MARKET COMMENTARY The second quarter of 2023 was filled with murky headlines following the U.S. banking crisis, debt ceiling drama, and the Fed signaling its continued rate hikes amid warnings of an imminent recession – a recession that, once again, did not materialize. At quarter end, however, there was still no economic downturn in sight and most major market indices remained in positive territory. The Dow Jones Industrial Index (TR) returned 3.97%, the tech-heavy Nasdaq climbed 13.05% and the S&P 500 delivered 8.74%. Internationally, markets eked out positive returns as well. The MSCI EAFE International Index* returned 2.95% while the MSCI Emerging Markets Index* returned 0.90%. BATT has exposure to the critical metals used in the lithium-ion batteries used in electric vehicles (EVs). The segment was still somewhat affected by pandemic-induced supply chain disruptions, yet a favorable environment for EV stocks and rising oil and gas prices has rekindled the market. The ETF delivered strong returns during the period. BATT's primary contributors to performance were Tesla (26.81%), LI Auto Inc. (40.68%), BYD Co. (9.50%) and Panasonic Holdings (36.62%). Click HERE for BATT's top 10 holdings. Tesla continued to be the ETF’s top performer, once again breaking its production and delivery totals. The company reported Q2 global production of 479,700 units, with deliveries of 466,140. The delivery figure easily topped Wall Street consensus estimates of 448,599 units as well as the prior quarter’s total of 422,875. During the quarter, Chinese electric vehicle (EV) companies also rallied, as EV sales surprised to the upside in June as demand picked up. China has recently seen an EV price war which may now be easing. In this environment, LI Auto delivered strong returns, as did BYD Co. Both companies delivered a record number of vehicles for the period. EV battery provider Panasonic also saw strong returns due in part to its collaboration with Tesla, which gives it an operational advantage with its U.S.-based EV battery plant. The company also reported targeting a 20% energy boost in the energy density of its EV batteries by 2023. Detractors from performance included BHP Group (-5.90%), Contemporary Amperex Technology (-3.36%), Eve Energy Co. (-17.58%), and Samsung (-10.14%). Shares of BHP Group fell during the period as iron ore prices lost steam on weak demand in China,due to the slump in property investment, while supply prospects remained strong. Chinese Lithium-ion battery manufacturer Contemporary Amperex Technology saw declines during the period as analysts downgraded its shares over concerns about how U.S. EV tax credits could impact their business. Eve Energy Co., also a lithium battery maker, also saw shares fall this quarter. Samsung, the world's biggest memory-chip manufacturer, saw its shares fall as insufficient access to renewable energy in Asia left some of the biggest chipmakers lagging behind their U.S> and European rivals to cut carbon emissions. Looking ahead, the demand for electric cars remains strong as world economies work to reduce climate change through energy transition. While battery makers continue to be challenged by effects of the war in Ukraine, governments in Europe and in the U.S. continue to promote industrial policies aimed at domestic development of EVs and their supply chain. PERFORMANCE Fund inception date: 6/6/2018. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/BATT. Brokerage commissions will reduce returns. Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ statutory and summary prospectus, which may be obtained by calling 855-267-3837 or by visiting AmplifyETFs.com. Read the prospectus carefully before investing. Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. The Fund is not actively managed. The Fund invests in securities included in its Index regardless of their investment merit. Narrowly focused investments typically exhibit higher volatility. A portfolio concentrated in a single industry, such as lithium battery technology, makes it vulnerable to factors affecting the companies. The Fund may face more risks than if it were diversified broadly over numerous industries or sectors. The Fund has become more susceptible to potential operational risks through breaches in cybersecurity. The Fund invests in securities that are issued by and/or have exposure to, companies primarily involved in the metals and mining industry. Investments in metals and mining companies may be speculative and subject to greater price volatility than investments in other types of companies. The exploration and development of metals involves significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Rare earth metals have more specialized uses and are often more difficult to extract. The increased demand for these metals has strained supply, which could adversely affect the companies in the Fund’s portfolio. Some of the companies in which the Fund will invest are engaged in other lines of business unrelated to the mining, refining and/or manufacturing of metals and these lines of business could adversely affect their operating results. The Fund’s assets are concentrated in the materials sector, which means the Fund will be more affected by the performance of the materials sector than a fund that is more diversified. The Fund currently has fewer assets than larger funds, and like other relatively new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. The Fund will invest in the securities of non-U.S. companies. Investments in emerging market issuers are subject to a greater risk of loss than investments in issuers located or operating in more developed markets. The mining, refining and/or manufacturing of metals may be significantly affected by regulatory action and changes in governments. Small and/or mid-capitalization companies may be more vulnerable to adverse general market or economic developments. Electric vehicle technology is relatively new and is subject to risks associated with a developing industry. The EQM Lithium & Battery Technology Index (BATTIDX) seeks to provide exposure to global companies associated the development and production of lithium battery technology and/or battery storage solutions; the exploration, production, development, processing, and/or recycling of the materials and metals used in lithium battery chemistries such as Lithium, Cobalt, Nickel, Manganese, Vanadium and/or Graphite; and/or the development and production of electric vehicles. The Index inception date is 5/1/2018, and the Fund began tracking the Index as of 10/13/2020. It is not possible to invest directly in an index. Amplify Investments LLC is the Investment Adviser to the Fund, and Tidal Investments, LLC serves as the Investment Sub-Adviser. Amplify ETFs are distributed by Foreside Fund Services, LLC.

