427,066
W R Berkley Corp.
 
 
6,115
 
 
468,531
WaFd, Inc.
 
 
15,486
 
 
469,071
Webster Financial Corp.
 
 
8,569
 
 
509,341
Wintrust Financial Corp.
 
 
3,860
 
 
511,218
WSFS Financial Corp.
 
 
8,359
 
 
450,801
Zions Bancorp NA
 
 
8,869
 
 
501,808
 
 
 
 
21,324,328
Health Care - 12.7%
 
 
 
 
Agios Pharmaceuticals, Inc.(a)
 
 
14,914
 
 
598,648
Alnylam Pharmaceuticals, Inc.(a)
 
 
1,618
 
 
737,808
Amgen, Inc.
 
 
1,421
 
 
401,006
Amicus Therapeutics, Inc.(a)
 
 
53,193
 
 
419,161
Arrowhead Pharmaceuticals, Inc.(a)
 
 
34,070
 
 
1,175,074
AtriCure, Inc.(a)
 
 
13,456
 
 
474,324
Axsome Therapeutics, Inc.(a)
 
 
3,723
 
 
452,158
Bruker Corp.
 
 
10,409
 
 
338,188
Catalyst Pharmaceuticals, Inc.(a)
 
 
17,899
 
 
352,610
Corcept Therapeutics, Inc.(a)
 
 
3,801
 
 
315,901
Cytokinetics, Inc.(a)
 
 
10,801
 
 
593,623
DexCom, Inc.(a)
 
 
6,357
 
 
427,763
Edwards Lifesciences Corp.(a)
 
 
5,989
 
 
465,765
Encompass Health Corp.
 
 
4,291
 
 
545,043
Exact Sciences Corp.(a)
 
 
10,028
 
 
548,632
Exelixis, Inc.(a)
 
 
11,758
 
 
485,605
Glaukos Corp.(a)
 
 
4,410
 
 
359,636
Globus Medical, Inc. - Class A(a)
 
 
5,930
 
 
339,611
Haemonetics Corp.(a)
 
 
6,831
 
 
332,943
Halozyme Therapeutics, Inc.(a)
 
 
6,779
 
 
497,172
IDEXX Laboratories, Inc.(a)
 
 
1,041
 
 
665,084
Insulet Corp.(a)
 
 
1,666
 
 
514,344
Integer Holdings Corp.(a)
 
 
3,668
 
 
379,014
Intuitive Surgical, Inc.(a)
 
 
872
 
 
389,985
Ironwood Pharmaceuticals, Inc.(a)
 
 
294,236
 
 
385,449
Lantheus Holdings, Inc.(a)
 
 
4,433
 
 
227,369
Masimo Corporation(a)
 
 
2,597
 
 
383,187
Medpace Holdings, Inc.(a)
 
 
1,435
 
 
737,820
Merit Medical Systems, Inc.(a)
 
 
4,093
 
 
340,660
Moderna, Inc.(a)
 
 
15,780
 
 
407,597
Neogen Corp.(a)
 
 
51,893
 
 
296,309
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Neurocrine Biosciences, Inc.(a)
 
 
4,018
 
 
$564,047
Penumbra, Inc.(a)
 
 
1,612
 
 
408,352
Premier, Inc. - Class A
 
 
22,994
 
 
639,233
Protagonist Therapeutics, Inc.(a)
 
 
8,945
 
 
594,216
Regeneron Pharmaceuticals, Inc.
 
 
682
 
 
383,468
Repligen Corp.(a)
 
 
3,400
 
 
454,478
Ultragenyx Pharmaceutical, Inc.(a)
 
 
11,947
 
 
359,366
United Therapeutics Corp.(a)
 
 
1,396
 
 
585,217
Veeva Systems, Inc. - Class A(a)
 
 
1,860
 
 
554,113
Vertex Pharmaceuticals, Inc.(a)
 
 
887
 
 
347,385
Waters Corp.(a)
 
 
1,170
 
 
350,778
 
 
 
 
19,828,142
Industrials - 15.3%
 
 
 
 
AAON, Inc.
 
 
5,597
 
 
522,984
Alamo Group, Inc.
 
 
2,458
 
 
469,232
Applied Industrial Technologies, Inc.
 
 
1,945
 
 
507,742
Atkore, Inc.
 
 
7,260
 
 
455,492
Automatic Data Processing, Inc.
 
 
1,436
 
 
421,466
AZZ, Inc.
 
 
5,207
 
 
568,240
Bloom Energy Corp. - Class A(a)
 
 
22,227
 
 
1,879,737
Brady Corp. - Class A
 
 
6,176
 
 
481,913
Builders FirstSource, Inc.(a)
 
 
3,476
 
 
421,465
Dayforce, Inc.(a)
 
 
7,443
 
 
512,748
Ennis, Inc.
 
 
22,008
 
 
402,306
Forward Air Corp.(a)
 
 
21,607
 
 
554,003
Franklin Covey Co.(a)
 
 
15,716
 
 
305,048
Franklin Electric Co., Inc.
 
 
4,635
 
 
441,252
HNI Corp.
 
 
9,803
 
 
459,271
Hub Group, Inc. - Class A
 
 
11,668
 
 
401,846
Illinois Tool Works, Inc.
 
 
1,754
 
 
457,373
JBT Marel Corp.
 
 
3,542
 
 
497,474
Johnson Controls International PLC
 
 
5,415
 
 
595,379
Kadant, Inc.
 
 
1,300
 
 
386,854
Kelly Services, Inc. - Class A
 
 
32,980
 
 
432,698
Lennox International, Inc.
 
 
770
 
 
407,607
Liquidity Services, Inc.(a)
 
 
13,950
 
 
382,649
Matson, Inc.
 
 
3,383
 
 
333,530
MSA Safety, Inc.
 
 
3,038
 
 
522,749
MYR Group, Inc.(a)
 
 
3,901
 
 
811,525
NORDSON Corp.
 
 
2,207
 
 
500,879
Paychex, Inc.
 
 
2,819
 
 
357,336
Paycom Software, Inc.
 
 
1,983
 
 
412,742
Resideo Technologies, Inc.(a)
 
 
24,688
 
 
1,066,028
Robert Half, Inc.
 
 
8,001
 
 
271,874
Rockwell Automation, Inc.
 
 
1,680
 
 
587,210
Rush Enterprises, Inc. - Class A
 
 
8,121
 
 
434,230
SiteOne Landscape Supply, Inc.(a)
 
 
3,564
 
 
459,043
SS&C Technologies Holdings, Inc.
 
 
5,192
 
 
460,842
Steelcase, Inc. - Class A
 
 
39,712
 
 
683,046
Sunrun, Inc.(a)
 
 
74,567
 
 
1,289,263
Thermon Group Holdings, Inc.(a)
 
 
15,533
 
 
415,042
Trex Co., Inc.(a)
 
 
7,447
 
 
384,787
TriNet Group, Inc.
 
 
5,475
 
 
366,223
United Rentals, Inc.
 
 
700
 
 
668,262
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF
SCHEDULE OF INVESTMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Verisk Analytics, Inc.
 
 
1,446
 
 
$363,683
Watts Water Technologies, Inc. -
Class A
 
 
2,125
 
 
593,470
WW Grainger, Inc.
 
 
441
 
 
420,255
Xylem, Inc.
 
 
3,629
 
 
535,278
 
 
 
 
23,902,076
Information Technology - 27.1%(c)
 
 
 
 
A10 Networks, Inc.
 
 
26,628
 
 
483,298
ACI Worldwide, Inc.(a)
 
 
7,855
 
 
414,508
Adobe, Inc.(a)
 
 
1,125
 
 
396,844
Advanced Micro Devices, Inc.(a)
 
 
4,255
 
 
688,416
Amkor Technology, Inc.
 
 
24,269
 
 
689,240
Analog Devices, Inc.
 
 
2,174
 
 
534,152
Apple, Inc.
 
 
1,971
 
 
501,876
Applied Materials, Inc.
 
 
3,024
 
 
619,134
Arista Networks, Inc.(a)
 
 
5,603
 
 
816,413
Asana, Inc. - Class A(a)
 
 
29,792
 
 
398,021
Autodesk, Inc.(a)
 
 
1,669
 
 
530,191
Badger Meter, Inc.
 
 
2,285
 
 
408,055
BILL Holdings, Inc.(a)
 
 
9,458
 
 
500,990
BlackLine, Inc.(a)
 
 
8,966
 
 
476,095
Box, Inc. - Class A(a)
 
 
14,065
 
 
453,878
Cadence Design System, Inc.(a)
 
 
1,708
 
 
599,952
Calix, Inc.(a)
 
 
12,249
 
 
751,721
CDW Corp.
 
 
2,716
 
 
432,605
Ciena Corp.(a)
 
 
7,184
 
 
1,046,493
Cisco Systems, Inc.
 
 
7,063
 
 
483,251
Cloudflare, Inc. - Class A(a)
 
 
3,920
 
 
841,193
Cognex Corp.
 
 
14,577
 
 
660,338
Cohu, Inc.(a)
 
 
29,507
 
 
599,877
CTS Corp.
 
 
10,454
 
 
417,533
Datadog, Inc. - Class A(a)
 
 
4,376
 
 
623,142
Docusign, Inc.(a)
 
 
5,334
 
 
384,528
Dropbox, Inc. - Class A(a)
 
 
16,252
 
 
490,973
Dynatrace, Inc.(a)
 
 
9,207
 
 
446,079
Enphase Energy, Inc.(a)
 
 
6,997
 
 
247,624
Entegris, Inc.
 
 
4,967
 
 
459,249
Extreme Networks, Inc.(a)
 
 
32,809
 
 
677,506
F5, Inc.(a)
 
 
1,631
 
 
527,123
FormFactor, Inc.(a)
 
 
15,343
 
 
558,792
Gartner, Inc.(a)
 
 
1,029
 
 
270,493
GoDaddy, Inc. - Class A(a)
 
 
2,410
 
 
329,760
HubSpot, Inc.(a)
 
 
754
 
 
352,721
Insight Enterprises, Inc.(a)
 
 
2,982
 
 
338,189
InterDigital, Inc.
 
 
2,105
 
 
726,709
International Business Machines Corp.
 
 
1,749
 
 
493,498
IPG Photonics Corp.(a)
 
 
6,853
 
 
542,689
KLA Corp.
 
 
645
 
 
695,697
Lattice Semiconductor Corp.(a)
 
 
8,247
 
 
604,670
Littelfuse, Inc.
 
 
2,205
 
 
571,117
Lumentum Holdings, Inc.(a)
 
 
7,009
 
 
1,140,434
Marvell Technology, Inc.
 
 
7,232
 
 
607,994
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MaxLinear, Inc.(a)
 
 
40,851
 
 
$656,884
Microsoft Corp.
 
 
1,182
 
 
612,217
MKS, Inc.
 
 
5,407
 
 
669,224
MongoDB, Inc.(a)
 
 
2,493
 
 
773,777
Monolithic Power Systems, Inc.
 
 
766
 
 
705,210
NetApp, Inc.
 
 
5,051
 
 
598,341
NetScout Systems, Inc.(a)
 
 
21,136
 
 
545,943
Novanta, Inc.(a)
 
 
3,481
 
 
348,622
Nutanix, Inc. - Class A(a)
 
 
6,351
 
 
472,451
NVIDIA Corp.
 
 
4,085
 
 
762,179
Okta, Inc.(a)
 
 
4,214
 
 
386,424
Power Integrations, Inc.
 
 
8,591
 
 
345,444
Progress Software Corp.
 
 
8,398
 
 
368,924
PTC, Inc.(a)
 
 
2,793
 
 
567,035
Pure Storage, Inc. - Class A(a)
 
 
9,871
 
 
827,289
Qualcomm, Inc.
 
 
2,830
 
 
470,799
Rambus, Inc.(a)
 
 
8,355
 
 
870,591
RingCentral, Inc. - Class A(a)
 
 
17,470
 
 
495,100
Rogers Corp.(a)
 
 
6,407
 
 
515,507
Roper Technologies, Inc.
 
 
734
 
 
366,038
Salesforce, Inc.
 
 
1,621
 
 
384,177
ScanSource, Inc.(a)
 
 
12,719
 
 
559,509
ServiceNow, Inc.(a)
 
 
557
 
 
512,596
Teradyne, Inc.
 
 
5,243
 
 
721,647
Texas Instruments, Inc.
 
 
2,422
 
 
444,994
Trimble, Inc.(a)
 
 
6,590
 
 
538,074
Twilio, Inc. - Class A(a)
 
 
4,418
 
 
442,198
Universal Display Corp.
 
 
3,185
 
 
457,462
VeriSign, Inc.
 
 
1,709
 
 
477,785
Workday, Inc. - Class A(a)
 
 
1,843
 
 
443,665
Zoom Communications, Inc. - Class A(a)
 
 
5,865
 
 
483,863
Zscaler, Inc.(a)
 
 
2,181
 
 
653,558
 
 
 
 
42,310,588
Materials - 1.6%
 
 
 
 
AptarGroup, Inc.
 
 
2,933
 
 
392,025
Balchem Corp.
 
 
2,615
 
 
392,407
Carpenter Technology Corporation
 
 
2,400
 
 
589,296
Element Solutions, Inc.
 
 
19,249
 
 
484,497
Kronos Worldwide, Inc.
 
 
58,133
 
 
333,683
Stepan Co.
 
 
7,897
 
 
376,687
 
 
 
 
2,568,595
Real Estate - 0.3%
 
 
 
 
CoStar Group, Inc.(a)
 
 
5,480
 
 
462,348
Utilities - 2.0%
 
 
 
 
American States Water Co.
 
 
5,539
 
 
406,120
American Water Works Co., Inc.
 
 
2,955
 
 
411,306
California Water Service Group
 
 
8,997
 
 
412,872
Clearway Energy, Inc. - Class A
 
 
15,416
 
 
415,153
Middlesex Water Co.
 
 
7,004
 
 
379,057
Ormat Technologies, Inc.
 
 
6,121
 
 
589,146
XPLR Infrastructure LP
 
 
45,529
 
 
463,030
 
 
 
 
3,076,684
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
31
 

TABLE OF CONTENTS

AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF
SCHEDULE OF INVESTMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
TOTAL COMMON STOCKS
(Cost $128,791,407)
 
 
 
 
$148,277,304
REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.6%
 
 
 
 
Financials - 0.3%
 
 
 
 
AGNC Investment Corp.(b)
 
 
47,892
 
 
468,863
Real Estate - 4.3%
 
 
 
 
Agree Realty Corp.
 
 
5,736
 
 
407,485
American Assets Trust, Inc.
 
 
21,808
 
 
443,139
Apple Hospitality REIT, Inc.
 
 
34,703
 
 
416,783
Cousins Properties, Inc.
 
 
14,826
 
 
429,064
First Industrial Realty Trust, Inc.
 
 
8,096
 
 
416,701
Hudson Pacific Properties, Inc.(a)
 
 
146,619
 
 
404,668
Kimco Realty Corp.
 
 
20,537
 
 
448,733
Prologis, Inc.
 
 
3,896
 
 
446,170
Realty Income Corp.
 
 
7,711
 
 
468,752
Rexford Industrial Realty, Inc.
 
 
11,141
 
 
458,007
Ryman Hospitality Properties, Inc.
 
 
4,769
 
 
427,255
Simon Property Group, Inc.
 
 
2,630
 
 
493,572
Sunstone Hotel Investors, Inc.
 
 
46,293
 
 
433,765
WP Carey, Inc.
 
 
6,924
 
 
467,855
Xenia Hotels & Resorts, Inc.
 
 
37,064
 
 
508,518
 
 
 
 
6,670,467
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $7,565,270)
 
 
 
 
7,139,330
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.7%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(d)
 
 
1,179,824
 
 
1,179,824
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,179,824)
 
 
 
 
1,179,824
MONEY MARKET FUNDS - 0.4%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
579,862
 
 
579,862
TOTAL MONEY MARKET FUNDS
(Cost $579,862)
 
 
 
 
579,862
TOTAL INVESTMENTS - 100.7%
(Cost $138,116,363)
 
 
 
 
$157,176,320
Liabilities in Excess of Other
Assets - (0.7)%
 
 
 
 
(1,151,225)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$156,025,095
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $1,120,457.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

AMPLIFY HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
INVESTMENT COMPANIES - 99.7%
 
 
 
 
Equity - 42.8%
 
 
 
 
abrdn Emerging Markets ex China Fund, Inc.
 
 
668,958
 
 
$4,334,848
abrdn Global Dynamic Dividend Fund(a)
 
 
683,911
 
 
9,109,695
abrdn Healthcare Investors
 
 
1,198,855
 
 
22,130,863
abrdn Life Sciences Investors
 
 
794,138
 
 
12,317,080
abrdn Total Dynamic Dividend Fund
 
 
2,128,219
 
 
20,132,952
abrdn World Healthcare Fund(a)
 
 
1,106,178
 
 
13,937,843
Adams Diversified Equity Fund, Inc.
 
 
295,117
 
 
6,581,109
Adams Natural Resources Fund, Inc.
 
 
272,359
 
 
5,861,166
BlackRock Enhanced International Dividend Trust
 
 
1,083,718
 
 
6,231,378
BlackRock ESG Capital Allocation Term Trust(a)
 
 
1,238,092
 
 
20,304,709
BlackRock Health Sciences Term
Trust
 
 
1,332,633
 
 
19,216,568
BlackRock Science and Technology Term Trust
 
 
938,709
 
 
20,801,791
BlackRock Technology and Private Equity Term Trust
 
 
2,737,973
 
 
18,344,419
ClearBridge Energy Midstream Opportunity Fund, Inc.(a)
 
 
130,103
 
 
5,844,227
Eaton Vance Tax Managed Global Buy Write Opportunities Fund(a)
 
 
719,334
 
 
6,509,973
Eaton Vance Tax-Managed Global Diversified Equity Income
Fund(a)
 
 
728,030
 
 
6,625,073
India Fund, Inc.
 
 
393,673
 
 
5,767,309
Liberty All-Star Equity Fund
 
 
976,416
 
 
6,190,477
Neuberger Berman Next Generation Connectivity Fund, Inc.
 
 
423,731
 
 
6,516,983
Nuveen NASDAQ 100 Dynamic Overwrite Fund
 
 
242,845
 
 
6,668,524
Nuveen Real Asset Income and Growth Fund(a)
 
 
754,104
 
 
10,745,982
NYLI CBRE Global Infrastructure Megatrends Term Fund
 
 
433,767
 
 
6,367,700
Tortoise Energy Infrastructure Corp.
 
 
144,252
 
 
6,215,819
Virtus Dividend Interest & Premium Strategy Fund
 
 
491,498
 
 
6,394,389
Virtus Total Return Fund, Inc.
 
 
837,287
 
 
5,400,501
Voya Global Equity Dividend and Premium Opportunity Fund
 
 
1,094,468
 
 
6,490,195
 
 
 
 
265,041,573
Fixed Income - 56.9%
 
 
 
 
Aberdeen Asia-Pacific Income Fund, Inc.
 
 
1,129,578
 
 
18,400,826
abrdn Global Infrastructure Income Fund(a)
 
 
796,119
 
 
16,821,994
abrdn Income Credit Strategies Fund
 
 
3,228,950
 
 
18,727,910
Advent Convertible and Income
Fund(a)
 
 
1,214,315
 
 
15,531,089
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
BlackRock Capital Allocation Term Trust(a)
 
 
1,303,212
 
 
$19,274,506
BlackRock Corporate High Yield Fund, Inc.
 
 
690,043
 
 
6,555,409
BlackRock Credit Allocation Income Trust
 
 
589,680
 
 
6,515,964
BlackRock Debt Strategies Fund,
Inc.(a)
 
 
642,392
 
 
6,822,203
BlackRock Floating Rate Income
Trust
 
 
745,433
 
 
9,057,011
BlackRock Multi-Sector Income
Trust
 
 
463,248
 
 
6,202,891
Brookfield Real Assets Income Fund, Inc.
 
 
459,065
 
 
6,133,108
Calamos Convertible and High Income Fund
 
 
639,926
 
 
7,179,970
Calamos Long/Short Equity & Dynamic Income Trust
 
 
302,794
 
 
4,905,263
DoubleLine Income Solutions Fund
 
 
546,322
 
 
6,708,834
Eagle Point Income Co., Inc.
 
 
739,945
 
 
9,959,660
First Trust High Yield Opportunities 2027 Term Fund
 
 
441,008
 
 
6,390,206
First Trust Senior Floating Rate Income Fund II
 
 
714,654
 
 
7,146,540
Franklin Ltd. Duration Income Trust
 
 
657,957
 
 
4,191,186
Invesco Senior Income Trust
 
 
4,223,364
 
 
14,612,839
KKR Income Opportunities Fund
 
 
1,124,139
 
 
14,164,151
Nuveen Core Plus Impact Fund
 
 
790,913
 
 
8,707,952
Nuveen Credit Strategies Income
Fund
 
 
3,571,101
 
 
18,819,702
Nuveen Floating Rate Income Fund/Closed-end Fund
 
 
2,290,996
 
 
18,740,347
Nuveen Multi-Asset Income Fund
 
 
919,362
 
 
11,933,319
Nuveen Preferred & Income Opportunities Fund(a)
 
 
836,745
 
 
6,861,309
Nuveen Variable Rate Preferred & Income Fund
 
 
333,500
 
 
6,656,660
RiverNorth Opportunities Fund,
Inc.(a)
 
 
603,150
 
 
7,237,800
Saba Capital Income & Opportunities Fund(a)
 
 
1,169,800
 
 
9,089,346
Virtus Convertible & Income Fund
 
 
621,398
 
 
9,320,970
Virtus Convertible & Income Fund II
 
 
523,378
 
 
7,159,811
Western Asset Diversified Income Fund(a)
 
 
1,332,621
 
 
19,602,855
Western Asset Emerging Markets Debt Fund, Inc.
 
 
623,598
 
 
6,435,531
Western Asset High Income Fund II, Inc.
 
 
2,476,447
 
 
10,772,544
Western Asset High Income Opportunity Fund, Inc.
 
 
1,429,226
 
 
5,488,228
 
 
 
 
352,127,934
TOTAL INVESTMENT COMPANIES
(Cost $588,261,286)
 
 
 
 
617,169,507
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

AMPLIFY HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.2%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(b)
 
 
26,237,325
 
 
$26,237,325
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $26,237,325)
 
 
 
 
26,237,325
MONEY MARKET FUNDS - 0.1%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(b)
 
 
561,277
 
 
561,277
TOTAL MONEY MARKET FUNDS
(Cost $561,277)
 
 
 
 
561,277
TOTAL INVESTMENTS - 104.0%
(Cost $615,059,888)
 
 
 
 
$643,968,109
Liabilities in Excess of Other
Assets - (4.0)%
 
 
 
 
(24,879,316)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$619,088,793
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $25,569,230.
(b)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
34
 

TABLE OF CONTENTS

AMPLIFY JUNIOR SILVER MINERS ETF
SCHEDULE OF INVESTMENTS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Materials - 99.9%(a)
 
 
 
 
AbraSilver Resource Corp.(b)
 
 
2,252,309
 
 
$12,189,081
Aftermath Silver Ltd.(b)
 
 
4,517,712
 
 
3,084,538
Americas Gold & Silver Corp.(b)
 
 
2,526,072
 
 
9,422,390
Andean Precious Metals Corp.(b)
 
 
820,530
 
 
4,894,638
Artemis Gold, Inc.(b)
 
 
2,474,824
 
 
64,903,211
Avino Silver & Gold Mines Ltd.(b)(c)
 
 
7,192,739
 
 
37,761,880
Aya Gold & Silver, Inc.(b)(c)
 
 
4,767,525
 
 
55,165,411
Boliden AB(b)
 
 
2,504,515
 
 
101,910,441
Chesapeake Gold Corp.(b)
 
 
443,321
 
 
688,209
Cia de Minas Buenaventura SAA - ADR
 
 
3,134,020
 
 
76,250,707
Coeur Mining, Inc.(b)
 
 
18,188,671
 
 
341,219,468
Copper Fox Metals, Inc.(b)
 
 
3,015,011
 
 
790,915
Discovery Silver Corp.(b)
 
 
17,607,699
 
 
65,298,064
Dolly Varden Silver Corp.(b)
 
 
963,373
 
 
4,839,713
Endeavour Silver Corp.(b)
 
 
17,537,080
 
 
137,490,707
Falco Resources Ltd.(b)(c)
 
 
4,167,869
 
 
1,003,476
First Majestic Silver Corp.
 
 
20,921,385
 
 
257,123,822
First Mining Gold Corp.(b)
 
 
13,226,395
 
 
2,709,158
Fortuna Mining Corp.(b)
 
 
8,901,631
 
 
79,758,614
Franco-Nevada Corp.
 
 
305,067
 
 
68,002,485
Fresnillo PLC
 
 
836,330
 
 
26,571,605
GoGold Resources, Inc.(b)
 
 
4,150,634
 
 
8,054,270
Guanajuato Silver Co. Ltd.(b)
 
 
5,959,434
 
 
2,312,846
Hecla Mining Co.
 
 
28,081,753
 
 
339,789,211
Hochschild Mining PLC
 
 
6,087,819
 
 
29,127,772
Hycroft Mining Holding Corp.(b)(c)
 
 
1,566,287
 
 
9,710,979
i-80 Gold Corp.(b)(c)
 
 
10,563,944
 
 
10,092,792
IMPACT Silver Corp.(b)
 
 
5,311,164
 
 
1,126,055
Industrias Penoles SAB de CV(b)
 
 
380,538
 
 
16,984,460
KGHM Polska Miedz SA(b)
 
 
1,694,479
 
 
74,732,042
Kingsgate Consolidated, Ltd.(b)
 
 
2,550,781
 
 
6,491,655
McEwen, Inc.(b)
 
 
905,188
 
 
15,478,715
OR Royalties, Inc.(c)
 
 
2,337,163
 
 
93,673,493
Osisko Metals, Inc.(b)
 
 
7,606,492
 
 
2,405,388
Pan American Silver Corp.
 
 
1,486,430
 
 
57,569,434
Paramount Gold Nevada Corp.(b)
 
 
1,325,858
 
 
1,630,805
Royal Gold, Inc.
 
 
155,501
 
 
31,190,391
Santacruz Silver Mining Ltd.(b)
 
 
4,866,046
 
 
9,652,355
Seabridge Gold, Inc.(b)(c)
 
 
3,052,549
 
 
73,719,058
Silver Mines Ltd.(b)
 
 
46,974,416
 
 
6,693,464
Silver Storm Mining Ltd.(b)(c)
 
 
10,840,099
 
 
1,947,696
Silvercorp Metals, Inc.
 
 
10,953,284
 
 
69,224,755
Skeena Resources Ltd.(b)
 
 
1,918,962
 
 
35,347,848
Sombrero Resources, Inc.(b)
 
 
585,867
 
 
59,159
SSR Mining, Inc.(b)
 
 
4,696,681
 
 
114,692,950
Trevali Mining Corp.(b)(d)
 
 
967,999
 
 
0
Trilogy Metals, Inc.(b)
 
 
3,625,129
 
 
7,612,771
Triple Flag Precious Metals Corp.
 
 
2,393,398
 
 
70,030,826
Tudor Gold Corp. - Class A(b)(c)
 
 
2,143,233
 
 
1,617,360
Vizsla Silver Corp.(b)(c)
 
 
14,390,320
 
 
62,166,182
Volcan Cia Minera SAA(b)
 
 
19,355,267
 
 
2,680,669
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Western Copper & Gold Corp.(b)
 
 
3,358,509
 
 
$6,616,263
Wheaton Precious Metals Corp.
 
 
1,223,456
 
 
136,831,319
TOTAL COMMON STOCKS
(Cost $1,455,488,527)
 
 
 
 
2,650,341,516
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.8%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(e)
 
 
74,417,724
 
 
74,417,724
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $74,417,724)
 
 
 
 
74,417,724
MONEY MARKET FUNDS - 0.1%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)
 
 
1,612,949
 
 
1,612,949
TOTAL MONEY MARKET FUNDS
(Cost $1,612,949)
 
 
 
 
1,612,949
TOTAL INVESTMENTS - 102.8%
(Cost $1,531,519,200)
 
 
 
 
$2,726,372,189
Liabilities in Excess of Other
Assets - (2.8)%
 
 
 
 
(75,028,410)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,651,343,779
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $71,524,910.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

Amplify Lithium & Battery Technology ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Consumer Discretionary - 20.6%
 
 
 
 
BYD Co. Ltd. - Class H
 
 
166,356
 
 
$2,355,763
Li Auto, Inc. - ADR(a)(b)
 
 
49,655
 
 
1,258,258
Lucid Group, Inc.(a)(b)
 
 
34,194
 
 
813,475
NIO, Inc. - ADR(a)
 
 
193,602
 
 
1,475,247
QuantumScape Corp.(a)
 
 
104,854
 
 
1,291,801
Rivian Automotive, Inc. - Class A(a)
 
 
84,180
 
 
1,235,763
Tesla, Inc.(a)
 
 
12,393
 
 
5,511,415
Vinfast Auto Ltd.(a)(b)
 
 
184,433
 
 
593,874
Yadea Group Holdings Ltd.(c)(d)
 
 
450,154
 
 
802,323
Zhejiang Leapmotor Technology Co. Ltd. - Class H(a)(c)(d)
 
 
104,095
 
 
887,529
 
 
 
 
16,225,448
Industrials - 18.4%
 
 
 
 
Advanced Energy Solution Holding Co. Ltd.
 
 
18,666
 
 
710,432
Bloom Energy Corp. - Class A(a)
 
 
27,368
 
 
2,314,512
Contemporary Amperex Technology Co. Ltd. - Class A
 
 
108,081
 
 
6,103,655
Ecopro BM Co. Ltd.(a)
 
 
10,064
 
 
810,543
Ecopro Materials Co. Ltd.(a)
 
 
20,393
 
 
687,494
EnerSys
 
 
9,566
 
 
1,080,575
LG Energy Solution Ltd.(a)
 
 
4,372
 
 
1,082,834
Zhejiang Huayou Cobalt Co. Ltd. - Class A
 
 
176,800
 
 
1,636,750
 
 
 
 
14,426,795
Information Technology - 7.2%
 
 
 
 
NAURA Technology Group Co. Ltd. - Class A
 
 
30,430
 
 
1,933,733
Samsung SDI Co. Ltd.
 
 
7,045
 
 
1,029,347
Simplo Technology Co. Ltd.
 
 
60,888
 
 
739,174
TDK Corp.
 
 
137,186
 
 
1,993,063
 
 
 
 
5,695,317
Materials - 53.4%(e)
 
 
 
 
Albemarle Corp.
 
 
15,616
 
 
1,266,145
Antofagasta PLC
 
 
40,792
 
 
1,509,230
BHP Group Ltd.
 
 
166,364
 
 
4,681,829
Capstone Copper Corp.(a)
 
 
137,736
 
 
1,169,821
China Nonferrous Mining Corp. Ltd.
 
 
799,253
 
 
1,538,536
First Quantum Minerals Ltd.(a)
 
 
70,798
 
 
1,601,438
Freeport-McMoRan, Inc.
 
 
77,384
 
 
3,035,000
Ganfeng Lithium Group Co. Ltd. - Class H(c)(d)
 
 
233,617
 
 
1,295,079
GMK Norilskiy Nickel PAO - ADR(a)(f)
 
 
182,937
 
 
0
Grupo Mexico SAB de CV - Class B
 
 
373,445
 
 
3,249,635
Hudbay Minerals, Inc.
 
 
95,597
 
 
1,449,251
Jiangxi Copper Co. Ltd. - Class H
 
 
385,132
 
 
1,509,458
Johnson Matthey PLC
 
 
37,720
 
 
1,019,665
Leo Lithium Ltd.
 
 
742,011
 
 
108,017
Lundin Mining Corp.
 
 
98,689
 
 
1,472,145
Merdeka Battery Materials Tbk PT(a)
 
 
25,333,980
 
 
980,523
Mineral Resources Ltd.(a)
 
 
40,800
 
 
1,110,671
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MMG Ltd.(a)
 
 
1,600,105
 
 
$1,387,918
MP Materials Corp.(a)
 
 
16,159
 
 
1,083,784
Pilbara Minerals Ltd.(a)
 
 
778,739
 
 
1,298,534
Resonac Holdings Corp.
 
 
36,734
 
 
1,247,195
Sandfire Resources Ltd.(a)
 
 
118,458
 
 
1,118,534
Sociedad Quimica y Minera de Chile SA - ADR(a)(b)
 
 
25,902
 
 
1,113,268
South32 Ltd.
 
 
562,757
 
 
1,020,310
Sumitomo Metal Mining Co. Ltd.
 
 
39,798
 
 
1,282,869
Teck Resources Ltd. - Class B
 
 
41,973
 
 
1,842,195
Tianqi Lithium Corp. - Class H(a)
 
 
160,010
 
 
924,042
Trimegah Bangun Persada Tbk PT
 
 
12,866,406
 
 
918,753
Umicore SA
 
 
52,402
 
 
929,609
Vale Indonesia Tbk PT
 
 
3,161,875
 
 
834,818
 
 
 
 
41,998,272
TOTAL COMMON STOCKS
(Cost $67,640,300)
 
 
 
 
78,345,832
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.8%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(g)
 
 
3,763,140
 
 
3,763,140
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $3,763,140)
 
 
 
 
3,763,140
MONEY MARKET FUNDS - 0.2%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(g)
 
 
158,812
 
 
158,812
TOTAL MONEY MARKET FUNDS
(Cost $158,812)
 
 
 
 
158,812
TOTAL INVESTMENTS - 104.6%
(Cost $71,562,252)
 
 
 
 
$82,267,784
Liabilities in Excess of Other
Assets - (4.6)%
 
 
 
 
(3,640,850)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$78,626,934
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
36
 

TABLE OF CONTENTS

Amplify Lithium & Battery Technology ETF
Schedule of Investments
September 30, 2025(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $3,605,400.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $2,984,931 or 3.8% of the Fund’s net assets.
(d)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of September 30, 2025, the value of these securities total $2,984,931 or 3.8% of the Fund’s net assets.
(e)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(f)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(g)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

Amplify Natural Resources Dividend Income ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1%
 
 
 
 
Coal & Consumable Fuels - 1.3%
 
 
 
 
Alliance Resource Partners LP
 
 
5,591
 
 
$141,369
Commodity Chemicals - 7.8%
 
 
 
 
Dow, Inc.
 
 
18,637
 
 
427,346
LyondellBasell Industries NV - Class A
 
 
8,422
 
 
413,015
 
 
 
 
840,361
Diversified Chemicals - 3.9%
 
 
 
 
Huntsman Corp.
 
 
46,894
 
 
421,108
Fertilizers & Agricultural Chemicals - 4.1%
 
 
FMC Corp.
 
 
12,896
 
 
433,693
Integrated Oil & Gas - 7.9%
 
 
 
 
BP PLC - ADR
 
 
8,215
 
 
283,089
Petroleo Brasileiro SA - Petrobras -
ADR
 
 
44,740
 
 
566,408
 
 
 
 
849,497
Oil & Gas Drilling - 8.1%
 
 
 
 
Helmerich & Payne, Inc.
 
 
15,872
 
 
350,612
Noble Corp. PLC
 
 
11,325
 
 
320,271
Patterson-UTI Energy, Inc.
 
 
38,516
 
 
199,513
 
 
 
 
870,396
Oil & Gas Equipment & Services - 6.6%
 
 
Atlas Energy Solutions, Inc.(a)
 
 
23,344
 
 
265,421
Kodiak Gas Services, Inc.
 
 
8,339
 
 
308,293
USA Compression Partners LP
 
 
5,450
 
 
130,800
 
 
 
 
704,514
Oil & Gas Exploration & Production - 19.8%
 
 
APA Corp.
 
 
12,536
 
 
304,374
Black Stone Minerals LP
 
 
12,356
 
 
162,358
Canadian Natural Resources Ltd.
 
 
8,033
 
 
256,735
Civitas Resources, Inc.
 
 
9,645
 
 
313,462
Crescent Energy Co. - Class A
 
 
27,999
 
 
249,751
Dorchester Minerals LP
 
 
6,045
 
 
156,505
Kimbell Royalty Partners LP
 
 
14,600
 
 
196,954
Mach Natural Resources LP(a)
 
 
17,004
 
 
224,113
Northern Oil & Gas, Inc.
 
 
10,560
 
 
261,888
 
 
 
 
2,126,140
Oil & Gas Refining & Marketing - 4.9%
 
 
 
 
CVR Energy, Inc.
 
 
11,641
 
 
424,664
Sunoco LP
 
 
2,034
 
 
101,720
 
 
 
 
526,384
Oil & Gas Storage & Transportation - 34.7%(b)
 
 
Antero Midstream Corp.
 
 
14,479
 
 
281,472
Cheniere Energy Partners LP
 
 
1,801
 
 
96,930
Delek Logistics Partners LP
 
 
3,569
 
 
162,532
Enbridge, Inc.
 
 
6,016
 
 
303,567
Energy Transfer LP
 
 
6,742
 
 
115,693
Enterprise Products Partners LP
 
 
3,376
 
 
105,568
FLEX LNG Ltd.
 
 
24,414
 
 
615,233
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Global Partners LP/MA
 
 
1,729
 
 
$82,992
Hess Midstream LP - Class A
 
 
2,928
 
 
101,162
Kinetik Holdings, Inc.
 
 
8,188
 
 
349,955
MPLX LP
 
 
2,309
 
 
115,335
ONEOK, Inc.
 
 
2,830
 
 
206,505
Pembina Pipeline Corp.
 
 
6,925
 
 
280,185
Plains All American Pipeline LP
 
 
6,812
 
 
116,213
South Bow Corp.(a)
 
 
13,387
 
 
378,718
TC Energy Corp.
 
 
4,980
 
 
270,962
Western Midstream Partners LP(a)
 
 
3,560
 
 
139,872
 
 
 
 
3,722,894
TOTAL COMMON STOCKS
(Cost $11,548,289)
 
 
 
 
10,636,356
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.2%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(c)
 
 
1,088,958
 
 
1,088,958
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,088,958)
 
 
 
 
1,088,958
MONEY MARKET FUNDS - 0.4%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(c)
 
 
43,883
 
 
43,883
TOTAL MONEY MARKET FUNDS
(Cost $43,883)
 
 
 
 
43,883
TOTAL INVESTMENTS - 109.7%
(Cost $12,681,130)
 
 
 
 
$11,769,197
Liabilities in Excess of Other
Assets - (9.7)%
 
 
 
 
(1,042,950)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$10,726,247
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LP - Limited Partnership
PLC - Public Limited Company
(a)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $1,069,999.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

Amplify Online Retail ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Omnichannel - 9.7%
 
 
 
 
Apple, Inc.
 
 
3,935
 
 
$1,001,969
Best Buy Co., Inc.
 
 
11,346
 
 
857,985
CarMax, Inc.(a)
 
 
11,720
 
 
525,876
Dick’s Sporting Goods, Inc.
 
 
4,109
 
 
913,102
Gap, Inc.
 
 
33,181
 
 
709,742
H & M Hennes & Mauritz AB - Class B(b)
 
 
10,198
 
 
190,024
Home Depot, Inc.
 
 
2,130
 
 
863,055
Industria de Diseno Textil SA
 
 
2,448
 
 
135,105
Kohl’s Corp.(b)
 
 
117,749
 
 
1,809,802
Lululemon Athletica, Inc.(a)
 
 
2,802
 
 
498,560
Macy’s, Inc.
 
 
66,553
 
 
1,193,295
Next PLC
 
 
891
 
 
148,440
NIKE, Inc. - Class B
 
 
13,170
 
 
918,344
Tapestry, Inc.
 
 
10,329
 
 
1,169,449
Target Corp.
 
 
8,088
 
 
725,494
Ulta Beauty, Inc.(a)
 
 
1,970
 
 
1,077,097
Victoria’s Secret & Co.(a)
 
 
40,140
 
 
1,089,400
Walmart, Inc.
 
 
7,864
 
 
810,464
Williams-Sonoma, Inc.
 
 
4,900
 
 
957,705
 
 
 
 
15,594,908
Online Marketplace - 38.4%(c)
 
 
 
 
Affirm Holdings, Inc.(a)
 
 
63,682
 
 
4,653,881
Alibaba Group Holding Ltd.
 
 
68,700
 
 
1,562,889
BigCommerce Holdings, Inc.(a)
 
 
641,773
 
 
3,202,447
Copart, Inc.(a)
 
 
53,583
 
 
2,409,627
Coupang, Inc.(a)
 
 
40,608
 
 
1,307,578
Delivery Hero SE(a)(d)(e)
 
 
37,674
 
 
1,080,561
DoorDash, Inc. - Class A(a)
 
 
18,622
 
 
5,064,998
Etsy, Inc.(a)
 
 
71,367
 
 
4,738,055
Fiverr International Ltd.(a)
 
 
35,905
 
 
876,441
Global-e Online Ltd.(a)
 
 
28,765
 
 
1,028,636
JD.com, Inc. - Class A
 
 
62,050
 
 
1,104,561
KE Holdings, Inc. - ADR
 
 
32,754
 
 
622,326
Liquidity Services, Inc.(a)
 
 
104,116
 
 
2,855,902
Lyft, Inc. - Class A(a)
 
 
260,901
 
 
5,742,431
Maplebear, Inc.(a)
 
 
72,079
 
 
2,649,624
Meituan - Class B(a)(d)(e)
 
 
58,700
 
 
788,411
MercadoLibre, Inc.(a)
 
 
462
 
 
1,079,666
Mercari, Inc.(a)
 
 
64,900
 
 
1,000,185
Ozon Holdings PLC - ADR(a)(b)(f)
 
 
106,678
 
 
0
PayPal Holdings, Inc.(a)
 
 
47,765
 
 
3,203,121
PDD Holdings, Inc. - ADR(a)
 
 
9,571
 
 
1,264,999
Prosus NV
 
 
21,825
 
 
1,537,131
Rakuten Group, Inc.(a)
 
 
175,200
 
 
1,138,738
Sea Ltd. - ADR(a)
 
 
7,326
 
 
1,309,376
Shopify, Inc. - Class A(a)
 
 
11,068
 
 
1,644,815
Silicon2 Co. Ltd.(a)
 
 
39,457
 
 
1,288,002
Uber Technologies, Inc.(a)
 
 
39,223
 
 
3,842,677
Upwork, Inc.(a)
 
 
206,609
 
 
3,836,729
VTEX - Class A(a)
 
 
178,920
 
 
783,670
 
 
 
 
61,617,477
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Online Retail - 41.3%(c)
 
 
 
 
1-800-Flowers.com, Inc. - Class A(a)(b)
 
 
735,871
 
 
$3,385,007
Allegro.eu SA(a)(d)(e)
 
 
117,723
 
 
1,155,050
Amazon.com, Inc.(a)
 
 
17,387
 
 
3,817,664
ASKUL Corp.
 
 
96,000
 
 
1,019,250
Auto1 Group SE(a)
 
 
49,985
 
 
1,703,246
BuySell Technologies Co. Ltd.
 
 
71,900
 
 
1,815,939
Carvana Co.(a)
 
 
12,687
 
 
4,786,044
Chewy, Inc. - Class A(a)
 
 
84,981
 
 
3,437,481
DocMorris AG(a)
 
 
36,815
 
 
272,070
eBay, Inc.
 
 
47,036
 
 
4,277,924
HelloFresh SE(a)
 
 
94,264
 
 
810,325
Hims & Hers Health, Inc.(a)(b)
 
 
65,140
 
 
3,694,741
MSC Industrial Direct Co., Inc. - Class A
 
 
43,775
 
 
4,033,428
Oisix ra daichi, Inc.
 
 
98,800
 
 
1,188,798
Peloton Interactive, Inc. - Class A(a)
 
 
469,894
 
 
4,229,046
Redcare Pharmacy NV(a)(d)(e)
 
 
7,783
 
 
673,534
Revolve Group, Inc.(a)
 
 
192,229
 
 
4,094,478
Shutterstock, Inc.
 
 
189,473
 
 
3,950,512
Spotify Technology SA(a)
 
 
4,995
 
 
3,486,510
Temple & Webster Group Ltd.(a)
 
 
86,923
 
 
1,323,841
Vipshop Holdings Ltd. - ADR
 
 
73,745
 
 
1,448,352
Wayfair, Inc. - Class A(a)
 
 
108,078
 
 
9,654,608
Zalando SE(a)(d)(e)
 
 
30,568
 
 
934,216
ZOZO, Inc.
 
 
104,400
 
 
961,398
 
 
 
 
66,153,462
Online Travel - 10.4%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
26,738
 
 
3,246,528
Booking Holdings, Inc.
 
 
632
 
 
3,412,339
Expedia Group, Inc.
 
