COMMENTARY Amplify Natural Resources Dividend Income ETF (NDIV) seeks investment results that generally correspond to the price and yield of the EQM Natural Resources Dividend Income Index. The Index is comprised of dividend-paying U.S. exchange-listed equities operating primarily in the natural resource and commodity-related industries such as: energy, chemicals, agriculture, metals & mining, paper products, and timber. NDIV returned 1.95% on a net asset value (NAV) compared to its benchmark, the EQM Natural Resources Dividend Income Index at 2.00% for the month, as of February 29, 2024. Oil, gas & consumable fuels (+4.01%) contributed the most to the Fund’s return for the month, whereas metals & mining (-5.63%) and chemicals (-1.90%) detracted.1 Positions that contributed most significantly included Diamondback Energy (FANG), Viper Energy (VNOM) and Kinetik Holdings (KNTK). Positions that detracted most significantly included Glencore (GLNCY), Chemours (CC) and Sasol (SSL).

COMMENTARY The major equity market indices continued to make new all-time highs during the month of February, but it was no longer the “Magnificent 7” driving all the gains. Certainly a few of them helped but resilient economic data and relatively better-than-expected earnings helped give investors additional confidence to broadly push equities higher. Positive economic data has become a precarious thing; on one hand it’s supportive for a healthy economy but on the other, the strength has investors wondering if will give the Fed confidence to keep interest rates higher for longer. Fixed income, which had done tremendously well since late 2023, sold off slightly during February as investors’ expectations for rate cuts moved further out.

Audio Commentary by Tim Seymour

Amplify Samsung SOFR ETF (SOF) makes shortlist for Best New U.S. Fixed Income ETF Amplify ETFs, a leading provider of innovative exchange-traded funds, is pleased to announce the Amplify Samsung SOFR ETF (SOF) is on the shortlist of nominees for the 2024 ETF.com Award for Best New U.S. Fixed Income ETF.*

Amplify Samsung SOFR ETF (SOF) makes shortlist for Best New U.S. Fixed Income ETF Amplify ETFs, a leading provider of innovative exchange-traded funds, is pleased to announce the Amplify Samsung SOFR ETF (SOF) is on the shortlist of nominees for the 2024 ETF.com Award for Best New U.S. Fixed Income ETF.*

Chicago, February 27, 2024—Amplify ETFs announces February income distributions for its ETFs.

Chicago, February 27, 2024—Amplify ETFs announces February income distributions for its ETFs.

As is always the case, we encourage investors to think long-term about the Fund’s focus on growth, disruption, and transformation. We would remind readers that it took around 12 years for the automobile to displace the horse drawn carriage, but once it happened no one looked back. History has many examples of evolutionary (or even revolutionary) technologies that solve social problems and/or cause important changes. Companies that are driven by this change most often experience accelerated long-term revenue and earnings growth. These companies have corporate cultures that are led by CEOs/founders who are willing to do what is different. Companies that do not seek to embrace change ultimately go the way of the past. This may be one reason why growth stocks tend to outperform value stocks.

Audio Commentary by Tim Seymour

Portfolio Manager Tim Seymour shares his insights on the cannabis sector's markets and important macro news in this CNBS 4th quarter report of 2023. Learn more about Amplify Seymour Cannabis ETF (CNBS), including the top 10 holdings, country allocations, and market allocations.