THE MANDATE The Amplify Transformational Data Sharing ETF (BLOK) is an actively managed fund, seeking to identify the leading companies focused on the transformation and development of the blockchain and cryptocurrency markets. The managers focus on how companies can capture the growth, innovation, and disruption of the blockchain paradigm shift. The evolution of the internet has changed how people communicate. We believe growth companies that embrace blockchain evolution will capture secular growth trends that are accelerating and disrupting core processes in business. We think this is an important secular trend, as Gartner forecasts business value generated by the blockchain could be $176 billion by 2025, and $3.1 trillion by 2030.

BLOK Portfolio Manager Mike Venuto shares his thoughts on BLOK ETF and the blockchain industry in this 2nd quarter report of 2023. Click HERE for BLOK’s prospectus. Learn more about Amplify Transformational Data Sharing ETF (BLOK), including the top 10 holdings, blockchain industry allocations, and more.

Portfolio Manager Tim Seymour shares his thoughts on cannabis trends and outlook on the markets in this CNBS 2nd quarter report of 2023. Learn more about Amplify Seymour Cannabis ETF (CNBS), including the top 10 holdings, country allocations, and market allocations.

Possible Game-Changer for Food Safety In our previous piece on the metaverse, we presented convincing evidence (and data) showing how blockchain technology made the stratospheric growth projections likely. But investors would be mistaken to dismiss blockchain as merely a way for gamers to (safely) fight each other and purchase silly hats in an alternate digital world. The technology is such a leap forward in transparent, efficient security and record-keeping that there’s no telling what industries won’t ultimately be disrupted. Today, we will examine how we believe blockchain technology will enhance safety in the $8 trillion U.S. retail and food services industry.

Kevin Simpson, Portfolio Manager of our DIVO and IDVO ETF, share his thoughts about the 2nd quarter portfolio positioning of DIVO and IDVO in 2023. Tim Seymour discusses the international and emerging markets and the potential benefits and challenges of investing in ADRs. Learn more about Amplify CWP Enhanced Dividend Income ETF (DIVO) and Amplify International Enhanced Dividend Income ETF (IDVO) including the top 10 holdings and yield information.

Audio Commentary by Tim Seymour

Amplify ETFs Declares July (2023) Income Distributions for its ETFs

Audio Commentary by Tim Seymour

RECAP Amplify CWP Enhanced Dividend Income ETF (DIVO) received a 5-star Morningstar RatingTM for the overall period based on risk-adjusted return among 82 funds in the Derivative Income category (as of 07/31/23). DIVO returned 2.78% on a net asset value (NAV) compared to its benchmarks, the S&P 500 TR Index at 3.21% and the CBOE S&P 500, BuyWrite Index at 1.43% for the month ending July 31, 2023. The energy sector (10.94%) contributed most significantly to DIVO's return for the month of July 2023, followed by financials (17.32%) and industrials (11.77%). Communication services (1.90%) and health care (15.77%) contributed the least to DIVO's return during the period, respectively. Positions that contributed most significantly included Goldman Sachs Group Inc. (4.84%), JP Morgan Chase & Co. (4.99%), and Schlumberger Ltd. (2.29%). Positions that detracted most significantly included Merck & Co. Inc. (4.37%), Verizon Communications Inc. (1.66%), and McDonalds Corp. (4.98%), respectively. The portfolio held 10 covered calls at the end of July 2023: Apple Inc., Deere & Co., Duke Energy Crop., Goldman Sachs Group Inc., Home Depot Inc., Lockheed Martin Corp., Marathon Pete Corp., Starbucks Corp., UnitedHealth Group Inc., and United Parcel Service Inc.