 
19,689
 
 
4,208,524
MakeMyTrip Ltd.(a)
 
 
7,771
 
 
727,365
Trip.com Group Ltd.
 
 
16,850
 
 
1,290,756
TripAdvisor, Inc.(a)
 
 
229,287
 
 
3,728,207
 
 
 
 
16,613,719
TOTAL COMMON STOCKS
(Cost $156,322,594)
 
 
 
 
159,979,566
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.4%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(g)
 
 
10,221,423
 
 
10,221,423
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $10,221,423)
 
 
 
 
10,221,423
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

Amplify Online Retail ETF
Schedule of Investments
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 0.2%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(g)
 
 
396,374
 
 
$396,374
TOTAL MONEY MARKET FUNDS
(Cost $396,374)
 
 
 
 
396,374
TOTAL INVESTMENTS - 106.4%
(Cost $166,940,391)
 
 
 
 
$170,597,363
Liabilities in Excess of Other
Assets - (6.4)%
 
 
 
 
(10,251,465)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$160,345,898
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $8,352,398.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $4,631,772 or 2.9% of the Fund’s net assets.
(e)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of September 30, 2025, the value of these securities total $4,631,772 or 2.9% of the Fund’s net assets.
(f)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(g)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

Amplify Samsung SOFR ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
REPURCHASE AGREEMENTS - 90.9%
Buckler Securities, LLC, 4.22%, dated 09/30/2025, matures 10/07/2025, repurchase price $80,009,378 (collateralized by U.S. Treasury Notes 4.22% 10/07/2025: total value $80,009,378)
 
 
$80,000,000
 
 
$80,000,000
Clear Street LLC, 4.27%, dated 09/30/2025, matures 10/01/2025, repurchase price $50,005,162 (collateralized by U.S. Treasury Notes 4.00% 10/01/2025: total value $49,941,216)
 
 
49,999,231
 
 
49,999,231
Curvature Securities, LLC, 4.27%, dated 09/30/2025, matures 10/01/2025, repurchase price $60,006,832 (collateralized by U.S. Treasury Notes 4.00% 10/01/2025: total value $59,795,699)
 
 
59,999,715
 
 
59,999,715
Mirae Asset Securities, Inc., 4.30%, dated 09/30/2025, matures 10/01/2025, repurchase price $60,407,214 (collateralized by U.S. Treasury Notes 0.86% 10/01/2025: total value $60,396,151)
 
 
60,400,000
 
 
60,400,000
TOTAL REPURCHASE AGREEMENTS
(Cost $250,398,946)
 
 
 
 
250,398,946
COMMERCIAL PAPER - 9.1%
 
 
 
 
Brookfield Corporate Treasury Ltd., 4.39%, 10/16/2025(a)(b)
 
 
25,000,000
 
 
24,954,479
TOTAL COMMERCIAL PAPER
(Cost $24,954,479)
 
 
 
 
24,954,479
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
 
MONEY MARKET FUNDS - 0.0%(c)
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
12,792
 
 
12,792
TOTAL MONEY MARKET FUNDS
(Cost $12,792)
 
 
 
 
12,792
TOTAL INVESTMENTS - 100.0%
(Cost $275,366,217)
 
 
 
 
$275,366,217
Liabilities in Excess of Other
Assets - (0.0)%(c)
 
 
 
 
(15,401)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$ 275,350,816
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
The rate shown is the annualized yield as of September 30, 2025.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $24,954,479 or 9.1% of the Fund’s net assets.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

Amplify Samsung U.S. Natural Gas Infrastructure ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.7%
 
 
 
 
Energy - 80.0%(a)
 
 
 
 
Archrock, Inc.
 
 
5,068
 
 
$133,339
Cheniere Energy, Inc.
 
 
434
 
 
101,981
DT Midstream, Inc.
 
 
1,400
 
 
158,284
Enbridge, Inc.
 
 
6,230
 
 
314,366
Energy Transfer LP
 
 
9,338
 
 
160,240
Expand Energy Corp.
 
 
252
 
 
26,773
FLEX LNG Ltd.
 
 
2,814
 
 
70,913
Golar LNG Ltd.
 
 
2,212
 
 
89,387
Kinder Morgan, Inc.
 
 
11,200
 
 
317,072
Kodiak Gas Services, Inc.
 
 
2,660
 
 
98,340
MPLX LP
 
 
6,034
 
 
301,398
ONEOK, Inc.
 
 
448
 
 
32,691
Plains GP Holdings LP
 
 
8,162
 
 
148,875
Solaris Energy Infrastructure, Inc.
 
 
7,126
 
 
284,826
Targa Resources Corp.
 
 
686
 
 
114,932
TC Energy Corp.
 
 
3,108
 
 
169,106
Venture Global, Inc. - Class A
 
 
7,504
 
 
106,482
Western Midstream Partners LP(b)
 
 
3,528
 
 
138,615
Williams Cos., Inc.
 
 
5,614
 
 
355,647
 
 
 
 
3,123,267
Industrials - 9.1%
 
 
 
 
Bloom Energy Corp. - Class A(c)
 
 
1,582
 
 
133,790
Chart Industries, Inc.(c)
 
 
700
 
 
140,105
Worthington Enterprises, Inc.
 
 
1,484
 
 
82,347
 
 
 
 
356,242
Materials - 2.3%
 
 
 
 
Air Products and Chemicals, Inc.
 
 
322
 
 
87,816
Utilities - 7.3%
 
 
 
 
PPL Corp.
 
 
2,702
 
 
100,406
Vistra Corp.
 
 
938
 
 
183,773
 
 
 
 
284,179
TOTAL COMMON STOCKS
(Cost $3,456,977)
 
 
 
 
3,851,504
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.4%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(d)
 
 
134,314
 
 
$134,314
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $134,314)
 
 
 
 
134,314
MONEY MARKET FUNDS - 1.3%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(d)
 
 
51,126
 
 
51,126
TOTAL MONEY MARKET FUNDS
(Cost $51,126)
 
 
 
 
51,126
TOTAL INVESTMENTS - 103.4%
(Cost $3,642,417)
 
 
 
 
$4,036,944
Liabilities in Excess of Other
Assets - (3.4)%
 
 
 
 
(131,879)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,905,065
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LP - Limited Partnership
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $134,450.
(c)
Non-income producing security.
(d)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

Amplify Seymour Cannabis ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 16.8%
 
 
 
 
Consumer Discretionary - 1.2%
 
 
 
 
GrowGeneration Corp.(a)
 
 
753,875
 
 
$1,409,746
Financials - 0.4%
 
 
 
 
Chicago Atlantic BDC, Inc.
 
 
40,585
 
 
426,143
Health Care - 13.2%
 
 
 
 
Aleafia Health, Inc.(a)(b)
 
 
78,894
 
 
0(c)
Charlotte’s Web Holdings, Inc.(a)(d)
 
 
151,500
 
 
25,582
Clever Leaves Holdings, Inc.(a)
 
 
5,121
 
 
1
Cronos Group, Inc.(a)
 
 
174,400
 
 
484,832
Curaleaf Holdings, Inc.(a)
 
 
4,914,134
 
 
13,523,844
Organigram Global, Inc.(a)
 
 
163,545
 
 
331,996
SNDL, Inc.(a)
 
 
211,836
 
 
567,720
 
 
 
 
14,933,975
Industrials - 0.0%(e)
 
 
 
 
Hydrofarm Holdings Group, Inc.(a)
 
 
3,863
 
 
12,709
Information Technology - 2.0%
 
 
 
 
WM Technology, Inc.(a)
 
 
1,979,959
 
 
2,296,752
TOTAL COMMON STOCKS
(Cost $17,559,806)
 
 
 
 
19,079,325
REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.0%
 
 
 
 
Financials - 0.5%
 
 
 
 
Chicago Atlantic Real Estate Finance, Inc.
 
 
45,085
 
 
576,637
Real Estate - 2.5%
 
 
 
 
Innovative Industrial Properties, Inc.
 
 
53,389
 
 
2,860,583
TOTAL REAL ESTATE INVESTMENT
TRUSTS - COMMON
(Cost $4,239,396)
 
 
 
 
3,437,220
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
U.S. TREASURY BILLS - 66.0%
 
 
 
 
4.22%, 10/23/2025(f)
 
 
$11,140,000
 
 
11,112,608
4.22%, 10/28/2025(f)
 
 
360,000
 
 
358,909
4.06%, 11/04/2025(f)
 
 
510,000
 
 
508,071
4.12%, 11/06/2025(f)
 
 
130,000
 
 
129,479
4.08%, 11/12/2025(f)
 
 
42,480,000
 
 
42,281,978
4.10%, 11/13/2025(f)
 
 
920,000
 
 
915,599
4.10%, 11/20/2025(f)
 
 
2,240,000
 
 
2,227,661
3.99%, 11/25/2025(f)
 
 
1,879,000
 
 
1,867,546
3.92%, 12/02/2025(f)
 
 
15,511,000
 
 
15,407,282
TOTAL U.S. TREASURY BILLS
(Cost $74,805,624)
 
 
 
 
74,809,133
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 1.8%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(g)
 
 
2,085,477
 
 
$2,085,477
TOTAL MONEY MARKET FUNDS
(Cost $2,085,477)
 
 
 
 
2,085,477
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.1%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(g)
 
 
122,400
 
 
122,400
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $122,400)
 
 
 
 
122,400
TOTAL INVESTMENTS - 87.7%
(Cost $98,812,703)
 
 
 
 
$99,533,555
Other Assets in Excess of
Liabilities - 12.3%
 
 
 
 
13,935,694
TOTAL NET ASSETS - 100.0%
 
 
 
 
$ 113,469,249
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(c)
Rounds to zero.
(d)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $20,673.
(e)
Represents less than 0.05% of net assets.
(f)
The rate shown is the annualized yield as of September 30, 2025.
(g)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

AMPLIFY SEYMOUR CANNABIS ETF
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Long/
Short
 
 
Financing
Rate
 
 
Payment
Frequency
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Ayr Wellness, Inc. Warrant Expires 06/27/2026
 
 
Nomura Securities International, Inc.
 
 
Long
 
 
OBFR + 1.50%
 
 
Monthly
 
 
7/27/2026
 
 
230
 
 
$(80)
Cresco Labs, Inc.
 
 
Nomura Securities International, Inc.
 
 
Long
 
 
OBFR + 1.50%
 
 
Monthly
 
 
7/27/2026
 
 
1,145,918
 
 
303,740
Green Thumb Industries, Inc.
 
 
Nomura Securities International, Inc.
 
 
Long
 
 
OBFR + 1.50%
 
 
Monthly
 
 
7/27/2026
 
 
1,145,191
 
 
129,400
Trulieve Cannabis Corp.
 
 
Nomura Securities International, Inc.
 
 
Long
 
 
OBFR + 1.50%
 
 
Monthly
 
 
7/27/2026
 
 
1,774,882
 
 
287,089
Verano Holdings Corp.
 
 
Nomura Securities International, Inc.
 
 
Long
 
 
OBFR + 1.50%
 
 
Monthly
 
 
7/27/2026
 
 
207,600
 
 
43,690
Vireo Growth, Inc.
 
 
Nomura Securities International, Inc.
 
 
Long
 
 
OBFR + 1.50%
 
 
Monthly
 
 
7/27/2026
 
 
109,824
 
 
34,131
NBC Basket Swap 1
 
 
National Bank of Canada Financial, Inc.
 
 
Long
 
 
SOFR + 1.50%
 
 
Quarterly
 
 
3/16/2027
 
 
71,582,820
 
 
7,567,961
NBC Basket Swap 2
 
 
National Bank of Canada Financial, Inc.
 
 
Long
 
 
SOFR + 2.00%
 
 
Quarterly
 
 
3/15/2027
 
 
11,746,282
 
 
872,228
Net Unrealized Appreciation (Depreciation)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$9,238,159
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
There are no upfront payments or receipts associated with total return swaps in the Fund as of September 30, 2025.
The underlying swaps of the NBC Basket Swap 1 as of September 30, 2025 are shown below:
 
 
 
 
 
 
 
 
 
 
Description
 
 
Counterparty
 
 
Notional
Amount
 
 
Concentration %
of Exposure
Option Contracts:
 
 
 
 
 
 
Ascend Wellness Holdings, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
$2,002,277
 
 
2.80%
Ayr Wellness, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
48,694
 
 
0.07%
Cannabist Co. Holdings, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
821,408
 
 
1.15%
Cresco Labs, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
11,531,965
 
 
16.11%
Glass House Brands, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
6,424,009
 
 
8.97%
Green Thumb Industries, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
15,918,205
 
 
22.25%
Jushi Holdings, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
2,622,075
 
 
3.66%
MariMed, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
1,406,016
 
 
1.96%
Planet 13 Holdings, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
1,431,320
 
 
2.00%
Trulieve Cannabis Corp.
 
 
National Bank of Canada Financial, Inc.
 
 
18,327,088
 
 
25.60%
Verano Holdings Corp.
 
 
National Bank of Canada Financial, Inc.
 
 
9,257,828
 
 
12.93%
Vireo Growth, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
1,791,935
 
 
2.50%
The Underlying Positions
 
 
 
 
$71,582,820
 
 
100.00%
 
 
 
 
 
 
 
 
 
 
The underlying swaps of the NBC Basket Swap 2 as of September 30, 2025 are shown below:
 
 
 
 
 
 
 
 
 
 
Description
 
 
Counterparty
 
 
Notional
Amount
 
 
Concentration %
of Exposure
Option Contracts:
 
 
 
 
 
 
Curaleaf Holdings, Inc.
 
 
National Bank of Canada Financial, Inc.
 
 
$5,580,000
 
 
47.50%
TerrAscend Corp.
 
 
National Bank of Canada Financial, Inc.
 
 
6,166,282
 
 
52.50%
The Underlying Positions
 
 
 
 
$11,746,282
 
 
100.00%
 
 
 
 
 
 
 
 
 
 
OBFR - Overnight Bank Funding Rate was 4.09% as of September 30, 2025.
SOFR - Secured Overnight Financing Rate was 4.24% as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

Amplify SILJ Covered Call ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 53.2%
Materials - 53.2%(a)
 
 
 
 
Cia de Minas Buenaventura SAA - ADR(b)
 
 
 
 
17,691
 
 
$430,422
Endeavour Silver Corp.(c)
 
 
 
 
1
 
 
8
First Majestic Silver Corp.(b)
 
 
 
 
37,548
 
 
461,465
Fortuna Mining Corp.(b)(c)
 
 
 
 
45,849
 
 
410,807
Franco-Nevada Corp.(b)
 
 
 
 
1,842
 
 
410,600
Hecla Mining Co.(b)
 
 
 
 
1
 
 
12
OR Royalties, Inc.(b)
 
 
 
 
10,597
 
 
424,728
Pan American Silver Corp.(b)
 
 
 
 
10,221
 
 
395,848
Royal Gold, Inc.(b)
 
 
 
 
1,406
 
 
282,016
Seabridge Gold, Inc.(b)(c)
 
 
 
 
19,232
 
 
464,453
Silvercorp Metals, Inc.
 
 
 
 
12,900
 
 
81,528
Skeena Resources Ltd.(c)
 
 
 
 
14,417
 
 
265,705
Triple Flag Precious Metals Corp.
 
 
 
 
2,800
 
 
81,928
Vizsla Silver Corp.(c)
 
 
 
 
45,000
 
 
194,400
Wheaton Precious Metals Corp.(b)
 
 
 
 
3,491
 
 
390,433
TOTAL COMMON STOCKS
(Cost $3,797,017)
 
 
 
 
 
 
4,294,353
AFFILIATED EXCHANGE TRADED
FUNDS - 21.6%
 
 
Amplify Junior Silver Miners ETF(b)(d)
 
 
 
 
75,581
 
 
1,745,165
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $1,514,526)
 
 
 
 
 
 
1,745,165
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 9.1%(c)
Call Options - 9.1%(e)(f)
 
 
 
 
 
 
Endeavour Silver Corp., Expiration: 10/17/2025; Exercise Price: $5.00
 
 
$420,224
 
 
536
 
 
152,760
Franco-Nevada Corp., Expiration: 10/17/2025; Exercise Price: $240.00(b)
 
 
245,201
 
 
11
 
 
1,375
Hecla Mining Co.,
Expiration: 10/17/2025;
Exercise Price: $8.00(b)
 
 
508,200
 
 
420
 
 
172,200
iShares Silver Trust,
Expiration: 10/17/2025;
Exercise Price: $34.00(b)
 
 
1,241,441
 
 
293
 
 
242,458
McEwen, Inc.,
Expiration: 10/17/2025;
Exercise Price: $12.00(b)
 
 
526,680
 
 
308
 
 
157,080
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
Pan American Silver Corp., Expiration: 10/17/2025; Exercise Price: $41.00(b)
 
 
$290,475
 
 
75
 
 
$5,437
Royal Gold, Inc.,
Expiration: 10/17/2025;
Exercise Price: $220.00(b)
 
 
280,812
 
 
14
 
 
1,295
TOTAL PURCHASED OPTIONS
(Cost $623,529)
 
 
 
 
 
 
732,605
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
 
 
U.S. TREASURY BILLS - 11.7%
 
 
3.84%, 02/19/2026(g)
 
 
 
 
$410,000
 
 
404,023
3.68%, 07/09/2026(g)
 
 
 
 
330,000
 
 
320,857
3.59%, 08/06/2026(g)
 
 
 
 
221,000
 
 
214,279
TOTAL U.S. TREASURY BILLS
(Cost $939,160)
 
 
 
 
 
 
939,159
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 9.2%
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(h)
 
 
 
 
745,393
 
 
745,393
TOTAL MONEY MARKET FUNDS
(Cost $745,393)
 
 
 
 
 
 
745,393
TOTAL INVESTMENTS - 104.8%
(Cost $7,619,625)
 
 
 
 
 
 
$8,456,675
Liabilities in Excess of Other Assets - (4.8)%
 
 
 
 
 
 
(385,892)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$8,070,783
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Non-income producing security.
(d)
Affiliated security as defined by the Investment Company Act of 1940.
(e)
100 shares per contract.
(f)
Exchange-traded.
(g)
The rate shown is the annualized yield as of September 30, 2025.
(h)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

AMPLIFY SILJ COVERED CALL ETF
SCHEDULE OF WRITTEN OPTIONS
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (3.8)%
Call Options - (3.8)%(a)(b)
 
 
 
 
 
 
Amplify Junior Silver Miners ETF
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $22.00(c)
 
 
$(854,330)
 
 
(370)
 
 
$(61,050)
Expiration: 10/17/2025; Exercise Price: $23.00(c)
 
 
(411,002)
 
 
(178)
 
 
(19,580)
Expiration: 10/17/2025; Exercise Price: $25.00(c)
 
 
(477,963)
 
 
(207)
 
 
(8,798)
Cia de Minas Buenaventura SAA
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $24.00
 
 
(155,712)
 
 
(64)
 
 
(7,040)
Expiration: 10/17/2025; Exercise Price: $26.00
 
 
(272,496)
 
 
(112)
 
 
(4,200)
First Majestic Silver Corp., Expiration: 10/17/2025; Exercise Price: $13.00
 
 
(460,875)
 
 
(375)
 
 
(21,000)
Fortuna Mining Corp., Expiration: 10/17/2025; Exercise Price: $10.00
 
 
(410,368)
 
 
(458)
 
 
(5,725)
Franco-Nevada Corp., Expiration: 10/17/2025; Exercise Price: $230.00
 
 
(401,238)
 
 
(18)
 
 
(5,805)
Hecla Mining Co., Expiration: 10/17/2025; Exercise Price: $13.00
 
 
(508,200)
 
 
(420)
 
 
(14,700)
iShares Silver Trust
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $42.50
 
 
(186,428)
 
 
(44)
 
 
(4,554)
Expiration: 10/17/2025; Exercise Price: $45.50
 
 
(436,411)
 
 
(103)
 
 
(2,781)
Expiration: 10/17/2025; Exercise Price: $46.00
 
 
(618,602)
 
 
(146)
 
 
(3,139)
McEwen, Inc.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $15.00
 
 
(335,160)
 
 
(196)
 
 
(44,100)
Expiration: 10/17/2025; Exercise Price: $17.00
 
 
(191,520)
 
 
(112)
 
 
(10,080)
OR Royalties, Inc., Expiration: 10/17/2025; Exercise Price: $40.00
 
 
(420,840)
 
 
(105)
 
 
(15,487)
Pan American Silver Corp.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $38.00
 
 
(290,475)
 
 
(75)
 
 
(14,625)
Expiration: 10/17/2025; Exercise Price: $42.00
 
 
(104,571)
 
 
(27)
 
 
(1,417)
Royal Gold, Inc., Expiration: 10/17/2025; Exercise Price: $200.00
 
 
(280,812)
 
 
(14)
 
 
(8,470)
Seabridge Gold, Inc.
 
 
 
 
 
 
Expiration: 10/17/2025; Exercise Price: $22.00
 
 
(338,100)
 
 
(140)
 
 
(36,750)
Expiration: 10/17/2025; Exercise Price: $26.00
 
 
(125,580)
 
 
(52)
 
 
(3,120)
Wheaton Precious Metals Corp., Expiration: 10/17/2025;
Exercise Price: $110.00
 
 
(380,256)
 
 
(34)
 
 
(15,640)
Total Call Options
 
 
 
 
 
 
(308,061)
Put Options - (0.0)%(d)
 
 
 
 
 
 
iShares Silver Trust, Expiration: 10/17/2025; Exercise Price: $34.01(a)(b)
 
 
(1,241,441)
 
 
(293)
 
 
(396)
TOTAL WRITTEN OPTIONS
(Premiums received $133,592)
 
 
 
 
 
 
$ (308,457)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
100 shares per contract.
(b)
Exchange-traded.
(c)
Affiliated security as defined by the Investment Company Act of 1940.
(d)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
46
 

TABLE OF CONTENTS

Amplify Small-Mid Cap Equity ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 92.8%
 
 
 
 
Consumer Discretionary - 8.8%
 
 
 
 
Adtalem Global Education, Inc.(a)
 
 
90
 
 
$13,901
Bright Horizons Family Solutions, Inc.(a)
 
 
164
 
 
17,805
Duolingo, Inc.(a)
 
 
18
 
 
5,793
NVR, Inc.(a)
 
 
4
 
 
32,139
Pool Corp.
 
 
34
 
 
10,542
Texas Roadhouse, Inc.
 
 
104
 
 
17,280
Visteon Corp.
 
 
100
 
 
11,986
 
 
 
 
109,446
Consumer Staples - 4.2%
 
 
 
 
BJ’s Wholesale Club Holdings, Inc.(a)
 
 
254
 
 
23,685
Casey’s General Stores, Inc.
 
 
50
 
 
28,266
 
 
 
 
51,951
Energy - 4.9%
 
 
 
 
Devon Energy Corp.
 
 
358
 
 
12,552
Matador Resources Co.
 
 
552
 
 
24,801
Range Resources Corp.
 
 
652
 
 
24,541
 
 
 
 
61,894
Financials - 16.0%
 
 
 
 
American Financial Group, Inc.
 
 
208
 
 
30,310
Markel Group, Inc.(a)
 
 
16
 
 
30,582
Pinnacle Financial Partners, Inc.
 
 
256
 
 
24,010
Stifel Financial Corp.
 
 
336
 
 
38,126
Stock Yards Bancorp, Inc.
 
 
324
 
 
22,677
Webster Financial Corp.
 
 
506
 
 
30,076
Wintrust Financial Corp.
 
 
184
 
 
24,369
 
 
 
 
200,150
Health Care - 13.6%
 
 
 
 
BioLife Solutions, Inc.(a)
 
 
468
 
 
11,939
Bio-Techne Corp.
 
 
424
 
 
23,587
CRISPR Therapeutics AG(a)
 
 
232
 
 
15,036
Exact Sciences Corp.(a)
 
 
120
 
 
6,565
IDEXX Laboratories, Inc.(a)
 
 
30
 
 
19,167
Insulet Corp.(a)
 
 
36
 
 
11,114
Merit Medical Systems, Inc.(a)
 
 
216
 
 
17,978
Repligen Corp.(a)
 
 
172
 
 
22,991
West Pharmaceutical Services, Inc.
 
 
158
 
 
41,448
 
 
 
 
169,825
Industrials - 19.4%
 
 
 
 
AAON, Inc.
 
 
158
 
 
14,764
Applied Industrial Technologies, Inc.
 
 
110
 
 
28,715
BWX Technologies, Inc.
 
 
120
 
 
22,124
Carlisle Cos., Inc.
 
 
72
 
 
23,685
Copart, Inc.(a)
 
 
216
 
 
9,714
Curtiss-Wright Corp.
 
 
64
 
 
34,748
HEICO Corp.
 
 
78
 
 
25,180
Kadant, Inc.
 
 
58
 
 
17,260
Old Dominion Freight Line, Inc.
 
 
136
 
 
19,146
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Trex Co., Inc.(a)
 
 
198
 
 
$10,231
Watsco, Inc.
 
 
90
 
 
36,387
 
 
 
 
241,954
Information Technology - 18.8%
 
 
 
 
Badger Meter, Inc.
 
 
104
 
 
18,572
Clearwater Analytics Holdings, Inc. - Class A(a)
 
 
800
 
 
14,416
CyberArk Software Ltd.(a)
 
 
44
 
 
21,259
Fair Isaac Corp.(a)
 
 
14
 
 
20,951
MKS, Inc.
 
 
170
 
 
21,041
Monolithic Power Systems, Inc.
 
 
46
 
 
42,350
PTC, Inc.(a)
 
 
150
 
 
30,453
Q2 Holdings, Inc.(a)
 
 
152
 
 
11,003
Trimble, Inc.(a)
 
 
236
 
 
19,269
Tyler Technologies, Inc.(a)
 
 
68
 
 
35,575
 
 
 
 
234,889
Materials - 7.1%
 
 
 
 
Eagle Materials, Inc.
 
 
156
 
 
36,354
Royal Gold, Inc.
 
 
88
 
 
17,651
RPM International, Inc.
 
 
98
 
 
11,552
Steel Dynamics, Inc.
 
 
164
 
 
22,867
 
 
 
 
88,424
TOTAL COMMON STOCKS
(Cost $1,121,120)
 
 
 
 
1,158,533
REAL ESTATE INVESTMENT
TRUSTS - COMMON - 6.5%
 
 
Real Estate - 6.5%
 
 
 
 
EastGroup Properties, Inc.
 
 
136
 
 
23,019
Essential Properties Realty Trust, Inc.
 
 
668
 
 
19,880
PotlatchDeltic Corp.
 
 
490
 
 
19,967
Tanger, Inc.
 
 
528
 
 
17,868
TOTAL REAL ESTATE INVESTMENT
TRUSTS - COMMON
(Cost $82,787)
 
 
 
 
80,734
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.7%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(b)
 
 
8,916
 
 
8,916
TOTAL MONEY MARKET FUNDS
(Cost $8,916)
 
 
 
 
8,916
TOTAL INVESTMENTS - 100.0%
(Cost $1,212,823)
 
 
 
 
$1,248,183
Other Assets in Excess of
Liabilities - 0.0%(c)
 
 
 
 
144
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,248,327
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

Amplify Small-Mid Cap Equity ETF
Schedule of Investments
September 30, 2025(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(c)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

Amplify Transformational Data Sharing ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 88.8%
 
 
 
 
Banks - 5.2%
 
 
 
 
Customers Bancorp, Inc.(a)
 
 
342,807
 
 
$22,409,294
DBS Group Holdings Ltd.
 
 
369,823
 
 
14,664,480
NU Holdings Ltd./Cayman Islands - Class A(a)
 
 
2,390,777
 
 
38,276,340
 
 
 
 
75,350,114
Commercial & Professional Services - 0.7%
 
 
Resolute Holdings Management,
Inc.(a)(b)
 
 
149,346
 
 
10,775,314
Consumer Discretionary Distribution &
Retail - 6.5%
Bed Bath & Beyond, Inc.(a)
 
 
4,496,275
 
 
44,018,532
GameStop Corp. - Class A(a)(b)
 
 
776,652
 
 
21,187,067
MercadoLibre, Inc.(a)
 
 
12,252
 
 
28,632,189
 
 
 
 
93,837,788
Consumer Services - 3.6%
 
 
 
 
Metaplanet, Inc.(a)
 
 
5,439,455
 
 
21,149,451
Sharplink Gaming, Inc.(a)(b)
 
 
1,774,485
 
 
30,183,990
 
 
 
 
51,333,441
Financial Services - 32.0%(c)
 
 
 
 
Blackrock, Inc.
 
 
29,083
 
 
33,906,997
Block, Inc.(a)
 
 
417,410
 
 
30,166,221
CME Group, Inc.
 
 
98,771
 
 
26,686,936
Coinbase Global, Inc. - Class A(a)
 
 
164,841
 
 
55,632,189
Figure Technology Solutions, Inc. - Class A(a)(b)
 
 
690,546
 
 
25,115,158
Fiserv, Inc.(a)
 
 
135,992
 
 
17,533,448
Galaxy Digital, Inc. - Class A(a)(b)
 
 
2,126,700
 
 
71,903,727
Mastercard, Inc. - Class A
 
 
18,654
 
 
10,610,582
Mogo, Inc.(a)
 
 
649,281
 
 
1,175,199
PayPal Holdings, Inc.(a)
 
 
490,012
 
 
32,860,205
Robinhood Markets, Inc. - Class A(a)
 
 
474,180
 
 
67,893,092
SBI Holdings, Inc.
 
 
929,845
 
 
40,467,136
Shift4 Payments, Inc. - Class A(a)(b)
 
 
131,290
 
 
10,161,846
Visa, Inc. - Class A
 
 
27,323
 
 
9,327,526
Webull Corp.(a)
 
 
452,628
 
 
6,694,368
WisdomTree, Inc.(b)
 
 
1,528,011
 
 
21,239,353
 
 
 
 
461,373,983
Media & Entertainment - 3.2%
 
 
 
 
ROBLOX Corp. - Class A(a)
 
 
334,185
 
 
46,291,306
Semiconductors & Semiconductor Equipment - 5.4%
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
81,848
 
 
13,242,188
Broadcom, Inc.
 
 
52,057
 
 
17,174,125
NVIDIA Corp.
 
 
113,653
 
 
21,205,377
QUALCOMM, Inc.
 
 
61,667
 
 
10,258,922
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
 
 
57,966
 
 
16,189,324
 
 
 
 
78,069,936
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Software & Services - 28.0%(c)
 
 
 
 
BIGG Digital Assets, Inc.(a)(b)
 
 
5,868,557
 
 
$484,935
Bitdeer Technologies Group(a)(b)
 
 
446,755
 
 
7,635,043
Cipher Mining, Inc.(a)
 
 
5,837,379
 
 
73,492,602
Circle Internet Group, Inc.(a)(b)
 
 
101,492
 
 
13,455,809
Cleanspark, Inc.(a)
 
 
3,732,532
 
 
54,121,714
Core Scientific, Inc.(a)(b)
 
 
0(d)
 
 
0
Digital Garage, Inc.
 
 
435,523
 
 
10,646,216
Exodus Movement, Inc. - Class A(a)(b)
 
 
336,591
 
 
9,350,498
Hive Digital Technologies Ltd.(a)
 
 
4,742,212
 
 
19,111,114
Hut 8 Corp.(a)
 
 
1,302,770
 
 
45,349,424
International Business Machines Corp.
 
 
140,660
 
 
39,688,626
MARA Holdings, Inc.(a)
 
 
703,629
 
 
12,848,266
Opera Ltd. - ADR
 
 
1,319,110
 
 
27,226,430
Riot Platforms, Inc.(a)
 
 
688,207
 
 
13,096,579
Strategy, Inc. - Class A(a)
 
 
134,092
 
 
43,205,783
Terawulf, Inc.(a)(b)
 
 
3,033,904
 
 
34,647,184
 
 
 
 
404,360,223
Technology Hardware & Equipment - 4.2%
 
 
Canaan, Inc. - ADR(a)(b)
 
 
6,301,231
 
 
5,555,165
CompoSecure, Inc. - Class A(a)
 
 
1,789,234
 
 
37,251,852
Dell Technologies, Inc. - Class C
 
 
120,541
 
 
17,089,098
 
 
 
 
59,896,115
TOTAL COMMON STOCKS
(Cost $911,109,117)
 
 
 
 
1,281,288,220
EXCHANGE TRADED FUNDS - 6.9%
 
 
Bitwise Bitcoin ETF(a)(b)
 
 
531,382
 
 
33,062,588
Invesco Galaxy Bitcoin ETF(a)
 
 
289,594
 
 
33,016,612
iShares Bitcoin Trust ETF(a)(b)
 
 
508,681
 
 
33,064,265
TOTAL EXCHANGE TRADED FUNDS
(Cost $88,634,179)
 
 
 
 
99,143,465
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED
WITH PROCEEDS FROM
SECURITIES LENDING - 11.5%
 
 
First American Government Obligations Fund - Class X, 4.05%(e)
 
 
166,715,491
 
 
166,715,491
TOTAL INVESTMENTS PURCHASED
WITH PROCEEDS FROM SECURITIES LENDING
(Cost $166,715,491)
 
 
 
 
166,715,491
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

Amplify Transformational Data Sharing ETF
Schedule of Investments
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 3.2%
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)
 
 
45,643,546
 
 
$45,643,546
TOTAL MONEY MARKET FUNDS
(Cost $45,643,546)
 
 
 
 
45,643,546
TOTAL INVESTMENTS - 110.4%
(Cost $1,212,102,333)
 
 
 
 
$1,592,790,722
Liabilities in Excess of Other
Assets - (10.4)%
 
 
 
 
(150,491,613)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,442,299,109
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $161,618,453.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
Rounds to zero.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

Amplify Travel Tech ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Communication Services - 4.2%
 
 
 
 
TripAdvisor, Inc.(a)
 
 
90,643
 
 
$1,473,855
Trivago NV - ADR(a)
 
 
69,036
 
 
230,235
 
 
 
 
1,704,090
Consumer Discretionary - 77.8%(b)
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
14,608
 
 
1,773,703
Airtrip Corp.(a)
 
 
53,708
 
 
356,393
Amadeus IT Group SA
 
 
20,528
 
 
1,628,134
Booking Holdings, Inc.
 
 
328
 
 
1,770,961
Corporate Travel Management Ltd.
 
 
175,510
 
 
1,869,256
CVC Brasil Operadora e Agencia de Viagens SA(a)
 
 
1,788,059
 
 
654,715
eDreams ODIGEO SA(a)
 
 
172,736
 
 
1,658,230
Expedia Group, Inc.
 
 
8,459
 
 
1,808,111
Flight Centre Travel Group Ltd.
 
 
205,554
 
 
1,576,196
Global Business Travel Group I(a)
 
 
199,377
 
 
1,610,966
Hana Tour Service, Inc.
 
 
43,848
 
 
1,568,846
HBX Group International PLC(a)
 
 
183,617
 
 
1,551,249
Hostelworld Group PLC(c)(d)
 
 
422,163
 
 
676,325
MakeMyTrip Ltd.(a)
 
 
16,265
 
 
1,522,404
On the Beach Group PLC(c)(d)
 
 
448,256
 
 
1,336,682
Sabre Corp.(a)
 
 
946,483
 
 
1,732,064
Tongcheng Travel Holdings Ltd.(d)
 
 
587,989
 
 
1,738,181
Trainline PLC(a)(c)(d)
 
 
459,973
 
 
1,728,924
TravelSky Technology Ltd. - Class H
 
 
1,194,785
 
 
1,630,844
Trip.com Group Ltd. - ADR
 
 
22,304
 
 
1,677,261
WEB Travel Group Ltd.(a)
 
 
600,660
 
 
1,572,450
Webjet Group Ltd.(a)
 
 
1,206,497
 
 
695,659
 
 
 
 
32,137,554
Industrials - 11.1%
 
 
 
 
Dida, Inc.(a)
 
 
977,196
 
 
501,132
Lyft, Inc. - Class A(a)
 
 
96,960
 
 
2,134,090
Uber Technologies, Inc.(a)
 
 
19,911
 
 
1,950,681
 
 
 
 
4,585,903
Information Technology - 6.5%
 
 
 
 
accesso Technology Group PLC(a)
 
 
164,245
 
 
933,110
SiteMinder Ltd.(a)
 
 
367,464
 
 
1,755,905
 
 
 
 
2,689,015
TOTAL COMMON STOCKS
(Cost $45,036,709)
 
 
 
 
41,116,562
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)
 
 
162,454
 
 
$162,454
TOTAL MONEY MARKET FUNDS
(Cost $162,454)
 
 
 
 
162,454
TOTAL INVESTMENTS - 100.0%
(Cost $45,199,163)
 
 
 
 
$41,279,016
Other Assets in Excess of
Liabilities - 0.0%(f)
 
 
 
 
18,651
TOTAL NET ASSETS - 100.0%
 
 
 
 
$41,297,667
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $3,741,931 or 9.1% of the Fund’s net assets.
(d)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of September 30, 2025, the value of these securities total $5,480,112 or 13.3% of the Fund’s net assets.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
(f)
Represents less than 0.05% of net assets.
The accompanying notes are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

Amplify Video Game Leaders ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 96.1%
 
 
 
 
Communication Services - 42.3%(a)
 
 
 
 
Capcom Co. Ltd.
 
 
44,992
 
 
$1,225,600
Electronic Arts, Inc.
 
 
7,268
 
 
1,465,956
Konami Group Corp.
 
 
8,213
 
 
1,187,308
Meta Platforms, Inc. - Class A
 
 
5,465
 
 
4,013,387
NetEase, Inc. - ADR
 
 
8,226
 
 
1,250,270
Nexon Co. Ltd.
 
 
53,600
 
 
1,178,449
Nintendo Co. Ltd.
 
 
25,731
 
 
2,231,001
ROBLOX Corp. - Class A(b)
 
 
17,172
 
 
2,378,665
Take-Two Interactive Software, Inc.(b)
 
 
5,008
 
 
1,293,867
Tencent Holdings, Ltd.
 
 
61,070
 
 
5,204,027
VK IPJSC - GDR(b)(c)(d)
 
 
21,975
 
 
0
 
 
 
 
21,428,530
Consumer Discretionary - 13.6%
 
 
 
 
Aristocrat Leisure Ltd.
 
 
26,432
 
 
1,225,900
Bandai Namco Holdings, Inc.
 
 
36,370
 
 
1,212,867
Sea, Ltd. - ADR(b)
 
 
12,567
 
 
2,246,100
Sony Group Corp.
 
 
76,900
 
 
2,217,673
 
 
 
 
6,902,540
Financials - 0.2%
 
 
 
 
Sony Financial Group, Inc.(b)
 
 
85,400
 
 
94,834
Information Technology - 40.0%(a)
 
 
 
 
Advanced Micro Devices, Inc.(b)
 
 
31,726
 
 
5,132,950
AppLovin Corp. - Class A(b)
 
 
3,409
 
 
2,449,503
Asustek Computer, Inc.
 
 
54,000
 
 
1,188,857
Microsoft Corp.
 
 
9,858
 
 
5,105,951
NVIDIA Corp.
 
 
27,876
 
 
5,201,104
Unity Software, Inc.(b)
 
 
28,449
 
 
1,139,098
 
 
 
 
20,217,463
TOTAL COMMON STOCKS
(Cost $34,980,680)
 
 
 
 
48,643,367
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 3.4%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(e)
 
 
1,702,904
 
 
1,702,904
TOTAL MONEY MARKET FUNDS
(Cost $1,702,904)
 
 
 
 
1,702,904
TOTAL INVESTMENTS - 99.5%
(Cost $36,683,584)
 
 
 
 
$50,346,271
Other Assets in Excess of
Liabilities - 0.5%
 
 
 
 
252,857
TOTAL NET ASSETS - 100.0%
 
 
 
 
$50,599,128
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.
(d)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of September 30, 2025, the value of these securities total $0 or 0.0% of the Fund’s net assets.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
52
 

TABLE OF CONTENTS

Amplify Weight Loss Drug & Treatment ETF
Schedule of Investments
September 30, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 96.8%
 
 
 
 
Health Care - 96.8%(a)
 
 
 
 
AbbVie, Inc.
 
 
621
 
 
$143,786
Amgen, Inc.
 
 
706
 
 
199,233
AstraZeneca PLC - ADR
 
 
1,846
 
 
141,625
Chugai Pharmaceutical Co. Ltd.
 
 
4,400
 
 
192,106
CSPC Pharmaceutical Group Ltd.
 
 
116,000
 
 
139,700
Eli Lilly & Co.
 
 
495
 
 
377,685
Hanmi Pharm Co. Ltd.
 
 
128
 
 
33,481
Hims & Hers Health, Inc.(b)
 
 
2,362
 
 
133,973
Innovent Biologics, Inc.(b)(c)(d)
 
 
11,500
 
 
142,486
Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class H(b)
 
 
5,000
 
 
57,067
Merck & Co., Inc.
 
 
1,758
 
 
147,549
Metsera, Inc.(b)(e)
 
 
959
 
 
50,184
Novo Nordisk AS - ADR
 
 
6,892
 
 
382,437
Pfizer, Inc.
 
 
5,749
 
 
146,485
Regeneron Pharmaceuticals, Inc.
 
 
351
 
 
197,357
Roche Holding AG
 
 
429
 
 
140,133
Scholar Rock Holding Corp.(b)
 
 
1,526
 
 
56,828
Shionogi & Co. Ltd.
 
 
7,700
 
 
135,116
United Laboratories International Holdings Ltd.
 
