COMMENTARY While the equity rally that was resilient throughout most of 2024 seemed to fade towards the back half of December, collectively 2023 and 2024 closed out their best back-to-back years since the turn of the century. Admittedly, December was off to a good start in the equity markets until the Federal Open Market Committee (FOMC) meeting mid-month conveyed fewer rate-cuts for 2025 than anticipated. On one hand, this conveys a constructive outlook for the economy – that it can continue to show modest growth without aggressive rate-cutting – but on the other hand it also weighs on investors outlook for companies to continue to grow their revenue and earnings. 2025 brings a fresh set of opportunities to investors, beginning with a new administration, Q4 earnings and an another FOMC meeting, all before month-end.

Strategic growth, innovative offerings and new talent propel firm’s success Chicago, IL – January 16, 2025 – Amplify ETFs, a leading provider of innovative exchange-traded funds, proudly announces a significant milestone in its eight-year journey: surpassing $10 billion in assets under management. The achievement positions Amplify ETFs among the top 30 ETF sponsors by revenue, as reported by VettaFi.1

Key Themes Poised to Influence Portfolios Under the New Administration. For weeks leading up to and then following President Trump’s victory in the presidential election in November 2024, equity markets enjoyed a strong rally. Market commentators coined this the “Trump Trade,” a rally in sectors or companies likely to thrive under Trump policies, as well as general enthusiasm for a new business-friendly administration. However, in recent weeks, the rally has fizzled, and stocks have fallen roughly back to where they were before it began. Just like that, the so-called Trump Trade was proclaimed to be over. Is it actually over?

Blockchain Themes For 2025 For the year BLOK’s NAV returns were up 52.77%, which includes a rally of 21.70% in the fourth quarter and a decline of 8.92% in December (see standardized performance). This performance includes an extraordinary $2.59 dividend from the Fund owning Passive Foreign Investment Companies (PFIC).

Audio Commentary by Tim Seymour

The combined expertise of cannabis investing pioneer Tim Seymour and Prime Indexes delivers dynamic opportunity for investors Chicago, IL—January 28, 2025 - Amplify ETFs announces the realignment of its cannabis ETFs to provide investors with dynamic exposure to the cannabis industry. On January 28, 2025, the Amplify Seymour Cannabis ETF (CNBS) will change its investment policy to invest in securities of U.S. companies engaged in cannabis and hemp-related activities. In addition, the Amplify Alternative Harvest ETF (MJ) will allocate to CNBS to gain exposure to U.S. cannabis companies following an index methodology change.

Three Opportunities for Portfolios in the New Era

Chicago, January 30, 2025—Amplify ETFs announces January income distributions for its income ETFs.

Audio Commentary by Tim Seymour

Less Is More BLOK’s NAV returns started the year up 11.24% for the month of January and reflects the business momentum and conditions we envision for the year (see standardized performance). This administration has created appropriate urgency and pent-up inertia around innovation and the need for disruption. The future is no longer about past money, and complacency will no longer be tolerated. Whether you are IBM (IBM), Block (XYZ), Coinbase (COIN) or Beyond (BYON), this is the year of transformation! Investors need to buckle up and be prepared for volatility!