Amplify Video Game Leaders ETF (GAMR) 4th Quarterly Commentary 2025
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.
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. For most recent month-end performance, visit AmplifyETFs.com/GAMR. 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.
GAMR declined 6.09% on a net asset value (NAV) compared to its underlying benchmark, the VettaFi Video Game Leaders Index at -6.00% for the fourth quarter (Q4) 2025. View Standardized Performance
Video Game Market Had Strong Year
Video Gaming leaders had a strong year, up 38.16% for the year on an NAV basis, but fourth quarter results were mixed, with several companies missing expectations. Despite inflationary pressures and lower consumer sentiment, the video gaming industry has remained strong, despite some fourth quarter setbacks. Digital gaming revenues are projected to rise nearly 150% by 2030.1 Mobile gaming continues to be a key segment, with massive global reach and high-grossing titles with good monetization. Technological innovation is also driving industry growth including AI-driven games, cloud services, and virtual and augmented reality enhancements.
Outlook for 2026 Driven by New Content, Technology and Monetization
The release of highly anticipated titles like Grand Theft Auto 6 late in 2026 is expected to be a major industry event, driving console sales, potentially making this a record year for video gaming. Generative AI is also transforming the gaming experience and is now used in 20% of all games. It is expected to become an even more integrated part of gaming infrastructure in the coming year. Cloud gaming has also been transformative to the industry, accelerating hardware agnostic gaming and platform convergence.2 The lines between mobile, PC, and console gaming are blurring, creating the opportunity for more cross-platform gaming opportunities. Video gaming is not just growing, it is decentralizing. Investment is moving away from speculative hits to more sustainable, recurring revenue models. Mobile gaming drives not only greater reach, but retention and monetization.3 Direct to consumer and hybrid monetization models such as a mix of in-app purchases, subscriptions, and dynamic ads have become the norm for maximizing profitability.
Top performers contributing to returns include Advanced Micro Devices (+32.36%), Nexon Co (+11.92%), and Unity Software (+10.31%)
U.S. chipmaker Advanced Micro Devices (AMD) has experienced explosive growth in video gaming in 2025, driven by strong demand for its Radeon GPUs and higher console (PlayStation, Xbox) semi-custom chip sales. As of Q3, AMD’s gaming revenue was $1.3 billion, representing a 181% year-over-year increase.4 Japanese video game developer Nexon has seen strong performance in 2025 thanks to the success of Arc Raiders, but has become comparable or better than Helldivers 2. The firm also has a “sleeper hit” with MapleStory in Korea and Taiwan. Bernstein predicts 2026 World Cup should also help FIFA Online (FC) revenues, leading the firm to expect continued upward revisions to consensus estimates.5 Shares of video game company Unity Software have soared on mobile ad monetization. Unity’s “Grow and Create” in-app purchasing has been a winning formula for the company.6 Unity Grow uses AI to help developers turn games and apps into profitable businesses by finding players. Creating IAP makes it possible for these developers to sell digital goods such as coins, extra levels or subscriptions.
Detractors on performance for the period included Roblox (-41.5%), Sea Ltd. (-28.62%), and Nintendo (-22.03%)
Game development platform Roblox Corporation saw a sharp decline in its stock during the quarter, due to concern about slowing growth visibility in the coming year, margin compression from heavier investments, and tough comparisons. Management signaled that while platform momentum remains strong, increased spending on creator payouts, infrastructure and safety initiatives could weigh on profitability in the near term.7 Sea Ltd stock declined due to its e-commerce business, not gaming, seeing rising competition in both Latin American and Southeast Asia.8 SE’s Garena Free Fire was one of the most downloaded mobile games globally, driven by the game's growing popularity in markets like India, Brazil and Indonesia.9 Japanese video game company Nintendo has seen its share price drop, even after its Switch 2 console smashed sales records in Japan and the U.S. following its June release.10 The subsequent drop is attributable to slowing of Switch 2 sales over Christmas (despite it comfortably outselling its predecessor model at this stage) and the lack of a ‘killer app’ six months into the console’s life.
Visit the GAMR fund page for more information, including fact sheets, index methodology, and regulatory documents.
2https://www.bcg.com/publications/2025/video-gaming-report-2026-next-era-of-growth#:~:text=Key%20Takeaways,will%20create%20new%20business%20models
3https://xsolla.com/blog/what-2026-holds-for-the-gaming-industry
4https://www.tweaktown.com/news/108672/amd-gaming-revenue-soars-181-percent-thanks-to-strong-demand-for-radeon-gpus/index.html
5https://ng.investing.com/news/analyst-ratings/bernstein-upgrades-nexon-stock-to-outperform-on-arc-raiders-success-93CH-2277741
6https://www.msn.com/en-us/money/topstocks/after-a-100-rally-can-unity-software-stock-u-deliver-more-gains-in-2026/ar-AA1TjnSy?ocid=BingNewsVerp&apiversion=v2&domshim=1&noservercache=1&noservertelemetry=1&batchservertelemetry=1&renderwebcomponents=1&wcseo=1
7https://finance.yahoo.com/news/roblox-stock-down-38-3-170700761.html?guccounter=1
8https://www.investors.com/news/technology/sea-stock-se-news-buyback-q3-2025-selloff-ecommerce/
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.
Fund inception date: 3/07/2016. 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. For most recent month-end performance, visit AmplifyETFs.com/GAMR. 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.
Investing involves risk, including the possible loss of principal. Shares of ETFs 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’s investment objectives may not be achieved. Narrowly focused investments typically exhibit higher volatility. Video Game Tech Companies face intense competition, limited resources, rapid obsolescence, and heavy reliance on patent protection. They also confront growing regulatory challenges in cybersecurity and privacy, potentially impacting profitability and value. Foreign investments, especially emerging markets, add political, economic, and currency risks, along with greater volatility and accounting differences. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund.
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.
Amplify ETFs are distributed by Foreside Fund Services, LLC.