 
22,000
 
 
42,471
Zealand Pharma AS(b)
 
 
1,309
 
 
95,010
 
 
 
 
2,954,712
TOTAL COMMON STOCKS
(Cost $3,252,695)
 
 
 
 
2,954,712
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 2.4%
 
 
 
 
Invesco Government & Agency Portfolio - Institutional Class, 4.06%(f)
 
 
71,586
 
 
71,586
TOTAL MONEY MARKET FUNDS
(Cost $71,586)
 
 
 
 
71,586
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.6%
 
 
 
 
First American Government Obligations Fund - Class X, 4.05%(f)
 
 
49,523
 
 
49,523
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $49,523)
 
 
 
 
49,523
TOTAL INVESTMENTS - 100.8%
(Cost $3,373,804)
 
 
 
 
$3,075,821
Liabilities in Excess of Other
Assets - (0.8)%
 
 
 
 
(24,625)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,051,196
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS®is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $142,486 or 4.7% of the Fund’s net assets.
(d)
Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of September 30, 2025, the value of these securities total $142,486 or 4.7% of the Fund’s net assets.
(e)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $48,667.
(f)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
The accompanying notes are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
AI Powered
Equity ETF
 
 
Amplify
Alternative
Harvest ETF
 
 
Amplify
Bitcoin 2%
Monthly Option
Income ETF
(Consolidated)
 
 
Amplify
Bitcoin Max
Income Covered
Call ETF
(Consolidated)
 
 
Amplify
BlackSwan
Growth &
Treasury
Core ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities,
at value
 
 
$116,966,354
 
 
$169,973,932
 
 
$21,930,514
 
 
$17,265,749
 
 
$263,974,930
Investments in affiliated securities, at value
 
 
—
 
 
93,053,212
 
 
—
 
 
—
 
 
—
Receivable for investments sold
 
 
48,784,166
 
 
—
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
67,382
 
 
1,794
 
 
31,860
 
 
36,513
 
 
1,067
Security lending income receivable
 
 
21
 
 
120,788
 
 
—
 
 
—
 
 
—
Interest receivable
 
 
—
 
 
—
 
 
—
 
 
—
 
 
2,741,013
Cash
 
 
—
 
 
—
 
 
240,000
 
 
645,000
 
 
—
Total assets
 
 
165,817,923
 
 
263,149,726
 
 
22,202,374
 
 
17,947,262
 
 
266,717,010
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
—
 
 
—
 
 
1,393,394
 
 
1,439,350
 
 
—
Payable for investments purchased
 
 
48,985,303
 
 
—
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
71,779
 
 
55,646
 
 
8,997
 
 
7,615
 
 
106,793
Interest payable
 
 
—
 
 
—
 
 
10
 
 
35
 
 
—
Payable upon return of securities loaned
 
 
—
 
 
62,284,536
 
 
—
 
 
—
 
 
—
Due to broker
 
 
—
 
 
—
 
 
185,938
 
 
225,693
 
 
—
Total liabilities
 
 
49,057,082
 
 
62,340,182
 
 
1,588,339
 
 
1,672,693
 
 
106,793
NET ASSETS
 
 
$116,760,841
 
 
$200,809,544
 
 
$20,614,035
 
 
$16,274,569
 
 
$266,610,217
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Capital stock ($0.01 per share)
 
 
$26,000
 
 
$54,166
 
 
$3,700
 
 
$3,000
 
 
$82,800
Additional paid-in capital
 
 
133,264,504
 
 
2,088,203,211
 
 
20,010,906
 
 
15,870,034
 
 
332,739,671
Total distributable earnings/
(accumulated losses)
 
 
(16,529,663)
 
 
(1,887,447,833)
 
 
599,429
 
 
401,535
 
 
(66,212,254)
Total net assets
 
 
$116,760,841
 
 
$200,809,544
 
 
$20,614,035
 
 
$16,274,569
 
 
$266,610,217
Net assets
 
 
$116,760,841
 
 
$200,809,544
 
 
$20,614,035
 
 
$16,274,569
 
 
$266,610,217
Shares issued and outstanding(a)
 
 
2,600,000
 
 
5,416,614
 
 
370,000
 
 
300,000
 
 
8,280,000
Net asset value per share
 
 
$44.91
 
 
$37.07
 
 
$55.71
 
 
$54.25
 
 
$32.20
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at cost
 
 
$108,861,825
 
 
$150,884,804
 
 
$21,435,602
 
 
$16,843,517
 
 
$250,634,662
Investments in affiliated securities, at
cost
 
 
$—
 
 
$67,856,774
 
 
$—
 
 
$—
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$—
 
 
$—
 
 
$1,497,911
 
 
$1,559,819
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$—
 
 
$54,097,266
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
54
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
BlackSwan
ISWN ETF
 
 
Amplify
Bloomberg
AI Value
Chain ETF
 
 
Amplify
Bloomberg
U.S. Treasury
12% Premium
Income ETF
 
 
Amplify
BlueStar Israel
Technology
ETF
 
 
Amplify
Cash Flow
Dividend
Leaders ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$32,978,714
 
 
$31,725,041
 
 
$11,551,718
 
 
$111,099,967
 
 
$23,534,927
Interest receivable
 
 
339,981
 
 
—
 
 
22,472
 
 
—
 
 
—
Dividends receivable
 
 
92
 
 
19,378
 
 
35
 
 
83,199
 
 
16,651
Dividend tax reclaims receivable
 
 
—
 
 
8,615
 
 
—
 
 
—
 
 
—
Security lending income receivable
 
 
—
 
 
—
 
 
—
 
 
5,565
 
 
34
Total assets
 
 
33,318,787
 
 
31,753,034
 
 
11,574,225
 
 
111,188,731
 
 
23,551,612
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
—
 
 
—
 
 
43,217
 
 
—
 
 
—
Payable to adviser
 
 
13,458
 
 
14,809
 
 
2,912
 
 
61,864
 
 
—
Payable for investments purchased
 
 
—
 
 
3
 
 
—
 
 
—
 
 
—
Payable upon return of securities loaned
 
 
—
 
 
—
 
 
—
 
 
8,388,694
 
 
576,460
Payable to custodian foreign currency, at value
 
 
—
 
 
2
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
13,458
 
 
14,814
 
 
46,129
 
 
8,450,558
 
 
576,460
NET ASSETS
 
 
$33,305,329
 
 
$31,738,220
 
 
$11,528,096
 
 
$102,738,173
 
 
$22,975,152
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Capital stock ($0.01 per share)
 
 
$15,750
 
 
$5,000
 
 
$5,100
 
 
$17,500
 
 
$7,200
Additional paid-in capital
 
 
42,481,741
 
 
40,267,178
 
 
​11,806,687
 
 
146,125,128
 
 
23,894,340
Total accumulated losses
 
 
(9,192,162)
 
 
(8,533,958)
 
 
​(283,691)
 
 
(43,404,455)
 
 
(926,388)
Total net assets
 
 
$33,305,329
 
 
$31,738,220
 
 
$11,528,096
 
 
$102,738,173
 
 
$22,975,152
Net assets
 
 
$33,305,329
 
 
$31,738,220
 
 
$11,528,096
 
 
$102,738,173
 
 
$22,975,152
Shares issued and outstanding(a)
 
 
1,575,000
 
 
500,000
 
 
510,000
 
 
1,750,000
 
 
720,000
Net asset value per share
 
 
$21.15
 
 
$63.48
 
 
$22.60
 
 
$58.71
 
 
$31.91
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$30,930,124
 
 
$24,386,723
 
 
$11,525,276
 
 
$104,734,386
 
 
$22,886,998
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$—
 
 
$—
 
 
$27,648
 
 
$—
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$—
 
 
$—
 
 
$—
 
 
$8,306,703
 
 
$545,331
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
55
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
COWS Covered
Call ETF
 
 
Amplify
CWP Enhanced
Dividend
Income ETF
 
 
Amplify
CWP Growth &
Income ETF
 
 
Amplify
CWP
International
Enhanced
Dividend
Income ETF
 
 
Amplify
Cybersecurity
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities,
at value
 
 
$12,596,027
 
 
$5,067,133,466
 
 
$323,869,988
 
 
$491,189,677
 
 
$2,326,902,010
Investments in affiliated securities, at value
 
 
494,641
 
 
190,529,857
 
 
—
 
 
2,241,893
 
 
—
Dividends receivable
 
 
8,760
 
 
2,818,802
 
 
119,757
 
 
268,922
 
 
36,977
Receivable for investments sold
 
 
—
 
 
—
 
 
8,271,752
 
 
1,968,753
 
 
—
Receivable for fund shares sold
 
 
—
 
 
11,133,625
 
 
2,899,750
 
 
2,792,692
 
 
—
Dividend tax reclaims receivable
 
 
—
 
 
149,138
 
 
—
 
 
256,202
 
 
8,040
Security lending income receivable
 
 
—
 
 
10,295
 
 
—
 
 
29,508
 
 
3,065
Total assets
 
 
13,099,428
 
 
5,271,775,183
 
 
335,161,247
 
 
​498,747,647
 
 
2,326,950,092
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
123,766
 
 
12,427,475
 
 
6,111,580
 
 
874,600
 
 
—
Payable to adviser
 
 
6,714
 
 
2,283,682
 
 
119,142
 
 
218,444
 
 
1,138,825
Payable for investments purchased
 
 
—
 
 
10,478,958
 
 
5,705,433
 
 
5,123,587
 
 
—
Payable upon return of securities loaned
 
 
—
 
 
419,225
 
 
—
 
 
47,539,824
 
 
3,255,850
Payable for expenses and other liabilities
 
 
—
 
 
—
 
 
—
 
 
6
 
 
—
Total liabilities
 
 
130,480
 
 
25,609,340
 
 
11,936,155
 
 
53,756,461
 
 
4,394,675
NET ASSETS
 
 
$12,968,948
 
 
$5,246,165,843
 
 
$323,225,092
 
 
$444,991,186
 
 
$2,322,555,417
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Capital stock ($0.01 per share)
 
 
$5,400
 
 
$1,178,000
 
 
$111,500
 
 
$119,500
 
 
$267,500
Additional paid-in capital
 
 
13,184,374
 
 
​4,354,414,913
 
 
305,482,929
 
 
371,744,484
 
 
2,090,275,904
Total distributable earnings/
(accumulated losses)
 
 
(220,826)
 
 
​890,572,930
 
 
17,630,663
 
 
​73,127,202
 
 
232,012,013
Total net assets
 
 
$12,968,948
 
 
$5,246,165,843
 
 
$323,225,092
 
 
$444,991,186
 
 
$2,322,555,417
Net assets
 
 
$12,968,948
 
 
$5,246,165,843
 
 
$323,225,092
 
 
$444,991,186
 
 
$2,322,555,417
Shares issued and outstanding(a)
 
 
540,000
 
 
117,800,000
 
 
11,150,000
 
 
11,950,000
 
 
26,750,000
Net asset value per share
 
 
$24.02
 
 
$44.53
 
 
$28.99
 
 
$​37.24
 
 
$86.82
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at cost
 
 
$12,259,132
 
 
$4,170,994,034
 
 
$300,150,047
 
 
$415,775,960
 
 
$1,718,850,826
Investments in affiliated securities, at
cost
 
 
$494,083
 
 
$190,793,158
 
 
$—
 
 
$2,243,880
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$105,380
 
 
$7,698,499
 
 
$5,069,203
 
 
$982,019
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$—
 
 
$410,677
 
 
$—
 
 
$46,368,540
 
 
$3,187,740
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
56
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
Digital
Payments ETF
 
 
Amplify
Etho Climate
Leadership
U.S. ETF
 
 
Amplify
High Income
ETF
 
 
Amplify
Junior Silver
Miners ETF
 
 
Amplify
Lithium &
Battery
Technology ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$271,950,071
 
 
$157,176,320
 
 
$643,968,109
 
 
$2,726,372,189
 
 
$82,267,784
Dividends receivable
 
 
53,878
 
 
86,928
 
 
1,499,255
 
 
159,680
 
 
55,010
Dividend tax reclaims receivable
 
 
8,834
 
 
553
 
 
—
 
 
12,843
 
 
25,431
Security lending income receivable
 
 
5,176
 
 
195
 
 
110,497
 
 
29,527
 
 
21,708
Receivable for transaction fee
 
 
107
 
 
—
 
 
—
 
 
232
 
 
—
Receivable for fund shares sold
 
 
—
 
 
—
 
 
—
 
 
2,310,540
 
 
—
Cash
 
 
—
 
 
—
 
 
—
 
 
125
 
 
—
Foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
464,751
 
 
54,703
Total assets
 
 
272,018,066
 
 
157,263,996
 
 
645,577,861
 
 
2,729,349,887
 
 
82,424,636
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
11,488,633
 
 
1,179,824
 
 
26,237,325
 
 
74,417,724
 
 
3,763,140
Payable to adviser
 
 
166,932
 
 
59,077
 
 
251,743
 
 
1,278,791
 
 
34,562
Payable for investments purchased
 
 
—
 
 
—
 
 
—
 
 
2,309,593
 
 
—
Total liabilities
 
 
11,655,565
 
 
1,238,901
 
 
26,489,068
 
 
78,006,108
 
 
3,797,702
NET ASSETS
 
 
$260,362,501
 
 
$156,025,095
 
 
$619,088,793
 
 
$2,651,343,779
 
 
$78,626,934
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Capital stock ($0.01 per share)
 
 
$45,500
 
 
$24,500
 
 
$525,000
 
 
$1,147,500
 
 
$61,000
Additional paid-in capital
 
 
586,775,520
 
 
171,188,386
 
 
680,149,373
 
 
​1,991,322,513
 
 
​181,949,060
Total distributable earnings/
(accumulated losses)
 
 
(326,458,519)
 
 
(15,187,791)
 
 
(61,585,580)
 
 
​658,873,766
 
 
​(103,383,126)
Total net assets
 
 
$260,362,501
 
 
$156,025,095
 
 
$619,088,793
 
 
$2,651,343,779
 
 
$78,626,934
Net assets
 
 
$260,362,501
 
 
$156,025,095
 
 
$619,088,793
 
 
$2,651,343,779
 
 
$78,626,934
Shares issued and outstanding(a)
 
 
4,550,000
 
 
2,450,000
 
 
52,500,000
 
 
114,750,000
 
 
6,100,000
Net asset value per share
 
 
$57.22
 
 
$63.68
 
 
$11.79
 
 
$23.11
 
 
$12.89
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$292,049,009
 
 
$138,116,363
 
 
$615,059,888
 
 
$1,531,519,200
 
 
$71,562,252
Foreign currency, at cost
 
 
$—
 
 
$—
 
 
$—
 
 
$467,716
 
 
$53,767
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$10,085,345
 
 
$1,120,457
 
 
$25,569,230
 
 
$71,524,910
 
 
$3,605,400
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
Natural
Resources
Dividend
Income ETF
 
 
Amplify
Online
Retail ETF
 
 
Amplify
Samsung
SOFR ETF
 
 
Amplify
Samsung U.S.
Natural Gas
Infrastructure
ETF
 
 
Amplify
Seymour
Cannabis ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$​11,769,197
 
 
$​170,597,363
 
 
$24,967,271
 
 
$4,036,944
 
 
$​99,533,555
Investments in repurchase agreements, at value
 
 
—
 
 
—
 
 
250,398,946
 
 
—
 
 
—
Receivable for investments sold
 
 
708,521
 
 
—
 
 
—
 
 
—
 
 
173,713
Dividends receivable
 
 
47,620
 
 
45,204
 
 
74
 
 
3,551
 
 
140,780
Dividend tax reclaims receivable
 
 
12,312
 
 
2,305
 
 
—
 
 
471
 
 
—
Security lending income receivable
 
 
3,115
 
 
7,771
 
 
—
 
 
256
 
 
4,334
Restricted Cash
 
 
—
 
 
—
 
 
—
 
 
—
 
 
4,595,000
Interest receivable
 
 
—
 
 
—
 
 
29,639
 
 
—
 
 
—
Foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
—
 
 
78
Receivable for swap contracts, net
 
 
—
 
 
—
 
 
—
 
 
—
 
 
9,238,159
Total assets
 
 
12,540,765
 
 
170,652,643
 
 
275,395,930
 
 
4,041,222
 
 
113,685,619
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
1,088,958
 
 
10,221,423
 
 
—
 
 
134,314
 
 
122,400
Payable for capital shares redeemed
 
 
715,080
 
 
—
 
 
—
 
 
—
 
 
—
Payable to adviser
 
 
10,480
 
 
85,322
 
 
45,114
 
 
1,843
 
 
30,574
Payable for distribution and shareholder servicing fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
1,705
Other affiliated expenses payable
 
 
—
 
 
—
 
 
—
 
 
—
 
 
2,375
Payable for audit fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
17,910
Payable for printing and mailing
 
 
—
 
 
—
 
 
—
 
 
—
 
 
11,876
Payable for expenses and other liabilities
 
 
—
 
 
—
 
 
—
 
 
—
 
 
29,530
Total liabilities
 
 
1,814,518
 
 
10,306,745
 
 
45,114
 
 
136,157
 
 
216,370
NET ASSETS
 
 
$10,726,247
 
 
$160,345,898
 
 
$275,350,816
 
 
$3,905,065
 
 
$113,469,249
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Capital stock ($0.01 per share)
 
 
$3,750
 
 
$21,000
 
 
$27,500
 
 
$1,400
 
 
$38,375
Additional paid-in capital
 
 
11,701,806
 
 
562,136,592
 
 
275,323,316
 
 
3,510,046
 
 
197,561,755
Total distributable earnings/
(accumulated losses)
 
 
(979,309)
 
 
(401,811,694)
 
 
0
 
 
393,619
 
 
(84,130,881)
Total net assets
 
 
$10,726,247
 
 
$160,345,898
 
 
$275,350,816
 
 
$3,905,065
 
 
$113,469,249
Net assets
 
 
$10,726,247
 
 
$160,345,898
 
 
$275,350,816
 
 
$3,905,065
 
 
$113,469,249
Shares issued and outstanding(a)
 
 
375,000
 
 
2,100,000
 
 
2,750,000
 
 
140,000
 
 
3,837,467
Net asset value per share
 
 
$28.60
 
 
$76.36
 
 
$100.13
 
 
$27.89
 
 
$29.57
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$12,681,130
 
 
$​166,940,391
 
 
$24,967,271
 
 
$3,642,417
 
 
$​98,812,703
Investments in repurchase agreements, at cost
 
 
$—
 
 
$—
 
 
$250,398,946
 
 
$—
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$1,069,999
 
 
$8,352,398
 
 
$—
 
 
$134,450
 
 
$20,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
58
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
SILJ Covered
Call ETF
 
 
Amplify
Small-Mid Cap
Equity ETF
 
 
Amplify
Transformational
Data Sharing ETF
 
 
Amplify
Travel
Tech ETF
 
 
Amplify
Video Game
Leaders ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities,
at value
 
 
$6,711,510
 
 
$1,248,183
 
 
$1,592,790,722
 
 
$41,279,016
 
 
$50,346,271
Investments in affiliated securities, at value
 
 
1,745,165
 
 
—
 
 
—
 
 
—
 
 
—
Receivable for investments sold
 
 
80,227
 
 
—
 
 
37,709,768
 
 
—
 
 
243,336
Deposit at broker for option contracts
 
 
5,579
 
 
—
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
1,035
 
 
758
 
 
263,754
 
 
39,600
 
 
137,532
Dividend tax reclaims receivable
 
 
107
 
 
—
 
 
178,748
 
 
4,854
 
 
7,422
Security lending income receivable
 
 
—
 
 
—
 
 
172,566
 
 
—
 
 
—
Cash
 
 
—
 
 
—
 
 
8
 
 
—
 
 
—
Foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
5
 
 
—
Receivable for transaction fee
 
 
—
 
 
—
 
 
8
 
 
—
 
 
—
Prepaid expenses and other assets
 
 
845
 
 
—
 
 
—
 
 
—
 
 
—
Total assets
 
 
8,544,468
 
 
1,248,941
 
 
1,631,115,574
 
 
41,323,475
 
 
50,734,561
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at value
 
 
308,457
 
 
—
 
 
—
 
 
—
 
 
—
Payable for investments purchased
 
 
162,976
 
 
—
 
 
21,347,859
 
 
—
 
 
111,622
Payable to adviser
 
 
2,252
 
 
614
 
 
753,115
 
 
25,808
 
 
23,811
Payable upon return of securities loaned
 
 
—
 
 
—
 
 
166,715,491
 
 
—
 
 
—
Total liabilities
 
 
473,685
 
 
614
 
 
188,816,465
 
 
25,808
 
 
135,433
NET ASSETS
 
 
$8,070,783
 
 
$1,248,327
 
 
$1,442,299,109
 
 
$41,297,667
 
 
$50,599,128
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Capital stock ($0.01 per share)
 
 
$2,750
 
 
$500
 
 
$215,000
 
 
$18,500
 
 
$5,200
Additional paid-in capital
 
 
​7,646,589
 
 
​1,238,836
 
 
1,473,645,733
 
 
189,573,526
 
 
85,720,636
Total distributable earnings/
(accumulated losses)
 
 
​421,444
 
 
​8,991
 
 
(31,561,624)
 
 
(148,294,359)
 
 
(35,126,708)
Total net assets
 
 
$8,070,783
 
 
$1,248,327
 
 
$1,442,299,109
 
 
$41,297,667
 
 
$50,599,128
Net assets
 
 
$8,070,783
 
 
$1,248,327
 
 
$1,442,299,109
 
 
$41,297,667
 
 
$50,599,128
Shares issued and outstanding(a)
 
 
275,000
 
 
50,000
 
 
21,500,000
 
 
1,850,000
 
 
520,000
Net asset value per share
 
 
$29.35
 
 
$24.97
 
 
$67.08
 
 
$22.32
 
 
$97.31
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at cost
 
 
$6,105,099
 
 
$1,212,823
 
 
$1,212,102,333
 
 
$45,199,163
 
 
$36,683,584
Investments in affiliated securities, at
cost
 
 
$1,514,526
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$133,592
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$—
 
 
$—
 
 
$161,618,453
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2025(Continued)
 
 
 
 
 
 
 
Amplify
Weight Loss
Drug & Treatment
ETF
ASSETS:
 
 
Investments, at value
 
 
$3,075,821
Receivable for investments sold
 
 
21,330
Dividends receivable
 
 
3,692
Dividend tax reclaims receivable
 
 
1,683
Security lending income receivable
 
 
26
Total assets
 
 
3,102,552
LIABILITIES:
 
 
Payable upon return of securities loaned
 
 
49,523
Payable to adviser
 
 
1,733
Payable for investments purchased
 
 
100
Total liabilities
 
 
51,356
NET ASSETS
 
 
$3,051,196
Net Assets Consists of:
 
 
Capital stock ($0.01 per share)
 
 
$1,300
Additional paid-in capital
 
 
3,638,057
Total accumulated losses
 
 
(588,161)
Total net assets
 
 
$3,051,196
Net assets
 
 
$3,051,196
Shares issued and outstanding(a)
 
 
130,000
Net asset value per share
 
 
$23.47
Cost:
 
 
Investments, at cost
 
 
$3,373,804
Loaned Securities:
 
 
at value (included in investments)
 
 
$48,667
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
60
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year/Period Ended September 30, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
AI Powered
Equity ETF
 
 
Amplify
Alternative
Harvest ETF
 
 
Amplify
Bitcoin 2%
Monthly Option
Income ETF
(Consolidated)(a)
 
 
Amplify
Bitcoin Max
Income Covered
Call ETF
(Consolidated)(a)
 
 
Amplify
BlackSwan
Growth &
Treasury
Core ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income from unaffiliated securities
 
 
$1,331,476
 
 
$721,238
 
 
$84,647
 
 
$92,672
 
 
$43,260
Less: Issuance fees
 
 
(23)
 
 
—
 
 
—
 
 
—
 
 
—
Less: Dividend withholding taxes
 
 
(24)
 
 
1,396
 
 
—
 
 
—
 
 
—
Dividend income from affiliated securities
 
 
—
 
 
17
 
 
—
 
 
—
 
 
—
Interest income
 
 
—
 
 
—
 
 
34,646
 
 
30,652
 
 
8,963,791
Securities lending income
 
 
303
 
 
1,207,756
 
 
—
 
 
—
 
 
—
Other income
 
 
83
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
1,331,815
 
 
1,930,407
 
 
119,293
 
 
123,324
 
 
9,007,051
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee (See Note 3)
 
 
826,598
 
 
1,110,874
 
 
24,662
 
 
20,071
 
 
1,272,193
Interest expense
 
 
—
 
 
—
 
 
—
 
 
1,266
 
 
—
Total expenses
 
 
826,598
 
 
1,110,874
 
 
24,662
 
 
21,337
 
 
1,272,193
Expense reimbursement by Adviser
 
 
—
 
 
(518,941)
 
 
—
 
 
—
 
 
—
Net expenses
 
 
826,598
 
 
591,933
 
 
24,662
 
 
21,337
 
 
1,272,193
Net investment income
 
 
505,217
 
 
1,338,474
 
 
94,631
 
 
101,987
 
 
7,734,858
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
10,822,608
 
 
(12,359,414)
 
 
(944,318)
 
 
(1,120,000)
 
 
22,642,892
Investments in affiliated securities
 
 
—
 
 
(83,251,449)
 
 
—
 
 
—
 
 
—
Written option contracts expired or closed
 
 
—
 
 
—
 
 
952,966
 
 
983,159
 
 
—
Other investments
 
 
44,834
 
 
—
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
(291)
 
 
—
 
 
—
 
 
—
Net realized gain (loss)
 
 
10,867,442
 
 
(95,611,154)
 
 
8,648
 
 
(136,841)
 
 
22,642,892
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
8,496,710
 
 
26,391,942
 
 
494,912
 
 
422,232
 
 
(9,413,392)
Investments in affiliated securities
 
 
—
 
 
49,063,547
 
 
—
 
 
—
 
 
—
Written option contracts
 
 
—
 
 
—
 
 
104,517
 
 
120,469
 
 
—
Foreign currency translation
 
 
—
 
 
(432)
 
 
—
 
 
—
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
8,496,710
 
 
75,455,057
 
 
599,429
 
 
542,701
 
 
(9,413,392)
Net realized and unrealized gain (loss)
 
 
19,364,152
 
 
(20,156,097)
 
 
608,077
 
 
405,860
 
 
13,229,500
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 19,869,369
 
 
$(18,817,623)
 
 
$702,708
 
 
$507,847
 
 
$20,964,358
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 28, 2025.
The accompanying notes are an integral part of these financial statements.
 
61
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year/Period Ended September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
BlackSwan
ISWN ETF
 
 
Amplify
Bloomberg
AI Value
Chain ETF
 
 
Amplify
Bloomberg
U.S. Treasury
12% Premium
Income ETF(a)
 
 
Amplify
BlueStar Israel
Technology ETF
 
 
Amplify
Cash Flow
Dividend
Leaders ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$7,519
 
 
$245,639
 
 
$212,581
 
 
$443,752
 
 
$507,168
Less: Dividend withholding taxes
 
 
—
 
 
(18,257)
 
 
—
 
 
(55,863)
 
 
—
Less: Issuance fees
 
 
—
 
 
—
 
 
—
 
 
(2,407)
 
 
—
Interest income
 
 
1,154,169
 
 
—
 
 
145,687
 
 
—
 
 
—
Securities lending income
 
 
—
 
 
109
 
 
—
 
 
70,067
 
 
199
Total investment income
 
 
1,161,688
 
 
227,491
 
 
358,268
 
 
455,549
 
 
507,367
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee (See Note 3)
 
 
158,334
 
 
152,216
 
 
25,168
 
 
686,486
 
 
84,113
Total expenses
 
 
158,334
 
 
152,216
 
 
25,168
 
 
686,486
 
 
84,113
Expense reimbursement by Adviser
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(84,113)
Net expenses
 
 
158,334
 
 
152,216
 
 
25,168
 
 
686,486
 
 
—
Net investment income/(loss)
 
 
1,003,354
 
 
75,275
 
 
333,100
 
 
(230,937)
 
 
507,367
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
778,065
 
 
2,203,175
 
 
(258,359)
 
 
(959,623)
 
 
1,344,819
Written option contracts expired or closed
 
 
—
 
 
—
 
 
101,453
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
(6,599)
 
 
—
 
 
(1,052)
 
 
—
Net realized gain (loss)
 
 
778,065
 
 
2,196,576
 
 
(156,906)
 
 
(960,675)
 
 
1,344,819
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(357,920)
 
 
5,556,583
 
 
26,442
 
 
19,700,393
 
 
256,030
Written option contracts
 
 
—
 
 
—
 
 
(15,569)
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
462
 
 
—
 
 
(52)
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
(357,920)
 
 
5,557,045
 
 
10,873
 
 
19,700,341
 
 
256,030
Net realized and unrealized gain (loss)
 
 
420,145
 
 
7,753,621
 
 
(146,033)
 
 
18,739,666
 
 
1,600,849
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 1,423,499
 
 
$ 7,828,896
 
 
$187,067
 
 
$ 18,508,729
 
 
$ 2,108,216
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 28, 2024.
The accompanying notes are an integral part of these financial statements.
 
62
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2025 (Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
COWS Covered
Call ETF
 
 
Amplify
CWP Enhanced
Dividend
Income ETF
 
 
Amplify
CWP Growth &
Income ETF
 
 
Amplify
CWP
International
Enhanced
Dividend
Income ETF
 
 
Amplify
Cybersecurity
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income from unaffiliated securities
 
 
$168,714
 
 
$89,170,634
 
 
$624,059
 
 
$5,730,626
 
 
$14,179,718
Dividend income from affiliated securities
 
 
41,484
 
 
7,966,269
 
 
—
 
 
92,820
 
 
—
Less: Dividend withholding taxes
 
 
—
 
 
(126,851)
 
 
—
 
 
(463,971)
 
 
(123,086)
Non cash dividend income from unaffiliated securities
 
 
—
 
 
—
 
 
—
 
 
372,157
 
 
—
Less: Issuance fees
 
 
—
 
 
—
 
 
—
 
 
(132,449)
 
 
—
Securities lending income
 
 
—
 
 
32,548
 
 
959
 
 
217,080
 
 
78,273
Total investment income
 
 
210,198
 
 
97,042,600
 
 
625,018
 
 
5,816,263
 
 
14,134,905
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee (See Note 3)
 
 
60,806
 
 
23,128,255
 
 
383,732
 
 
1,502,032
 
 
12,398,799
Total expenses
 
 
60,806
 
 
23,128,255
 
 
383,732
 
 
1,502,032
 
 
12,398,799
Expense reimbursement by Adviser
 
 
—
 
 
(359,193)
 
 
—
 
 
(4,158)
 
 
—
Net expenses
 
 
60,806
 
 
22,769,062
 
 
383,732
 
 
1,497,874
 
 
12,398,799
Net investment income
 
 
149,392
 
 
74,273,538
 
 
241,286
 
 
4,318,389
 
 
1,736,106
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
(631,267)
 
 
155,907,232
 
 
(751,100)
 
 
3,160,179
 
 
105,052,671
Investments in affiliated securities
 
 
222,355
 
 
(199,107)
 
 
—
 
 
(2,032)
 
 
—
Written option contracts expired or closed
 
 
411,040
 
 
30,228,523
 
 
(627,169)
 
 
2,655,465
 
 
—
Swap contracts
 
 
(13,106)
 
 
—
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(67,753)
Net realized gain (loss)
 
 
(10,978)
 
 
185,936,648
 
 
(1,378,269)
 
 
5,813,612
 
 
104,984,918
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
336,895
 
 
329,296,394
 
 
23,451,528
 
 
​61,041,576
 
 
363,450,277
Investments in affiliated securities
 
 
(240,811)
 
 
(90,438)
 
 
—
 
 
(1,711)
 
 
—
Written option contracts
 
 
(18,386)
 
 
(5,692,496)
 
 
(1,038,808)
 
 
227,535
 
 
—
Swap contracts
 
 
6,242
 
 
—
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
(148)
 
 
404
Net change in unrealized appreciation (depreciation)
 
 
83,940
 
 
323,513,460
 
 
22,412,720
 
 
​61,267,252
 
 
363,450,681
Net realized and unrealized gain (loss)
 
 
72,962
 
 
509,450,108
 
 
21,034,451
 
 
​67,080,864
 
 
468,435,599
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$222,354
 
 
$ 583,723,646
 
 
$ 21,275,737
 
 
$71,399,253
 
 
$ 470,171,705
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
63
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2025 (Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
Digital
Payments ETF
 
 
Amplify
Etho Climate
Leadership
U.S. ETF
 
 
Amplify
High Income
ETF
 
 
Amplify
Junior Silver
Miners ETF
 
 
Amplify
Lithium &
Battery
Technology ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$1,826,810
 
 
$ 2,124,807
 
 
$ 30,269,802
 
 
$9,973,044
 
 
$963,052
Less: Dividend withholding taxes
 
 
(51,602)
 
 
—
 
 
—
 
 
(701,585)
 
 
(59,915)
Less: Issuance fees
 
 
—
 
 
—
 
 
—
 
 
(102,864)
 
 
(8,166)
Securities lending income
 
 
67,923
 
 
83,647
 
 
430,841
 
 
243,424
 
 
515,341
Other income
 
 
—
 
 
687
 
 
—
 
 
(104)
 
 
—
Total investment income
 
 
1,843,131
 
 
2,209,141
 
 
30,700,643
 
 
9,411,915
 
 
1,410,312
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee (See Note 3)
 
 
2,207,750
 
 
749,612
 
 
2,776,806
 
 
8,715,891
 
 
382,693
Total expenses
 
 
2,207,750
 
 
749,612
 
 
2,776,806
 
 
8,715,891
 
 
382,693
Net investment income/(loss)
 
 
(364,619)
 
 
1,459,529
 
 
27,923,837
 
 
696,024
 
 
1,027,619
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
10,065,984
 
 
1,195,576
 
 
203,896
 
 
194,726,307
 
 
(11,990,089)
Distributions received from other investment companies
 
 
—
 
 
—
 
 
6,887,788
 
 
—
 
 
—
Foreign currency translation
 
 
(31,332)
 
 
—
 
 
—
 
 
(396,471)
 
 
(101,453)
Net realized gain (loss)
 
 
10,034,652
 
 
1,195,576
 
 
7,091,684
 
 
194,329,836
 
 
(12,091,542)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
20,652,106
 
 
6,152,310
 
 
10,763,628
 
 
940,251,112
 
 
31,278,347
Foreign currency translation
 
 
992
 
 
—
 
 
—
 
 
(2,915)
 
 
(3,031)
Net change in unrealized appreciation (depreciation)
 
 
20,653,098
 
 
6,152,310
 
 
10,763,628
 
 
940,248,197
 
 
31,275,316
Net realized and unrealized gain (loss)
 
 
30,687,750
 
 
7,347,886
 
 
17,855,312
 
 
1,134,578,033
 
 
19,183,774
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 30,323,131
 
 
$ 8,807,415
 
 
$ 45,779,149
 
 
$ 1,135,274,057
 
 
$ 20,211,393
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
64
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year/Period Ended September 30, 2025 (Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
Natural
Resources
Dividend
Income ETF
 
 
Amplify
Online
Retail ETF
 
 
Amplify
Samsung
SOFR ETF
 
 
Amplify
Samsung U.S.
Natural Gas
Infrastructure
ETF(a)
 
 
Amplify
Seymour
Cannabis ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$654,627
 
 
$1,039,277
 
 
$2,483
 
 
$34,974
 
 
$581,515
Less: Issuance fees
 
 
(4,165)
 
 
(6,699)
 
 
—
 
 
—
 
 
—
Less: Dividend withholding taxes
 
 
(26,323)
 
 
(9,278)
 
 
—
 
 
(1,316)
 
 
—
Interest income
 
 
—
 
 
—
 
 
11,552,289
 
 
—
 
 
1,324,726
Securities lending income
 
 
13,676
 
 
179,622
 
 
—
 
 
1,421
 
 
36,866
Total investment income
 
 
637,815
 
 
1,202,922
 
 
11,554,772
 
 
35,079
 
 
1,943,107
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee (See Note 3)
 
 
80,518
 
 
1,061,403
 
 
511,964
 
 
8,215
 
 
373,362
Shareholder service costs
 
 
—
 
 
—
 
 
—
 
 
—
 
 
12,599
Fund administration and accounting fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
51,151
Transfer agent fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
10,866
Compliance fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
14,988
Custodian fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
5,642
Legal fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
40,778
Audit fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
17,979
Reports to shareholders
 
 
—
 
 
—
 
 
—
 
 
—
 
 
28,963
Trustees’ fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
17,493
Federal and state registration fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
8,374
Affiliated expenses
 
 
—
 
 
—
 
 
—
 
 
—
 
 
14,965
Other expenses and fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
21,384
Total expenses
 
 
80,518
 
 
1,061,403
 
 
511,964
 
 
8,215
 
 
618,544
Expense reimbursement by Adviser
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(187,742)
Net expenses
 
 
80,518
 
 
1,061,403
 
 
511,964
 
 
8,215
 
 
430,802
Net investment income
 
 
557,297
 
 
141,519
 
 
11,042,808
 
 
26,864
 
 
1,512,305
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
1,390,449
 
 
(1,072,334)
 
 
—
 
 
31,130
 
 
(46,409,984)
Swap contracts
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(3,465,912)
Other investments
 
 
—
 
 
—
 
 
—
 
 
—
 
 
3,643
Foreign currency translation
 
 
—
 
 
(6,373)
 
 
—
 
 
—
 
 
(5,734)
Net realized gain (loss)
 
 
1,390,449
 
 
(1,078,707)
 
 
—
 
 
31,130
 
 
(49,877,987)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(1,349,565)
 
 
34,451,452
 
 
—
 
 
394,527
 
 
57,559,785
Swap contracts
 
 
—
 
 
—
 
 
—
 
 
—
 
 
9,097,705
Foreign currency translation
 
 
15
 
 
39
 
 
—
 
 
—
 
 
78
Net change in unrealized appreciation (depreciation)
 
 
(1,349,550)
 
 
34,451,491
 
 
—
 
 
394,527
 
 
66,657,568
Net realized and unrealized gain (loss)
 
 
40,899
 
 
33,372,784
 
 
—
 
 
425,657
 
 
16,779,581
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$598,196
 
 
$ 33,514,303
 
 
$ 11,042,808
 
 
$ 452,521
 
 
$18,291,886
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 19, 2025.
The accompanying notes are an integral part of these financial statements.
 
65
 

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AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year/Period Ended September 30, 2025 (Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
SILJ Covered
Call ETF(a)
 
 
Amplify
Small-Mid Cap
Equity ETF(b)
 
 
Amplify
Transformational
Data Sharing ETF
 
 
Amplify
Travel
Tech ETF
 
 
Amplify
Video Game
Leaders ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$1,900
 
 
$11,621
 
 
$11,687,081
 
 
$344,763
 
 
$618,793
Less: Dividend withholding taxes
 
 
(161)
 
 
—
 
 
(133,554)
 
 
(18,150)
 
 
(55,674)
Less: Issuance fees
 
 
—
 
 
—
 
 
(47,327)
 
 
(3,780)
 
 
(2,005)
Interest income
 
 
2,245
 
 
—
 
 
28,621
 
 
—
 
 
—
Securities lending income
 
 
—
 
 
69
 
 
2,621,038
 
 
494
 
 
153
Other income
 
 
—
 
 
—
 
 
103
 
 
—
 
 
—
Total investment income
 
 
3,984
 
 
11,690
 
 
14,155,962
 
 
323,327
 
 
561,267
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee (See Note 3)
 
 
3,064
 
 
6,829
 
 
6,477,999
 
 
402,406
 
 
263,345
Interest expense
 
 
172
 
 
—
 
 
—
 
 
—
 
 
—
Total expenses
 
 
3,236
 
 
6,829
 
 
6,477,999
 
 
402,406
 
 
263,345
Expense reimbursement by Adviser
 
 
(510)
 
 
—
 
 
—
 
 
—
 
 
—
Net expenses
 
 
2,726
 
 
6,829
 
 
6,477,999
 
 
402,406
 
 
263,345
Net investment income/(loss)
 
 
1,258
 
 
4,861
 
 
7,677,963
 
 
(79,079)
 
 
297,922
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
313,575
 
 
(26,369)
 
 
157,464,578
 
 
(5,921,230)
 
 
4,503,781
Investments in affiliated securities
 
 
(485)
 
 
—
 
 
—
 
 
—
 
 
—
Written option contracts expired or closed
 
 
(267,096)
 
 
—
 
 
—
 
 
—
 
 
—
Securities sold short
 
 
—
 
 
—
 
 
(1,109)
 
 
—
 
 
—
Other investments
 
 
845
 
 
—
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
(220,162)
 
 
(24,067)
 
 
(16,006)
Net realized gain (loss)
 
 
46,839
 
 
(26,369)
 
 
157,243,307
 
 
(5,945,297)
 
 
4,487,775
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
606,411
 
 
35,360
 
 
432,596,708
 
 
10,595,625
 
 
11,177,612
Investments in affiliated securities
 
 
230,639
 
 
—
 
 
—
 
 
—
 
 
—
Written option contracts
 
 
(174,865)
 
 
—
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
11,954
 
 
(72)
 
 
1,762
Net change in unrealized appreciation (depreciation)
 
 
662,185
 
 
35,360
 
 
432,608,662
 
 
10,595,553
 
 
11,179,374
Net realized and unrealized gain (loss)
 
 
709,024
 
 
8,991
 
 
589,851,969
 
 
4,650,256
 
 
15,667,149
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$710,282
 
 
$13,852
 
 
$ 597,529,932
 
 
$4,571,177
 
 
$ 15,965,071
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 18, 2025.
(b)
Inception date of the Fund was October 22, 2024.
The accompanying notes are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2025 (Continued)
 
 
 
 
 
 
 
Amplify
Weight Loss
Drug & Treatment
ETF
INVESTMENT INCOME:
 
 
Dividend income
 
 
$70,086
Less: Issuance fees
 
 
(364)
Less: Dividend withholding taxes
 
 
(4,203)
Securities lending income
 
 
238
Total investment income
 
 
65,757
EXPENSES:
 
 
Investment advisory fee (See Note 3)
 
 
22,186
Total expenses
 
 
22,186
NET INVESTMENT INCOME
 
 
43,571
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
Net realized gain (loss) from:
 
 
Investments
 
 
(236,553)
Foreign currency translation
 
 
(626)
Net realized gain (loss)
 
 
(237,179)
Net change in unrealized appreciation (depreciation) on:
 
 
Investments
 
 
(420,074)
Foreign currency translation
 
 
204
Net change in unrealized appreciation (depreciation)
 
 
(419,870)
Net realized and unrealized gain (loss)
 
 
(657,049)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (613,478)
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
67
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
 
Amplify AI Powered
Equity ETF
 
 
Amplify Alternative
Harvest ETF
 
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
 
 
Year Ended
September 30,
2025(a)
 
 
Year Ended
September 30,
2024(a)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$505,217
 
 
$772,428
 
 
$1,338,474
 
 
$17,459,862
Net realized gain (loss)
 
 
10,867,442
 
 
24,706,333
 
 
(95,611,154)
 
 
(177,532,285)
Net change in unrealized appreciation (depreciation)
 
 
8,496,710
 
 
477,345
 
 
75,455,057
 
 
158,217,589
Net increase (decrease) in net assets from operations
 
 
19,869,369
 
 
25,956,106
 
 
(18,817,623)
 
 
(1,854,834)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(34,780)
 
 
(761,524)
 
 
(1,672,373)
 
 
(20,532,956)
From return of capital
 
 
—
 
 
—
 
 
—
 
 
(2,852,668)
Total distributions to shareholders
 
 
(34,780)
 
 
(761,524)
 
 
(1,672,373)
 
 
(23,385,624)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
876,608
 
 
39,587,767
 
 
—
 
 
5,106,770
Shares redeemed
 
 
(9,990,687)
 
 
(60,691,835)
 
 
(7,961,897)
 
 
(10,219,650)
Net increase (decrease) in net assets from capital transactions
 
 
(9,114,079)
 
 
(21,104,068)
 
 
(7,961,897)
 
 
(5,112,880)
Net increase (decrease) in net assets
 
 
10,720,510
 
 
4,090,514
 
 
(28,451,893)
 
 
(30,353,338)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
106,040,331
 
 
101,949,817
 
 
229,261,437
 
 
259,614,775
End of the year
 
 
$116,760,841
 
 
$106,040,331
 
 
$200,809,544
 
 
$229,261,437
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
25,000
 
 
1,075,000
 
 
—
 
 
108,333
Shares redeemed
 
 
(250,000)
 
 
(1,675,000)
 
 
(350,053)
 
 
(291,667)
Total increase (decrease) in shares outstanding
 
 
(225,000)
 
 
(600,000)
 
 
(350,053)
 
 
(183,334)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
During the year ended September 30, 2025, the Fund effected the following reverse stock split: February 21, 2025, 1 for 12. All share transactions prior to February 21, 2025, have been retroactively adjusted to reflect this reverse stock split.
The accompanying notes are an integral part of these financial statements.
 
68
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify Bitcoin
2% Monthly
Option Income
ETF
(Consolidated)
 
 
Amplify Bitcoin
Max Income
Covered Call
ETF
(Consolidated)
 
 
Amplify BlackSwan
Growth & Treasury Core ETF
 
 
 
Period Ended
September 30,
2025(a)
 
 
Period Ended
September 30,
2025(a)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$94,631
 
 
$101,987
 
 
$7,734,858
 
 
$4,707,383
 
 
$6,854,775
Net realized gain (loss)
 
 
8,648
 
 
(136,841)
 
 
22,642,892
 
 
12,850,018
 
 
(40,187,128)
Net change in unrealized appreciation
(depreciation)
 
 
599,429
 
 
542,701
 
 
(9,413,392)
 
 
39,713,353
 
 
30,752,637
Net increase (decrease) in net assets from operations
 
 
702,708
 
 
507,847
 
 
20,964,358
 
 
57,270,754
 
 
(2,579,716)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(104,927)
 
 
(106,312)
 
 
(7,734,956)
 
 
(5,212,897)
 
 
(6,977,010)
From return of capital
 
 
(973,433)
 
 
(1,050,786)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(1,078,360)
 
 
(1,157,098)
 
 
(7,734,956)
 
 
(5,212,897)
 
 
(6,977,010)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
20,989,687
 
 
20,362,284
 
 
6,615,320
 
 
108,154,538
 
 
18,978,247
Shares redeemed
 
 
—
 
 
(3,438,464)
 
 
(44,150,576)
 
 
(50,979,025)
 
 
(102,136,336)
Net increase (decrease) in net assets from capital transactions
 
 
20,989,687
 
 
16,923,820
 
 
(37,535,256)
 
 
57,175,513
 
 
(83,158,089)
Net increase (decrease) in net assets
 
 
20,614,035
 
 
16,274,569
 
 
(24,305,854)
 
 
109,233,370
 
 
(92,714,815)
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
290,916,071
 
 
181,682,701
 
 
274,397,516
End of the period
 
 
$ 20,614,035
 
 
$ 16,274,569
 
 
$ 266,610,217
 
 
$ 290,916,071
 
 
$181,682,701
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
370,000
 
 
360,000
 
 
220,000
 
 
3,670,000
 
 
780,000
Shares redeemed
 
 
—
 
 
(60,000)
 
 
(1,500,000)
 
 
(1,950,000)
 
 
(4,080,000)
Total increase (decrease) in shares outstanding
 
 
370,000
 
 
300,000
 
 
(1,280,000)
 
 
1,720,000
 
 
(3,300,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 28, 2025.
The accompanying notes are an integral part of these financial statements.
 
