Amplify Video Game Leaders ETF (GAMR) First Quarter Commentary 2026
The Amplify Video Game Leaders ETF (GAMR) offers access to global companies in the video gaming value chain, including game development, publishing, mobile and online games, GPUs (graphics processing unit), development platforms, supporting software, hardware, peripherals, and the metaverse. GAMR seeks investment results that generally correlate (before fees and expenses) to the VettaFi Video Game Leaders Index.
GAMR declined 18.34% on a net asset value (NAV) compared to its underlying benchmark, the VettaFi Video Game Leaders Index at -17.98% for the first quarter (Q1) 2026.
| Cumulative (%) | Annualized (%) | ||||||
| YTD | Since Inception | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | Since Inception | |
| NAV | -18.34% | 228.42% | 12.01% | 7.05% | -4.36% | 11.90% | 12.54% |
| Closing Price | -17.16% | 232.10% | 13.91% | 7.49% | -4.30% | 11.98% | 12.67% |
| VettaFi Video Game Leaders Index | -17.98% | N/A | 13.13% | N/A | N/A | N/A | N/A |
Data as of 3/31/26. Fund inception date: 3/7/2016. Index inception date: 12/17/2024. Total expense ratio is 0.59%. The performance data quoted represents past performance and does not guarantee future results. 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 the original cost. Current performance may be lower or higher than the performance quoted. Click here for recent month end performance. Brokerage commissions will reduce returns. NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The closing price is the last price at which the fund traded.
Top 10 Holdings
| Ticker | Company | Weight (%) | Ticker | Company | Weight (%) |
|---|---|---|---|---|---|
| AMD | Advanced Micro Devices Inc | 10.80% | EA | Electronic Arts Inc | 4.63% |
| NVDA | NVIDIA Corp | 9.83% | 6758 JP | Sony Group Corp | 4.60% |
| MSFT | Microsoft Corp | 9.73% | SE | Sea Ltd | 4.56% |
| 700 HK | Tencent Holdings Ltd | 9.59% | 7974 JT | Nintendo Co Ltd | 4.47% |
| META | Meta Platforms Inc | 8.15% | APP | AppLovin Corp | 4.42% |
Data as of 3/31/26. Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell a security.
Video Gaming Falls Prey to Google-AI Induced Selloff
Video gaming stocks slid in the first quarter in response to Google AI’s model in January that turns prompts into playable worlds. The AI model, dubbed “Project Genie”, allows users to simulate a real-world environment through prompts with text or uploaded images, potentially disrupting how video games have been made for over a decade and forcing developers to adapt to the fast-moving technology.1 Project Genie also has the potential to shorten lengthy development cycles and reduce costs, as some premium titles, such as Grand Theft Auto 6, take around five to seven years and hundreds of millions of dollars to create. Video game developers were already increasingly adopting artificial intelligence to compete with large players. A Google study last year showed that nearly 90% of game developers use AI agents.
There is concern that AI could lead to a wave of job cuts, after the industry was just recovering from layoffs over the past few years from a post-pandemic slump. Indeed, Epic Games, the maker of Fortnite and Unreal Engine, announced the layoff of 1,000 employees due to a downturn in Fortnite engagement that started in 2025.2 This negative news was partially offset by strong first quarter results from Unity Software which exceeded guidance.3 Similar to the Claude-related sell-off in software, the Project Genie sell-off appears overblown given that it underestimates competitive moats and brand loyalty created for big game franchises like Roblox, GTA, Call of Duty, Madden, and Mario. AI will likely not be disrupting those gaming franchises any time soon.
Top performers contributing to returns include Electronic Arts (0.2%) and ASUSTeK Computer (-1.5%)
Gaming developer Electronic Arts announced a deal in September 2025 to go private in a $55 billion acquisition by a consortium led by PIF (Saudi Arabia’s Public Investment Fund), Silver Lake, and Affinity Partners.4 Shareholders will receive $210 per share in cash, a 25% premium over previous trading prices. The deal has placed a price floor on shares. Shares of Taiwanese gaming computer manufacturer ASUSTek Computer held up better in the recent AI-software related sell-off.
Detractors on performance for the period included Microsoft (-23.3%), Tencent Holdings (-19.8%) and AppLovin (-40.9%).
Software development firm Microsoft experienced a sharp sell-off in Q1, posting its worst quarter since 2008, due to investor concern about its AI infrastructure spending.5 The company revealed plans to boost capex to $146 billion in fiscal 2026. Some investors were also concerned by Microsoft’s failure to achieve broad commercial adoption of its Copilot generative AI tools, with most just using the free version of the tool. Shares of Tencent dove after the company’s agentic AI vision failed to impress investors.6 The company declared plans to curtail buybacks and investors worried about high capital expenditure after the company said it plans to at least double investments in AI to more than 36 billion yuan in 2026. Mobile game app development platform AppLovin was also feeling the pinch from rising competition from agentic AI.7 The company is also still under investigation for its data collective practices.
Visit the GAMR fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.
2Game Developer. Analyst Says Epic Games Layoffs Send a Clear Signal: “This Will Not Get Any Easier.” March 26, 2026.
3Investing.com. Unity Stock Surges 13% on Strong Q1 Results, Exit From Ads. March 26, 2026.
4Electronic Arts. EA Announces Agreement to Be Acquired by PIF, Silver Lake, and Affinity Partners for $55 Billion. September 29, 2025.
5The Motley Fool. Microsoft Just Had Its Worst Quarter Since 2008—Is This a Generational “Buy” Signal? April 1, 2026.
6Bloomberg. Tencent’s Sales Rise 13% in Boost for Broader AI Ambitions. March 18, 2026.
7MSN. AppLovin Stock’s 40% Slide Called ‘Out of Step’ With Fundamentals. March 31, 2026.
Index Definition: An index is unmanaged and it’s not possible to invest directly in an index. The VettaFi Video Game Leaders Index tracks the performance of a concentrated portfolio of companies that are components of the video gaming value-chain.
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in Amplify 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. Brokerage commissions will reduce returns.
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