69
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify BlackSwan
ISWN ETF
 
 
Amplify Bloomberg
AI Value Chain ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$1,003,354
 
 
$1,041,359
 
 
$1,088,316
 
 
$75,275
 
 
$5,216
Net realized gain (loss)
 
 
778,065
 
 
738,866
 
 
(3,891,829)
 
 
2,196,576
 
 
2,830,842
Net change in unrealized appreciation
(depreciation)
 
 
(357,920)
 
 
6,629,723
 
 
2,140,436
 
 
5,557,045
 
 
4,639,885
Net increase (decrease) in net assets from operations
 
 
1,423,499
 
 
8,409,948
 
 
(663,077)
 
 
7,828,896
 
 
7,475,943
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(1,003,363)
 
 
(1,144,842)
 
 
(1,056,161)
 
 
(46,500)
 
 
(6,153)
Total distributions to shareholders
 
 
(1,003,363)
 
 
(1,144,842)
 
 
(1,056,161)
 
 
(46,500)
 
 
(6,153)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
1,500,645
 
 
—
 
 
10,617,990
 
 
4,884,020
 
 
7,081,285
Shares redeemed
 
 
(6,601,873)
 
 
(6,708,515)
 
 
(2,816,528)
 
 
(7,412,160)
 
 
(12,726,595)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
 
 
3,241
 
 
177
Net increase (decrease) in net assets from capital transactions
 
 
(5,101,228)
 
 
(6,708,515)
 
 
7,801,462
 
 
(2,524,899)
 
 
(5,645,133)
Net increase (decrease) in net assets
 
 
(4,681,092)
 
 
556,591
 
 
6,082,224
 
 
5,257,497
 
 
1,824,657
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
37,986,421
 
 
37,429,830
 
 
31,347,606
 
 
26,480,723
 
 
24,656,066
End of the period
 
 
$ 33,305,329
 
 
$ 37,986,421
 
 
$37,429,830
 
 
$ 31,738,220
 
 
$26,480,723
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
75,000
 
 
—
 
 
575,000
 
 
100,000
 
 
150,000
Shares redeemed
 
 
(350,000)
 
 
(350,000)
 
 
(150,000)
 
 
(150,000)
 
 
(300,000)
Total increase (decrease) in shares outstanding
 
 
(275,000)
 
 
(350,000)
 
 
425,000
 
 
(50,000)
 
 
(150,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
70
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify
Bloomberg U.S.
Treasury 12%
Premium Income
ETF
 
 
Amplify BlueStar Israel
Technology ETF
 
 
 
Period Ended
September 30,
2025(a)
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$333,100
 
 
$(230,937)
 
 
$(104,309)
Net realized gain (loss)
 
 
(156,906)
 
 
(960,675)
 
 
(9,502,686)
Net change in unrealized appreciation (depreciation)
 
 
10,873
 
 
19,700,341
 
 
22,034,756
Net increase (decrease) in net assets from operations
 
 
187,067
 
 
18,508,729
 
 
12,427,761
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
​(466,496)
 
 
(10,561)
 
 
—
From return of capital
 
 
​(568,448)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(1,034,944)
 
 
(10,561)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
13,279,385
 
 
18,472,625
 
 
13,548,145
Shares redeemed
 
 
(903,840)
 
 
(22,891,130)
 
 
(26,006,920)
ETF transaction fees (See Note 1)
 
 
428
 
 
6
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
12,375,973
 
 
(4,418,499)
 
 
(12,458,775)
Net increase (decrease) in net assets
 
 
11,528,096
 
 
14,079,669
 
 
(31,014)
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
88,658,504
 
 
88,689,518
End of the period
 
 
$11,528,096
 
 
$ 102,738,173
 
 
$88,658,504
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
550,000
 
 
350,000
 
 
300,000
Shares redeemed
 
 
(40,000)
 
 
(450,000)
 
 
(600,000)
Total increase (decrease) in shares outstanding
 
 
510,000
 
 
(100,000)
 
 
(300,000)
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 28, 2024.
The accompanying notes are an integral part of these financial statements.
 
71
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify Cash Flow Dividend
Leaders ETF
 
 
Amplify COWS Covered
Call ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$507,367
 
 
$260,794
 
 
$7,010
 
 
$149,392
 
 
$44,743
 
 
$3,543
Net realized gain (loss)
 
 
1,344,819
 
 
1,478,469
 
 
(5,729)
 
 
(10,978)
 
 
58,408
 
 
5,228
Net change in unrealized appreciation (depreciation)
 
 
256,030
 
 
653,921
 
 
(262,022)
 
 
83,940
 
 
384,289
 
 
(149,162)
Net increase (decrease) in net assets from operations
 
 
2,108,216
 
 
2,393,184
 
 
(260,741)
 
 
222,354
 
 
487,440
 
 
(140,391)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(507,389)
 
 
(260,749)
 
 
(6,480)
 
 
(12,952)
 
 
(28,309)
 
 
(20,026)
From return of capital
 
 
—
 
 
—
 
 
—
 
 
(1,009,374)
 
 
(179,023)
 
 
—
Total distributions to shareholders
 
 
(507,389)
 
 
(260,749)
 
 
(6,480)
 
 
(1,022,326)
 
 
(207,332)
 
 
(20,026)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
24,982,385
 
 
19,955,711
 
 
5,403,868
 
 
16,522,614
 
 
—
 
 
2,975,706
Shares redeemed
 
 
(21,720,173)
 
 
(9,112,680)
 
 
—
 
 
(4,305,549)
 
 
(1,543,542)
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
3,262,212
 
 
10,843,031
 
 
5,403,868
 
 
12,217,065
 
 
(1,543,542)
 
 
2,975,706
Net increase (decrease) in net assets
 
 
4,863,039
 
 
12,975,466
 
 
5,136,647
 
 
11,417,093
 
 
(1,263,434)
 
 
2,815,289
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
18,112,113
 
 
5,136,647
 
 
—
 
 
1,551,855
 
 
2,815,289
 
 
—
End of the period
 
 
$22,975,152
 
 
$18,112,113
 
 
$5,136,647
 
 
$ 12,968,948
 
 
$1,551,855
 
 
$2,815,289
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
830,000
 
 
710,000
 
 
220,000
 
 
660,000
 
 
—
 
 
120,000
Shares redeemed
 
 
(720,000)
 
 
(320,000)
 
 
—
 
 
(180,000)
 
 
(60,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
110,000
 
 
390,000
 
 
220,000
 
 
480,000
 
 
(60,000)
 
 
120,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
72
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify CWP Enhanced Dividend
Income ETF
 
 
Amplify CWP Growth &
Income ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$74,273,538
 
 
$60,321,348
 
 
$60,061,554
 
 
$241,286
 
 
$4,174
Net realized gain (loss)
 
 
185,936,648
 
 
128,105,133
 
 
(4,190,535)
 
 
(1,378,269)
 
 
(7,072)
Net change in unrealized appreciation (depreciation)
 
 
323,513,460
 
 
528,730,934
 
 
(30,437,822)
 
 
22,412,720
 
 
264,844
Net increase (decrease) in net assets from operations
 
 
583,723,646
 
 
717,157,415
 
 
25,433,197
 
 
21,275,737
 
 
261,946
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(205,735,955)
 
 
(140,584,687)
 
 
(60,061,554)
 
 
(241,397)
 
 
(27,703)
From return of capital
 
 
—
 
 
—
 
 
(72,626,691)
 
 
(8,809,436)
 
 
(31,820)
Total distributions to shareholders
 
 
(205,735,955)
 
 
(140,584,687)
 
 
(132,688,245)
 
 
(9,050,833)
 
 
(59,523)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
1,394,742,020
 
 
331,766,510
 
 
1,010,437,880
 
 
317,875,217
 
 
9,952,528
Shares redeemed
 
 
(139,549,545)
 
 
(135,406,335)
 
 
(164,920,195)
 
 
(17,029,980)
 
 
—
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
5
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
1,255,192,475
 
 
196,360,175
 
 
845,517,690
 
 
300,845,237
 
 
9,952,528
Net increase (decrease) in net assets
 
 
1,633,180,166
 
 
772,932,903
 
 
738,262,642
 
 
313,070,141
 
 
10,154,951
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
3,612,985,677
 
 
2,840,052,774
 
 
2,101,790,132
 
 
10,154,951
 
 
—
End of the period
 
 
$ 5,246,165,843
 
 
$ 3,612,985,677
 
 
$2,840,052,774
 
 
$ 323,225,092
 
 
$ 10,154,951
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
33,350,000
 
 
8,550,000
 
 
28,250,000
 
 
11,350,000
 
 
400,000
Shares redeemed
 
 
(3,350,000)
 
 
(3,700,000)
 
 
(4,650,000)
 
 
(600,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
30,000,000
 
 
4,850,000
 
 
23,600,000
 
 
10,750,000
 
 
400,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 21, 2024.
The accompanying notes are an integral part of these financial statements.
 
73
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify CWP International
Enhanced Dividend Income ETF
 
 
Amplify
Cybersecurity ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$4,318,389
 
 
$2,733,887
 
 
$851,164
 
 
$1,736,106
 
 
$3,625,606
Net realized gain (loss)
 
 
5,813,612
 
 
(364,299)
 
 
(992,658)
 
 
104,984,918
 
 
170,058,823
Net change in unrealized appreciation (depreciation)
 
 
​61,267,252
 
 
14,534,121
 
 
(242,709)
 
 
363,450,681
 
 
277,525,856
Net increase (decrease) in net assets from operations
 
 
​71,399,253
 
 
16,903,709
 
 
(384,203)
 
 
470,171,705
 
 
451,210,285
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(7,636,170)
 
 
(2,734,332)
 
 
(866,121)
 
 
(1,382,715)
 
 
(3,564,023)
From return of capital
 
 
(7,089,912)
 
 
(3,190,333)
 
 
(583,515)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(14,726,082)
 
 
(5,924,665)
 
 
(1,449,636)
 
 
(1,382,715)
 
 
(3,564,023)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
255,762,900
 
 
96,572,195
 
 
45,304,688
 
 
398,029,170
 
 
516,709,955
Shares redeemed
 
 
(6,580,100)
 
 
(10,269,535)
 
 
(3,441,413)
 
 
(290,669,875)
 
 
(641,741,930)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
5,701
 
 
394
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
249,182,800
 
 
86,302,660
 
 
41,868,976
 
 
107,359,689
 
 
(125,031,975)
Net increase (decrease) in net assets
 
 
​305,855,971
 
 
97,281,704
 
 
40,035,137
 
 
576,148,679
 
 
322,614,287
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
139,135,215
 
 
41,853,511
 
 
1,818,374
 
 
1,746,406,738
 
 
1,423,792,451
End of the period
 
 
$444,991,186
 
 
$ 139,135,215
 
 
$41,853,511
 
 
$ 2,322,555,417
 
 
$ 1,746,406,738
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
7,625,000
 
 
3,300,000
 
 
1,650,000
 
 
4,950,000
 
 
8,100,000
Shares redeemed
 
 
(200,000)
 
 
(375,000)
 
 
(125,000)
 
 
(3,750,000)
 
 
(10,150,000)
Total increase (decrease) in shares outstanding
 
 
7,425,000
 
 
2,925,000
 
 
1,525,000
 
 
1,200,000
 
 
(2,050,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
74
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify Digital
Payments ETF
 
 
Amplify Etho Climate
Leadership U.S. ETF
 
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(364,619)
 
 
$(122,929)
 
 
$1,459,529
 
 
$2,045,224
Net realized gain (loss)
 
 
10,034,652
 
 
(21,074,684)
 
 
1,195,576
 
 
14,651,351
Net change in unrealized appreciation (depreciation)
 
 
20,653,098
 
 
116,283,477
 
 
6,152,310
 
 
17,614,033
Net increase (decrease) in net assets from operations
 
 
30,323,131
 
 
95,085,864
 
 
8,807,415
 
 
34,310,608
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(2,433,538)
 
 
(416,255)
 
 
(445,673)
 
 
(2,183,651)
From return of capital
 
 
—
 
 
—
 
 
—
 
 
(82,109)
Total distributions to shareholders
 
 
(2,433,538)
 
 
(416,255)
 
 
(445,673)
 
 
(2,265,760)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
5,625,710
 
 
11,741,025
 
 
2,944,780
 
 
59,868,820
Shares redeemed
 
 
(71,479,655)
 
 
(165,114,985)
 
 
(44,060,830)
 
 
(75,655,595)
ETF transaction fees (See Note 1)
 
 
800
 
 
15,516
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
(65,853,145)
 
 
(153,358,444)
 
 
(41,116,050)
 
 
(15,786,775)
Net increase (decrease) in net assets
 
 
(37,963,552)
 
 
(58,688,835)
 
 
(32,754,308)
 
 
16,258,073
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
298,326,053
 
 
357,014,888
 
 
188,779,403
 
 
172,521,330
End of the year
 
 
$ 260,362,501
 
 
$298,326,053
 
 
$ 156,025,095
 
 
$ 188,779,403
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
100,000
 
 
250,000
 
 
50,000
 
 
1,050,000
Shares redeemed
 
 
(1,250,000)
 
 
(3,650,000)
 
 
(750,000)
 
 
(1,350,000)
Total increase (decrease) in shares outstanding
 
 
(1,150,000)
 
 
(3,400,000)
 
 
(700,000)
 
 
(300,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
75
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify High Income
ETF
 
 
Amplify Junior Silver
Miners ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$27,923,837
 
 
$34,586,455
 
 
$33,462,803
 
 
$696,024
 
 
$(676,849)
Net realized gain (loss)
 
 
7,091,684
 
 
(23,759,568)
 
 
(24,249,922)
 
 
194,329,836
 
 
(66,369,979)
Net change in unrealized appreciation (depreciation)
 
 
10,763,628
 
 
98,029,689
 
 
(768,803)
 
 
940,248,197
 
 
390,388,908
Net increase (decrease) in net assets from
operations
 
 
45,779,149
 
 
108,856,576
 
 
8,444,078
 
 
1,135,274,057
 
 
323,342,080
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(31,706,887)
 
 
(35,057,043)
 
 
(32,823,110)
 
 
(60,317,682)
 
 
(60,499)
From return of capital
 
 
(37,293,113)
 
 
(14,916,957)
 
 
(10,544,890)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(69,000,000)
 
 
(49,974,000)
 
 
(43,368,000)
 
 
(60,317,682)
 
 
(60,499)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
141,274,915
 
 
168,056,180
 
 
115,213,635
 
 
1,168,112,120
 
 
202,361,105
Shares redeemed
 
 
(27,958,740)
 
 
(38,893,810)
 
 
(37,404,110)
 
 
(635,772,730)
 
 
(62,019,860)
ETF transaction fees (See Note 1)
 
 
840
 
 
408
 
 
—
 
 
26,892
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
113,317,015
 
 
129,162,778
 
 
77,809,525
 
 
532,366,282
 
 
140,341,245
Net increase (decrease) in net assets
 
 
90,096,164
 
 
188,045,354
 
 
42,885,603
 
 
1,607,322,657
 
 
463,622,826
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
528,992,629
 
 
340,947,275
 
 
298,061,672
 
 
1,044,021,122
 
 
580,398,296
End of the period
 
 
$ 619,088,793
 
 
$ 528,992,629
 
 
$340,947,275
 
 
$ 2,651,343,779
 
 
$ 1,044,021,122
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
12,000,000
 
 
14,200,000
 
 
9,750,000
 
 
80,900,000
 
 
17,700,000
Shares redeemed
 
 
(2,500,000)
 
 
(3,350,000)
 
 
(3,300,000)
 
 
(47,300,000)
 
 
(5,250,000)
Total increase (decrease) in shares outstanding
 
 
9,500,000
 
 
10,850,000
 
 
6,450,000
 
 
33,600,000
 
 
12,450,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
76
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify Lithium & Battery
Technology ETF
 
 
Amplify Natural Resources
Dividend Income ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$1,027,619
 
 
$2,131,161
 
 
$3,022,707
 
 
$557,297
 
 
$483,774
 
 
$365,921
Net realized gain (loss)
 
 
(12,091,542)
 
 
(40,077,695)
 
 
(27,199,764)
 
 
1,390,449
 
 
629,394
 
 
115,903
Net change in unrealized appreciation (depreciation)
 
 
31,275,316
 
 
39,617,368
 
 
(867,592)
 
 
(1,349,550)
 
 
454,573
 
 
220
Net increase (decrease) in net assets from operations
 
 
20,211,393
 
 
1,670,834
 
 
(25,044,649)
 
 
598,196
 
 
1,567,741
 
 
482,044
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(2,077,324)
 
 
(3,657,984)
 
 
(6,037,095)
 
 
(409,697)
 
 
(483,774)
 
 
(365,917)
From return of capital
 
 
—
 
 
—
 
 
—
 
 
(369,430)
 
 
(188,984)
 
 
(129,309)
Total distributions to shareholders
 
 
(2,077,324)
 
 
(3,657,984)
 
 
(6,037,095)
 
 
(779,127)
 
 
(672,758)
 
 
(495,226)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
1,344,255
 
 
1,802,440
 
 
7,256,025
 
 
12,985,343
 
 
10,642,027
 
 
11,763,898
Shares redeemed
 
 
(19,428,630)
 
 
(31,959,675)
 
 
(25,274,805)
 
 
(16,371,685)
 
 
(6,371,645)
 
 
(4,498,650)
ETF transaction fees (See Note 1)
 
 
9,507
 
 
9,911
 
 
11,624
 
 
—
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
(18,074,868)
 
 
(30,147,324)
 
 
(18,007,156)
 
 
(3,386,342)
 
 
4,270,382
 
 
7,265,248
Net increase (decrease) in net assets
 
 
59,201
 
 
(32,134,474)
 
 
(49,088,900)
 
 
(3,567,273)
 
 
5,165,365
 
 
7,252,066
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
78,567,733
 
 
110,702,207
 
 
159,791,107
 
 
14,293,520
 
 
9,128,155
 
 
1,876,089
End of the period
 
 
$78,626,934
 
 
$78,567,733
 
 
$110,702,207
 
 
$10,726,247
 
 
$ 14,293,520
 
 
$9,128,155
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
150,000
 
 
200,000
 
 
550,000
 
 
450,000
 
 
375,000
 
 
450,000
Shares redeemed
 
 
(2,100,000)
 
 
(3,400,000)
 
 
(2,000,000)
 
 
(575,000)
 
 
(225,000)
 
 
(175,000)
Total increase (decrease) in shares outstanding
 
 
(1,950,000)
 
 
(3,200,000)
 
 
(1,450,000)
 
 
(125,000)
 
 
150,000
 
 
275,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
77
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify Online Retail ETF
 
 
Amplify Samsung
SOFR ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$141,519
 
 
$(12,444)
 
 
$(256,749)
 
 
$11,042,808
 
 
$6,993,195
Net realized gain (loss)
 
 
(1,078,707)
 
 
(5,939,617)
 
 
(174,441,573)
 
 
—
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
34,451,491
 
 
73,834,775
 
 
182,284,853
 
 
—
 
 
—
Net increase (decrease) in net assets from
operations
 
 
33,514,303
 
 
67,882,714
 
 
7,586,531
 
 
11,042,808
 
 
6,993,195
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
—
 
 
—
 
 
—
 
 
(11,042,808)
 
 
(7,066,684)
From return of capital
 
 
—
 
 
—
 
 
—
 
 
(231,826)
 
 
—
Total distributions to shareholders
 
 
—
 
 
—
 
 
—
 
 
(11,274,634)
 
 
(7,066,684)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
22,801,785
 
 
17,910,225
 
 
67,742,930
 
 
132,330,395
 
 
242,473,702
Shares redeemed
 
 
(54,997,435)
 
 
(82,514,090)
 
 
(105,954,075)
 
 
(99,253,836)
 
 
—
ETF transaction fees (See Note 1)
 
 
3,238
 
 
4,519
 
 
5,641
 
 
46,317
 
 
59,553
Net increase (decrease) in net assets from capital transactions
 
 
(32,192,412)
 
 
(64,599,346)
 
 
(38,205,504)
 
 
33,122,876
 
 
242,533,255
Net increase (decrease) in net assets
 
 
1,321,891
 
 
3,283,368
 
 
(30,618,973)
 
 
32,891,050
 
 
242,459,766
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
159,024,007
 
 
155,740,639
 
 
186,359,612
 
 
242,459,766
 
 
—
End of the period
 
 
$ 160,345,898
 
 
$ 159,024,007
 
 
$155,740,639
 
 
$ 275,350,816
 
 
$ 242,459,766
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
350,000
 
 
350,000
 
 
1,450,000
 
 
1,320,000
 
 
2,420,000
Shares redeemed
 
 
(850,000)
 
 
(1,500,000)
 
 
(2,350,000)
 
 
(990,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
(500,000)
 
 
(1,150,000)
 
 
(900,000)
 
 
330,000
 
 
2,420,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 14, 2023.
The accompanying notes are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amplify
Samsung U.S.
Natural Gas
Infrastructure
ETF
 
 
Amplify Seymour Cannabis
ETF
 
 
Amplify SILJ
Covered Call
ETF
 
 
 
Period Ended
September 30,
2025(a)
 
 
Year Ended
September 30,
2025(c)
 
 
Period Ended
September 30,
2024(c)
 
 
Year Ended
October 31,
2023(c)
 
 
Period Ended
September 30,
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$26,864
 
 
$1,512,305
 
 
$370,588
 
 
$379,055
 
 
$1,258
Net realized gain (loss)
 
 
31,130
 
 
(49,877,987)
 
 
(13,580,690)
 
 
(15,091,725)
 
 
46,839
Net change in unrealized appreciation (depreciation)
 
 
394,527
 
 
66,657,568
 
 
18,328,795
 
 
(5,504,762)
 
 
662,185
Net increase (decrease) in net assets from
operations
 
 
452,521
 
 
18,291,886
 
 
5,118,693
 
 
(20,217,432)
 
 
710,282
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(26,864)
 
 
(5,578,775)
 
 
—
 
 
—
 
 
​(22,183)
From return of capital
 
 
(591)
 
 
—
 
 
—
 
 
—
 
 
​(135,009)
Total distributions to shareholders
 
 
(27,455)
 
 
(5,578,775)
 
 
—
 
 
—
 
 
(157,192)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
4,757,419
 
 
80,533,230
 
 
1,302,555
 
 
1,912,410
 
 
8,985,623
Shares redeemed
 
 
(1,277,420)
 
 
(7,757,016)
 
 
(2,034,410)
 
 
(555,060)
 
 
(1,467,930)
ETF transaction fees (See Note 1)
 
 
—
 
 
1,963
 
 
595
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
3,479,999
 
 
72,778,177
 
 
(731,260)
 
 
1,357,350
 
 
7,517,693
Net increase (decrease) in net assets
 
 
3,905,065
 
 
85,491,288
 
 
4,387,433
 
 
(18,860,082)
 
 
8,070,783
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
27,977,961
 
 
23,590,528
 
 
42,450,610
 
 
—
End of the period
 
 
$3,905,065
 
 
$ 113,469,249
 
 
$27,977,961
 
 
$23,590,528
 
 
$8,070,783
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
190,000
 
 
3,766,667
 
 
20,833
 
 
33,333
 
 
325,000
Shares redeemed
 
 
(50,000)
 
 
(450,033)
 
 
(37,500)
 
 
(12,500)
 
 
(50,000)
Total increase (decrease) in shares outstanding
 
 
140,000
 
 
3,316,634
 
 
(16,667)
 
 
20,833
 
 
275,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 19, 2025.
(b)
Inception date of the Fund was August 18, 2025.
(c)
During the year ended September 30, 2025, the Fund effected the following reverse stock split: February 21, 2025, 1 for 12. All share transactions prior to February 21, 2025, have been retroactively adjusted to reflect this reverse stock split.
The accompanying notes are an integral part of these financial statements.
 
79
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify
Small-Mid
Cap Equity
ETF
 
 
Amplify Transformational
Data Sharing ETF
 
 
 
Period Ended
September 30,
2025(a)
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$4,861
 
 
$7,677,963
 
 
$8,529,125
 
 
$8,744,358
Net realized gain (loss)
 
 
(26,369)
 
 
157,243,307
 
 
147,891,699
 
 
(190,252,101)
Net change in unrealized appreciation (depreciation)
 
 
35,360
 
 
432,608,662
 
 
268,325,953
 
 
225,293,158
Net increase (decrease) in net assets from operations
 
 
13,852
 
 
597,529,932
 
 
424,746,777
 
 
43,785,415
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(4,861)
 
 
(49,345,165)
 
 
(12,491,001)
 
 
—
From return of capital
 
 
(1,164)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(6,025)
 
 
(49,345,165)
 
 
(12,491,001)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
1,240,500
 
 
407,175,800
 
 
714,227,950
 
 
17,641,355
Shares redeemed
 
 
—
 
 
(198,461,775)
 
 
(868,167,765)
 
 
(98,650,555)
ETF transaction fees (See Note 1)
 
 
—
 
 
3,040
 
 
6,716
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
1,240,500
 
 
208,717,065
 
 
(153,933,099)
 
 
(81,009,200)
Net increase (decrease) in net assets
 
 
1,248,327
 
 
756,901,832
 
 
258,322,677
 
 
(37,223,785)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
685,397,277
 
 
427,074,600
 
 
464,298,385
End of the period
 
 
$ 1,248,327
 
 
$ 1,442,299,109
 
 
$685,397,277
 
 
$427,074,600
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
50,000
 
 
7,400,000
 
 
25,200,000
 
 
950,000
Shares redeemed
 
 
—
 
 
(4,150,000)
 
 
(27,700,000)
 
 
(5,250,000)
Total increase (decrease) in shares outstanding
 
 
50,000
 
 
3,250,000
 
 
(2,500,000)
 
 
(4,300,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 22, 2024.
The accompanying notes are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Amplify Travel
Tech ETF
 
 
Amplify Video
Game Leaders ETF
 
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
 
 
Year Ended
September 30,
2025
 
 
Year Ended
September 30,
2024
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(79,079)
 
 
$273,859
 
 
$297,922
 
 
$44,076
Net realized gain (loss)
 
 
(5,945,297)
 
 
(8,855,702)
 
 
4,487,775
 
 
(4,579,153)
Net change in unrealized appreciation (depreciation)
 
 
10,595,553
 
 
26,076,195
 
 
11,179,374
 
 
13,660,102
Net increase (decrease) in net assets from operations
 
 
4,571,177
 
 
17,494,352
 
 
15,965,071
 
 
9,125,025
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
—
 
 
(238,899)
 
 
(227,895)
 
 
(32,197)
From return of capital
 
 
—
 
 
(13,494)
 
 
—
 
 
—
Total distributions to shareholders
 
 
—
 
 
(252,393)
 
 
(227,895)
 
 
(32,197)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
17,755,390
 
 
1,832,783
 
 
—
Shares redeemed
 
 
(28,840,105)
 
 
(73,386,860)
 
 
(7,223,960)
 
 
(11,698,250)
ETF transaction fees (See Note 1)
 
 
13,545
 
 
13,805
 
 
1,382
 
 
12,815
Net increase (decrease) in net assets from capital transactions
 
 
(28,826,560)
 
 
(55,617,665)
 
 
(5,389,795)
 
 
(11,685,435)
Net increase (decrease) in net assets
 
 
(24,255,383)
 
 
(38,375,706)
 
 
10,347,381
 
 
(2,592,607)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
65,553,050
 
 
103,928,756
 
 
40,251,747
 
 
42,844,354
End of the year
 
 
$41,297,667
 
 
$65,553,050
 
 
$ 50,599,128
 
 
$40,251,747
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
900,000
 
 
20,000
 
 
—
Shares redeemed
 
 
(1,350,000)
 
 
(3,850,000)
 
 
(100,000)
 
 
(200,000)
Total increase (decrease) in shares outstanding
 
 
(1,350,000)
 
 
(2,950,000)
 
 
(80,000)
 
 
(200,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
81
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
Amplify Weight Loss
Drug & Treatment ETF
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
OPERATIONS:
 
 
 
 
Net investment income (loss)
 
 
$43,571
 
 
$9,430
Net realized gain (loss)
 
 
(237,179)
 
 
1,885
Net change in unrealized appreciation (depreciation)
 
 
(419,870)
 
 
122,083
Net increase (decrease) in net assets from operations
 
 
(613,478)
 
 
133,398
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From earnings
 
 
(39,582)
 
 
—
Total distributions to shareholders
 
 
(39,582)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold
 
 
1,108,090
 
 
4,680,761
Shares redeemed
 
 
(2,218,395)
 
 
—
ETF transaction fees (See Note 1)
 
 
327
 
 
75
Net increase (decrease) in net assets from capital transactions
 
 
(1,109,978)
 
 
4,680,836
Net increase (decrease) in net assets
 
 
(1,763,038)
 
 
4,814,234
NET ASSETS:
 
 
 
 
Beginning of the period
 
 
4,814,234
 
 
—
End of the period
 
 
$3,051,196
 
 
$ 4,814,234
SHARES TRANSACTIONS
 
 
 
 
Shares sold
 
 
50,000
 
 
180,000
Shares redeemed
 
 
(100,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
(50,000)
 
 
180,000
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 20, 2024.
The accompanying notes are an integral part of these financial statements.
 
82
 

TABLE OF CONTENTS

AMPLIFY AI POWERED EQUITY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$37.54
 
 
$29.77
 
 
$28.92
 
 
$41.12
 
 
$30.72
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.19
 
 
0.25
 
 
0.35
 
 
0.09
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(b)
 
 
7.19
 
 
7.78
 
 
0.87
 
 
(11.57)
 
 
10.47
Total from investment operations
 
 
7.38
 
 
8.03
 
 
1.22
 
 
(11.48)
 
 
10.44
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.01)
 
 
(0.26)
 
 
(0.37)
 
 
—
 
 
(0.04)
Net realized gains
 
 
—
 
 
–
 
 
—
 
 
(0.72)
 
 
—
Total distributions
 
 
(0.01)
 
 
(0.26)
 
 
(0.37)
 
 
(0.72)
 
 
(0.04)
Net asset value, end of year
 
 
$44.91
 
 
$37.54
 
 
$29.77
 
 
$28.92
 
 
$41.12
Total return
 
 
19.68%
 
 
27.00%
 
 
4.20%
 
 
−28.45%
 
 
34.00%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$116,761
 
 
$106,040
 
 
$101,950
 
 
$99,060
 
 
$167,562
Ratio of expenses to average net assets
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
0.46%
 
 
0.73%
 
 
1.17%
 
 
0.24%
 
 
(0.09)%
Portfolio turnover rate(c)
 
 
804%
 
 
1,159%
 
 
2,719%
 
 
1,708%
 
 
540%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
83
 

TABLE OF CONTENTS

AMPLIFY ALTERNATIVE HARVEST ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025(e)
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$39.72
 
 
$43.68
 
 
$55.44
 
 
$172.80
 
 
$124.44
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.24
 
 
3.00
 
 
1.44
 
 
2.16
 
 
3.12
Net realized and unrealized gain (loss) on investments(b)
 
 
(2.87)
 
 
(2.88)
 
 
(11.76)
 
 
(117.36)
 
 
48.12
Total from investment operations
 
 
(2.63)
 
 
0.12
 
 
(10.32)
 
 
(115.20)
 
 
51.24
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.02)
 
 
(3.60)
 
 
(1.44)
 
 
(2.16)
 
 
(2.88)
Return of capital
 
 
—
 
 
(0.48)
 
 
—
 
 
—
 
 
—
Total distributions
 
 
(0.02)
 
 
(4.08)
 
 
(1.44)
 
 
(2.16)
 
 
(2.88)
Net asset value, end of year
 
 
$37.07
 
 
$39.72
 
 
$43.68
 
 
$55.44
 
 
$172.80
Total return
 
 
−5.70%
 
 
0.40%
 
 
−18.67%
 
 
−67.06%
 
 
40.90%
SUPPLEMENTAL DATA AND RATIOS:(c)
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$200,810
 
 
$229,261
 
 
$259,615
 
 
$324,730
 
 
$1,067,609
Ratio of expenses to average net assets:(f)
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/recoupment
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
After expense reimbursement/recoupment
 
 
0.40%
 
 
0.39%
 
 
0.46%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
0.90%
 
 
7.29%
 
 
2.89%
 
 
1.95%
 
 
1.39%
Portfolio turnover rate(d)
 
 
75%
 
 
45%
 
 
60%
 
 
74%
 
 
75%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(d)
Portfolio turnover rate excludes in-kind transactions.
(e)
During the year ended September 30, 2025, the Fund effected the following reverse stock split: February 21, 2025, 1 for 12. All historical per share information has been retroactively adjusted to reflect this reverse stock split.
(f)
The ratios of expenses and income presented above do not reflect the Fund’s proportionate share of expenses and income of the underlying funds in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

AMPLIFY BITCOIN 2% MONTHLY OPTION INCOME ETF (CONSOLIDATED)
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.60
Net realized and unrealized gain (loss) on investments(c)
 
 
10.83
Total from investment operations
 
 
11.43
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.56)
Return of capital
 
 
(5.16)
Total distributions
 
 
(5.72)
Net asset value, end of period
 
 
$55.71
Total return(d)
 
 
23.27%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
Net assets, end of period (in thousands)
 
 
$20,614
Ratio of expenses to average net assets(f)
 
 
0.65%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.49%
Portfolio turnover rate(d)(g)
 
 
3%
 
 
 
 
(a)
Inception date of the Fund was April 28, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
85
 

TABLE OF CONTENTS

AMPLIFY BITCOIN MAX INCOME COVERED CALL ETF (CONSOLIDATED)
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.79
Net realized and unrealized gain (loss) on investments(c)
 
 
10.75
Total from investment operations
 
 
11.54
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.67)
Return of capital
 
 
(6.62)
Total distributions
 
 
(7.29)
Net asset value, end of period
 
 
$54.25
Total return(d)
 
 
23.56%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$16,275
Ratio of expenses to average net assets(e)
 
 
0.69%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(e)
 
 
0.04%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(e)
 
 
0.65%
Ratio of net investment income (loss) to average net assets(e)
 
 
3.30%
Portfolio turnover rate(d)(f)
 
 
251%
 
 
 
 
(a)
Inception date of the Fund was April 28, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
86
 

TABLE OF CONTENTS

AMPLIFY BLACKSWAN GROWTH & TREASURY CORE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$30.43
 
 
$23.17
 
 
$24.63
 
 
$35.72
 
 
$30.87
 
 
$28.57
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.90
 
 
0.70
 
 
0.74
 
 
0.33
 
 
0.09
 
 
0.12
Net realized and unrealized gain (loss)
on investments(b)
 
 
1.78
 
 
7.30
 
 
(1.43)
 
 
(9.41)
 
 
5.25
 
 
3.05
Total from investment operations
 
 
2.68
 
 
8.00
 
 
(0.69)
 
 
(9.08)
 
 
5.34
 
 
3.17
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.91)
 
 
(0.74)
 
 
(0.77)
 
 
(0.38)
 
 
(0.07)
 
 
(0.19)
Net realized gains
 
 
—
 
 
—
 
 
—
 
 
(1.63)
 
 
(0.42)
 
 
(0.68)
Total distributions
 
 
(0.91)
 
 
(0.74)
 
 
(0.77)
 
 
(2.01)
 
 
(0.49)
 
 
(0.87)
ETF transaction fees per share
 
 
—
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
 
 
0.00(c)
Net asset value, end of year
 
 
$32.20
 
 
$30.43
 
 
$23.17
 
 
$24.63
 
 
$35.72
 
 
$30.87
Total return
 
 
9.04%
 
 
34.80%
 
 
−2.97%
 
 
−26.77%
 
 
17.44%
 
 
11.29%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$266,610
 
 
$290,916
 
 
$181,683
 
 
$274,398
 
 
$911,467
 
 
$685,231
Ratio of expenses to average net assets
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets
 
 
2.98%
 
 
2.81%
 
 
2.92%
 
 
1.08%
 
 
0.25%
 
 
0.40%
Portfolio turnover rate(d)
 
 
43%
 
 
61%
 
 
218%
 
 
286%
 
 
194%
 
 
162%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
87
 

TABLE OF CONTENTS

AMPLIFY BLACKSWAN ISWN ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
 
Period Ended
October 31,
2021(a)
 
2023
 
 
2022
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$20.53
 
 
$17.01
 
 
$17.66
 
 
$25.50
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.61
 
 
0.52
 
 
0.55
 
 
0.30
 
 
0.07
Net realized and unrealized gain (loss) on investments(c)
 
 
0.63
 
 
3.58
 
 
(0.66)
 
 
(7.77)
 
 
0.48
Total from investment operations
 
 
1.24
 
 
4.10
 
 
(0.11)
 
 
(7.47)
 
 
0.55
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.62)
 
 
(0.58)
 
 
(0.54)
 
 
(0.27)
 
 
(0.05)
Net realized gains
 
 
—
 
 
—
 
 
—
 
 
(0.10)
 
 
—
Total distributions
 
 
(0.62)
 
 
(0.58)
 
 
(0.54)
 
 
(0.37)
 
 
(0.05)
Net asset value, end of period
 
 
$21.15
 
 
$20.53
 
 
$17.01
 
 
$17.66
 
 
$25.50
Total return(d)
 
 
6.25%
 
 
24.31%
 
 
−0.80%
 
 
−29.51%
 
 
2.23%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$33,305
 
 
$37,986
 
 
$37,430
 
 
$31,348
 
 
$43,353
Ratio of expenses to average net assets(e)
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets(e)
 
 
3.11%
 
 
2.95%
 
 
2.93%
 
 
1.42%
 
 
0.38%
Portfolio turnover rate(d)(f)
 
 
38%
 
 
32%
 
 
195%
 
 
221%
 
 
123%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 25, 2021.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
88
 

TABLE OF CONTENTS

AMPLIFY BLOOMBERG AI VALUE CHAIN ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$48.15
 
 
$35.22
 
 
$28.66
 
 
$51.58
 
 
$42.29
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.15
 
 
0.01
 
 
0.01
 
 
(0.03)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(b)
 
 
15.26
 
 
12.93
 
 
6.55
 
 
(22.89)
 
 
9.45
Total from investment operations
 
 
15.41
 
 
12.94
 
 
6.56
 
 
(22.92)
 
 
9.42
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.09)
 
 
(0.01)
 
 
—
 
 
—
 
 
(0.13)
Total distributions
 
 
(0.09)
 
 
(0.01)
 
 
—
 
 
—
 
 
(0.13)
ETF transaction fees per share
 
 
0.01
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
—
Net asset value, end of year
 
 
$63.48
 
 
$48.15
 
 
$35.22
 
 
$28.66
 
 
$51.58
Total return
 
 
32.09%
 
 
36.72%
 
 
22.92%
 
 
−44.44%
 
 
22.28%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$31,738
 
 
$26,481
 
 
$24,656
 
 
$22,925
 
 
$54,155
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.68%
 
 
0.68%
 
 
0.68%
 
 
0.68%
Ratio of net investment income (loss) to average net assets
 
 
0.29%
 
 
0.02%
 
 
0.02%
 
 
(0.09)%
 
 
(0.06)%
Portfolio turnover rate(d)
 
 
129%
 
 
36%
 
 
29%
 
 
28%
 
 
14%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
89
 

TABLE OF CONTENTS

AMPLIFY BLOOMBERG U.S. TREASURY 12% PREMIUM INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.84
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.67)
Total from investment operations
 
 
0.17
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
​(1.16)
Return of capital
 
 
​(1.41)
Total distributions
 
 
(2.57)
ETF transaction fees per share
 
 
0.00(d)
Net asset value, end of period
 
 
$22.60
Total return(e)
 
 
0.93%
SUPPLEMENTAL DATA AND RATIOS:(f)
 
 
Net assets, end of period (in thousands)
 
 
$11,528
Ratio of expenses to average net assets(g)
 
 
0.30%
Ratio of net investment income (loss) to average net assets(g)
 
 
3.97%
Portfolio turnover rate(e)(h)
 
 
92%
 
 
 
 
(a)
Inception date of the Fund was October 28, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(g)
Annualized for periods less than one year.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
90
 

TABLE OF CONTENTS

AMPLIFY BLUESTAR ISRAEL TECHNOLOGY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$47.92
 
 
$41.25
 
 
$43.94
 
 
$66.09
 
 
$55.57
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment loss(a)
 
 
(0.13)
 
 
(0.06)
 
 
0.00(b)
 
 
(0.05)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
10.93
 
 
6.73
 
 
(2.69)
 
 
(22.10)
 
 
10.97
Total from investment operations
 
 
10.80
 
 
6.67
 
 
(2.69)
 
 
(22.15)
 
 
10.96
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.01)
 
 
—
 
 
—
 
 
—
 
 
(0.44)
Total distributions
 
 
(0.01)
 
 
—
 
 
—
 
 
—
 
 
(0.44)
ETF transaction fees per share
 
 
0.00(b)
 
 
—
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$58.71
 
 
$47.92
 
 
$41.25
 
 
$43.94
 
 
$66.09
Total return
 
 
22.52%
 
 
16.18%
 
 
−6.12%
 
 
−33.52%
 
 
19.76%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$102,738
 
 
$88,659
 
 
$88,690
 
 
$116,443
 
 
$191,673
Ratio of expenses to average net assets
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
(0.25)%
 
 
(0.12)%
 
 
0.00%(d)
 
 
(0.10)%
 
 
(0.02)%
Portfolio turnover rate(e)
 
 
19%
 
 
21%
 
 
17%
 
 
25%
 
 
21%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Amount represents less than $0.005 per share.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than 0.005%.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
91
 

TABLE OF CONTENTS

AMPLIFY CASH FLOW DIVIDEND LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Period Ended
October 31,
2023(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$29.69
 
 
$23.35
 
 
$25.13
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.69
 
 
0.59
 
 
0.05
Net realized and unrealized gain (loss) on investments(c)
 
 
2.23
 
 
6.34
 
 
(1.79)
Total from investment operations
 
 
2.92
 
 
6.93
 
 
(1.74)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.70)
 
 
(0.59)
 
 
(0.04)
Total distributions
 
 
(0.70)
 
 
(0.59)
 
 
(0.04)
Net asset value, end of period
 
 
$31.91
 
 
$29.69
 
 
$23.35
Total return(d)
 
 
10.04%
 
 
29.91%
 
 
−6.94%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$22,975
 
 
$18,112
 
 
$5,137
Ratio of expenses to average net assets:
 
 
 
 
 
 
Before expense reimbursement/recoupment(e)
 
 
0.39%
 
 
0.39%
 
 
0.39%
After expense reimbursement/recoupment(e)
 
 
—%
 
 
—%
 
 
—%
Ratio of net investment income (loss) to average net assets(e)
 
 
2.35%
 
 
2.30%
 
 
1.46%
Portfolio turnover rate(d)(f)
 
 
165%
 
 
140%
 
 
21%
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 12, 2023.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
92
 

TABLE OF CONTENTS

AMPLIFY COWS COVERED CALL ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Period Ended
October 31,
2023(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$25.86
 
 
$23.46
 
 
$24.92
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.38
 
 
0.40
 
 
0.03
Net realized and unrealized gain (loss) on investments(c)
 
 
0.21
 
 
3.89
 
 
(1.32)
Total from investment operations
 
 
0.59
 
 
4.29
 
 
(1.29)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.03)
 
 
(0.26)
 
 
(0.17)
Return of capital
 
 
(2.40)
 
 
(1.63)
 
 
—
Total distributions
 
 
(2.43)
 
 
(1.89)
 
 
(0.17)
Net asset value, end of period
 
 
$24.02
 
 
$25.86
 
 
$23.46
Total return(d)
 
 
2.70%
 
 
18.64%
 
 
−5.18%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$12,969
 
 
$1,552
 
 
$2,815
Ratio of expenses to average net assets(f)(h)
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.60%
 
 
1.70%
 
 
1.14%
Portfolio turnover rate(d)(g)
 
 
441%
 
 
—%
 
 
—%
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 19, 2023.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
The ratios of expenses and income presented above do not reflect the Fund’s proportionate share of expenses and income of the underlying funds in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
93
 

TABLE OF CONTENTS

AMPLIFY CWP ENHANCED DIVIDEND INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$41.15
 
 
$34.24
 
 
$35.41
 
 
$37.11
 
 
$29.22
 
 
$30.41
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.74
 
 
0.73
 
 
0.78
 
 
0.59
 
 
0.49
 
 
0.48
Net realized and unrealized gain (loss) on investments(b)
 
 
4.66
 
 
7.87
 
 
(0.24)
 
 
(0.57)
 
 
9.22
 
 
0.79
Total from investment operations
 
 
5.40
 
 
8.60
 
 
0.54
 
 
0.02
 
 
9.71
 
 
1.27
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.41)
 
 
(1.51)
 
 
(0.77)
 
 
(0.58)
 
 
(1.56)
 
 
(0.27)
Net realized gains
 
 
(0.61)
 
 
(0.18)
 
 
—
 
 
(0.28)
 
 
(0.11)
 
 
(0.86)
Return of capital
 
 
—
 
 
—
 
 
(0.94)
 
 
(0.86)
 
 
(0.15)
 
 
(1.33)
Total distributions
 
 
(2.02)
 
 
(1.69)
 
 
(1.71)
 
 
(1.72)
 
 
(1.82)
 
 
(2.46)
ETF transaction fees per share
 
 
—
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$44.53
 
 
$41.15
 
 
$34.24
 
 
$35.41
 
 
$37.11
 
 
$29.22
Total return
 
 
13.56%
 
 
25.61%
 
 
1.47%
 
 
0.14%
 
 
33.81%
 
 
4.40%
SUPPLEMENTAL DATA AND RATIOS:(d)
 
 
 
 
 
 
 
 
 
 
Net assets, end of year
(in thousands)
 
 
$5,246,166
 
 
$3,612,986
 
 
$2,840,053
 
 
$2,101,790
 
 
$766,353
 
 
$106,668
Ratio of expenses to average net assets:(f)
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.61%
 
 
0.95%
After expense reimbursement/ recoupment
 
 
0.54%
 
 
0.54%
 
 
0.55%
 
 
0.55%
 
 
0.54%
 
 
0.49%
Ratio of net investment income (loss) to average net assets
 
 
1.77%
 
 
2.09%
 
 
2.20%
 
 
1.67%
 
 
1.38%
 
 
1.62%
Portfolio turnover rate(e)
 
 
94%
 
 
73%
 
 
66%
 
 
87%
 
 
89%
 
 
86%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(e)
Portfolio turnover rate excludes in-kind transactions.
(f)
The ratios of expenses and income presented above do not reflect the Fund’s proportionate share of expenses and income of the underlying funds in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
94
 

TABLE OF CONTENTS

AMPLIFY CWP GROWTH & INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$25.39
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.10
 
 
0.02
Net realized and unrealized gain (loss) on investments(c)
 
 
6.19
 
 
0.52
Total from investment operations
 
 
6.29
 
 
0.54
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.07)
 
 
(0.07)
Return of capital
 
 
(2.62)
 
 
(0.08)
Total distributions
 
 
(2.69)
 
 
(0.15)
Net asset value, end of period
 
 
$28.99
 
 
$25.39
Total return(d)
 
 
26.17%
 
 
2.15%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$323,225
 
 
$10,155
Ratio of expenses to average net assets(e)(g)
 
 
0.55%
 
 
0.55%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.35%
 
 
0.62%
Portfolio turnover rate(d)(f)
 
 
175%
 
 
27%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 21, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
The ratios of expenses and income presented above do not reflect the Fund’s proportionate share of expenses and income of the underlying funds in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
95
 

TABLE OF CONTENTS

AMPLIFY CWP INTERNATIONAL ENHANCED DIVIDEND INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Period Ended
October 31,
2022(a)
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$30.71
 
 
$26.16
 
 
$24.24
 
 
$25.03
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.62
 
 
0.80
 
 
1.03
 
 
0.09
Net realized and unrealized gain (loss) on investments(c)
 
 
​7.88
 
 
5.44
 
 
2.51
 
 
(0.63)
Total from investment operations
 
 
​8.50
 
 
6.24
 
 
3.54
 
 
(0.54)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.79)
 
 
(0.78)
 
 
(0.98)
 
 
(0.07)
Net realized gains
 
 
(0.23)
 
 
—
 
 
—
 
 
—
Return of capital
 
 
(0.95)
 
 
(0.91)
 
 
(0.65)
 
 
(0.18)
Total distributions
 
 
(1.97)
 
 
(1.69)
 
 
(1.63)
 
 
(0.25)
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.01
 
 
—
Net asset value, end of period
 
 
$​37.24
 
 
$30.71
 
 
$26.16
 
 
$24.24
Total return(d)
 
 
​28.63%
 
 
24.20%
 
 
14.59%
 
 
−2.14%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$444,991
 
 
$139,135
 
 
$41,854
 
 
$1,818
Ratio of expenses to average net assets(f)(h)
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.87%
 
 
2.90%
 
 
3.78%
 
 
2.40%
Portfolio turnover rate(d)(g)
 
 
132%
 
 
104%
 
 
83%
 
 
12%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 7, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
The ratios of expenses and income presented above do not reflect the Fund’s proportionate share of expenses and income of the underlying funds in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

AMPLIFY CYBERSECURITY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$68.35
 
 
$51.59
 
 
$43.38
 
 
$60.97
 
 
$46.56
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.07
 
 
0.13
 
 
0.09
 
 
0.06
 
 
0.20
Net realized and unrealized gain (loss)
on investments(b)
 
 
18.45
 
 
16.76
 
 
8.22
 
 
(17.59)
 
 
14.39
Total from investment operations
 
 
18.52
 
 
16.89
 
 
8.31
 
 
(17.53)
 
 
14.59
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.05)
 
 
(0.13)
 
 
(0.10)
 
 
(0.06)
 
 
(0.18)
Total distributions
 
 
(0.05)
 
 
(0.13)
 
 
(0.10)
 
 
(0.06)
 
 
(0.18)
ETF transaction fees per share
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$86.82
 
 
$68.35
 
 
$51.59
 
 
$43.38
 
 
$60.97
Total return
 
 
27.12%
 
 
32.78%
 
 
19.18%
 
 
−28.77%
 
 
31.34%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$2,322,555
 
 
$1,746,407
 
 
$1,423,792
 
 
$1,431,515
 
 
$2,307,648
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
0.08%
 
 
0.22%
 
 
0.20%
 
 
0.11%
 
 
0.35%
Portfolio turnover rate(d)
 
 
25%
 
 
71%
 
 
16%
 
 
51%
 
 
34%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

AMPLIFY DIGITAL PAYMENTS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$52.34
 
 
$39.23
 
 
$37.85
 
 
$67.82
 
 
$54.30
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
(0.07)
 
 
(0.02)
 
 
0.02
 
 
(0.04)
 
 
(0.13)
Net realized and unrealized gain (loss)
on investments(b)
 
 
5.39
 
 
13.18
 
 
1.36
 
 
(29.93)
 
 
13.65
Total from investment operations
 
 
5.32
 
 
13.16
 
 
1.38
 
 
(29.97)
 
 
13.52
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.44)
 
 
(0.05)
 
 
—
 
 
—
 
 
—
Total distributions
 
 
(0.44)
 
 
(0.05)
 
 
—
 
 
—
 
 
—
ETF transaction fees per share
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
—
Net asset value, end of year
 
 
$57.22
 
 
$52.34
 
 
$39.23
 
 
$37.85
 
 
$67.82
Total return
 
 
10.16%
 
 
33.55%
 
 
3.64%
 
 
−44.18%
 
 
24.91%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$260,363
 
 
$298,326
 
 
$357,015
 
 
$507,208
 
 
$1,193,637
Ratio of expenses to average net assets
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
(0.12)%
 
 
(0.04)%
 
 
0.06%
 
 
(0.09)%
 
 
(0.20)%
Portfolio turnover rate(d)
 
 
29%
 
 
47%
 
 
23%
 
 
35%
 
 
27%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
98
 

TABLE OF CONTENTS

AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$59.93
 
 
$50.01
 
 
$46.15
 
 
$59.36
 
 
$44.18
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.52
 
 
0.63
 
 
0.63
 
 
0.52
 
 
0.47
Net realized and unrealized gain (loss)
on investments(b)
 
 
3.38
 
 
9.99
 
 
3.87
 
 
(13.26)
 
 
15.17
Total from investment operations
 
 
3.90
 
 
10.62
 
 
4.50
 
 
(12.74)
 
 
15.64
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.15)
 
 
(0.67)
 
 
(0.64)
 
 
(0.47)
 
 
(0.46)
Return of capital
 
 
—
 
 
(0.03)
 
 
—
 
 
—
 
 
—
Total distributions
 
 
(0.15)
 
 
(0.70)
 
 
(0.64)
 
 
(0.47)
 
 
(0.46)
Net asset value, end of year
 
 
$63.68
 
 
$59.93
 
 
$50.01
 
 
$46.15
 
 
$59.36
Total return
 
 
6.52%
 
 
21.33%
 
 
9.74%
 
 
−21.58%
 
 
35.48%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$156,025
 
 
$188,779
 
 
$172,521
 
 
$147,670
 
 
$178,070
Ratio of expenses to average net assets
 
 
0.45%
 
 
0.45%
 
 
0.45%
 
 
0.45%
 
 
0.45%
Ratio of net investment income (loss) to average net assets
 
 
0.88%
 
 
1.15%
 
 
1.22%
 
 
0.92%
 
 
0.83%
Portfolio turnover rate(c)
 
 
29%
 
 
78%
 
 
50%
 
 
30%
 
 
45%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
99
 

TABLE OF CONTENTS

AMPLIFY HIGH INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$12.30
 
 
$10.60
 
 
$11.60
 
 
$17.04
 
 
$14.28
 
 
$17.62
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.59
 
 
0.92
 
 
1.12
 
 
0.89
 
 
0.81
 
 
0.97
Net realized and unrealized gain (loss) on investments(b)
 
 
0.34
 
 
2.10
 
 
(0.68)
 
 
(4.89)
 
 
3.48
 
 
(2.69)
Total from investment operations
 
 
0.93
 
 
3.02
 
 
0.44
 
 
(4.00)
 
 
4.29
 
 
(1.72)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.66)
 
 
(0.93)
 
 
(1.09)
 
 
(0.93)
 
 
(0.86)
 
 
(1.03)
Return of capital
 
 
(0.78)
 
 
(0.39)
 
 
(0.35)
 
 
(0.51)
 
 
(0.67)
 
 
(0.59)
Total distributions
 
 
(1.44)
 
 
(1.32)
 
 
(1.44)
 
 
(1.44)
 
 
(1.53)
 
 
(1.62)
ETF transaction fees per share
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
Net asset value, end of year
 
 
$11.79
 
 
$12.30
 
 
$10.60
 
 
$11.60
 
 
$17.04
 
 
$14.28
Total return
 
 
8.40%
 
 
29.67%
 
 
3.52%
 
 
−24.46%
 
 
30.71%
 
 
−9.84%
SUPPLEMENTAL DATA AND RATIOS:(d)
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$619,089
 
 
$528,993
 
 
$340,947
 
 
$298,062
 
 
$448,971
 
 
$222,820
Ratio of expenses to average net assets
 
 
0.50%
 
 
0.50%
 
 
0.50%
 
 
0.50%
 
 
0.50%
 
 
0.50%
Ratio of net investment income (loss) to average net assets
 
 
5.03%
 
 
8.53%
 
 
9.57%
 
 
6.23%
 
 
4.81%
 
 
6.29%
Portfolio turnover rate(e)
 
 
48%
 
 
110%
 
 
48%
 
 
59%
 
 
90%
 
 
43%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
100
 

TABLE OF CONTENTS

AMPLIFY JUNIOR SILVER MINERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$12.87
 
 
$8.45
 
 
$9.11
 
 
$11.82
 
 
$13.79
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.01
 
 
(0.01)
 
 
(0.02)
 
 
0.01
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(b)
 
 
10.95
 
 
4.43
 
 
(0.63)
 
 
(2.68)
 
 
(1.76)
Total from investment operations
 
 
10.96
 
 
4.42
 
 
(0.65)
 
 
(2.67)
 
 
(1.77)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.72)
 
 
—
 
 
(0.01)
 
 
(0.04)
 
 
(0.20)
Total distributions
 
 
(0.72)
 
 
—
 
 
(0.01)
 
 
(0.04)
 
 
(0.20)
ETF transaction fees per share
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
0.00(c)
 
 
0.00(c)
Net asset value, end of year
 
 
$23.11
 
 
$12.87
 
 
$8.45
 
 
$9.11
 
 
$11.82
Total return
 
 
92.77%
 
 
52.30%
 
 
−7.23%
 
 
−22.63%
 
 
−13.06%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$2,651,344
 
 
$1,044,021
 
 
$580,398
 
 
$606,358
 
 
$727,987
Ratio of expenses to average net assets
 
 
0.69%
 
 
0.69%
 
 
0.69%
 
 
0.69%
 
 
0.69%
Ratio of net investment income (loss) to average net assets
 
 
0.06%
 
 
(0.09)%
 
 
(0.16)%
 
 
0.12%
 
 
(0.10)%
Portfolio turnover rate(d)
 
 
47%
 
 
56%
 
 
80%
 
 
34%
 
 
26%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
101
 

TABLE OF CONTENTS

AMPLIFY LITHIUM & BATTERY TECHNOLOGY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$9.76
 
 
$9.84
 
 
$12.58
 
 
$19.59
 
 
$10.83
 
 
$10.59
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.15
 
 
0.22
 
 
0.25
 
 
0.49
 
 
0.27
 
 
0.16
Net realized and unrealized gain (loss) on investments(b)
 
 
3.26
 
 
0.04
 
 
(2.51)
 
 
(7.08)
 
 
8.50
 
 
0.41
Total from investment operations
 
 
3.41
 
 
0.26
 
 
(2.26)
 
 
(6.59)
 
 
8.77
 
 
0.57
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.28)
 
 
(0.34)
 
 
(0.48)
 
 
(0.42)
 
 
(0.03)
 
 
(0.35)
Total distributions
 
 
(0.28)
 
 
(0.34)
 
 
(0.48)
 
 
(0.42)
 
 
(0.03)
 
 
(0.35)
ETF transaction fees per share
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.02
 
 
0.02
Net asset value, end of year
 
 
$12.89
 
 
$9.76
 
 
$9.84
 
 
$12.58
 
 
$19.59
 
 
$10.83
Total return
 
 
36.18%
 
 
2.38%
 
 
−18.52%
 
 
−34.28%
 
 
81.32%
 
 
5.56%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year
(in thousands)
 
 
$78,627
 
 
$78,568
 
 
$110,702
 
 
$159,791
 
 
$234,137
 
 
$9,747
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.89%
After expense reimbursement/ recoupment
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.71%
Ratio of net investment income (loss) to average net assets
 
 
1.58%
 
 
2.60%
 
 
1.98%
 
 
3.05%
 
 
1.57%
 
 
1.60%
Portfolio turnover rate(d)
 
 
73%
 
 
69%
 
 
42%
 
 
42%
 
 
51%
 
 
131%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
102
 

TABLE OF CONTENTS

AMPLIFY NATURAL RESOURCES DIVIDEND INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended
October 31,
2023
 
 
Period Ended
October 31,
2022(a)
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.59
 
 
$26.08
 
 
$25.01
 
 
$25.79
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
1.16
 
 
1.12
 
 
1.65
 
 
0.18
Net realized and unrealized gain (loss) on investments(c)
 
 
0.40
 
 
2.95
 
 
1.34
 
 
(0.76)
Total from investment operations
 
 
1.56
 
 
4.07
 
 
2.99
 
 
(0.58)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.75)
 
 
(1.12)
 
 
(1.42)
 
 
(0.18)
Net realized gains
 
 
(0.06)
 
 
—
 
 
—
 
 
—
Return of capital
 
 
(0.74)
 
 
(0.44)
 
 
(0.50)
 
 
(0.02)
Total distributions
 
 
(1.55)
 
 
(1.56)
 
 
(1.92)
 
 
(0.20)
Net asset value, end of period
 
 
$28.60
 
 
$28.59
 
 
$26.08
 
 
$25.01
Total return(d)
 
 
5.67%
 
 
15.83%
 
 
12.34%
 
 
−2.16%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$10,726
 
 
$14,294
 
 
$9,128
 
 
$1,876
Ratio of expenses to average net assets(e)
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
Ratio of net investment income (loss) to average
net assets(e)
 
 
4.08%
 
 
4.35%
 
 
6.34%
 
 
3.94%
Portfolio turnover rate(d)(f)
 
 
134%
 
 
106%
 
 
135%
 
 
31%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 23, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
103
 

TABLE OF CONTENTS

AMPLIFY ONLINE RETAIL ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$61.16
 
 
$41.53
 
 
$40.08
 
 
$110.70
 
 
$88.69
 
 
$48.49
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.06
 
 
(0.00)(b)
 
 
(0.06)
 
 
0.37
 
 
(0.07)
 
 
0.58
Net realized and unrealized gain (loss) on investments(c)
 
 
15.14
 
 
19.63
 
 
1.51
 
 
(70.99)
 
 
22.70
 
 
39.77
Total from investment operations
 
 
15.20
 
 
19.63
 
 
1.45
 
 
(70.62)
 
 
22.63
 
 
40.35
Net investment income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.62)
 
 
(0.15)
Total distributions
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.62)
 
 
(0.15)
ETF transaction fees per share
 
 
0.00(b)
 
 
0.00(b)
 
 
—
 
 
—
 
 
0.00(b)
 
 
—
Net asset value, end of year
 
 
$76.36
 
 
$61.16
 
 
$41.53
 
 
$40.08
 
 
$110.70
 
 
$88.69
Total return
 
 
24.84%
 
 
47.28%
 
 
3.62%
 
 
−63.80%
 
 
25.49%
 
 
83.46%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$160,346
 
 
$159,024
 
 
$155,741
 
 
$186,360
 
 
$896,682
 
 
$971,146
Ratio of expenses to average net assets
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets
 
 
0.09%
 
 
(0.01)%
 
 
(0.13)%
 
 
0.56%
 
 
(0.06)%
 
 
0.82%
Portfolio turnover rate(d)
 
 
34%
 
 
38%
 
 
62%
 
 
57%
 
 
61%
 
 
28%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Amount represents less than $0.005 per share.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
104
 

TABLE OF CONTENTS

AMPLIFY SAMSUNG SOFR ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$100.19
 
 
$100.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
4.33
 
 
4.60
Net realized and unrealized gain (loss) on investments(c)
 
 
—
 
 
0.01
Total from investment operations
 
 
4.33
 
 
4.61
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(4.32)
 
 
(4.46)
Return of capital
 
 
(0.09)
 
 
—
Total distributions
 
 
(4.41)
 
 
(4.46)
ETF transaction fees per share
 
 
0.02
 
 
0.04
Net asset value, end of period
 
 
$100.13
 
 
$100.19
Total return(d)
 
 
4.43%
 
 
4.73%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$275,351
 
 
$242,460
Ratio of expenses to average net assets(e)
 
 
0.20%
 
 
0.20%
Ratio of net investment income (loss) to average net assets(e)
 
 
4.31%
 
 
5.26%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 14, 2023.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
105
 

TABLE OF CONTENTS

AMPLIFY SAMSUNG U.S. NATURAL GAS INFRASTRUCTURE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$24.98
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.18
Net realized and unrealized gain (loss) on investments(c)
 
 
2.93
Total from investment operations
 
 
3.11
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.20)
Return of capital
 
 
(0.00)(d)
Total distributions
 
 
(0.20)
Net asset value, end of period
 
 
$27.89
Total return(e)
 
 
12.45%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$3,905
Ratio of expenses to average net assets(f)
 
 
0.59%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.93%
Portfolio turnover rate(e)(g)
 
 
4%
 
 
 
 
(a)
Inception date of the Fund was May 19, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
106
 

TABLE OF CONTENTS

AMPLIFY SEYMOUR CANNABIS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025(e)
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$53.76
 
 
$43.92
 
 
$82.20
 
 
$208.44
 
 
$141.72
 
 
$187.32
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.56
 
 
0.72
 
 
0.72
 
 
0.00(b)
 
 
0.12
 
 
3.72
Net realized and unrealized gain (loss) on investments(c)
 
 
(23.86)
 
 
9.12
 
 
(39.00)
 
 
(126.24)
 
 
67.80
 
 
(48.36)
Total from investment operations
 
 
(23.30)
 
 
9.84
 
 
(38.28)
 
 
(126.24)
 
 
67.92
 
 
(44.64)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.89)
 
 
—
 
 
—
 
 
(0.00)(b)
 
 
(1.20)
 
 
(0.96)
Total distributions
 
 
(0.89)
 
 
—
 
 
—
 
 
(0.00)(b)
 
 
(1.20)
 
 
(0.96)
ETF transaction fees per share
 
 
0.00(b)
 
 
0.00(b)
 
 
—
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$29.57
 
 
$53.76
 
 
$43.92
 
 
$82.20
 
 
$208.44
 
 
$141.72
Total return
 
 
−18.97%
 
 
22.42%
 
 
−46.60%
 
 
−60.58%
 
 
47.93%
 
 
−24.94%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year
(in thousands)
 
 
$113,469
 
 
$27,978
 
 
$23,591
 
 
$42,451
 
 
$103,361
 
 
$6,497
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment
 
 
1.08%
 
 
1.33%
 
 
1.43%
 
 
1.08%
 
 
0.97%
 
 
5.61%
After expense reimbursement/ recoupment
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
2.22%
Ratio of net investment income (loss) to average net assets
 
 
2.63%
 
 
1.33%
 
 
1.27%
 
 
0.05%
 
 
0.05%
 
 
2.93%
Portfolio turnover rate(d)
 
 
42%
 
 
2%
 
 
46%
 
 
27%
 
 
124%
 
 
64%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Amount represents less than $0.005 per share.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Portfolio turnover rate excludes in-kind transactions.
(e)
During the year ended September 30, 2025, the Fund effected the following reverse stock split: February 21, 2025, 1 for 12. All historical per share information has been retroactively adjusted to reflect this reverse stock split.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY SILJ COVERED CALL ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$25.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.01
Net realized and unrealized gain (loss) on investments(c)
 
 
4.82
Total from investment operations
 
 
4.83
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
​(0.00)(d)
Net realized gains
 
 
(0.07)
Return of capital
 
 
​(0.41)
Total distributions
 
 
(0.48)
Net asset value, end of period
 
 
$29.35
Total return(e)
 
 
19.33%
SUPPLEMENTAL DATA AND RATIOS:(f)
 
 
Net assets, end of period (in thousands)
 
 
$8,071
Ratio of expenses to average net assets:(i)
 
 
Before expense reimbursement/recoupment(g)
 
 
0.79%
After expense reimbursement/recoupment(g)
 
 
0.67%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(f)
 
 
0.04%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(g)
 
 
0.63%
Ratio of net investment income (loss) to average net assets(h)
 
 
0.31%
Portfolio turnover rate(e)(h)
 
 
11%
 
 
 
 
(a)
Inception date of the Fund was August 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(g)
Annualized for periods less than one year.
(h)
Portfolio turnover rate excludes in-kind transactions.
(i)
The ratios of expenses and income presented above do not reflect the Fund’s proportionate share of expenses and income of the underlying funds in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY SMALL-MID CAP EQUITY ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
September 30,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$24.81
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.10
Net realized and unrealized gain (loss) on investments(c)
 
 
0.18
Total from investment operations
 
 
0.28
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
​(0.10)
Return of capital
 
 
(0.02)
Total distributions
 
 
(0.12)
Net asset value, end of period
 
 
$24.97
Total return(d)
 
 
1.14%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,248
Ratio of expenses to average net assets(e)
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.43%
Portfolio turnover rate(d)(f)
 
 
40%
 
 
 
 
(a)
Inception date of the Fund was October 22, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY TRANSFORMATIONAL DATA SHARING ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024
 
 
Year Ended October 31,
 
2023
 
 
2022
 
 
2021
 
 
2020
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$37.56
 
 
$20.58
 
 
$18.53
 
 
$55.37
 
 
$24.80
 
 
$18.21
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.41
 
 
0.36
 
 
0.38
 
 
0.41
 
 
0.24
 
 
0.17
Net realized and unrealized gain (loss) on investments(b)
 
 
31.70
 
 
16.96
 
 
1.67
 
 
(31.50)
 
 
30.98
 
 
6.80
Total from investment operations
 
 
32.11
 
 
17.32
 
 
2.05
 
 
(31.09)
 
 
31.22
 
 
6.97
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(2.59)
 
 
(0.34)
 
 
—
 
 
(5.75)
 
 
(0.66)
 
 
(0.39)
Total distributions
 
 
(2.59)
 
 
(0.34)
 
 
—
 
 
(5.75)
 
 
(0.66)
 
 
(0.39)
ETF transaction fees per share
 
 
0.00(c)
 
 
0.00(c)
 
 
—
 
 
0.00(c)
 
 
0.01
 
 
0.01
Net asset value, end of year
 
 
$67.08
 
 
$37.56
 
 
$20.58
 
 
$18.53
 
 
$55.37
 
 
$24.80
Total return
 
 
89.20%
 
 
84.42%
 
 
11.05%
 
 
−61.76%
 
 
127.54%
 
 
38.97%
SUPPLEMENTAL DATA AND RATIOS:(d)
 
 
 
 
 
 
 
 
 
 
Net assets, end of year
(in thousands)
 
 
$1,442,299
 
 
$685,397
 
 
$427,075
 
 
$464,298
 
 
$1,495,050
 
 
$132,705
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.73%
 
 
0.90%
After expense reimbursement/ recoupment
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.70%
Ratio of net investment income (loss) to average net assets
 
 
0.83%
 
 
1.26%
 
 
1.94%
 
 
1.33%
 
 
0.50%
 
 
0.85%
Portfolio turnover rate(e)
 
 
50%
 
 
41%
 
 
36%
 
 
39%
 
 
41%
 
 
44%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY TRAVEL TECH ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$20.49
 
 
$16.90
 
 
$15.86
 
 
$28.37
 
 
$18.88
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
(0.03)
 
 
0.06
 
 
(0.08)
 
 
(0.10)
 
 
(0.13)
Net realized and unrealized gain (loss) on investments(b)
 
 
1.85
 
 
3.59
 
 
1.12
 
 
(12.42)
 
 
9.60
Total from investment operations
 
 
1.82
 
 
3.65
 
 
1.04
 
 
(12.52)
 
 
9.47
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
—
 
 
(0.06)
 
 
—
 
 
—
 
 
(0.01)
Return of capital
 
 
—
 
 
(0.00)(c)
 
 
—
 
 
—
 
 
—
Total distributions
 
 
—
 
 
(0.06)
 
 
—
 
 
—
 
 
(0.01)
ETF transaction fees per share
 
 
0.01
 
 
0.00(c)
 
 
0.00(c)
 
 
0.01
 
 
0.03
Net asset value, end of year
 
 
$22.32
 
 
$20.49
 
 
$16.90
 
 
$15.86
 
 
$28.37
Total return
 
 
8.97%
 
 
21.59%
 
 
6.54%
 
 
−44.08%
 
 
50.35%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$41,298
 
 
$65,553
 
 
$103,929
 
 
$146,718
 
 
$321,957
Ratio of expenses to average net assets
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average
net assets
 
 
—%
 
 
—%
 
 
—%
 
 
0.01%
 
 
—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
(0.15)%
 
 
0.31%
 
 
(0.49)%
 
 
(0.47)%
 
 
(0.43)%
Portfolio turnover rate(d)
 
 
41%
 
 
33%
 
 
48%
 
 
40%
 
 
57%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY VIDEO GAME LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended September 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$67.09
 
 
$53.56
 
 
$51.00
 
 
$83.69
 
 
$67.61
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.54
 
 
0.06
 
 
0.17
 
 
0.25
 
 
0.74
Net realized and unrealized gain (loss) on investments(b)
 
 
30.06
 
 
13.50
 
 
2.38
 
 
(30.82)
 
 
15.96
Total from investment operations
 
 
30.60
 
 
13.56
 
 
2.55
 
 
(30.57)
 
 
16.70
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.38)
 
 
(0.05)
 
 
—
 
 
(2.14)
 
 
(0.72)
Total distributions
 
 
(0.38)
 
 
(0.05)
 
 
—
 
 
(2.14)
 
 
(0.72)
ETF transaction fees per share
 
 
0.00(c)
 
 
0.02
 
 
0.01
 
 
0.02
 
 
0.10
Net asset value, end of year
 
 
$97.31
 
 
$67.09
 
 
$53.56
 
 
$51.00
 
 
$83.69
Total return
 
 
45.88%
 
 
25.36%
 
 
5.01%
 
 
−37.58%
 
 
24.91%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$50,599
 
 
$40,252
 
 
$42,844
 
 
$51,001
 
 
$100,427
Ratio of expenses to average net assets
 
 
0.64%
 
 
0.75%
 
 
0.75%
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets
 
 
0.72%
 
 
0.11%
 
 
0.29%
 
 
0.33%
 
 
0.87%
Portfolio turnover rate(d)
 
 
122%
 
 
52%
 
 
44%
 
 
53%
 
 
89%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY WEIGHT LOSS DRUG & TREATMENT ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended
September 30,
2025
 
 
Period Ended
September 30,
2024(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$26.75
 
 
$25.21
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.27
 
 
0.08
Net realized and unrealized gain (loss) on investments(c)
 
 
(3.33)
 
 
1.46
Total from investment operations
 
 
(3.06)
 
 
1.54
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.08)
 
 
—
Net realized gains
 
 
(0.14)
 
 
—
Total distributions
 
 
(0.22)
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
0.00(d)
Net asset value, end of period
 
 
$23.47
 
 
$26.75
Total return(e)
 
 
−11.39%
 
 
6.09%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,051
 
 
$4,814
Ratio of expenses to average net assets(f)
 
 
0.59%
 
 
0.59%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.16%
 
 
0.83%
Portfolio turnover rate(e)(g)
 
 
70%
 
 
36%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 20, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025
1. ORGANIZATION
Amplify ETF Trust (the “Trust”) was organized as a Massachusetts business trust on January 6, 2015, and is authorized to issue an unlimited number of shares in one or more series of funds. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of multiple operational series, all of which are covered in this report (each a “Fund” and collectively the “Funds”). Each Fund represents a beneficial interest in a separate portfolio of securities and other assets, with their own investment objectives and policies.
The Funds list and principally trade their shares on the New York Stock Exchange Arca (“NYSE”), the Nasdaq Stock Market LLC (“Nasdaq”), and the Cboe BZX Exchange, Inc. (“Cboe”) (each an “Exchange” and collectively the “Exchanges”). Shares of the Funds trade on the Exchanges at market prices that may be below, at, or above the Funds’ net asset value (“NAV”). The Funds will issue and redeem shares on a continuous basis at NAV only in creation units.
Creation Units will be issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed an Authorized Participant Agreement with Foreside Fund Services, LLC (“the Distributor”). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
Amplify High Income ETF (the “Fund”) is an exchange-traded fund registered under the Investment Company Act of 1940. The Fund operates in a manner commonly referred to as a “fund of funds,” meaning that it invests its assets in shares of funds included in the ISE High Income™ Index.
Each Fund currently offers one class of shares, which has no front end sales load, no deferred sales charge, and no redemption fee. The Funds may issue an unlimited number of shares of beneficial interest, with par value of $0.01 per share. All shares of the Funds have equal rights and privileges. In addition to the transaction fees noted below, each Fund may also charge up to a 2% variable fee on the creation or redemption of Creation or Redemption Units. Variable transaction fees during the fiscal year, if any, are disclosed in the Statements of Changes in Net Assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Ticker
 
 
Commencement of Operations
 
 
Diversification
 
 
Exchange
 
 
Transaction
Fees
 
 
Creation
Unit Size
Amplify AI Powered Equity ETF
 
 
AIEQ
 
 
October 17, 2017
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify Alternative Harvest ETF
 
 
MJ
 
 
December 3, 2015
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Bitcoin 2% Monthly Option Income ETF
 
 
BITY
 
 
April 28, 2025
 
 
Non-Diversified
 
 
CBOE
 
 
300
 
 
10,000
Amplify Bitcoin Max Income Covered Call ETF
 
 
BAGY
 
 
April 28, 2025
 
 
Non-Diversified
 
 
CBOE
 
 
300
 
 
10,000
Amplify BlackSwan Growth & Treasury Core ETF
 
 
SWAN
 
 
November 5, 2018
 
 
Diversified
 
 
NYSE
 
 
300
 
 
10,000
Amplify BlackSwan ISWN ETF
 
 
ISWN
 
 
January 25, 2021
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify Bloomberg AI Value Chain ETF
 
 
AIVC
 
 
March 8, 2016
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF
 
 
TLTP
 
 
October 28, 2024
 
 
Non-Diversified
 
 
CBOE
 
 
300
 
 
10,000
Amplify BlueStar Israel Technology ETF
 
 
ITEQ
 
 
November 2, 2015
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Cash Flow Dividend Leaders ETF
 
 
COWS
 
 
September 12, 2023
 
 
Non-Diversified
 
 
NASDAQ
 
 
300
 
 
10,000
Amplify COWS Covered Call ETF
 
 
HCOW
 
 
September 19, 2023
 
 
Non-Diversified
 
 
NASDAQ
 
 
300
 
 
30,000
Amplify CWP Enhanced Dividend Income ETF
 
 
DIVO
 
 
December 13, 2016
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify CWP Growth & Income ETF
 
 
QDVO
 
 
August 21, 2024
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify CWP International Enhanced Dividend Income ETF
 
 
IDVO
 
 
September 7, 2022
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify Cybersecurity ETF
 
 
HACK
 
 
November 11, 2014
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Fund Name
 
 
Ticker
 
 
Commencement of Operations
 
 
Diversification
 
 
Exchange
 
 
Transaction
Fees
 
 
Creation
Unit Size
Amplify Digital Payments ETF
 
 
IPAY
 
 
July 15, 2015
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
50,000
Amplify Etho Climate Leadership U.S. ETF
 
 
ETHO
 
 
November 18, 2015
 
 
Non-Diversified
 
 
NYSE
 
 
750
 
 
50,000
Amplify High Income ETF
 
 
YYY
 
 
June 11, 2012
 
 
Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Junior Silver Miners ETF
 
 
SILJ
 
 
November 28, 2012
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Lithium & Battery Technology ETF
 
 
BATT
 
 
June 4, 2018
 
 
Non-Diversified
 
 
NYSE
 
 
1,000
 
 
50,000
Amplify Natural Resources Dividend Income ETF
 
 
NDIV
 
 
August 23, 2022
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify Online Retail ETF
 
 
IBUY
 
 
April 19, 2016
 
 
Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Samsung SOFR ETF
 
 
SOFR
 
 
November 14, 2023
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
10,000
Amplify Samsung U.S. Natural Gas Infrastructure ETF
 
 
USNG
 
 
May 19, 2025
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
10,000
Amplify Seymour Cannabis ETF
 
 
CNBS
 
 
July 22, 2019
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify SILJ Covered Call ETF
 
 
SLJY
 
 
August 18, 2025
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify Small-Mid Cap Equity ETF
 
 
SMAP
 
 
October 22, 2024
 
 
Diversified
 
 
NYSE
 
 
300
 
 
25,000
Amplify Transformational Data Sharing ETF
 
 
BLOK
 
 
January 16, 2018
 
 
Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Travel Tech ETF
 
 
AWAY
 
 
February 12, 2020
 
 
Non-Diversified
 
 
NYSE
 
 
500
 
 
50,000
Amplify Video Game Leaders ETF
 
 
GAMR
 
 
March 8, 2016
 
 
Non-Diversified
 
 
NYSE
 
 
750
 
 
10,000
Amplify Weight Loss Drug & Treatment ETF
 
 
THNR
 
 
May 20, 2024
 
 
Non-Diversified
 
 
NYSE
 
 
300
 
 
10,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The investment objectives of the Funds are to seek investment results that generally correspond (before fees and expenses) to the price and yield of the following indexes, respectively.
 
 
 
 
 
 
 
Ticker
 
 
Index
 
 
 
AIEQ
 
 
AI Powered Equity Index
 
MJ
 
 
Prime Alternative Harvest Index
 
SWAN
 
 
S-Network BlackSwan Core Index
 
ISWN
 
 
S-Network International BlackSwan Index
 
AIVC
 
 
Bloomberg AI Value Chain Index
 
TLTP
 
 
Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index
 
ITEQ
 
 
BlueStar Israel Global Technology IndexTM
 
COWS
 
 
Kelly US Cash Flow Dividend Leaders Index
 
HACK
 
 
Nasdaq ISE Cyber Security Select Index
 
IPAY
 
 
Nasdaq CTA Global Digital Payments Index
 
ETHO
 
 
Etho Climate Leadership Index
 
YYY
 
 
ISE High IncomeTM Index
 
SILJ
 
 
Nasdaq Junior Silver MinersTM Index
 
BATT
 
 
EQM Lithium & Battery Technology Index
 
NDIV
 
 
EQM Natural Resources Dividend Income Index
 
IBUY
 
 
EQM Online Retail Index
 
AWAY
 
 
Prime Travel Technology Index
 
GAMR
 
 
VettaFi Video Game Leaders Index
 
THNR
 
 
VettaFi Weight Loss Drug & Treatment Index
 
 
 
 
 
 
The investment objective of DIVO and IDVO is to provide current income as its primary objective and to provide capital appreciation as its secondary objective. The investment objective of BLOK is to provide investors with total return. The investment objective of CNBS is to provide investors capital appreciation. The investment objective of HCOW is to provide investors with current income. The investment objective of SOFR is to provide investors with current income equal to the returns of the Secured Overnight Financing Rate (“SOFR”). The investment objective of QDVO is to provide capital appreciation as its primary objective and to provide high current income as its secondary objective. The investment objective of SMAP is to provide capital appreciation. The investment objective of BITY is to balance high income and capital appreciation through investment exposure to the price return of bitcoin and a covered
 
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call strategy. The investment objective of BAGY is to maximize current income through a covered call strategy tied to the investment exposure to the price return of bitcoin. The investment objective of USNG is to provide investors with long-term capital appreciation. The investment objective of SLJY is to balance high income and capital appreciation through investment exposure to junior silver mining companies and a covered call strategy.
Effective December 12, 2023, the Board of Trustees approved a change in fiscal year end for the Funds from October 31 to September 30.
The Acquiring Funds are the successor in interest to the Predecessor Funds listed below which were included as a series of another investment company, ETF Managers Trust (“Predecessor Trust”). On January 19, 2024, the shareholders of the Predecessor Funds approved the tax-free reorganization of the Predecessor Funds with and into the Amplify ETF Trust, and effective as of the close of business on January 26, 2024, the assets and liabilities of the Predecessor Funds were transferred to the Trust in exchange for shares of the Acquiring Funds. For financial reporting purposes, assets received and shares issued by the Funds were recorded at fair value; however, the cost basis of the investments received from the Predecessor Funds was carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Acquiring Funds in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Funds was September 30. The reporting period covered under Period ended September 30, 2024 within this annual report for the Acquiring Funds is October 1, 2023 through September 30, 2024. Operations prior to January 26, 2024 were for the Predecessor Fund. The net assets and shares outstanding transferred into the Trust at NAV at the close of business on January 26, 2024 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Predecessor Fund
 
 
Acquiring Fund
 
 
Net Assets
 
 
Net
Unrealized
Appreciation
(Depreciation)
 
 
Undistributed
(Accumulated)
Net Investment
Income
 
 
Accumulated
Net Realized
Gain (Loss) on
Investments
 
 
Shares
Outstanding
AI Powered Equity ETF
 
 
Amplify AI Powered Equity ETF
 
 
$109,962,894
 
 
$(638,568)
 
 
$390,845
 
 
$(39,729,558)
 
 
3,150,000
ETFMG Alternative Harvest ETF
 
 
Amplify Alternative Harvest ETF
 
 
246,068,434
 
 
(59,818,147)
 
 
(542,629)
 
 
(1,820,751,515)
 
 
68,900,000
Wedbush ETFMG Global Cloud Technology ETF
 
 
Amplify Bloomberg AI Value Chain ETF
 
 
24,853,161
 
 
699,878
 
 
(101,655)
 
 
(12,559,177)
 
 
600,000
BlueStar Israel Technology ETF
 
 
Amplify BlueStar Israel Technology ETF
 
 
84,632,358
 
 
(23,442,102)
 
 
(564,045)
 
 
(31,794,853)
 
 
1,850,000
ETFMG Prime Cyber Security ETF
 
 
Amplify Cybersecurity ETF
 
 
1,745,993,167
 
 
273,394,128
 
 
16,954
 
 
(294,765,054)
 
 
27,550,000
ETFMG Prime Mobile Payments ETF
 
 
Amplify Digital Payments ETF
 
 
341,374,492
 
 
(87,607,559)
 
 
(669,011)
 
 
(285,169,744)
 
 
7,400,000
Etho Climate Leadership U.S. ETF
 
 
Amplify Etho Climate Leadership U.S. ETF
 
 
176,740,183
 
 
10,391,012
 
 
(410,788)
 
 
(15,934,164)
 
 
3,200,000
ETFMG Prime Junior Silver Miners ETF
 
 
Amplify Junior Silver Miners ETF
 
 
639,736,570
 
 
(79,970,805)
 
 
(7,430,947)
 
 
(394,384,238)
 
 
69,900,000
ETFMG Travel Tech ETF
 
 
Amplify Travel Tech ETF
 
 
95,587,069
 
 
(24,776,134)
 
 
(1,576,951)
 
 
(132,417,100)
 
 
5,000,000
Wedbush ETFMG Video Game Tech ETF
 
 
Amplify Video Game Leaders ETF
 
 
42,384,114
 
 
(7,625,686)
 
 
(129,605)
 
 
(46,235,226)
 
 
750,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Consolidation of Subsidiary – BITY and BAGY’s portfolio managers expect to obtain commodities exposure primarily through investments in commodity futures contracts via wholly owned subsidiaries. Each subsidiary, which
 
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is organized under the laws of the Cayman Islands, is designed to enhance the Fund’s ability to obtain exposure to the commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. Each Fund is the sole shareholder of its respective Subsidiary, which will not be sold or offered to other investors. Each Subsidiary is overseen by its own board of directors. A Fund’s investment in its respective Subsidiary may not exceed 25% of the Fund’s total assets at each quarter-end of the Fund’s fiscal year end. The consolidated financial statements of each Fund include the financial statements of the Subsidiary. Each Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of each Subsidiary and the percentage of Fund’s net assets they represent were as follows:
 
 
 
 
 
 
 
 
 
 
Fund
 
 
Subsidiary
 
 
Net Assets of
Subsidary
 
 
Percentage of
Fund’s net
assets
BITY
 
 
Amplify Bitcoin 24% Premium Income (Cayman) Ltd
 
 
$4,586,400
 
 
22.25%
BAGY
 
 
Amplify Bitcoin Max Income Covered Call (Cayman) Ltd
 
 
—
 
 
0.00%
 
 
 
 
 
 
 
 
 
 
Security Valuation – In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The following describes the levels of the fair value hierarchy:
Level 1 – 
Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;
Level 2 – 
Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 –
Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The valuation techniques used by the Funds to measure fair value for the year ended September 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.
For the year ended September 30, 2025, there have been no significant changes to the Funds’ fair valuation methodologies.
Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market (“NASDAQ”) and the London Stock Exchange Alternative Investment Market (“AIM”)) will be valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market may be valued at the Bid, Ask, at the mean of the bid and the asked price, last traded value, and otherwise at their last closing bid price depending on the security’s characteristics and information. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, which approximates fair value. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Exchange- Security options will be valued at the Mean ICE bid ask quote. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price. OTC options contracts are fair valued at the mean of the most recent bid and asked price. In the event of an intraday exchange halt the value will be the last traded price or if not trades the mean of their most recent bid and asked price. Exchange Index options will be valued at the Snap price 4:00 ET Mean ICE Quote price -IDC Mean means the mid-point between the stated bid ask spread. (Many Index options trade to 4:15 ET). Exchange Flex options
 
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will be valued at the last traded price post 3:45pm ET. If there are none, then a theoretical price will be calculated in house by CBOE. Fixed income securities, swaps, currency, credit and commodity-linked notes, and other similar instruments will be valued using a Pricing Service. Specific to fixed income securities, with a remaining maturity of greater than 60 days will be valued by the Fund Accounting Agent using a Pricing Service, and for fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation and Pricing Committee has determined that the use of amortized cost by the Fund Accounting Agent is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following: i. the credit conditions in the relevant market and changes thereto; ii. the liquidity conditions in the relevant market and changes thereto; iii. the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates); iv. issuer-specific conditions (such as significant credit deterioration); and v. any other market-based data the Valuation and Pricing Committee considers relevant. In this regard, the Valuation and Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost. Futures contracts are valued at the closing price, if no price is determined by the exchange, at the closing bid price. Repurchase agreements will be valued as follows: Overnight repurchase agreements will be valued at cost. Term repurchase agreements (i.e., those whose maturity exceeds seven days) will be valued by the Valuation and Pricing Committee at the average of the bid quotations obtained daily from at least two recognized dealers.
Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.
The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).
The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of September 30, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
AIEQ
 
 
MJ
 
 
BITY
 
 
BAGY
 
 
SWAN
Investments in Securities
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
$116,419,140
 
 
$107,142,431
 
 
$—
 
 
$—
 
 
$—
Affiliated Exchange Traded Funds
 
 
—
 
 
93,053,212
 
 
—
 
 
—
 
 
—
Real Estate Investment Trusts - Common
 
 
376,591
 
 
—
 
 
—
 
 
—
 
 
—
Exchange Traded Funds
 
 
—
 
 
—
 
 
4,586,400
 
 
—
 
 
—
Investments Purchased with Proceeds from Securities Lending
 
 
—
 
 
62,284,536
 
 
—
 
 
—
 
 
—
Money Market Funds
 
 
170,623
 
 
546,965
 
 
12,003,285
 
 
12,220,127
 
 
515,919
Total Level 1
 
 
116,966,354
 
 
263,027,144
 
 
16,589,685
 
 
12,220,127
 
 
515,919
Level 2
 
 
 
 
 
 
 
 
 
 
U.S. Treasury Securities
 
 
—
 
 
—
 
 
—
 
 
—
 
 
226,120,238
U.S. Treasury Bills
 
 
—
 
 
—
 
 
3,276,104
 
 
2,940,317
 
 
—
Purchased Options
 
 
—
 
 
—
 
 
2,064,725
 
 
2,105,305
 
 
37,338,773
Total Level 2
 
 
—
 
 
—
 
 
5,340,829
 
 
5,045,622
 
 
263,459,011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
AIEQ
 
 
MJ
 
 
BITY
 
 
BAGY
 
 
SWAN
Level 3
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
$—
 
 
$0
 
 
$—
 
 
$—
 
 
$—
Total Level 3
 
 
—
 
 
0
 
 
—
 
 
—
 
 
—
Total
 
 
$116,966,354
 
 
$263,027,144
 
 
$21,930,514
 
 
$17,265,749
 
 
$263,974,930
Other Financial Instruments(a)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Total Level 1
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Level 2
 
 
 
 
 
 
 
 
 
 
Options Written
 
 
—
 
 
—
 
 
(1,393,394)
 
 
(1,439,350)
 
 
—
Total Level 2
 
 
—
 
 
—
 
 
(1,393,394)
 
 
(1,439,350)
 
 
—
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$—
 
 
$—
 
 
$(1,393,394)
 
 
$(1,439,350)
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
ISWN
 
 
AIVC
 
 
TLTP
 
 
ITEQ
 
 
COWS
Investments in Securities
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
$—
 
 
$31,506,785
 
 
$7,721,568
 
 
$102,535,585
 
 
$22,810,164
Investments Purchased with Proceeds from Securities Lending
 
 
—
 
 
—
 
 
—
 
 
8,388,694
 
 
576,460
Money Market Funds
 
 
78,208
 
 
218,256
 
 
10,272
 
 
175,688
 
 
148,303
Total Level 1
 
 
78,208
 
 
31,725,041
 
 
7,731,840
 
 
111,099,967
 
 
23,534,927
Level 2
 
 
 
 
 
 
 
 
 
 
U.S. Treasury Securities
 
 
28,036,191
 
 
—
 
 
3,819,878
 
 
—
 
 
—
Purchased Options
 
 
4,864,315
 
 
—
 
 
—
 
 
—
 
 
—
Total Level 2
 
 
32,900,506
 
 
—
 
 
3,819,878
 
 
—
 
 
—
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$32,978,714
 
 
$31,725,041
 
 
$11,551,718
 
 
$111,099,967
 
 
$23,534,927
Other Financial Instruments(a)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Total Level 1
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Level 2
 
 
 
 
 
 
 
 
 
 
Options Written
 
 
—
 
 
—
 
 
(43,217)
 
 
—
 
 
—
Total Level 2
 
 
—
 
 
—
 
 
(43,217)
 
 
—
 
 
—
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$—
 
 
$—
 
 
$(43,217)
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
119
 

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AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
HCOW
 
 
DIVO
 
 
QDVO
 
 
IDVO
 
 
HACK
Investments in Securities
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
$12,573,021
 
 
$4,545,457,401
 
 
$313,233,345
 
 
$431,251,630
 
 
$2,316,392,580
Affiliated Exchange Traded Funds
 
 
494,641
 
 
190,529,857
 
 
—
 
 
2,241,893
 
 
—
Exchange Traded Funds
 
 
—
 
 
209,125,872
 
 
—
 
 
—
 
 
—
Investments Purchased with Proceeds from Securities Lending
 
 
—
 
 
419,225
 
 
—
 
 
47,539,824
 
 
—
Money Market Funds
 
 
23,006
 
 
312,130,968
 
 
10,636,643
 
 
12,317,619
 
 
7,253,580
Total Level 1
 
 
13,090,668
 
 
5,257,663,323
 
 
323,869,988
 
 
493,350,966
 
 
2,323,646,160
Level 2
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
—
 
 
—
 
 
—
 
 
​80,604
 
 
—
Total Level 2
 
 
—
 
 
—
 
 
—
 
 
​80,604
 
 
—
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Investments Measured at Net Asset Value
 
 
 
 
 
 
 
 
 
 
Investments Purchased with Proceeds from Securities Lending(b)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
3,255,850
Total Investments Measured at Net Asset Value
 
 
—
 
 
—
 
 
—
 
 
—
 
 
3,255,850
Total
 
 
$13,090,668
 
 
$5,257,663,323
 
 
$323,869,988
 
 
$493,431,570
 
 
$2,326,902,010
Other Financial Instruments(a)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Total Level 1
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Level 2
 
 
 
 
 
 
 
 
 
 
Options Written
 
 
(123,766)
 
 
(12,427,475)
 
 
(6,111,580)
 
 
(874,600)
 
 
—
Total Level 2
 
 
(123,766)
 
 
(12,427,475)
 
 
(6,111,580)
 
 
(874,600)
 
 
—
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$(123,766)
 
 
$(12,427,475)
 
 
$(6,111,580)
 
 
$(874,600)
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120
 

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AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
IPAY
 
 
ETHO
 
 
YYY
 
 
SILJ
 
 
BATT
Investments in Securities
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
$259,621,299
 
 
$148,277,304
 
 
$—
 
 
$2,650,341,516
 
 
$78,237,815
Real Estate Investment Trusts - Common
 
 
—
 
 
7,139,330
 
 
—
 
 
—
 
 
—
Investment Companies
 
 
—
 
 
—
 
 
617,169,507
 
 
—
 
 
—
Investments Purchased with Proceeds from Securities Lending
 
 
11,488,633
 
 
1,179,824
 
 
26,237,325
 
 
74,417,724
 
 
3,763,140
Money Market Funds
 
 
840,139
 
 
579,862
 
 
561,277
 
 
1,612,949
 
 
158,812
Total Level 1
 
 
271,950,071
 
 
157,176,320
 
 
643,968,109
 
 
2,726,372,189
 
 
82,159,767
Level 2
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
—
 
 
—
 
 
—
 
 
—
 
 
108,017
Total Level 2
 
 
—
 
 
—
 
 
—
 
 
—
 
 
108,017
Level 3
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0
Total
 
 
$271,950,071
 
 
$157,176,320
 
 
$643,968,109
 
 
$2,726,372,189
 
 
$82,267,784
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
NDIV
 
 
IBUY
 
 
SOFR
 
 
USNG
 
 
CNBS
Investments in Securities
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
$10,636,356
 
 
$159,979,566
 
 
$—
 
 
$3,851,504
 
 
$19,079,325
Real Estate Investment Trusts - Common
 
 
—
 
 
—
 
 
—
 
 
—
 
 
3,437,220
Investments Purchased with Proceeds from Securities Lending
 
 
1,088,958
 
 
10,221,423
 
 
—
 
 
134,314
 
 
122,400
Money Market Funds
 
 
43,883
 
 
396,374
 
 
12,792
 
 
51,126
 
 
2,085,477
Total Level 1
 
 
11,769,197
 
 
170,597,363
 
 
12,792
 
 
4,036,944
 
 
24,724,422
Level 2
 
 
 
 
 
 
 
 
 
 
Commercial Paper
 
 
—
 
 
—
 
 
24,954,479
 
 
—
 
 
—
U.S. Treasury Bills
 
 
—
 
 
—
 
 
—
 
 
—
 
 
74,809,133
Repurchase Agreements
 
 
—
 
 
—
 
 
250,398,946
 
 
—
 
 
—
Total Level 2
 
 
—
 
 
 
 
275,353,425
 
 
—
 
 
74,809,133
Level 3
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
—
 
 
0
 
 
—
 
 
—
 
 
0(c)
Total Level 3
 
 
—
 
 
0
 
 
—
 
 
—
 
 
0(c)
Total
 
 
$11,769,197
 
 
$170,597,363
 
 
$275,366,217
 
 
$4,036,944
 
 
$99,533,555
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
121
 

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AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
NDIV
 
 
IBUY
 
 
SOFR
 
 
USNG
 
 
CNBS
Other Financial Instruments(a)
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Total Level 1
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Level 2
 
 
 
 
 
 
 
 
 
 
Total Return Swaps
 
 
—
 
 
 
 
—
 
 
—
 
 
9,238,239
Total Level 2
 
 
—
 
 
—
 
 
—
 
 
—
 
 
9,238,239
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$9,238,239
Other Financial Instruments(a)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Total Level 1
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Level 2
 
 
 
 
 
 
 
 
 
 
Total Return Swaps
 
 
—
 
 
 
 
—
 
 
—
 
 
(80)
Total Level 2
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(80)
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$(80)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
SLJY
 
 
SMAP
 
 
BLOK
 
 
AWAY
 
 
GAMR
Investments in Securities
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
 
 
 
 
 
Affiliated Exchange Traded Funds
 
 
$1,745,165
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Investment Companies
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Common Stocks
 
 
4,294,353
 
 
1,158,533
 
 
1,281,288,220
 
 
39,247,306
 
 
48,643,367
Real Estate Investment
Trusts
 
 
—
 
 
80,734
 
 
—
 
 
—
 
 
—
Exchange Traded Funds
 
 
—
 
 
—
 
 
99,143,465
 
 
—
 
 
—
Investments Purchased with Proceeds from Securities Lending
 
 
—
 
 
—
 
 
166,715,491
 
 
—
 
 
—
Money Market Funds
 
 
745,393
 
 
8,916
 
 
45,643,546
 
 
162,454
 
 
1,702,904
Total Level 1
 
 
6,784,911
 
 
1,248,183
 
 
1,592,790,722
 
 
39,409,760
 
 
50,346,271
Level 2
 
 
 
 
 
 
 
 
 
 
Common Stocks
 
 
—
 
 
—
 
 
—
 
 
1,869,256
 
 
0
Purchased Options
 
 
732,605
 
 
—
 
 
—
 
 
—
 
 
—
U.S. Treasury Bills
 
 
939,159
 
 
—
 
 
—
 
 
—
 
 
—
Total Level 2
 
 
1,671,764
 
 
—
 
 
—
 
 
1,869,256
 
 
0
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$8,456,675
 
 
$1,248,183
 
 
$1,592,790,722
 
 
$41,279,016
 
 
$50,346,271
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
122
 

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AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
SLJY
 
 
SMAP
 
 
BLOK
 
 
AWAY
 
 
GAMR
Other Financial Instruments(a)
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Total Level 1
 
 
—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Level 2
 
 
 
 
 
 
 
 
 
 
Options Written
 
 
(308,457)
 
 
—
 
 
—
 
 
—
 
 
—
Total Level 2
 
 
(308,457)
 
 
—
 
 
—
 
 
—
 
 
—
Level 3
 
 
 
 
 
 
 
 
 
 
Total Level 3
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total
 
 
$(308,457)
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category
 
 
THNR
Investments in Securities
 
 
Assets
 
 
Level 1
 
 
Common Stocks
 
 
$2,954,712
Investments Purchased with Proceeds from Securities Lending
 
 
49,523
Money Market Funds
 
 
71,586
Total Level 1
 
 
3,075,821
Level 2
 
 
Total Level 2
 
 
—
Level 3
 
 
Total Level 3
 
 
—
Total
 
 
$3,075,821
 
 
 
 
See the Schedules of Investments for further disaggregation of investment categories.
(a)
Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as options written, total return swap agreements, and futures contracts which are reflected at value.
(b)
Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
(c)
Rounds to zero.
Option Writing – BITY, BAGY, TLTP, HCOW, DIVO, IDVO, QDVO and SLJY (“The Funds”) will each employ an option strategy in which they will write U.S. exchange-traded covered call options on equity securities, ETF’s or ETP’s in the portfolios in order to seek additional income (in the form of premiums on the options) and selective repurchase of such options. A call option written (sold) by the Funds will give the holder (buyer) the right to buy a certain equity security, ETF or ETP at a predetermined strike price from the Funds. A premium is the income received by an investor who sells or writes an option contract to another party. Specifically, both BITY and BAGY aim to participate in the price return of bitcoin (i.e., “spot” bitcoin prices) and generate a high level of annualized option premium by selling call options on exchange-traded products (“Bitcoin ETPs”) that reference the Bitcoin Price. BITY targets call options approximately 5–10% out of the money, while BAGY focuses on options around 5% out of the money. In both cases, the options are expected to have maturities of one week or less. TLTP seeks to receive a targeted annualized option premium income of 12% through the implementation of the Index investments in the iShares 20+ Year Treasury Bond ETF (the “Underlying ETF”) and selling one-week expiration, at-the-money call option contracts that references the Underlying ETF. HCOW seeks to provide 10% or greater annualized gross income from premiums received from selling option contracts on Equity Securities, however, the amount of income generated by the HCOW’s implementation of the covered call option strategy will vary based on factors such as market prices, volatility and interest rates. DIVO seeks to provide gross income of approximately 2-3% from dividend income and 2-4%
 
123
 

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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
from option premium, plus the potential for capital appreciation. IDVO seeks to provide gross income of approximately 3-4% from dividend income and 2-4% from option premium, plus the potential for capital appreciation. QDVO seeks to provide gross income of approximately 0-2% from dividend income and 4-6% from option premium, plus the potential for capital appreciation. SLJY seeks to generate income by employing “covered call” and “covered call spread” options strategies that references the Equity Securities, the SILJ ETF and the Silver ETPs. Unlike a systematic covered call program, HCOW, DIVO, IDVO, and QDVO are not obligated to continuously cover each individual equity position. When one of the underlying stocks demonstrates strength or an increase in implied volatility, HCOW, DIVO, IDVO and QDVO identify that opportunity and sell call options tactically, rather than keeping all positions covered and limiting potential upside.
When the Funds write an option, an amount equal to the premium received by the Funds, respectively is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds has realized a gain or loss. the Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option. During the year, the Funds used written covered call options in a manner consistent with the strategy described above.
BITY, BAGY and TLTP anticipate utilizing FLEX Options as part of their options-based strategy to generate income and manage risk. FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the OCC. They allow the Fund to use tailored terms, such as strike price, style, and expiration date, while achieving price discovery in competitive, transparent auction markets and avoiding the counterparty exposure of over-the-counter positions. The strategy primarily involves selling call option contracts using FLEX Options, but the Adviser may also employ other standard-listed options if deemed in the best interests of the Fund. This flexible approach seeks to enhance yield while maintaining controlled downside risk through dynamic option overlays and tactical positioning.
SWAN and ISWN’s investments in options contracts will primarily be long-term equity anticipation securities known as LEAP Options. LEAP Options are long-term exchange-traded call options that allow holders the opportunity to participate in the underlying securities’ appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities. A holder of a LEAP Option will be entitled to receive a specified number of shares of the underlying stock upon payment of the exercise price, and therefore the LEAP Option will be exercisable at any time the price of the underlying stock is above the strike price. However, if at expiration the price of the underlying stock is at or below the strike price, the LEAP Option will expire and be worthless.
Swap Agreements – CNBS may enter total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are contracts entered into primarily with major financial institutions for a specified period ranging from a day to more than one year. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. The marked-to-market value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to market value of a total return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of a total return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral for the benefit of its counterparty. Investments and cash provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value and collateral for swaps, respectively, on the Statements of Assets and Liabilities and investments are noted on the Schedules of Investments. Assets and cash collateral provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s net asset value.
 
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September 30, 2025(Continued)
The value of derivative instruments on the Statements of Assets and Liabilities as of September 30, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Statement of Assets and Liabilities
 
 
Value
BITY
 
 
Equity Contracts - Options
 
 
Investments, at Value (asset)
 
 
$2,064,725
BITY
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(1,393,394)
BAGY
 
 
Equity Contracts - Options
 
 
Investments, at Value (asset)
 
 
2,105,305
BAGY
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(1,439,350)
SWAN
 
 
Equity Contracts - Options
 
 
Investments, at Value (asset)
 
 
37,338,773
ISWN
 
 
Equity Contracts - Options
 
 
Investments, at Value (asset)
 
 
4,864,315
TLTP
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(43,217)
HCOW
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(123,766)
DIVO
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(12,427,475)
QDVO
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(6,111,580)
IDVO
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(874,600)
CNBS
 
 
Equity Contracts - Swaps
 
 
Net Unrealized Appreciation on Swaps
 
 
9,238,239
CNBS
 
 
Equity Contracts - Swaps
 
 
Net Unrealized Depreciation on Swaps
 
 
(80)
SLJY
 
 
Equity Contracts - Options
 
 
Investments, at Value (asset)
 
 
732,605
SLJY
 
 
Equity Contracts - Options
 
 
Written Option Contracts, at value (liability)
 
 
(308,457)
 
 
 
 
 
 
 
 
 
 
The effect of derivative instruments on the Statement of Operations for the year/period ended September 30, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives
 
 
Location of Gains (Losses) on
Derivatives Recognized in Income
 
 
Net Realized
Gain (Loss)
 
 
Net Change in Unrealized
Appreciation (Depreciation)
BITY
 
 
Equity Contracts
 
 
Options Purchased(a)
 
 
$(942,671)
 
 
$371,400
BITY
 
 
Equity Contracts
 
 
Options Written
 
 
952,966
 
 
104,517
BAGY
 
 
Equity Contracts
 
 
Options Purchased(a)
 
 
(1,124,323)
 
 
422,190
BAGY
 
 
Equity Contracts
 
 
Options Written
 
 
983,159
 
 
120,469
SWAN
 
 
Equity Contracts
 
 
Options Purchased(a)
 
 
24,962,758
 
 
(8,526,670)
ISWN
 
 
Equity Contracts
 
 
Options Purchased(a)
 
 
1,037,311
 
 
(77,056)
TLTP
 
 
Equity Contracts
 
 
Options Written
 
 
101,453
 
 
(15,569)
HCOW
 
 
Equity Contracts
 
 
Options Written
 
 
411,040
 
 
(18,386)
HCOW
 
 
Equity Contracts
 
 
Swaps
 
 
(13,106)
 
 
6,242
DIVO
 
 
Equity Contracts
 
 
Options Written
 
 
30,228,523
 
 
(5,692,496)
QDVO
 
 
Equity Contracts
 
 
Options Written
 
 
(627,169)
 
 
(1,038,808)
IDVO
 
 
Equity Contracts
 
 
Options Written
 
 
2,655,465
 
 
227,535
CNBS
 
 
Equity Contracts
 
 
Swaps
 
 
(3,465,912)
 
 
9,097,705
SLJY
 
 
Equity Contracts
 
 
Options Purchased(a)
 
 
36,504
 
 
109,076
SLJY
 
 
Equity Contracts
 
 
Options Written
 
 
(267,096)
 
 
(174,865)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Realized and unrealized gain (loss) on options purchased is included within the net realized and unrealized gain (loss) on investments balance on the Statements of Operations.
The average monthly value of derivative activity during the year/period ended September 30, 2025 is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BITY
 
 
BAGY
 
 
SWAN
 
 
ISWN
 
 
TLTP
 
 
HCOW
 
 
DIVO
 
 
QDVO
 
 
IDVO
 
 
CNBS
 
 
SLJY
Average Market Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options Written
 
 
$(524,313)
 
 
$(538,000)
 
 
$—
 
 
$—
 
 
$(22,505)
 
 
$(161,174)
 
 
$(7,131,350)
 
 
$(1,096,555)
 
 
$(362,108)
 
 
$—
 
 
$(308,457)
Options Purchased
 
 
754,292
 
 
769,550
 
 
31,029,475
 
 
3,234,155
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
732,605
Average Notional Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Return Swaps
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
5,146,032
 
 
—
 
 
—
 
 
—
 
 
38,098,453
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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September 30, 2025(Continued)
Offsetting Assets and Liabilities – The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of Master Netting Arrangement.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts not offset in
the Statement of Assets and
Liabilities
 
 
 
Description/Counterparty
 
 
Gross
Amounts of
Recognized
Assets
 
 
Gross
Amounts
Offset in the
Statement of
Assets and
Liabilities
 
 
Net Amounts
Presented in
the Statement
of Assets
and Liabilities
 
 
Financial
Instruments
 
 
Collateral
Received
 
 
Net Amount
CNBS
 
 
 
 
 
 
 
 
 
 
 
 
Swaps Executed
 
 
 
 
 
 
 
 
 
 
 
 
National Bank of Canada Financial, Inc.
 
 
$8,440,189
 
 
$—
 
 
8,440,189
 
 
$—
 
 
$—
 
 
$8,440,189
Nomura Global Financial Products, Inc.
 
 
​798,050
 
 
(80)
 
 
​797,970
 
 
—
 
 
—
 
 
797,970
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
Short Positions – When a Fund sells a security it does not own (known as a “short” position), it must buy or borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. For financial statement purposes, cash proceeds from securities sold short, if any, are included in the Statements of Assets and Liabilities as deposits at broker for securities sold short. The amount of the securities sold short, shown as a liability, is subsequently marked-to-market to reflect the current value of the short positions. Subsequent fluctuations in the market prices of securities sold short may require purchasing the securities at prices which could differ from the amount reflected in the Statements of Assets and Liabilities. A Fund is liable for any dividends or interest payable on securities while those securities are in a short position. Dividend and interest expense paid by the Funds, if any, are displayed in the Expenses section of the Statements of Operations.
Share Valuation – The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Funds is equal to the Funds’ NAV.
Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Foreign Currency Translation – The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rates on investments and
 
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September 30, 2025(Continued)
currency gains or losses realized between the trade and settlement dates on securities transactions from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains (loss) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on foreign currency transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
Security Transactions and Investment Income – Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method. Distributions received from REITs may be classified as dividends, capital gains and/or return of capital.
Distributions received from YYY’s investments in closed-end funds (“CEFs”) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the CEFs and management’s estimates of such amounts based on historical information. These estimates are adjusted with the tax returns after the actual source of distributions has been disclosed by the CEFs and may differ from the estimated amounts.
Dividends and Distributions to Shareholders – Dividends from net investment income and net realized capital gains, if any, will be declared and paid at least annually by the Funds. All distributions are recorded on the ex-dividend date.
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investments and foreign currency for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings/(accumulated deficit) and paid-in capital, as appropriate, in the period that the differences arise.
Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect risk of loss to be remote.
Organizational and Offering Costs – All organizational costs incurred to establish the Funds were paid by the Adviser and are not subject to reimbursement.
3. AGREEMENTS
The Adviser serves as investment adviser to the Funds. Pursuant to an Investment Management Agreement (the “Management Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust.
Under the Management Agreement, the Funds will pay the following investment advisory fees to the Adviser as compensation for the services rendered, facilities furnished, and expenses paid by it (with the exception of CNBS), including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees, but
 
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September 30, 2025(Continued)
excluding interest, taxes, brokerage commissions, and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 Plan, if any, and extraordinary expenses.
 
 
 
 
 
 
 
 
 
 
Fund
 
 
Advisory Fee
 
 
Fund
 
 
Advisory Fee
AIEQ
 
 
0.75%
 
 
ETHO
 
 
0.45%
MJ
 
 
0.75%
 
 
YYY
 
 
0.50%
BITY
 
 
0.65%
 
 
SILJ
 
 
0.69%
BAGY
 
 
0.65%
 
 
BATT
 
 
0.59%
SWAN
 
 
0.49%
 
 
NDIV
 
 
0.59%
ISWN
 
 
0.49%
 
 
IBUY
 
 
0.65%
AIVC
 
 
0.59%
 
 
SOFR
 
 
0.20%
TLTP
 
 
0.30%
 
 
USNG
 
 
0.59%
ITEQ
 
 
0.75%
 
 
CNBS
 
 
0.65%
COWS
 
 
0.39%
 
 
SLJY
 
 
0.75%
HCOW
 
 
0.65%
 
 
SMAP
 
 
0.60%
DIVO
 
 
0.55%
 
 
BLOK
 
 
0.70%
QDVO
 
 
0.55%
 
 
AWAY
 
 
0.75%
IDVO
 
 
0.65%
 
 
GAMR
 
 
0.59%
HACK
 
 
0.60%
 
 
THNR
 
 
0.59%
IPAY
 
 
0.75%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the period October 1, 2024, to October 20, 2024, AIVC was obligated to pay the Adviser 0.68% at an annual rate of average daily net assets. Effective October 21, 2024, AIVC was obligated to pay the Adviser 0.59% at an annual rate of average daily net assets. For the period October 1, 2024, to January 27, 2025, GAMR was obligated to pay the Adviser 0.75% at an annual rate of average daily net assets. Effective January 28, 2025, GAMR was obligated to pay the Adviser 0.59% at an annual rate of average daily net assets.
Pursuant to a contractual agreement between the Trust on behalf of CNBS, the Adviser has agreed to waive or reduce its fees to assume other expenses of CNBS, if necessary, in amounts that limit CNBS’ total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.75% of the average daily net assets of CNBS. The Adviser is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. CNBS may only make such repayment to the Adviser if, after the recoupment payment has been taken into account, it does not cause the CNBS’ expense ratio to exceed either the expense cap in place at the time the expenses were waived or CNB’s current expense cap. For the year ended September 30, 2025, the adviser paid $187,742 of the Fund’s expenses through a reduction in management fees. This contractual agreement expires on March 1, 2026. The Adviser is entitled to recoup any fees that it waived and/or fund expenses that it paid for a period of three years following such fee waivers and/or expense payments per the Expense Reimbursement and Fee Waiver Agreement as outlined in the schedule below:
 
 
 
 
Recoupment Expiration
 
 
Amount of
Recoupment
October 31, 2026
 
 
$202,832
September 30, 2027
 
 
162,893
September 30, 2028
 
 
187,742
 
 
 
 
Effective January 27, 2025, MJ ceased investing in Amplify U.S. Alternative Harvest ETF (“MJUS”) due to the liquidation of MJUS. The Adviser has contractually agreed to waive the proportionate amount of the MJ’s advisory fee as applied to the net assets of the Fund invested in CNBS and MJUS, for which the Adviser also serves as investment adviser. As a result, the Adviser receives no management fee from assets of both CNBS and MJUS invested in MJ. For the year ended September 30, 2025, the Adviser’s management fee was reduced by $518,941.
Pursuant to a contractual agreement between the Trust, on behalf of COWS, management fees paid to the Adviser were reduced by 0.39%. For the year ended September 30, 2025, the Adviser’s management fee was reduced by $84,113. Effective September 9, 2025, Amplify Investments LLC, the investment adviser to the Fund, has agreed to
 
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extend the fee waiver currently in effect such that it will waive the management fees for the Fund for assets under management up to $100 million until at least January 28, 2026. This contractual agreement expires on January 28, 2026. The Adviser is not eligible to recoup these amounts.
The Adviser has contractually agreed to waive the proportionate amount of the COWS’s advisory fee as applied to the net assets of the Fund invested in HCOW, for which the Adviser also serves as investment adviser. As a result, the Adviser receives a management fee of 0.26% from assets of HCOW invested in COWS. Given the fee waiver in COWS, there was no reduction in the management fee in HCOW for the year ended September 30, 2025.
The Adviser has contractually agreed to waive the proportionate amount of the DIVO’s advisory fee as applied to the net assets of the Fund invested in SOFR, for which the Adviser also serves as investment adviser. As a result, the Adviser receives a management fee of 0.35% from assets of SOFR invested in DIVO. For the year ended September 30, the Adviser’s management fee was reduced by $359,193.
The Adviser has contractually agreed to waive the proportionate amount of the IDVO’s advisory fee as applied to the net assets of the Fund invested in SOFR, for which the Adviser also serves as investment adviser. As a result, the Adviser receives a management fee of 0.45% from assets of SOFR invested in IDVO. For the year ended September 30, the Adviser’s management fee was reduced by $4,158.
The Adviser has contractually agreed to waive the proportionate amount of the SLJY’s advisory fee as applied to the net assets of the Fund invested in SILJ, for which the Adviser also serves as investment adviser. As a result, the Adviser receives a management fee of 0.06% from assets of SILJ invested in SLJY. For the year ended September 30, the Adviser’s management fee was reduced by $510.
The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Penserra Capital Management, LLC (“Penserra”), Capital Wealth Planning, LLC (“CWP”), Seymour Asset management, LLC “SAM”), Tidal Investments, a Tidal Financial Group company (“Tidal”), Cerity Partners, LLC (“Cerity”), Kelly Strategic Management, LLC (“Kelly Intelligence”), Samsung Asset Management (“Samsung”), and Curi RMB Capital, LLC (“Curi RMB”) serve as Sub-Advisers to Funds in the Trust. The Sub-Advisers for each Fund is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Sub-Adviser(s)
 
 
 
 
 
Sub-Adviser(s)
AIEQ
 
 
Tidal
 
 
ETHO
 
 
Tidal
MJ
 
 
Tidal & SAM
 
 
YYY
 
 
Penserra
BITY
 
 
Penserra & Kelly
 
 
SILJ
 
 
Tidal
BAGY
 
 
Penserra & Kelly
 
 
BATT
 
 
Tidal
SWAN
 
 
Cerity & Tidal
 
 
NDIV
 
 
Tidal
ISWN
 
 
Cerity & Tidal
 
 
IBUY
 
 
Penserra
AIVC
 
 
Penserra
 
 
SOFR
 
 
Samsung
TLTP
 
 
Samsung
 
 
USNG
 
 
Samsung
ITEQ
 
 
Tidal
 
 
CNBS
 
 
Tidal & SAM
COWS
 
 
Penserra & Kelly
 
 
SLJY
 
 
Tidal
HCOW
 
 
Penserra & Kelly
 
 
SMAP
 
 
Penserra & Curi RMB
DIVO
 
 
Penserra & CWP
 
 
BLOK
 
 
Tidal
QDVO
 
 
Penserra & CWP
 
 
AWAY
 
 
Tidal
IDVO
 
 
Penserra & CWP
 
 
GAMR
 
 
Penserra
HACK
 
 
Penserra
 
 
THNR
 
 
Penserra
IPAY
 
 
Penserra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Each Sub-Adviser has responsibility for selecting and continuously monitoring the Fund’s investments. Sub-Advisory fees earned by Penserra, Tidal, Cerity, CWP, SAM, Kelly Intelligence, Samsung, and Curi RMB are paid by the Adviser.
U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be
 
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September 30, 2025(Continued)
supplied to the Board; monitors the activities of the Funds’ custodian, transfer agent and accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (“USB”), an affiliate of Fund Services, serves as the Funds’ custodian and securities lending agent (“Securities Lending Agent”).
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and Trustees of the Trust are also officers or employees of the Adviser or its affiliates. The Chief Compliance Officer and the Principal Financial Officer of the Adviser provide services to CNBS and the Adviser is entitled to receive reimbursement from CNBS for their services pursuant to its fee arrangements with CNBS.
4. SECURITIES LENDING
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending programs administered by the Securities Lending Agents. The securities lending agreements require that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest.
The Funds receive compensation in the form of fees and earn interest on the non-cash and cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of September 30, 2025, the Funds listed in the below table had loaned securities and received cash collateral for the loans. All of the securities on loan were classified as common stocks. The cash collateral is invested by the Securities Lending Agents in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agents. The value of the securities on loan and the related collateral as of September 30, 2025, are disclosed in each Fund’s Schedule of Investments and Statement of Assets and Liabilities.
As of September 30, 2025, the values of the securities on loan and payable for collateral due to brokers were as follows:
 
 
 
 
 
 
 
Fund
 
 
Value of Securities
on Loan
 
 
Payable for
Collateral Received
AIEQ
 
 
$—
 
 
$—
MJ
 
 
54,097,266
 
 
62,284,536(a)
BITY
 
 
—
 
 
—
BAGY
 
 
—
 
 
—
SWAN
 
 
—
 
 
—
ISWN
 
 
—
 
 
—
AIVC
 
 
​—
 
 
​—
TLTP
 
 
—
 
 
—
ITEQ
 
 
8,306,703
 
 
8,388,694(a)
COWS
 
 
545,331
 
 
576,460(a)
HCOW
 
 
—
 
 
—
DIVO
 
 
410,677
 
 
419,225(a)
QDVO
 
 
—
 
 
—
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
Fund
 
 
Value of Securities
on Loan
 
 
Payable for
Collateral Received
IDVO
 
 
$46,368,540
 
 
$47,539,824(a)
HACK
 
 
3,187,740
 
 
3,255,850(b)
IPAY
 
 
10,085,345
 
 
11,488,633(a)
ETHO
 
 
​1,120,457
 
 
​1,179,824(a)
YYY
 
 
25,569,230
 
 
26,237,325(a)
SILJ
 
 
71,524,910
 
 
74,417,724(a)
BATT
 
 
3,605,400
 
 
3,763,140(a)
NDIV
 
 
1,069,999
 
 
1,088,958(a)
IBUY
 
 
8,352,398
 
 
10,221,423(a)
SOFR
 
 
—
 
 
—
USNG
 
 
134,450
 
 
134,314(a)
CNBS
 
 
20,673
 
 
122,400(a)
SLJY
 
 
—
 
 
—
SMAP
 
 
—
 
 
—
BLOK
 
 
161,618,453
 
 
166,715,491(a)
AWAY
 
 
—
 
 
—
GAMR
 
 
—
 
 
—
THNR
 
 
48,667
 
 
49,523(a)
 
 
 
 
 
 
 
(a)
The cash collateral received was invested in the First American Government Obligations Fund as shown on the schedule of investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income and daily liquidity by purchasing U.S. government securities and repurchase agreements collateralized by such ogligations.
(b)
The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the schedule of investments, which has an overnight and continuous maturity. The investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00.
The interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them (“Securities Lending Income”) is reflected in the Funds’ Statements of Operations.
Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
5. REPURCHASE AGREEMENTS
SOFR will enter into repurchase agreements. A repurchase agreement is an agreement to purchase a security from a party at one price and a simultaneous agreement to sell it back to the original party at an agreed-upon price, typically representing the purchase price plus interest. Repos may be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. A Fund's investment return on such transactions will depend on the counterparty's willingness and ability to perform its obligations under a repo. If the Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, a Fund may have to borrow cash, subject to certain legal limits, or realize a loss.
Due to the absence of a master netting agreement related to SOFR’s participation in repurchase agreements, no
additional offsetting disclosures have been made on behalf of the Fund.
 
 
 
 
 
 
 
Fund
 
 
Seller
 
 
Weighted
Average
Days to Maturity
SOFR
 
 
Buckler Securities, LLC
 
 
2.24
SOFR
 
 
Clear Street LLC
 
 
0.20
SOFR
 
 
Curvature Securities, LLC
 
 
0.24
SOFR
 
 
Mirae Asset Securities (USA) Inc.
 
 
0.24
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
6. INVESTMENT TRANSACTIONS
For the year/period ended September 30, 2025, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund
 
 
Purchases
 
 
Sales
 
 
In-Kind
Purchases
 
 
In-Kind
Sales
 
 
U.S.
Government
Purchases
 
 
U.S.
Government
Sales
AIEQ
 
 
$884,648,446
 
 
$884,000,674
 
 
$862,899
 
 
$9,802,947
 
 
$—
 
 
$—
MJ
 
 
117,635,818
 
 
115,817,272
 
 
—
 
 
7,927,364
 
 
—
 
 
—
BITY
 
 
4,518,886
 
 
54,268
 
 
—
 
 
—
 
 
—
 
 
—
BAGY
 
 
256,963
 
 
261,288
 
 
—
 
 
—
 
 
—
 
 
—
SWAN
 
 
107,687,474
 
 
128,154,173
 
 
—
 
 
—
 
 
76,169,146
 
 
85,984,563
ISWN
 
 
12,093,373
 
 
16,596,937
 
 
—
 
 
—
 
 
8,829,315
 
 
12,734,377
AIVC
 
 
32,809,831
 
 
33,138,553
 
 
4,588,532
 
 
6,921,272
 
 
—
 
 
—
TLTP
 
 
9,676,247
 
 
8,135,363
 
 
11,172,665
 
 
909,306
 
 
5,186,200
 
 
1,283,611
ITEQ
 
 
17,532,473
 
 
17,698,939
 
 
18,383,978
 
 
22,843,243
 
 
—
 
 
—
COWS
 
 
36,102,375
 
 
34,806,964
 
 
23,494,126
 
 
21,610,105
 
 
—
 
 
—
HCOW
 
 
43,883,367
 
 
40,923,680
 
 
13,567,359
 
 
4,365,696
 
 
—
 
 
—
DIVO
 
 
3,773,186,612
 
 
3,886,514,496
 
 
1,303,121,229
 
 
133,436,082
 
 
—
 
 
—
QDVO
 
 
134,181,523
 
 
143,462,778
 
 
308,156,402
 
 
16,088,115
 
 
—
 
 
—
IDVO
 
 
305,510,812
 
 
308,036,279
 
 
246,037,438
 
 
6,521,054
 
 
—
 
 
—
HACK
 
 
702,444,824
 
 
522,826,748
 
 
266,503,406
 
 
285,188,942
 
 
—
 
 
—
IPAY
 
 
85,398,582
 
 
88,336,386
 
 
5,599,083
 
 
71,052,631
 
 
—
 
 
—
ETHO
 
 
48,811,197
 
 
48,145,631
 
 
2,922,717
 
 
43,601,353
 
 
—
 
 
—
YYY
 
 
268,875,826
 
 
265,234,575
 
 
134,476,528
 
 
27,444,585
 
 
—
 
 
—
SILJ
 
 
611,325,782
 
 
651,810,221
 
 
1,103,669,914
 
 
588,824,795
 
 
—
 
 
—
BATT
 
 
47,578,451
 
 
52,801,938
 
 
869,605
 
 
14,699,989
 
 
—
 
 
—
NDIV
 
 
17,828,730
 
 
17,770,394
 
 
12,785,837
 
 
16,162,098
 
 
—
 
 
—
IBUY
 
 
55,456,846
 
 
56,393,878
 
 
22,043,637
 
 
53,269,305
 
 
—
 
 
—
SOFR
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
USNG
 
 
161,807
 
 
156,044
 
 
4,696,634
 
 
1,260,506
 
 
—
 
 
—
CNBS
 
 
7,590,796
 
 
22,797,369
 
 
14,089,537
 
 
1,977,148
 
 
—
 
 
—
SLJY
 
 
​6,336,897
 
 
​425,125
 
 
​620,088
 
 
​1,478,750
 
 
​—
 
 
​—
SMAP
 
 
477,657
 
 
479,573
 
 
1,233,357
 
 
—
 
 
—
 
 
—
BLOK
 
 
453,966,385
 
 
534,137,505
 
 
383,068,812
 
 
188,371,020
 
 
—
 
 
—
AWAY
 
 
22,106,583
 
 
25,733,655
 
 
—
 
 
25,510,797
 
 
—
 
 
—
GAMR
 
 
49,520,316
 
 
51,599,113
 
 
1,576,453
 
 
6,703,553
 
 
—
 
 
—
THNR
 
 
2,616,010
 
 
2,617,125
 
 
956,405
 
 
2,067,094
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
During the year ended September 30, 2025, CNBS had a trade error due to a missed limit order. This resulted in a loss to the Fund of $3,643, which was reimbursed to the Fund. An AIEQ trade error was identified during the January re-balance, resulting in a loss of $44,834; this amount was subsequently reimbursed by Tidal.
 
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
7. TRANSACTIONS WITH AFFILIATED SECURITIES
Investments in issuers considered to be affiliate(s) of the Funds during the year/period ended September 30, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows:
 
 
 
 
Investments in Amplify U.S. Alternative Harvest ETF
 
 
Amplify Alternative
Harvest ETF
Value at September 30, 2024
 
 
$111,134,470
Purchases at Cost
 
 
5,402,169
Proceeds from Sales
 
 
(59,277,716)
Net Realized Gain (Loss)
 
 
(81,126,032)
Change in Unrealized Appreciation/(Depreciation)
 
 
23,867,109
Value at September 30, 2025
 
 
$—
Shares held at September 30, 2025
 
 
—
Dividend Income
 
 
$17
 
 
 
 
 
 
 
 
Investments in Amplify Seymour Cannabis ETF
 
 
Amplify Alternative
Harvest ETF
Value at September 30, 2024
 
 
$—
Purchases at Cost
 
 
81,466,441
Proceeds from Sales
 
 
(11,484,250)
Net Realized Gain (Loss)
 
 
(2,125,417)
Change in Unrealized Appreciation/(Depreciation)
 
 
25,196,438
Value at September 30, 2025
 
 
$93,053,212
Shares held at September 30, 2025
 
 
3,146,879
Dividend Income
 
 
$—
 
 
 
 
 
 
 
 
Investments in Amplify Cash Flow Dividend Leaders ETF
 
 
Amplify COWS
Covered Call ETF
Value at September 30, 2024
 
 
$1,525,413
Purchases at Cost
 
 
9,119,936
Proceeds from Sales
 
 
(10,132,252)
Net Realized Gain (Loss)
 
 
222,355
Change in Unrealized Appreciation/(Depreciation)
 
 
(240,811)
Value at September 30, 2025
 
 
$494,641
Shares held at September 30, 2025
 
 
15,500
Dividend Income
 
 
$41,484
 
 
 
 
 
 
 
 
Investments in Amplify Samsung SOFR ETF
 
 
Amplify CWP Enhanced
Dividend Income ETF
Value at September 30, 2024
 
 
$178,493,023
Purchases at Cost
 
 
118,883,953
Proceeds from Sales
 
 
(106,557,574)
Net Realized Gain (Loss)
 
 
(199,107)
Change in Unrealized Appreciation/(Depreciation)
 
 
(90,438)
Value at September 30, 2025
 
 
$190,529,857
Shares held at September 30, 2025
 
 
1,902,160
Dividend Income
 
 
$7,966,269
 
 
 
 
 
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AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
Investments in Amplify Samsung SOFR ETF
 
 
Amplify CWP
International Enhanced
Dividend Income ETF
Value at September 30, 2024
 
 
$1,383,036
Purchases at Cost
 
 
2,227,179
Proceeds from Sales
 
 
(1,364,579)
Net Realized Gain (Loss)
 
 
(2,032)
Change in Unrealized Appreciation/(Depreciation)
 
 
(1,711)
Value at September 30, 2025
 
 
$2,241,893
Shares held at September 30, 2025
 
 
22,382
Dividend Income
 
 
$92,820
 
 
 
 
 
 
 
 
Investments in Amplify Junior Silver Miners ETF
 
 
Amplify SILJ
Covered Call ETF
Value at September 30, 2024
 
 
$—
Purchases at Cost
 
 
1,553,726
Proceeds from Sales
 
 
(38,715)
Net Realized Gain (Loss)
 
 
(485)
Change in Unrealized Appreciation/(Depreciation)
 
 
230,639
Value at September 30, 2025
 
 
$1,745,165
Shares held at September 30, 2025
 
 
75,581
Dividend Income
 
 
$—
 
 
 
 
8. FEDERAL INCOME TAXES
As of and during the year/period ended September 30, 2025, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the year ended September 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the year/period ended September 30, 2025, the Funds did not incur any interest or penalties.
The tax composition of distributions paid during the year/period ended September 30, 2025 for the Funds was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
Capital Gains
 
 
Return of Capital
AIEQ
 
 
$34,780
 
 
$—
 
 
$—
MJ
 
 
1,672,373
 
 
—
 
 
—
BITY
 
 
104,927
 
 
—
 
 
973,433
BAGY
 
 
106,312
 
 
—
 
 
1,050,786
SWAN
 
 
7,734,956
 
 
—
 
 
—
ISWN
 
 
1,003,363
 
 
—
 
 
—
AIVC
 
 
​46,500
 
 
​—
 
 
​—
TLTP
 
 
​466,496
 
 
—
 
 
​568,448
ITEQ
 
 
10,561
 
 
—
 
 
—
COWS
 
 
507,389
 
 
—
 
 
—
HCOW
 
 
12,952
 
 
—
 
 
1,009,374
DIVO
 
 
​143,284,642
 
 
​62,451,313
 
 
—
QDVO
 
 
241,397
 
 
—
 
 
8,809,436
IDVO
 
 
5,891,023
 
 
1,745,147
 
 
7,089,912
HACK
 
 
1,382,715
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
134
 

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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
Capital Gains
 
 
Return of Capital
IPAY
 
 
$2,433,538
 
 
$—
 
 
$—
ETHO
 
 
​445,673
 
 
​—
 
 
​—
YYY
 
 
31,706,887
 
 
—
 
 
37,293,113
SILJ
 
 
60,317,682
 
 
—
 
 
—
BATT
 
 
2,077,324
 
 
—
 
 
—
NDIV
 
 
378,205
 
 
31,492
 
 
369,430
IBUY
 
 
—
 
 
—
 
 
—
SOFR
 
 
11,042,808
 
 
—
 
 
231,826
USNG
 
 
26,864
 
 
—
 
 
591
CNBS
 
 
5,578,775
 
 
—
 
 
—
SLJY
 
 
​1,258
 
 
​20,925
 
 
135,009
SMAP
 
 
​4,861
 
 
—
 
 
​1,164
BLOK
 
 
49,345,165
 
 
—
 
 
—
AWAY
 
 
—
 
 
—
 
 
—
GAMR
 
 
227,895
 
 
—
 
 
—
THNR
 
 
39,582
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
The tax composition of distributions paid during the period/year ended September 30, 2024 for the Funds was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary Income
 
 
Capital Gains
 
 
Return of Capital
AIEQ
 
 
$761,524
 
 
$—
 
 
$—
MJ
 
 
20,532,956
 
 
—
 
 
2,852,668
SWAN
 
 
5,212,897
 
 
—
 
 
—
ISWN
 
 
1,144,842
 
 
—
 
 
—
AIVC
 
 
6,153
 
 
—
 
 
—
ITEQ
 
 
—
 
 
—
 
 
—
COWS
 
 
260,749
 
 
—
 
 
—
HCOW
 
 
28,309
 
 
—
 
 
179,023
DIVO
 
 
125,839,017
 
 
14,745,670
 
 
—
QDVO
 
 
27,703
 
 
—
 
 
31,820
IDVO
 
 
2,734,332
 
 
—
 
 
3,190,333
HACK
 
 
3,564,023
 
 
—
 
 
—
ETHO
 
 
2,183,651
 
 
—
 
 
82,109
YYY
 
 
35,057,043
 
 
—
 
 
14,916,957
SILJ
 
 
60,499
 
 
—
 
 
—
BATT
 
 
3,657,984
 
 
—
 
 
—
IPAY
 
 
416,255
 
 
—
 
 
—
NDIV
 
 
483,774
 
 
—
 
 
188,984
IBUY
 
 
​—
 
 
​—
 
 
​—
SOFR
 
 
7,066,684
 
 
—
 
 
—
CNBS
 
 
—
 
 
—
 
 
—
BLOK
 
 
12,491,001
 
 
—
 
 
—
AWAY
 
 
238,899
 
 
—
 
 
13,494
GAMR
 
 
32,197
 
 
—
 
 
—
THNR
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
The Funds intend to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable income and capital gains to shareholders. Therefore, no federal income or excise tax provision has been made.
The cost basis of investments and distributable earnings (accumulated deficit) for federal income tax purposes as of September 30, 2025 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AIEQ
 
 
MJ
 
 
BITY
 
 
BAGY
 
 
SWAN
Tax cost of Investments
 
 
$109,538,417
 
 
$268,640,931
 
 
$21,435,602
 
 
$16,843,517
 
 
$252,260,503
Gross tax unrealized appreciation
 
 
9,462,539
 
 
62,183,744
 
 
371,522
 
 
422,386
 
 
14,611,405
Gross tax unrealized depreciation
 
 
(2,034,602)
 
 
(67,797,531)
 
 
(40)
 
 
(154)
 
 
(2,896,978)
Net tax unrealized appreciation (depreciation)
 
 
7,427,937
 
 
(5,613,787)
 
 
371,482
 
 
422,232
 
 
11,714,427
Undistributed ordinary income
 
 
505,217
 
 
2,995,489
 
 
—
 
 
—
 
 
—
Undistributed long-term capital gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total accumulated gain
 
 
505,217
 
 
2,995,489
 
 
—
 
 
—
 
 
—
Other accumulated gain (loss)
 
 
(24,462,817)
 
 
(1,884,829,535)
 
 
227,947
 
 
(20,697)
 
 
(77,926,681)
Distributable earnings/(accumulated deficit)
 
 
$(16,529,663)
 
 
$(1,887,447,833)
 
 
$599,429
 
 
$401,535
 
 
$(66,212,254)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ISWN
 
 
AIVC
 
 
TLTP
 
 
ITEQ
 
 
COWS
Tax cost of investments
 
 
$31,004,339
 
 
$24,451,559
 
 
$11,769,874
 
 
$113,274,524
 
 
$23,090,380
Gross tax unrealized appreciation
 
 
2,138,411
 
 
8,052,082
 
 
88,553
 
 
28,955,784
 
 
1,470,189
Gross tax unrealized depreciation
 
 
(164,036)
 
 
(778,600)
 
 
(306,709)
 
 
(31,130,341)
 
 
(1,025,642)
Net tax unrealized appreciation (depreciation)
 
 
1,974,375
 
 
7,273,482
 
 
​(218,156)
 
 
(2,174,557)
 
 
444,547
Undistributed ordinary income
 
 
—
 
 
—
 
 
—
 
 
707,995
 
 
553
Undistributed long-term capital gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total accumulated gain
 
 
—
 
 
—
 
 
—
 
 
707,995
 
 
553
Other accumulated gain (loss)
 
 
(11,166,537)
 
 
(15,807,440)
 
 
​(65,535)
 
 
(41,937,893)
 
 
(1,371,488)
Distributable earnings/(accumulated deficit)
 
 
$(9,192,162)
 
 
$(8,533,958)
 
 
$​(283,691)
 
 
$(43,404,455)
 
 
$(926,388)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HCOW
 
 
DIVO
 
 
QDVO
 
 
IDVO
 
 
HACK
Tax cost of investments
 
 
$13,074,339
 
 
$4,410,407,708
 
 
$303,530,092
 
 
$420,389,580
 
 
$1,766,727,991
Gross tax unrealized appreciation
 
 
564,765
 
 
909,432,120
 
 
26,571,165
 
 
78,386,426
 
 
709,507,305
Gross tax unrealized depreciation
 
 
(548,436)
 
 
(62,176,504)
 
 
​(6,602,853)
 
 
(5,344,436)
 
 
​(149,333,286)
Net tax unrealized appreciation (depreciation)
 
 
16,329
 
 
847,255,616
 
 
​19,968,312
 
 
73,041,990
 
 
​560,174,019
Undistributed ordinary income
 
 
—
 
 
​54,743,450
 
 
—
 
 
—
 
 
374,809
Undistributed long-term capital gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total accumulated gain
 
 
—
 
 
​54,743,450
 
 
—
 
 
—
 
 
374,809
Other accumulated gain (loss)
 
 
(237,155)
 
 
​(11,426,136)
 
 
​(2,337,649)
 
 
85,212
 
 
​(328,536,815)
Distributable earnings/(accumulated deficit)
 
 
$(220,826)
 
 
$​890,572,930
 
 
$17,630,663
 
 
$73,127,202
 
 
$232,012,013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
136
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
IPAY
 
 
ETHO
 
 
YYY
 
 
SILJ
 
 
BATT
Tax cost of investments
 
 
$300,521,460
 
 
$139,132,395
 
 
$617,905,911
 
 
$1,676,137,955
 
 
$75,205,208
Gross tax unrealized appreciation
 
 
52,673,486
 
 
34,273,229
 
 
47,649,798
 
 
1,196,804,996
 
 
23,973,192
Gross tax unrealized depreciation
 
 
(81,244,875)
 
 
​(16,229,304)
 
 
(21,587,600)
 
 
​(146,570,761)
 
 
(16,910,616)
Net tax unrealized appreciation (depreciation)
 
 
(28,571,389)
 
 
​18,043,925
 
 
26,062,198
 
 
​1,050,234,235
 
 
7,062,576
Undistributed ordinary income
 
 
1,725,388
 
 
1,006,459
 
 
—
 
 
​71,162,605
 
 
1,530,181
Undistributed long-term capital gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total accumulated gain
 
 
1,725,388
 
 
1,006,459
 
 
—
 
 
​71,162,605
 
 
1,530,181
Other accumulated gain (loss)
 
 
(299,612,518)
 
 
​(34,238,175)
 
 
(87,647,778)
 
 
​(462,523,074)
 
 
​(111,975,883)
Distributable earnings/(accumulated deficit)
 
 
$(326,458,519)
 
 
$(15,187,791)
 
 
$(61,585,580)
 
 
$​658,873,766
 
 
$(103,383,126)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NDIV
 
 
IBUY
 
 
SOFR
 
 
USNG
 
 
CNBS
Tax cost of investments
 
 
$12,748,506
 
 
$​181,062,749
 
 
$275,366,217
 
 
$3,641,330
 
 
$107,754,902
Gross tax unrealized appreciation
 
 
414,079
 
 
46,271,837
 
 
—
 
 
422,007
 
 
7,798,861
Gross tax unrealized depreciation
 
 
(1,393,388)
 
 
​(56,737,223)
 
 
—
 
 
(26,393)
 
 
(16,015,852)
Net tax unrealized appreciation (depreciation)
 
 
(979,309)
 
 
​(10,465,386)
 
 
—
 
 
395,614
 
 
(8,216,991)
Undistributed ordinary income
 
 
—
 
 
​153,749
 
 
—
 
 
—
 
 
—
Undistributed long-term capital gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total accumulated gain
 
 
—
 
 
​153,749
 
 
—
 
 
—
 
 
—
Other accumulated gain (loss)
 
 
—
 
 
​(391,500,057)
 
 
—
 
 
(1,995)
 
 
(75,913,890)
Distributable earnings/(accumulated deficit)
 
 
$(979,309)
 
 
$(401,811,694)
 
 
$—
 
 
$393,619
 
 
$(84,130,881)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SLJY
 
 
SMAP
 
 
BLOK
 
 
AWAY
 
 
GAMR
Tax cost of investments
 
 
$7,740,846
 
 
$1,212,823
 
 
$1,286,421,950
 
 
$47,636,807
 
 
$36,946,821
Gross tax unrealized appreciation
 
 
​742,811
 
 
​126,751
 
 
477,470,929
 
 
5,797,062
 
 
14,228,576
Gross tax unrealized depreciation
 
 
​(34,930)
 
 
​(91,391)
 
 
​(171,102,157)
 
 
(12,154,853)
 
 
(829,126)
Net tax unrealized appreciation (depreciation)
 
 
​707,881
 
 
​35,360
 
 
​306,368,772
 
 
(6,357,791)
 
 
13,399,450
Undistributed ordinary income
 
 
—
 
 
​—
 
 
​7,906,687
 
 
—
 
 
221,351
Undistributed long-term capital gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total accumulated gain
 
 
—
 
 
​—
 
 
​7,906,687
 
 
—
 
 
221,351
Other accumulated gain (loss)
 
 
​(286,437)
 
 
​(26,369)
 
 
​(345,837,083)
 
 
(141,936,568)
 
 
(48,747,509)
Distributable earnings/(accumulated deficit)
 
 
$​421,444
 
 
$​8,991
 
 
$(31,561,624)
 
 
$(148,294,359)
 
 
$(35,126,708)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THNR
Tax cost of investments
 
 
$3,391,274
Gross tax unrealized appreciation
 
 
248,337
Gross tax unrealized depreciation
 
 
(563,790)
Net tax unrealized appreciation (depreciation)
 
 
(315,453)
Undistributed ordinary income
 
 
50,574
Undistributed long-term capital gain
 
 
—
Total accumulated gain
 
 
50,574
Other accumulated gain (loss)
 
 
(323,282)
Distributable earnings/(accumulated deficit)
 
 
$(588,161)
 
 
 
 
 
137
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
The difference between book and tax-basis cost is attributable to the deferral on wash sales, passive foreign investment companies, deferral on straddles and Swap mark-to-market, and partnership basis adjustments.
At September 30, 2025, the Funds deferred, on a tax basis, late year ordinary losses and capital losses of:
 
 
 
 
 
 
 
 
 
 
Late Year Ordinary
Loss Deferral
 
 
Late Year Capital
Loss Deferral
AIEQ
 
 
$—
 
 
$—
MJ
 
 
—
 
 
—
BITY
 
 
—
 
 
—
BAGY
 
 
—
 
 
—
SWAN
 
 
—
 
 
—
ISWN
 
 
—
 
 
—
AIVC
 
 
2,223
 
 
—
TLTP
 
 
—
 
 
—
ITEQ
 
 
—
 
 
—
COWS
 
 
—
 
 
—
HCOW
 
 
—
 
 
—
DIVO
 
 
—
 
 
—
QDVO
 
 
—
 
 
—
IDVO
 
 
—
 
 
—
HACK
 
 
—
 
 
—
IPAY
 
 
—
 
 
—
ETHO
 
 
—
 
 
—
YYY
 
 
​—
 
 
​—
SILJ
 
 
—
 
 
—
BATT
 
 
—
 
 
—
NDIV
 
 
—
 
 
—
IBUY
 
 
—
 
 
—
SOFR
 
 
—
 
 
—
USNG
 
 
—
 
 
—
CNBS
 
 
​10,346,463
 
 
​—
SLJY
 
 
—
 
 
—
SMAP
 
 
—
 
 
—
BLOK
 
 
—
 
 
—
AWAY
 
 
5,850
 
 
—
GAMR
 
 
—
 
 
—
THNR
 
 
—
 
 
—
 
 
 
 
 
 
 
At September 30, 2025, the Funds had the following capital loss carryforwards:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term
 
 
Long-Term
 
 
Expires
AIEQ
 
 
$(24,462,817)
 
 
$—
 
 
Unlimited
MJ
 
 
(453,188,151)
 
 
(1,431,641,384)
 
 
Unlimited
BITY
 
 
—
 
 
—
 
 
Unlimited
BAGY
 
 
(141,166)
 
 
—
 
 
Unlimited
SWAN
 
 
(72,685,474)
 
 
(5,241,207)
 
 
Unlimited
ISWN
 
 
(9,870,007)
 
 
(1,296,530)
 
 
Unlimited
AIVC
 
 
(1,500,237)
 
 
(14,305,286)
 
 
Unlimited
TLTP
 
 
—
 
 
—
 
 
Unlimited
ITEQ
 
 
(11,630,622)
 
 
(30,307,285)
 
 
Unlimited
COWS
 
 
(1,027,226)
 
 
(344,262)
 
 
Unlimited
 
 
 
 
 
 
 
 
 
 
 
138
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term
 
 
Long-Term
 
 
Expires
HCOW
 
 
$(89,920)
 
 
$—
 
 
Unlimited
DIVO
 
 
—
 
 
—
 
 
Unlimited
QDVO
 
 
​—
 
 
​(1,495,024)
 
 
Unlimited
IDVO
 
 
—
 
 
—
 
 
Unlimited
HACK
 
 
​(153,067,477)
 
 
​(175,470,069)
 
 
Unlimited
IPAY
 
 
(68,849,765)
 
 
(230,763,612)
 
 
Unlimited
ETHO
 
 
​(12,419,925)
 
 
​(21,818,250)
 
 
Unlimited
YYY
 
 
(24,974,897)
 
 
(62,672,881)
 
 
Unlimited
SILJ
 
 
​(201,597,322)
 
 
​(260,922,837)
 
 
Unlimited
BATT
 
 
​(36,533,727)
 
 
(75,444,823)
 
 
Unlimited
NDIV
 
 
—
 
 
—
 
 
Unlimited
IBUY
 
 
​(120,973,344)
 
 
(270,527,037)
 
 
Unlimited
SOFR
 
 
—
 
 
—
 
 
Unlimited
USNG
 
 
(1,995)
 
 
—
 
 
Unlimited
CNBS
 
 
—
 
 
(65,567,427)
 
 
Unlimited
SLJY
 
 
​—
 
 
—
 
 
Unlimited
SMAP
 
 
​(26,369)
 
 
—
 
 
Unlimited
BLOK
 
 
​(69,177,977)
 
 
​(276,677,711)
 
 
Unlimited
AWAY
 
 
(57,948,007)
 
 
(83,982,806)
 
 
Unlimited
GAMR
 
 
(14,703,292)
 
 
(34,045,889)
 
 
Unlimited
THNR
 
 
(172,336)
 
 
(151,142)
 
 
Unlimited
 
 
 
 
 
 
 
 
 
 
Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to net operating losses, prior year return of capital true ups, and redemption in-kind transactions. For the year/period ended September 30, 2025 the following table shows the reclassifications made:
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In Capital
AIEQ
 
 
$(320,618)
 
 
$320,618
MJ
 
 
6,170,958
 
 
(6,170,958)
BITY
 
 
1,648
 
 
(1,648)
BAGY
 
 
—
 
 
—
SWAN
 
 
3,053
 
 
(3,053)
ISWN
 
 
9
 
 
(9)
AIVC
 
 
(2,923,372)
 
 
2,923,372
TLTP
 
 
(4,262)
 
 
4,262
ITEQ
 
 
(2,789,800)
 
 
2,789,800
COWS
 
 
(2,857,967)
 
 
2,857,967
HCOW
 
 
​(504,451)
 
 
​504,451
DIVO
 
 
​(37,894,491)
 
 
​37,894,491
QDVO
 
 
(3,637,920)
 
 
3,637,920
IDVO
 
 
(1,880,395)
 
 
1,880,395
HACK
 
 
(115,906,516)
 
 
115,906,516
IPAY
 
 
(15,822,201)
 
 
15,822,201
ETHO
 
 
(5,539,601)
 
 
5,539,601
YYY
 
 
4,306,049
 
 
(4,306,049)
SILJ
 
 
​(204,947,493)
 
 
​204,947,493
BATT
 
 
​(902,353)
 
 
​902,353
NDIV
 
 
(1,134,695)
 
 
1,134,695
 
 
 
 
 
 
 
 
139
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In Capital
IBUY
 
 
$(11,586,610)
 
 
$11,586,610
SOFR
 
 
—
 
 
—
USNG
 
 
(32,038)
 
 
32,038
CNBS
 
 
5,630,424
 
 
(5,630,424)
SLJY
 
 
(266,655)
 
 
266,655
SMAP
 
 
—
 
 
—
BLOK
 
 
(52,289,822)
 
 
52,289,822
AWAY
 
 
(2,244,515)
 
 
2,244,515
GAMR
 
 
(1,994,495)
 
 
1,994,495
THNR
 
 
(68,499)
 
 
68,499
 
 
 
 
 
 
 
During the year/period ended September 30, 2025, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from total distributable earnings (accumulated deficit) to paid-in capital.
 
 
 
 
 
 
 
Year/Period Ended
September 30, 2025
AIEQ
 
 
$320,617
MJ
 
 
(6,170,958)
BITY
 
 
—
BAGY
 
 
—
SWAN
 
 
(2,955)
ISWN
 
 
—
AIVC
 
 
​2,923,372
TLTP
 
 
4,262
ITEQ
 
 
2,789,800
COWS
 
 
2,816,262
HCOW
 
 
504,451
DIVO
 
 
34,633,911
QDVO
 
 
3,638,031
IDVO
 
 
1,880,395
HACK
 
 
115,906,516
IPAY
 
 
15,822,201
ETHO
 
 
5,532,204
YYY
 
 
(522,999)
SILJ
 
 
204,775,410
BATT
 
 
​902,353
NDIV
 
 
​1,134,695
IBUY
 
 
​11,586,610
SOFR
 
 
—
USNG
 
 
32,038
CNBS
 
 
(5,630,424)
SLJY
 
 
266,655
SMAP
 
 
—
BLOK
 
 
52,289,822
AWAY
 
 
2,343,725
GAMR
 
 
1,994,495
THNR
 
 
68,500
 
 
 
 
 
140
 

TABLE OF CONTENTS

AMPLIFY ETF TRUST
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2025(Continued)
9. REVERSE STOCK SPLIT
During the year ended September 30, 2025, the following Fund’s shares were adjusted to reflect reverse stock splits. The effect of these reverse stock splits was to reduce the number of shares outstanding in the Fund while maintaining the Fund’s and each shareholder’s aggregate net asset value. All historical per share information has been retroactively adjusted to reflect these reverse stock splits. Set forth below are details regarding the reverse splits effected on February 21, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund
 
 
Date
 
 
Rate
 
 
Net Asset
Value
Before Split
 
 
Net Asset
Value
After Split
 
 
Shares
Outstanding
Before Split
 
 
Shares
Outstanding
After Split
MJ
 
 
February 21, 2025
 
 
1 for 12
 
 
2.10
 
 
25.21
 
 
69,200,000
 
 
5,766,667
CNBS
 
 
February 21, 2025
 
 
1 for 12
 
 
1.75
 
 
20.93
 
 
39,300,000
 
 
3,275,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10. ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund(s). Each Fund operates as a single segment entity. Each Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
11. SUBSEQUENT EVENTS
The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosure and/or adjustment other than the below:
Effective October 13, 2025, BLOK will change its name to Amplify Blockchain Technology ETF and its investment objective to seek to provide total return by investing at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of companies actively involved in the development and utilization of blockchain technologies.
Effective October 13, 2025, YYY will change its name to Amplify CEF High Income ETF and the name of the Index will change to “Nasdaq CEF High Income™ Index.”
Effective November 24, 2025, TLTP will change its name to Amplify TLT U.S. Treasury 12% Option Income ETF.
Effective on or about January 28, 2026, the fee waiver agreement for COWS between Amplify and the Trust will be extended. The expense reduction will remain in place until January 28, 2027, with reduced fees set at 0.19%.
Effective on or about January 28, 2026, NDIV will change its name to Amplify Energy & Natural Resources Covered Call ETF and modify the investment strategy to introduce a covered call overlay to the existing index methodology.
 
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AMPLIFY ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
Amplify ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, options written (as applicable), and total return swap contracts (as applicable), of Amplify ETF Trust comprising the funds listed below (the “Funds”) as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of
Operations
 
 
Statements of
Changes in
Net Assets
 
 
Financial Highlights
Amplify AI Powered Equity ETF, Amplify Alternative Harvest ETF, Amplify Bloomberg AI Value Chain ETF (formerly known as Amplify Global Cloud Technology ETF), Amplify BlueStar Israel Technology ETF, Amplify Cybersecurity ETF, Amplify Digital Payments ETF (formerly known as Amplify Mobile Payments ETF), Amplify Etho Climate Leadership U.S. ETF, Amplify Junior Silver Miners ETF, Amplify Travel Tech ETF, and Amplify Video Game Leaders ETF (formerly known as Amplify Video Game Tech ETF)
 
 
For the year ended September 30, 2025
 
 
For the years ended September 30, 2025 and 2024*
Amplify Bitcoin 2% Monthly Options Income ETF and Amplify Bitcoin Max Income Covered Call ETF**
 
 
For the period from April 28, 2025 (commencement of operations) through September 30, 2025
Amplify BlackSwan Growth & Treasury Core ETF, Amplify CWP Enhanced Dividend Income ETF, Amplify High Income ETF, Amplify Lithium & Battery Technology ETF, Amplify Online Retail ETF, Amplify Seymour Cannabis ETF, and Amplify Transformational Data Sharing ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, and the year ended October 31, 2023
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024 and the years ended October 31, 2023, 2022, 2021, and 2020.
Amplify BlackSwan ISWN ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, and the year ended October 31, 2023
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, the years ended October 31, 2023 and 2022, and the period from January 25, 2021 (commencement of operations) through October 31, 2021
Amplify Bloomberg U.S Treasury 12% Premium Income ETF
 
 
For the period from October 28, 2024 (commencement of operations) through September 30, 2025
 
 
 
 
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of
Operations
 
 
Statements of
Changes in
Net Assets
 
 
Financial Highlights
Amplify Cash Flow Dividend Leaders ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, and the year ended October 31, 2023
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024 and the period from September 12, 2023 (commencement of operations) through October 31, 2023
Amplify COWS Covered Call ETF (formerly known as Amplify Cash Flow High Income ETF)
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, and the year ended October 31, 2023
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024 and the period from September 19, 2023 (commencement of operations) through October 31, 2023
Amplify CWP Growth & Income ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025 and the period from August 21, 2024 (commencement of operations) through September 30, 2024
Amplify CWP International Enhanced Dividend Income ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, and the year ended October 31, 2023
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, the year ended October 31, 2023, and the period from September 7, 2022 (commencement of operations) through October 31, 2022
Amplify Natural Resources Dividend Income ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, and the year ended October 31, 2023
 
 
For the year ended September 30, 2025, the period from November 1, 2023 through September 30, 2024, the year ended October 31, 2023, and the period from August 23, 2022 (commencement of operations) through October 31, 2022
Amplify Samsung SOFR ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025 and the period from November 14, 2023 (commencement of operations) through September 30, 2024
Amplify Samsung U.S. Natural Gas Infrastructure ETF
 
 
For the period from May 19, 2025 (commencement of operations) through September 30, 2025
Amplify SILJ Covered Call ETF
 
 
For the period from August 18, 2025 (commencement of operations) through September 30, 2025
Amplify Small-Mid Cap Equity ETF
 
 
For the period from October 22, 2024 (commencement of operations) through September 30, 2025
Amplify Weight Loss Drug & Treatment ETF
 
 
For the year ended September 30, 2025
 
 
For the year ended September 30, 2025 and the period from May 20, 2024 (commencement of operations) through September 30, 2024
 
 
 
 
 
 
 
*
The Funds’ financial highlights for the periods or years ended September 30, 2023, and prior, were audited by other auditors whose report dated November 29, 2023, expressed an unqualified opinion on those financial highlights.
**
The financial statements referred to throughout are consolidated.
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2015. We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

 
COHEN & COMPANY, LTD.
Cleveland, Ohio
November 26, 2025
 
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Additional Information
September 30, 2025 (Unaudited)
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.5%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
 
 
 
 
AIEQ
 
 
47.24%
MJ
 
 
2.92%
BITY
 
 
0.00%
BAGY
 
 
0.00%
SWAN
 
 
0.00%
ISWN
 
 
0.00%
AIVC
 
 
100.00%
TLTP
 
 
0.00%
ITEQ
 
 
100.00%
COWS
 
 
94.07%
HCOW
 
 
100.00%
DIVO
 
 
41.04%
QDVO
 
 
100.00%
IDVO
 
 
83.30%
HACK
 
 
100.00%
IPAY
 
 
76.87%
ETHO
 
 
​100.00%
YYY
 
 
15.89%
SILJ
 
 
6.47%
BATT
 
 
46.98%
NDIV
 
 
100.00%
IBUY
 
 
0.00%
SOFR
 
 
0.00%
USNG
 
 
0.00%
CNBS
 
 
0.00%
SLJY
 
 
0.91%
SMAP
 
 
100.00%
BLOK
 
 
11.63%
AWAY
 
 
0.00%
GAMR
 
 
88.34%
THNR
 
 
46.27%
 
 
 
 
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2025 was as follows:
 
 
 
 
AIEQ
 
 
67.87%
MJ
 
 
0.72%
BITY
 
 
0.00%
BAGY
 
 
0.00%
SWAN
 
 
0.00%
ISWN
 
 
0.00%
AIVC
 
 
100.00%
TLTP
 
 
0.22%
 
 
 
 
 
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Amplify ETF Trust
Additional Information
September 30, 2025 (Unaudited)(Continued)
 
 
 
 
ITEQ
 
 
52.21%
COWS
 
 
93.79%
HCOW
 
 
100.00%
DIVO
 
 
40.57%
QDVO
 
 
100.00%
IDVO
 
 
4.06%
HACK
 
 
100.00%
IPAY
 
 
70.28%
ETHO
 
 
100.00%
YYY
 
 
1.01%
SILJ
 
 
0.60%
BATT
 
 
1.45%
NDIV
 
 
65.60%
IBUY
 
 
0.00%
SOFR
 
 
0.00%
USNG
 
 
0.00%
CNBS
 
 
0.00%
SLJY
 
 
0.00%
SMAP
 
 
0.00%
BLOK
 
 
6.67%
AWAY
 
 
0.00%
GAMR
 
 
19.78%
THNR
 
 
21.01%
 
 
 
 
Short Term Capital Gains
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:
 
 
 
 
AIEQ
 
 
0.00%
MJ
 
 
0.00%
BITY
 
 
9.81%
BAGY
 
 
0.00%
SWAN
 
 
0.00%
ISWN
 
 
0.00%
AIVC
 
 
0.00%
TLTP
 
 
​40.05%
ITEQ
 
 
0.00%
COWS
 
 
0.00%
HCOW
 
 
0.00%
DIVO
 
 
​85.77%
QDVO
 
 
0.00%
IDVO
 
 
0.00%
HACK
 
 
0.00%
IPAY
 
 
0.00%
ETHO
 
 
0.00%
YYY
 
 
0.00%
SILJ
 
 
0.00%
BATT
 
 
0.00%
 
 
 
 
 
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Amplify ETF Trust
Additional Information
September 30, 2025 (Unaudited)(Continued)
 
 
 
 
NDIV
 
 
0.00%
IBUY
 
 
0.00%
SOFR
 
 
0.00%
USNG
 
 
0.00%
CNBS
 
 
0.00%
SLJY
 
 
0.00%
SMAP
 
 
0.00%
BLOK
 
 
0.00%
AWAY
 
 
0.00%
GAMR
 
 
0.00%
THNR
 
 
63.35%
 
 
 
 
 
 
Foreign Tax Credit Pass Through
Pursuant to Section 853 of the Internal Revenue Code, the Fund designates the following amount as foreign taxes paid for the year ended September 30, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
 
 
 
 
 
 
 
 
 
 
 
 
 
Credible Foreign
Taxes Paid
 
 
Per Share
Amount
 
 
Portion of Ordinary
Income Distribution
Derived from
Foreign Sourced
Income
BATT
 
 
$59,915
 
 
$0.1481
 
 
94.42%
IDVO
 
 
464,840
 
 
0.4314
 
 
93.62%
ITEQ
 
 
55,863
 
 
0.2233
 
 
89.21%
SILJ
 
 
649,677
 
 
0.0809
 
 
93.95%
 
 
 
 
 
 
 
 
 
 
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.
Principal Risks
AGRICULTURE COMPANIES RISK (NDIV)
Economic forces, including forces affecting agricultural markets, as well as government policies and regulations affecting agriculture companies, could adversely impact the Fund’s investments. Agricultural and livestock production, profitability and trade flows are significantly affected by government policies and regulations. In addition, companies in the agriculture sector must comply with a broad range of environmental laws and regulations.
ARTIFICIAL INTELLIGENCE RISK (AIEQ and AIVC)
Investing in companies involved in artificial intelligence presents unique risks, including exposure to limited markets, rapid technological change, and evolving government regulation. Such companies may have restricted product lines, financial resources, or personnel, which can lead to increased volatility in their securities, particularly for smaller or start-up firms. Rapid advancements in technology may materially affect operating results, and reliance on intellectual property protections may not prevent competitors from developing similar or superior technologies. Significant expenditures on research and development may not result in successful products or services.
 
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Additional Information
September 30, 2025 (Unaudited)(Continued)
BIOTECHNOLOGY COMPANIES RISK (CNBS and MJ)
A biotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products and can accordingly be greatly affected if one of its products proves, among other things, unsafe, ineffective or unprofitable. Biotechnology companies are subject to regulation by, and the restrictions of, the FDA, the U.S. Environmental Protection Agency, state and local governments, and non-U.S. regulatory authorities.
BITCOIN RISK (BLOK, BITY, and BAGY)
Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The value of bitcoin has been, and may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The slowing, stopping or reversing of the development of the Bitcoin network or the acceptance of bitcoin may adversely affect the price of bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact the digital asset trading venues on which bitcoin trades. The Bitcoin blockchain may contain flaws that can be exploited by hackers. A significant portion of bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence the price of bitcoin.
Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, bitcoin and the digital asset trading venues on which it trades are largely unregulated and highly fragmented and digital asset trading venues may be operating out of compliance with regulations. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of bitcoin.
The Bitcoin blockchain and its native crypto asset, bitcoin, face numerous challenges to gaining widespread adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in bitcoin’s price. It is not clear that the Bitcoin blockchain or bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and bitcoin as an alternative payment system, and thereby negatively impact the price of bitcoin.
BITCOIN ETF RISK (BITY and BAGY)
Bitcoin ETPs are exchange-traded investment products not registered under the 1940 Act that seek to generally match the performance of the price of bitcoin, and trade intra-day on a national securities exchange. Shares of Bitcoin ETPs are not traded at net asset value, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of Bitcoin ETPs is similar to the risk involved in the purchase or sale of an exchange traded fund, and generally reflect the risks of owning the underlying bitcoin and cash that the Bitcoin ETP holds. Bitcoin ETPs are subject to management fees and other fees that may increase their costs versus the costs of owning bitcoin directly. Bitcoin ETPs generally determine the price of bitcoin by reference to a benchmark rate or index, and therefore may not the global price of bitcoin, or the price of bitcoin on any one digital asset trading platform. In the event the price used by the Bitcoin ETP deviates from the global price of bitcoin, the Fund’s returns may be adversely affected.
BLOCKCHAIN INVESTMENTS RISK (BLOK)
An investment in companies actively engaged in blockchain technology may be subject to risks associated with this relative new technology, including, but not limited to theft, loss or destruction, cyber security incidents, developmental risk, intellectual property claims, lack of liquid markets, and possible manipulation of blockchain-based assets, uncertain regulatory environment, third party product defects or vulnerabilities and reliance on the Internet.
 
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Additional Information
September 30, 2025 (Unaudited)(Continued)
CALL OPTION STRATEGY RISK (BITY and BAGY)
The Fund will employ its call option strategy by writing call options on the Bitcoin ETP. The risk associated with a covered call option strategy is the risk that the Fund will forgo, during the option contract’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss of the underlying security should the price of the underlying security decline. In addition, as the Fund sells (writes) call option contracts over a greater portion of its portfolio, its ability to benefit from the potential for capital appreciation of the Bitcoin ETP becomes more limited. The writer of an option contract has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot affect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price in the case of physically settled options, or the cash value thereof in the case of cash-settled options.
CANNABIS INDUSTRY RISK (CNBS and MJ)
Companies involved in the cannabis industry face competition, may have limited access to the services of banks, may have substantial burdens on company resources due to litigation, complaints or enforcement actions, and are heavily dependent on receiving necessary permits and authorizations to engage in medical cannabis research or to otherwise cultivate, possess or distribute cannabis. Since the use of cannabis is illegal under U.S. federal law, federally regulated banking institutions may be unwilling to make financial services available to growers and sellers of cannabis.
CHEMICALS INDUSTRY RISK (NDIV)
The chemicals industry includes companies that manufacture and produce industrial and basic chemicals (e.g., plastics, synthetic fibers and films), fertilizers, pesticides and other agricultural chemicals, industrial gases, specialty chemicals (e.g., advanced polymers and adhesives) and other diversified chemicals. The prices of securities of companies in the chemicals industry may fluctuate widely due to intense competition, product obsolescence, and raw materials prices. In addition, companies in the chemicals industry may be subject to risks associated with the production, handling and disposal of hazardous chemicals. Legislative or regulatory changes and increased government supervision may also affect companies in the chemicals industry.
CHINA RISK (BATT)
China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. The central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. Furthermore, China’s economy is dependent on the economies of other Asian countries and can be significantly affected by currency fluctuations and increasing competition from Asia’s other emerging economies. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the value of the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. China has experienced outbreaks of infectious illnesses, and the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future, which could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund’s investments.
CLOUD TECHNOLOGY COMPANY RISK (AIVC)
Cloud Technology Companies may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. In addition, many Cloud Technology Companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. As a result, Cloud Technology Companies may be adversely impacted by government regulations, and may be subject to additional regulatory oversight with regard to
 
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Additional Information
September 30, 2025 (Unaudited)(Continued)
privacy concerns and cybersecurity risk. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Cloud computing companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Cloud Technology Companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of Cloud Technology Companies may be concentrated in a particular country, region or industry.
CONCENTRATION RISK (AIEQ, COWS, GAMR, YYY, IBUY, IPAY, ITEQ, AIVC, SILJ, MJ, and THNR)
To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. The Fund may be susceptible to loss due to adverse occurrences to the extent that the Fund’s investments are concentrated in a particular issuer or issuers, region, market, industry, group of industries, sector or asset class.
CONSUMER DISCRETIONARY COMPANIES RISK (COWS)
Consumer discretionary companies are companies that provide non-essential goods and services, such as retailers, media companies and consumer services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.
CONSUMER STAPLES SECTOR RISK (DIVO, IBUY, and MJ)
Consumer staples companies provide products directly to the consumer that are typically considered non-discretionary items based on consumer purchasing habits. Such products include food, beverages, household items and tobacco. Consumer staples companies may be affected by the regulation of various product components and production methods, new laws, regulations or litigation, marketing campaigns, competitive pricing and other factors affecting consumer demand. Changes in the worldwide economy, demographics, consumer preferences and/or spending, exploration and production spending may adversely affect these companies, as well as natural and man-made disasters, political, social or labor unrest, world events and economic conditions.
COUNTERPARTY RISK (BITY, BAGY, BLOK, CNBS, COWS, DIVO, HCOW, SLJY, SOFR, and QDVO)
Counterparty risk is the risk an issuer, guarantor or counterparty of a security held by the Fund is unable or unwilling to meet its obligation on the security. Counterparty risk may arise because of the counterparty’s financial condition, market activities, or for other reasons. A counterparty’s inability to fulfill its obligation may result in financial losses to the Fund, which could be significant. The Fund may be unable to recover its investment from the counterparty or may obtain a limited and/or delayed recovery.
COVERED CALL RISK (DIVO, IDVO, and QDVO)
Covered call option strategy risk is the risk that the Fund will forgo, during the option contract’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss of the underlying security should the price of the underlying security decline. In addition, as the Fund sells (writes) covered call option contracts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. The writer of an option contract has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot affect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.
CRYPTOCURRENCY RISK (BAGY, BITY, and BLOK)
Cryptocurrencies operate without central authority or banks and are not backed by any government. They are often referred to as “virtual currency” or “digital currency,” and function as decentralized, peer-to-peer financial exchanges and value storage that are used like money. Cryptocurrencies are not legal tender. Federal, state, or foreign governments may restrict the use and exchange of cryptocurrencies, and regulation in the U.S. is still developing. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware.
 
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Investment vehicles with exposure to cryptocurrencies such as bitcoin may be affected by the high volatility associated with such cryptocurrency exposure. Holdings in investment vehicles that hold cryptocurrency assets are subject to applicable limitations of regulatory regimes, which are subject to change. The investment vehicles through which exposure to cryptocurrencies is obtained may not be registered investment companies, and therefore, investors may not, as shareholders of such investment vehicles, receive the protections afforded to shareholders of an investment company under the 1940 Act in connection with their investment in such investment vehicles.
CUSTODY RISK (BITY and BAGY)
Security breaches, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets. The bitcoin held by the Bitcoin ETPs’ custodian will likely be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the Bitcoin ETPs’ bitcoins. To the extent that the Bitcoin ETPs and their service providers are unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, a Bitcoin ETP’s bitcoins may be subject to theft, loss, destruction or other attack.
CYBER SECURITY RISK
The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches.
DEPOSITARY RECEIPTS RISK (CNBS, DIVO, IBUY, IDVO, IPAY, ITEQ, NDIV, and THNR)
Depositary receipts may be subject to certain of the risks associated with direct investments in the securities of non-U.S. companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying non-U.S. securities. Certain countries may limit the ability to convert depositary into the underlying non-U.S. securities and vice versa, which may cause the securities of the non-U.S. company to trade at a discount or premium to the market price of the related depositary receipts. Depositary receipts may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by a depositary and the issuer of the underlying security. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Unsponsored receipts may involve higher expenses and may be less liquid. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.
DERIVATIVES RISK (BATT, BLOK, CNBS, COWS, HCOW, SOFR, SWAN, and TLTP)
The use of derivative instruments, such as options contracts, can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when the Fund’s portfolio manager uses derivatives to enhance the Fund’s return or as a substitute for a position or security, rather than to hedge (or offset) the risk of a position or security held by the Fund. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. The Fund enters into option contracts pursuant to Rule 18f-4 under the 1940 Act (“Rule 18f-4”). Rule 18f-4 requires a Fund to implement certain policies and procedures designed to manage its derivatives risks, dependent upon a Fund’s level of exposure to derivative instruments. To the extent the Fund is noncompliant with Rule 18f-4, the Fund may be required to adjust its investment portfolio which may, in turn, negatively impact its implementation of its investment strategies.
 
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DIGITAL ASSET REGULATORY RISK (BITY AND BAGY)
There is a lack of consensus regarding the regulation of digital assets, including bitcoin, and their markets. As a result of the growth in the size of the digital asset market, as well as in response to several events that occurred in 2022, including the collapse of the algorithmic stablecoin TerraUSD and its paired crypto asset LUNA in May 2022 and the collapse and bankruptcy of FTX Trading Ltd., an offshore digital asset trading venue specializing in crypto derivatives in November 2022, each which contributed to a significant decline in the price of bitcoin, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and the digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets generally or bitcoin in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the shares of a Bitcoin ETP or the ability of the Bitcoin ETP to continue to operate.
DIGITAL ASSET TRADING PLATFORMS RISK (BITY AND BAGY)
Digital asset platforms are relatively new and, in some cases, unregulated. Many operate outside the United States. Furthermore, while many prominent digital asset platforms provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance, many digital asset platforms do not provide this information. Digital asset platforms may not be subject to, or may not comply with, regulation in a similar manner as other regulated trading platforms, such as national securities exchanges or designated contract markets. As a result, the marketplace may lose confidence in digital asset platforms, including prominent platforms that handle a significant volume of bitcoin trading.
DISTRIBUTION TAX RISK (BITY, BAGY, and SLJY)
The Fund currently expects to make distributions on a monthly basis, a portion of which may be considered return of capital. While the Fund will normally pay its income as distributions, the Fund’s distributions may exceed the Fund’s income and gains for the Fund’s taxable year. The Fund may be required to reduce its distributions if it has insufficient cash flow. Distributions in excess of the Fund’s current and accumulated earnings and profits will be treated as a return of capital. Distributions not in excess of the Fund’s earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable currently but will reduce the shareholder’s cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Because the Fund’s distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period.
EMERGING MARKETS RISK (AWAY, BATT, CNBS, GAMR, HACK, IBUY, IDVO, IPAY, AIVC, NDIV, and SILJ)
The Fund may invest in companies located in emerging market countries. Emerging market countries include, but are not limited to, those considered to be developing by the International Monetary Fund, the World Bank, the International Finance Corporation or one of the leading global investment banks. The majority of these countries are likely to be located in Asia, Latin America, the Middle East, Central and Eastern Europe, and Africa. Investments in emerging market issuers are subject to a greater risk of loss than investments in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility, lower trading volume, higher levels of inflation, political and economic instability, greater risk of a market shutdown and more governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets. Moreover, emerging markets often have less uniformity in accounting and reporting requirements, less reliable securities valuations and greater risks associated with custody of securities than developed markets. In addition,
 
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emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade and investment.
ENERGY COMPANIES RISK (USNG)
The success of energy companies may be cyclical and highly dependent on energy prices. The market value of securities issued by energy companies may decline for many reasons, including, among other things, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies may also operate in, or engage in transactions involving, countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural disasters.
ENERGY SECTOR RISK (COWS, DIVO, IDVO, NDIV, and USNG)
The success of companies in the energy sector may be cyclical and highly dependent on energy prices. The market value of securities issued by energy companies may decline for many reasons, including, but not limited to, changes in the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, exchange rates, interest rates, economic conditions, tax treatment, energy conservation efforts, increased competition and technological advances. Energy companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of the revenues of energy companies may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental problems, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife or natural disasters.
EQUITY SECURITIES RISK (CNBS, COWS, DIVO, HCOW, IBUY, IDVO, NDIV, QDVO, SLJY, TLTP, and THNR)
The value of the Shares will fluctuate with changes in the value of the equity securities in which the Fund invests. Prices of equity securities fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as the current market volatility, or when political or economic events affecting the issuers occur.
ESG Risk (ETHO and SMAP)
To the extent ESG factors are utilized to evaluate a fund’s investments, the consideration of such factors may adversely affect the fund’s performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which a fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. When integrating ESG factors into the investment process, a fund may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate, or unavailable, which may adversely impact the investment process. Moreover, ESG information, whether from an external and/or internal source, is, by nature and in many instances, based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of ESG data. The current lack of common standards may result in different approaches to integrating ESG factors. Any of these factors could adversely affect a fund’s performance.
 
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FAILURE TO QUALIFY AS A REGULATED INVESTMENT COMPANY RISK (SMAP and TLTP)
If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. In such circumstances, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax treatment. If the Fund fails to qualify as a regulated investment company, distributions to the Fund’s shareholders generally would be eligible for the dividends received deduction in the case of corporate shareholders.
FINANCIAL COMPANIES RISK (BLOK, COWS, DIVO, and IDVO)
Financial companies, such as retail and commercial banks, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans) and competition from new entrants and blurred distinctions in their fields of business.
FOREIGN INVESTMENT RISK
Securities issued by Non-U.S.  companies present risks beyond those of securities of U.S.  issuers. Risks of investing in the securities of foreign companies include: different accounting standards; expropriation, nationalization or other adverse political or economic developments; currency devaluation, blockages or transfer restrictions; changes in foreign currency exchange rates; taxes; restrictions on foreign investments and exchange of securities; and less government supervision and regulation of issuers in foreign countries. Prices of foreign securities also may be more volatile.
FUND OF FUNDS RISK (YYY)
Because the Fund is a fund of funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise the Index. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, in addition to its own fees and expenses. In addition, at times certain segments of the market represented by constituent Underlying Funds may be out of favor and underperform other segments.
FUTURES CONTRACT RISK (BLOK)
Risks of futures contracts include: (i)  an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.
GROWTH STOCKS RISK (QDVO)
Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividend payments that can help cushion its share price during declining markets. The growth style may, over time, go in and out of favor. At times when the growth investing style is out of favor, funds that invest in growth stocks may underperform other equity funds that employ different investment styles.
 
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HEALTH CARE COMPANIES RISK (CNBS and MJ)
Health care companies are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, and an increased emphasis on the delivery of healthcare through outpatient services. Health care companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of the companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies, or other market developments. Many new products in the health care field require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.
INFLATION RISK
Inflation risk is the risk that the value of the Fund’s assets or income from investments held by the Fund will be less in the future since inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets can decline as can the value of the Fund’s distributions.
INFORMATION TECHNOLOGY COMPANIES RISK (IBUY and BLOK)
Information technology companies are generally subject to the following risks: rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.
INTERNET COMPANIES RISK (BLOK and IBUY)
Internet companies are subject to rapid changes in technology, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions and the considerable risk of owning small capitalization companies that have recently begun operations. In addition, the stocks of many internet companies have exceptionally high price-to-earnings ratios with little or no earnings histories. Many internet companies have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance.
INTEREST RATE RISK (BITY, BAGY, SWAN, SMAP, and TLTP)
Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer term debt securities. Duration is a measure of the expected price volatility of a debt security as a result of changes in market rates of interest, based on, among other factors, the weighted average timing of the debt security’s expected principal and interest payments. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration.
IRREVOCABILITY OF TRANSACTIONS RISK (BITY and BAGY)
Bitcoin transactions are typically not reversible without the consent and active participation of the recipient of the transaction. Once a transaction has been verified and recorded in a block that is added to the Bitcoin blockchain, an incorrect transfer or theft of bitcoin generally will not be reversible and a Bitcoin ETP may not be capable of seeking compensation for any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, a Bitcoin ETP’s bitcoin could be transferred from the Bitcoin ETP’s account at its custodian in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts.
 
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ISRAELI COMPANIES RISK (ITEQ)
Investment in securities of Israeli companies involves risks that may negatively affect the value of your investment in the Fund. Among other things, Israel’s economy depends on imports of certain key items, such as crude oil, coal, grains, raw materials and military equipment. Israel’s relations with the Palestinian Authority and certain neighboring countries such as Lebanon, Syria and Iran, among others, have at times been strained due to territorial disputes, historical animosities or security concerns, which may cause uncertainty in the Israeli markets and adversely affect the overall economy. In addition, U.S.-designated terrorist groups such as Hezbollah and Hamas operate in close proximity to Israel’s borders, and has resulted in armed conflicts that have a material negative impact on the country and has caused volatility for its economy. Furthermore, Israel’s economy is heavily dependent on trade relationships with key counterparties around the world, specifically the United States and European Union countries.
LARGE CAPITALIZATION COMPANIES RISK (DIVO, HCOW, IBUY, NDIV, QDVO, and USNG)
Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.
LEVERAGE RISK (YYY)
Leverage may result from ordinary borrowings or may be inherent in the structure of certain Underlying Fund investments such as derivatives. If the prices of those investments decrease, or if the cost of borrowing exceeds any increase in the prices of those investments, the NAV of the Underlying Fund’s shares will decrease faster than if the Underlying Fund had not used leverage. To repay borrowings, an Underlying Fund may have to sell investments at a time and at a price that is unfavorable to the Underlying Fund. Interest on borrowings is an expense the Underlying Fund would not otherwise incur. Leverage magnifies the potential for gain and the risk of loss. If an Underlying Fund uses leverage, there can be no assurance that the Underlying Fund’s leverage strategy will be successful.
MARKET EVENTS RISK
Turbulence in the economic, political and financial system has historically resulted, and may continue to result, in an unusually high degree of volatility in the capital markets. Both domestic and foreign capital markets have been experiencing increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected, and it is uncertain whether or for how long these conditions could continue. Reduced liquidity in equity, credit and fixed-income markets may adversely affect many issuers worldwide. This reduced liquidity may result in less money being available to purchase raw materials, goods and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in small or emerging market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their security prices. These events and possible continued market turbulence may have an adverse effect on the Fund.
In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of a Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund’s Shares and result in increased market volatility. During any such events, a Fund’s Shares may trade at increased premiums or discounts to their NAV.
Health crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests and negatively impact a Fund’s investment return.
 
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MARKET PRICE DISCOUNT FROM/PREMIUM TO NET ASSET VALUE RISK (YYY)
The shares of the Underlying Funds may trade at a discount or premium to their NAV. This characteristic is a risk separate and distinct from the risk that an Underlying Fund’s NAV could decrease as a result of investment activities. Whether investors, such as the Fund, will realize gains or losses upon the sale of shares will depend not on the Underlying Funds’ NAVs, but entirely upon whether the market price of the Underlying Funds’ shares at the time of sale is above or below an investor’s purchase price for shares.
MASTER LIMITED PARTNERSHIPS RISK (NDIV and USNG)
Investments in securities of MLPs involve certain risks different from or in addition to the risks of investing in common stocks. MLP common units can be affected by macro-economic factors and other factors unique to the partnership or company and the industry or industries in which the MLP operates. Certain MLP securities may trade in relatively low volumes due to their smaller capitalizations or other factors, which may cause them to have a high degree of price volatility and illiquidity. The structures of MLPs create certain risks, including, for example, risks related to the limited ability of investors to control an MLP and to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, the risk that an MLP will generate insufficient cash flow to meet its current operating requirements, the risk that an MLP will issue additional securities or engage in other transactions that will have the effect of diluting the interests of existing investors, and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.
MATERIALS SECTOR RISK (BATT and NDIV)
Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.
METALS AND MINING COMPANIES RISK (BATT, NDIV, SILJ and SLJY)
Investments in metals and mining companies may be speculative and subject to greater price volatility than investments in other types of companies. The profitability of companies in the metals and mining industry is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s Share price may be more volatile than other types of investments. In addition, metals and mining companies may be significantly affected by changes in global demand for certain metals, economic developments, energy conservation, the success of exploration projects, changes in exchange rates, interest rates, economic conditions, tax treatment, trade treaties, and government regulation and intervention, and events in the regions that the companies to which the Fund has exposure operate (e.g., expropriation, nationalization, confiscation of assets and property, the imposition of restrictions on foreign investments or repatriation of capital, military coups, social or political unrest, violence and labor unrest). Metals and mining companies may also be subject to the effects of competitive pressures in the metals and mining industry.
MID-CAPITALIZATION RISK (ISWN)
Mid-capitalization companies may be less stable and more susceptible to adverse developments in comparison to large-capitalization companies. Additionally, the securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies.
MINERAL AND RARE EARTH METAL MINING RISK (BATT)
The Fund is subject to certain risks associated with companies involved in mining. Competitive pressures may have a significant effect on the financial condition of such companies. Companies involved in the various activities that are related to the mining, refining and/or manufacturing of rare earth metals tend to be small-, medium- and micro-capitalization companies. The value of such companies may be significantly affected by events relating to international, national and local political and economic developments, energy conservation efforts, the success of exploration projects, commodity prices, tax and other government regulations, depletion of resources, and mandated
 
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expenditures for safety and pollution control devices. Mining companies are highly dependent on the price of the underlying metal or element. These prices may fluctuate substantially over short periods of time so the Fund’s Share price may be more volatile than other types of investments. In particular, a drop in the price of green metals would particularly adversely affect the profitability of small- and medium-capitalization mining companies and their ability to secure financing. Furthermore, companies that are only in the exploration stage are typically unable to adopt specific strategies for controlling the impact of such price changes. A significant amount of the companies may be early stage mining companies that are in the exploration stage only or that hold properties that might not ultimately produce these metals. Exploration and development involves significant financial risks over a significant period of time which even a combination of careful evaluation, experience and knowledge may not eliminate.
MLP TAX RISK (USNG)
In order to qualify as a regulated investment company for federal tax purposes, the Fund may invest no more than 25% of its total assets in the securities of qualified publicly traded partnerships, which generally include MLPs. If the Fund’s holdings of MLP interests exceeds 25% of its total assets as of the end of any quarter of any taxable year, then the Fund may lose its status as a regulated investment company. If the Fund’s holdings of MLP interests increases beyond 25% solely due to fluctuations in market value, then that increase will not cause the Fund to lose its status as a regulated investment company.
MOBILE PAYMENT COMPANIES RISK (IPAY)
Mobile payment companies face intense competition, both domestically and internationally, and are subject to increasing regulatory constraints, particularly with respect to fees, competition and anti-trust matters, cybersecurity and privacy. Mobile Payment Companies may be highly dependent on their ability to enter into agreements with merchants and other third parties to utilize a particular payment method, system, software or service, and such agreements may be subject to increased regulatory scrutiny. Additionally, certain Mobile payment companies have recently faced increased costs related to class-action litigation challenging such agreements. Such factors may adversely affect the profitability and value of such companies.
NATURAL GAS COMPANIES RISK (USNG)
One of natural gas companies’ primary risks is the competitive risk associated with the prices of alternative fuels, such as coal and oil. For example, major natural gas customers such as industrial users and electric power generators often have the ability to switch between the use of coal, oil or natural gas. During periods when competing fuels are less expensive, the revenues of gas utility companies may decline with a corresponding impact on earnings. After years of booming production, natural gas firms have recently begun scaling back after record low prices and huge surpluses. Weather is another risk that may affect natural gas companies. Mild weather contributes to a scaled back demand for natural gas and declining stock prices for natural gas companies. The demand for natural gas correlates closely with general economic growth rates. The occurrence of recessions or other periods of low or negative economic growth will typically have a direct adverse impact on natural gas demand and natural gas prices. Natural gas companies are also sensitive to increased interest rates because of the capital intensive nature of their business. The demand for natural gas has traditionally been cyclical, with higher demand during winter months and lower demand during summer months. Natural gas prices are subject to volatile, sudden, unpredictable and/or temporary price movements over short periods of time.
NATURAL RESOURCES AND COMMODITY-RELATED INDUSTRIES (NDIV)
These industries can be significantly affected by (and often rapidly affected by) changes in the supply of, or demand for, various natural resources and commodities. Investments in natural resources companies, which include companies engaged in energy (oil, gas & consumable fuels), chemicals, agriculture, precious and industrial metals and mining, paper products, and timber can be significantly affected by events relating to these industries, including international political and economic developments, embargoes, tariffs, inflation, weather and natural disasters, livestock diseases, limits on exploration, rapid changes in the supply and demand for natural resources and other factors. The Fund’s investments may experience substantial price fluctuations as a result of these factors, and may move independently of the trends of other operating companies. Companies engaged in the industries listed above may be adversely affected by changes in government policies and regulations, technological advances and/or obsolescence, environmental damage claims, energy conservation efforts, the success of exploration projects, limitations on the
 
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liquidity of certain natural resources and commodities and competition from new market entrants. Changes in general economic conditions, including commodity price volatility, changes in exchange rates, imposition of import controls, rising interest rates, prices of raw materials and other commodities, depletion of resources and labor relations, could adversely affect the Fund’s investments.
NON-CANNABIS RELATED BUSINESS RISK (CNBS and MJ)
Many of the companies in the Index are engaged in other lines of business unrelated to the activities identified in the principal investment strategies, above, and these lines of business could adversely affect their operating results. The operating results of these companies may fluctuate as a result of events in the other lines of business. In addition, a company’s ability to engage in new activities may expose it to business risks with which it has less experience than it has with the business risks associated with its traditional businesses. There can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial condition.
OIL AND GAS INDUSTRY RISK (NDIV)
Investments in the oil and gas industry can be significantly affected by worldwide energy prices, exploration costs and production spending. Oil and gas companies may be adversely affected by natural disasters or other catastrophes; changes in exchange rates, interest rates or economic conditions; technological developments, prices for competitive energy services and increased competition. Other risks may include changes in the actual or perceived availability of oil deposits; imposition of import controls, changes in tax treatment, or government regulation or government intervention; negative public perception; or unfavorable events in the regions where companies operate. Companies in the oil and gas industry may have significant capital investments in, or engage in transactions involving, emerging market countries, which may heighten these risks. Companies that own or operate gas pipelines are subject to certain risks, including pipeline and equipment leaks and ruptures, explosions, fires, unscheduled downtime, transportation interruptions, discharges or releases of toxic or hazardous gases and other environmental risks. Companies in the oil and gas industry may be at risk for environmental damage claims and other types of litigation.
ONLINE RETAIL RISK (IBUY)
Companies that operate in the online marketplace, retail and travel segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace, retail and travel segments to reduce profit margins in order to compete. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace, retail and travel segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses.
OPTIONS CONTRACTS RISK (BITY, BAGY, DIVO, IDVO, QDVO, ISWN, and SWAN)
The use of option contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of option contracts are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option contracts and the reference asset of the option contract, and there may at times not be a liquid secondary market for certain option contracts.
 
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PHARMACEUTICAL COMPANIES RISK (CNBS, MJ, and THNR)
Companies in the pharmaceutical industry can be significantly affected by, among other things, government approval of products and services, government regulation and reimbursement rates, product liability claims, patent expirations and protection of intense competition.
POOLED INVESTMENT VEHICLE RISK (BLOK)
The Fund may invest in commodity-linked instruments, including ETFs and shares of other pooled investment vehicles. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying pooled investment vehicle. Pooled investment vehicles that invest in commodities are subject to the risks associated with direct investments in those commodities. The price and movement of a pooled investment vehicle designed to track an index may not track the index and may result in a loss. Certain pooled investment vehicles traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. Certain pooled investment vehicles may also not have the protections applicable to other types of investments under federal securities or commodities laws and may be subject to counterparty or credit risk.
POSITION LIMITS RISK (BITY and BAGY)
The options exchanges have established limits on the maximum number of puts and calls covering the same underlying security that may be held or written by a single investor or group of investors acting in concert or under common control (regardless of whether the options are purchased or written on the same or different exchanges or are held or written in one or more accounts or through one or more brokers). These are referred to as “position limits.” The position limit applicable to a particular option class is determined by the options exchange based on the number of shares outstanding and trading volume of the security underlying the option. The rules of the options markets generally limit the maximum number of options on the same side of the market (i.e., calls held plus puts written, or puts held plus calls written) with respect to a single underlying interest that may be carried in the accounts of a single investor or group of investors acting in concert. An options market may require that positions in certain Bitcoin ETP Options be aggregated with positions in certain other options for purposes of calculating position limits.
REIT RISK (AIEQ and SMAP)
Adverse economic, business or political developments affecting real estate could have a major effect on the value of the Fund’s investments in REITs. Investing in REITs may subject the Fund to risks associated with the direct ownership of real estate, such as decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent and fluctuations in rental income. In addition, REITs are subject to the possibility of failing to qualify for the favorable U.S. federal income tax treatment generally available to them under the Internal Revenue Code of 1986, as amended (the “Code”), and failing to maintain exemption from the registration requirements of the 1940 Act.
RISKS ASSOCIATED WITH INVESTMENTS IN SPACS (AIEQ)
Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination.
RISKS ASSOCIATED WITH SPAC-DERIVED COMPANIES (AIEQ)
SPAC-derived companies are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with a potential business combination with a SPAC prior to investment by the Fund. The price of stocks invested in by the Fund may not continue to appreciate and the performance
 
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of these stocks may not replicate the performance exhibited in the past. In addition, SPAC-derived companies may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in a SPAC-derived company are typically a small percentage of the market capitalization. The ownership of many SPAC-derived companies often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following a business combination transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.
RUSSIAN AND UKRAINE SECURITIES RISK
The continued hostilities between the two countries may still result in more widespread conflict and could have a severe adverse effect on the region and the markets. Sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have additional significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events.
SILVER EXPLORATION AND PRODUCTION INDUSTRY CONCENTRATION RISK (SILJ and SLJY)
The profitability of companies in the Silver Exploration & Production sub-industry is related to, among other things, the worldwide price of silver and the costs of extraction and production. Worldwide silver prices may fluctuate substantially over short periods of time, so the Fund’s share price may be more volatile than other types of investments. Companies in the sub-industry may be adversely affected by economic conditions, tax treatment, government regulation and intervention, and world events in the regions in which the companies operate (e.g., expropriation, nationalization, confiscation of assets and property, repatriation of capital, military coups, social unrest). The price of the equity securities of silver mining companies and silver may not always be closely correlated. Investing in a silver company involves certain risks unrelated to an investment in silver as a commodity, including production costs, operational and managerial risk, and the possibility that the company will take measures to hedge or minimize its exposure to the volatility of the market price of silver.
SILVER INVESTING RISK (SILJ and SLJY)
Silver prices have historically experienced significant and unpredictable fluctuations. Several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of the shares. Among them: (i) A change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the shares. (ii) A significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the shares. (iii) A significant increase in silver price hedging activity by silver producers. Traditionally, silver producers have not hedged to the same extent as other producers of precious metals (gold, for example) do. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the shares of the Silver ETPs.
SMALLER COMPANIES RISK (COWS, CNBS, IPAY, ITEQ, GAMR, AIVC, MJ, NDIV, SILJ, and USNG)
Smaller companies may be more vulnerable to adverse business or economic events than larger, more established companies, and may underperform other segments of the market or the equity market as a whole. The securities of smaller companies also are often traded in the over-the-counter market and tend to be bought and sold less frequently and at significantly lower trading volumes than the securities of larger companies. As a result, it may be more difficult for the Fund to buy or sell a significant amount of the securities of a smaller company without an adverse impact on the price of the company’s securities, or the Fund may have to sell such securities in smaller quantities over a longer period of time, which may increase the Fund’s tracking error.
SMALL- AND MEDIUM-SIZED COMPANIES RISK (SMAP)
Investors in small- and medium-sized companies typically take on greater risk and price volatility than they would by investing in larger, more established companies. This increased risk may be due to the greater business risks of their small or medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of small- and medium-sized companies are often traded in the over-the-counter market and might
 
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not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of small and medium capitalization companies are likely to be less liquid, and subject to more abrupt or erratic market movements, than securities of larger, more established companies.
SOFR RISK (SOFR)
SOFR is intended to broadly measure the cost of overnight borrowing collateralized by U.S. Treasury securities. As a financing rate based on overnight secured transactions, SOFR differs fundamentally from other established rates, and there is no assurance that SOFR or SOFR-based rates will perform similarly to other benchmarks. SOFR is relatively new, has not been widely implemented, and may not be widely accepted in the market. Its limited history means future performance cannot be predicted. SOFR may also be more volatile than other benchmark rates, reflecting the volatility of the overnight U.S. Treasury repo market. The Federal Reserve Bank of New York has conducted operations in this market to maintain the federal funds rate, but there is no assurance such operations will continue, and their impact is uncertain and could adversely affect investments linked to SOFR.
SUBSIDIARY INVESTMENT RISK (BITY and BAGY)
Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However, as the Subsidiary is wholly-owned by the Fund, and the investors of the Fund will have the investor protections of the 1940 Act, the Fund as a whole — including the Subsidiary — will provide investors with 1940 Act protections.
TECHNOLOGY COMPANIES RISK (AWAY, GAMR, HACK, IPAY, ITEQ, and AIVC)
Companies in the technology field, including companies in the computers, telecommunications and electronics industries, face intense competition, which may have an adverse effect on profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, and such companies may face unpredictable changes in growth rates, competition for the services of qualified personnel and competition from foreign competitors with lower production costs. Companies in the technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.
TIMBER COMPANIES RISK (NDIV)
Timber companies may be affected by numerous factors, including events occurring in nature and international politics. For example, the volume and value of timber that can be harvested from timberlands may be limited by natural disasters and other events such as fire, volcanic eruptions, insect infestation, disease, ice storms, wind-storms, flooding, other weather conditions and other causes. In periods of poor logging conditions, timber companies may harvest less timber than expected. Timber companies are subject to many federal, state and local environmental and health and safety laws and regulations. In addition, rising interest rates and general economic conditions may affect the demand for timber products.
U.S. TREASURY SECURITIES RISK (ISWN, SWAN, and TLTP)
U.S. Treasury securities may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury securities to decline.
UTILITIES COMPANIES RISK (USNG)
Utilities companies include companies producing or providing gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability
 
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to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply fluctuations, volatile interest rates and energy conservation may negatively affect utilities companies.
VIDEO GAMING COMPANIES RISK (GAMR)
Video gaming companies face intense competition, both domestically and internationally, may have limited product lines, markets, financial resources, or personnel, may have products that face rapid obsolescence, and are heavily dependent on the protection of patent and intellectual property rights. Such factors may adversely affect the profitability and value of Video gaming companies.
VOLATILITY RISK (BITY and BAGY)
The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including bitcoin, over the course of 2021, and multiple market observers asserted that digital assets were experiencing a “bubble.” These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for bitcoin. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout bitcoin’s history, including in 2011, 2013-2014, and 2017-2018, before repeating again in 2021-2022. Over the course of 2023, bitcoin prices continued to exhibit extreme volatility. Over the past ten years (using data ending July 31, 2024), bitcoin has exhibited a historical annualized volatility of 69.84% and maximum annual price decrease of 81.51%.
 
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ADDITIONAL INFORMATION, Form N-CSR – ITEMS 8-11
September 30, 2025 (Unaudited)
The below information is required disclosure from Form N-CSRS.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Under the Investment Advisory Agreement, in exchange for a single investment advisory fee from each Fund, with the exception of CNBS, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses. For CNBS, remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Compliance fees”, “Principal Financial Officer fees” and “Trustees’ fees”.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting   held on
(i)
February 11, 2025,1 the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify ETF Fund noted below and:
(a)
the Investment Sub-Advisory Agreement between (1) the Adviser and Penserra Capital Management LLC (“Penserra”) and (2) the Adviser and Kelly Strategic Management, LLC (“Kelly Intelligence”) on behalf of the Amplify ETF Funds noted below:
AMPLIFY BITCOIN 2% MONTHLY OPTION INCOME ETF (“BITY”)
AMPLIFY BITCOIN MAX INCOME COVERED CALL ETF (“BAGY”)
(ii)
May 13, 2025,1 the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify ETF Fund noted below and:
(a)
the Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (“Penserra”) on behalf of the Amplify ETF Funds noted below:
AMPLIFY BLOOMBERG AI VALUE CHAIN ETF (“AIVC”)
AMPLIFY CYBERSECURITY ETF (“HACK”)
AMPLIFY DIGITAL PAYMENTS ETF (“IPAY”)
AMPLIFY VIDEO GAME LEADERS ETF (“GAMR”)
1
The Securities and Exchange Commission issued an order on March 25, 2020, granting exemptions from certain provisions of the Investment Company Act of 1940 (the “Company Act”) requiring the votes of the board of directors be cast in-person (the “Order”). On June 19, 2020, the Commission extended that Order until such date to be specified in a public notice which will be “no earlier than December 31, 2020”. See https://www.sec.gov/rules/exorders/2020/ic-33897.pdf. To date, the Commission has not issued any such public notice.
 
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ADDITIONAL INFORMATION, Form N-CSR – ITEMS 8-11
September 30, 2025 (Unaudited)(Continued)
(b)
the Investment Sub-Advisory Agreement between the Adviser and Tidal Investments LLC (“Tidal”) on behalf of the Amplify ETF Funds noted below:
AMPLIFY AI POWERED EQUITY ETF (“AIEQ”)
AMPLIFY BLUESTAR ISRAEL TECHNOLOGY ETF (“ITEQ”)
AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF (“ETHO”)
AMPLIFY JUNIOR SILVER MINERS ETF (“SILJ”)
AMPLIFY NATURAL RESOURCES DIVIDEND INCOME ETF (“NDIV”)
AMPLIFY TRAVEL TECH ETF (“AWAY”)
(c)
the Investment Sub-Advisory Agreement between (1) the Adviser and Penserra Capital Management LLC (“Penserra”) and (2) the Adviser and Kelly Strategic Management, LLC (“Kelly Intelligence”) on behalf of the Amplify ETF Funds noted below:
AMPLIFY CASH FLOW DIVIDEND LEADERS ETF (“COWS”)
AMPLIFY COWS COVERED CALL ETF (“HCOW”)
(d)
the investment Sub-Advisory Agreement between (1) the Adviser and Tidal Investments LLC (“Tidal”) and (2) the Adviser and Seymour Asset Management, LLC (“SAM”) on behalf of the Amplify ETF Funds noted below:
AMPLIFY ALTERNATIVE HARVEST ETF (“MJ”)
(e)
the Investment Sub-Advisory Agreements between (1) the Adviser and Penserra and (2) the Adviser and Capital Wealth Planning LLC (“CWP”) on behalf of the Amplify ETF Fund noted below:
AMPLIFY CWP INTERNATIONAL ENHANCED DIVIDEND INCOME ETF (“IDVO”)
(iii)
August 12, 2025,1 the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify ETF Fund noted below and:
(a)
the Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (“Penserra”) on behalf of the Amplify ETF Funds noted below:
AMPLIFY HIGH INCOME ETF (“YYY”)
AMPLIFY ONLINE RETAIL ETF (“IBUY”)
(b)
the Investment Sub-Advisory Agreements between (1) the Adviser and Tidal and (2) the Adviser and Cerity Partners, LLC (“Cerity”) on behalf of the Amplify ETF Fund noted below:
AMPLIFY BLACKSWAN GROWTH & TREASURY CORE ETF (“SWAN”)
AMPLIFY BLACKSWAN ISWN ETF ("ISWN”)
and
(c)
the Investment Sub-Advisory Agreements between the Adviser and Samsung Asset Management (New York), Inc. (“Samsung”) on behalf of the Amplify ETF Fund noted below:
AMPLIFY SAMSUNG SOFR ETF (“SOFR”)
AMPLIFY SAMSUNG U.S. NATURAL GAS INFRASTRUCTURE ETF (“USNG”)
Each of the dates referenced above (February 11, 2025, May 13, 2025 and August 12, 2025) will be hereinafter referred to as the “Approval Meeting” with respect to the ETF Funds approved on such date.
With respect to AIVC, HACK, IPAY, GAMR, YYY and IBUY the term “Sub-Adviser” shall mean Penserra. With respect to AIEQ, ITEQ, ETHO, SILJ, NDIV and AWAY, the term “Sub-Adviser” shall mean Tidal. With the respect to BITY, BAGY, COWS and HCOW, the term Sub-Adviser shall mean both Penserra and Kelly Intelligence. With respect to IDVO, the term “Sub-Adviser” shall mean both Penserra and CWP. With respect to MJ, the term
 
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ADDITIONAL INFORMATION, Form N-CSR – ITEMS 8-11
September 30, 2025 (Unaudited)(Continued)
“Sub-Adviser” shall mean both Tidal and SAM. With respect to SWAN and ISWN, the term “Sub-Adviser” shall mean both Tidal and Cerity. With respect to SOFR and USNG, the term “Sub-Adviser” shall mean Samsung.
The Adviser and the Sub-Adviser for BITY and BAGY was originally approved by the Board, and separately by its Independent Trustees, on February 11, 2025 for an initial two-year term.
The Adviser and the Sub-Adviser for HACK, IPAY, AIVC, GAMR, SILJ, ITEQ, ETHO, AIEQ, and AWAY were originally approved by the Board, and separately by its Independent Trustees, at a meeting held on or about June 16, 2023 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for HACK, IPAY, AIVC, GAMR, SILJ, ITEQ, ETHO, AIEQ and AWAY was approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on or about May 13, 2025.
The Adviser and the Sub-Adviser for NDIV and IDVO were originally approved by the Board and separately by its Independent Trustees, at a meeting held on or about June 7, 2022 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for NDIV and IDVO was approved by the Board and separately by its Independent Trustees, for additional one-year terms at meetings held on or about May 14, 2024 and May 13, 2025.
The Adviser and the Sub-Adviser for MJ was originally approved by the Board, and separately by its Independent Trustees, at a meeting held on or about June 16, 2023 for an initial two-year term. At a meeting held on November 12, 2024, the Board, including a separate vote by its Independent Trustees, considered and approved adding SAM as a co-sub-adviser with Tidal (SAM and Tidal referred together hereinafter as the “Sub-Adviser”) to the Fund for an additional one- year term. Thereafter, the Adviser and Sub-Advisers for MJ were approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on or about May 13, 2025.
The Adviser and the Sub-Advisers for COWS and HCOW were originally approved by the Board, and separately by its Independent Trustees, at a meeting held on or about June 16, 2023 for an initial two-year term. Thereafter, the Adviser and Sub-Advisers for COWS and HCOW were approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on or about May 13, 2025.
The Adviser and the Sub-Adviser for USNG was originally approved by the Board, and separately by its Independent Trustees, on May 13, 2025 for an initial two-year term.
The Adviser and the Sub-Adviser for IBUY was originally approved by the Board, and separately by its Independent Trustees, at a meeting held on or about November 7, 2015 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for IBUY was approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on or about September 12, 2017, September 18, 2018, September 17, 2019, September 15, 2020, September 14, 2021, September 13, 2022, September 12, 2023, August 13, 2024, August 14, 2024 and August 12, 2025.
The Adviser and the Sub-Adviser for YYY was originally approved by the Board, and separately by its Independent Trustees, at a meeting held on or about December 11, 2018 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for YYY was approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on September 15, 2020, September 14, 2021, September 13, 2022, September 12, 2023, August 13, 2024, August 14, 2024 and August 12, 2025.
The Adviser and the Sub-Adviser for SWAN was originally approved by the Board, and separately by its Independent Trustees, at a meeting held on or about September 18, 2018 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for SWAN was approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on October 14, 2018, September 15, 2020, September 14, 2021, September 13, 2022, September 12, 2023, August 13, 2024, August 14, 2024 and August 12, 2025.
The Adviser and the Sub-Adviser for ISWN was originally approved by the Board, and separately by its Independent Trustees at a meeting held on December 8, 2020 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for ISWN was approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on March 15, 2023, September 12, 2023, August 13, 2024, August 14, 2024 and August 12, 2025.
The Adviser and the Sub-Adviser for SOFR was originally approved by the Board, and separately by its Independent Trustees, on September 12, 2023 for an initial two-year term. Thereafter, the Adviser and Sub-Adviser for
 
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ADDITIONAL INFORMATION, Form N-CSR – ITEMS 8-11
September 30, 2025 (Unaudited)(Continued)
SOFR was approved by the Board, and separately by its Independent Trustees, for additional one-year terms at meetings held on or about August 14, 2024 and August 12, 2025.
Each of the meetings referenced above are hereinafter referred to as the “Review Meetings” for the applicable ETF Fund.
At each of the Review Meetings, the Board, including the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”) requested and reviewed a wide variety of information from the Adviser and the Sub-Adviser. Prior to the Review Meetings, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser; (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser and (iii) the existence, or anticipated existence, of economies of scale. After review of the written materials and discussion during the Review Meeting, the Board, including the Independent Trustees in a separate vote, approved the initial two-year term for the Adviser and the respective Sub-Adviser for each of the Amplify ETF Funds listed for an additional one-year term.
At each of the Approval Meetings, the Board, including the Independent Trustees met to discuss and review the Agreements with respect to each of the Amplify ETF Funds listed herein. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. Prior to the Approval Meetings, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser; (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser; and (iii) the existence, or anticipated existence, of economies of scale. At the Approval Meeting, representatives from the Adviser and the Sub-Adviser, along with other service providers of the applicable Amplify ETF Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching each of the Amplify ETF Fund listed herein, the relevant Amplify ETF Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision. Thereafter, the Board, including the Independent Trustees in a separate vote, approved the following Amplify ETF Fund products: AIEQ, MJ, BITY, BAGY, SWAN, ISWN, AIVC, ITEQ, COWS, HCOW, IDVO, HACK, IPAY, ETHO, YYY, SILJ, NDIV, IBUY, SOFR, USNG, GAMR and AWAY; the retention of the Adviser and each of the Sub-Adviser and their respective Agreements, for an additional one year term.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the relevant Amplify ETF Fund and the portfolio manager responsible for investing the portfolio of the relevant Amplify ETF Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser to the relevant Amplify ETF Fund listed herein under the respective Agreement were expected to be appropriate and reasonable.
 
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Amplify ETF Trust
ADDITIONAL INFORMATION, Form N-CSR – ITEMS 8-11
September 30, 2025 (Unaudited)(Continued)
Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the relevant Amplify ETF Fund’s proposed investment management fee as set forth in the following chart:
 
 
 
 
 
 
 
AIEQ
 
 
AMPLIFY AI POWERED EQUITY ETF (“AIEQ”)
 
 
0.75
MJ
 
 
AMPLIFY ALTERNATIVE HARVEST ETF (“MJ”)
 
 
0.75
BITY
 
 
AMPLIFY BITCOIN 2% MONTHLY OPTION INCOME ETF (“BITY”)
 
 
0.65
BAGY
 
 
AMPLIFY BITCOIN MAX INCOME COVERED CALL ETF (“BAGY”)
 
 
0.65
SWAN
 
 
AMPLIFY BLACKSWAN GROWTH & TREASURY CORE ETF (“SWAN”)
 
 
0.49
ISWN
 
 
AMPLIFY BLACKSWAN ISWN ETF (“ISWN”)
 
 
0.49
AIVC
 
 
AMPLIFY BLOOMBERG AI VALUE CHAIN ETF (“AIVC”)
 
 
0.59
ITEQ
 
 
AMPLIFY BLUESTAR ISRAEL TECHNOLOGY ETF (“ITEQ”)
 
 
0.75
COWS
 
 
AMPLIFY CASH FLOW DIVIDEND LEADERS ETF (“COWS”)
 
 
0.39
HCOW
 
 
AMPLIFY COWS COVERED CALL ETF (“HCOW”)
 
 
0.65
IDVO
 
 
AMPLIFY CWP INTERNATIONAL ENHANCED DIVIDEND INCOME ETF (“IDVO”)
 
 
0.65
HACK
 
 
AMPLIFY CYBERSECURITY ETF (“HACK”)
 
 
0.60
IPAY
 
 
AMPLIFY DIGITAL PAYMENTS ETF (“IPAY”)
 
 
0.75
ETHO
 
 
AMPLIFY ETHO CLIMATE LEADERSHIP U.S. ETF (“ETHO”)
 
 
0.45
YYY
 
 
AMPLIFY HIGH INCOME ETF (“YYY”)
 
 
0.50
SILJ
 
 
AMPLIFY JUNIOR SILVER MINERS ETF (“SILJ”)
 
 
0.69
NDIV
 
 
AMPLIFY NATURAL RESOURCES DIVIDEND INCOME ETF (“NDIV”)
 
 
0.59
IBUY
 
 
AMPLIFY ONLINE RETAIL ETF (“IBUY”)
 
 
0.65
SOFR
 
 
AMPLIFY SAMSUNG SOFR ETF (“SOFR”)
 
 
0.20
USNG
 
 
AMPLIFY SAMSUNG U.S. NATURAL GAS INFRASTRUCTURE ETF (“USNG”)
 
 
0.59
GAMR
 
 
AMPLIFY VIDEO GAME LEADERS ETF (“GAMR”)
 
 
0.59
AWAY
 
 
AMPLIFY TRAVEL TECH ETF (“AWAY”)
 
 
0.75
 
 
 
 
 
 
 
The proposed investment management fee was compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed the relevant Amplify ETF Fund to the Board's satisfaction over the course of the previous years.
The Trustees noted that the proposed annual investment management fee to be charged to all of the Amplify ETF Fund noted in the chart above was a unitary fee, and that the Adviser has agreed to pay all other expenses of the relevant Amplify ETF Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the relevant Amplify ETF Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and relevant Sub-Adviser.
Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Adviser as to the extent to which economies of scale may be realized as the relevant Amplify ETF Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the relevant Amplify ETF Fund would be enjoyed by the Adviser and Sub-Adviser, but that a unitary fee provides a level of certainty in expenses for the relevant Amplify ETF Fund. The Trustees considered whether the proposed advisory fee rate for the relevant Amplify ETF Fund is reasonable in relation to the projected asset size of the relevant Amplify ETF Fund. The Trustees noted the Adviser’s and Sub-Adviser’s views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.
The Trustees noted that the Adviser and Sub-Adviser had not identified any further benefits that it would derive from its relationship with the relevant Amplify ETF Fund, and had noted that it will not, initially, have any soft dollar arrangements.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the relevant Amplify ETF Fund listed herein.
 
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Amplify ETF Trust
Supplemental Information
September 30, 2025 (Unaudited)
DISTRIBUTION OF PREMIUMS AND DISCOUNTS
NAV is the price per share at which the Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the composite closing price each day. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.
Further information regarding premiums and discounts is available, without charge, on the Fund’s website at www.amplifyetfs.com.
INFORMATION ABOUT THE TRUSTEES
The Statement of Additional Information (“SAI”) includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 1-855-267-3837. Furthermore, you can obtain the SAI by accessing the Commission’s website at www.sec.gov or by accessing the Fund’s website at www.amplifyetfs.com.
DELIVERY OF SHAREHOLDER DOCUMENTS—HOUSEHOLDING
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of the prospectus and other shareholder documents, please contact your broker-dealer. If you currently are enrolled in householding and wish to change your householding status, please contact your broker-dealer.
 
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Amplify ETF Trust
Privacy Policy
September 30, 2025 (Unaudited)
AMPLIFY ETFS AND AMPLIFY AFFILIATES PRIVACY POLICY
Amplify recognizes the importance of protecting your personal and financial information when you visit our websites (each a “Website” and together “Websites”). This Policy is designed to help you understand the information collection practices on all Websites owned or operated by or on behalf of companies within the Amplify group of companies, including: Amplify Investments LLC, Amplify Development LLC, and Amplify Holding Company LLC. We are committed to:
(a)
protecting the personal information you provide to us;
(b)
telling you how we use the information we gather about you; and
(c)
ensuring that you know why we intend to disclose your personal information.
CHANGES TO THIS PRIVACY POLICY
This Privacy Policy is dated January 1, 2020. Amplify reserves the right to amend this Privacy Policy at any time without notice, by updating this posting, in which case the date of the Policy will be revised. The current version of this Policy can be accessed from the link on the www.amplifyetfs.com homepage.
INFORMATION COLLECTION AND USE
Personally Identifiable Information: The personally identifiable information you submit to our Websites is used to service your interest and to improve our services to you and/or to provide you with information on Amplify products and services. The types of personal information that may be collected at our Websites include: name, address, email address and telephone number. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy.
Additionally, if the Website is a password protected site, then (a) once you submit your password and enter, the Website will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from the Website may be associated with other identifying information that we have about you.
Aggregate Information: We generally record certain usage information, such as the number and frequency of visitors to our Websites. This information may include the websites that you access immediately before and after your visit to our Websites, the Internet browser you are using and your IP address. If we use such data at all it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.
Service Providers: We may use internal or external service providers to operate our Websites and employ other persons to perform work on our behalf, such as sending postal mail and e-mail. These persons may have access to the personally identifiable information you submit through the Websites, but only for the purpose of performing their duties. These personnel may not use your personally identifiable information for any other purpose.
Compliance with Laws: We do not automatically collect personally identifiable information from visitors to our Websites, except to the extent we are required to do so pursuant to some statute or regulation applicable to us. We will not provide any personally identifiable information to any other persons, except if we are required to make disclosures by any law, any government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding.
E-mail and Marketing: Amplify does not sell its customers’ e-mail addresses, nor will we provide your personal information to third parties for their marketing purposes. Amplify will not send you e-mail messages without first receiving your permission, unless it relates to servicing your account or unless you have consented to receiving electronic delivery of fund documents as part of our E-Delivery service. It is our policy to include instructions for unsubscribing from these permission-based programs. We recommend that you do not send us any individual personal information via non secure methods of correspondence, including via public electronic communication channels, such as Internet e-mail, which are generally not secure.
Disclosure to Third Parties: The personal information you provide to us will only be disclosed to third parties if we have your permission, or as set out in this Privacy Policy. We may disclose details about the general use of our
 
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Amplify ETF Trust
Privacy Policy
September 30, 2025 (Unaudited)(Continued)
Websites to third parties – for example, to demonstrate patterns of use to advertisers and other business partners. Information we pass on for this purpose will not include any personal information by which you may be identified. We endeavor to prevent unauthorized disclosures of your personal information by third parties but we are not responsible for any unauthorized disclosures or other breaches of security or for the actions of others if the information was passed to them with your authority or with the authority of anyone other than us or our group companies.
Use of Website Analytics
We currently use third party analytics tools to gather information for purposes of improving Amplify’s website and marketing our products and services to you. These tools employ cookies.
What are Cookies?
Cookies are small text files that are stored in your computer’s memory and hard drive when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website.
Why Do We Use Cookies?
Cookies help us to provide customized services and information. We use cookies on all our Websites to tell us, in general terms, how and when pages in our Websites are visited, what our users’ technology preferences are – such as what type of video player they use – and whether our Websites are functioning properly.
If you are using one of our password-protected sites, then the website may use cookies or other technology to help us authenticate you, store and recognize your configuration and user attributes, facilitate your navigation of the website and customize its content so that the information made available is likely to be of more interest to you.
In broad terms, we use cookies on our Websites for the following purposes:
•
Analytical purposes: Analytical cookies allow us to recognize measure and track visitors to our Websites. This helps us to improve and develop the way our Websites work, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.
•
Usage preferences: Some of the cookies on our Websites are activated when visitors to our sites make a choice about their usage of the site. Our Websites then ‘remember’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.
•
Terms and conditions: We use cookies on our Websites to record when a site visitor has seen a policy, such as this one, or provided consent, such as consent to the terms and conditions on our Websites. This helps to improve the user’s experience of the site – for example, it avoids a user from repeatedly being asked to consent to the same terms.
To find out how to opt-out of these services please:
— Call us: 1-855-267-3837
— Email us: [email protected]
•
Session management: The software that runs our websites uses cookies for technical purposes needed by the internal workings of our servers. For instance, we use cookies to distribute requests among multiple servers, authenticate users and determine what features of the site they can access, verify the origin of requests, keep track of information about a user’s session and determine which options or pages to display in order for the site to function.
•
Functional purposes: Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.
 
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Privacy Policy
September 30, 2025 (Unaudited)(Continued)
Further Information About Cookies
If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.
THIRD PARTY WEBSITES
Amplify disclaims responsibility for the privacy policies and customer information practices of third party internet websites hyperlinked from our Website or this Privacy Policy.
SECURITY
Amplify protects your personal information when you transact business on our Website by requiring the use of a browser software program that supports industry standard SSL encryption with 128-bit key lengths. The “128-bit” designation refers to the length of the key used to encrypt the data being transmitted, with a longer key representing a higher level of security.
CONTACT US
We welcome inquiries or comments about our Privacy Policy and any queries or concerns about Amplify ETFs at [email protected] or 1-855-267-3837.
 
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Investment Adviser:
Amplify Investments LLC
3333 Warrenville Road, Suite 350
Lisle, IL 60532
Investment Sub-Advisers:
 
 
 
 
Penserra Capital Management, LLC
4 Orinda Way, Suite 100-A
Orinda, CA 94563
 
 
Capital Wealth Planning
1016 Collier Center Way
Naples, FL 34110
Tidal Investments, LLC
234 W. Florida St., Suite 203
Milwaukee, WI 53204
 
 
Cerity Partners LLC
335 Madison Avenue, 23rd Floor
New York, NY 10017
Seymour Asset Management LLC
1 Old Point Road
Quogue, New York 11959
 
 
Kelly Strategic Management, LLC
7887 East Belleview Avenue, Suite 1100
Denver, CO 80111
Samsung Asset Management (New York), Inc.
152 West 57th Street
New York, New York 10019
 
 
Curi RMB Capital, LLC
One North Wacker Drive, Suite 3500
Chicago, IL 60606
 
 
 
 
Legal Counsel:
Chapman and Cutler LLP
111 West Monroe Street
Chicago, IL 60603
Independent Registered Public Accounting Firm:
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
Distributor:
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Administrator:
U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue
Milwaukee, WI 53202
Transfer Agent:
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodian:
U.S. Bank National Association
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
This information must be preceded or accompanied by a current prospectus for the Funds.