Amplify Online Retail ETF (IBUY) 3rd Quarter Commentary 2025
Amplify Online Retail ETF (IBUY) seeks investment results that correspond generally to the price performance of the EQM Online Retail Index. IBUY is a portfolio of companies generating significant revenue from online and virtual sales. Portfolio holdings fall into four categories: traditional retail, marketplace, omnichannel retail and travel.
IBUY returned 10.73% on a net asset value (NAV) compared to its underlying benchmark, the EQM Online Retail Index at 10.92% for the third quarter (Q3) 2025. For comparison, the S&P Retail Select Industry Total Return Index returned 11.83%. View Standardized Performance
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/IBUY. 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.
Online Sales Show Resilience Despite Headwinds
U.S. e-commerce sales continued their upward trajectory in Q2 2025 (the latest official data), reaching $304.2 billion—a 5.3% increase year over year.1 While growth has moderated from pandemic-era highs, the sustained expansion highlights the sector’s durability amid inflation and supply chain pressures. September data suggests momentum carried into Q3, with Adobe Analytics reporting a 6.7% YoY increase in online spending.2 Looking ahead, online holiday sales for Q4 2025 are projected to exceed $250 billion for the first time, signaling strong consumer engagement despite economic caution.3 With e-commerce now accounting for over 16% of total retail sales, the long-term shift toward digital shopping remains firmly intact.4
Amazon’s October Event Reflects Strategic Consumer Behavior
Amazon’s Prime Big Deal Days in October 2025 saw solid participation, with over half of shoppers placing multiple orders and household spend averaging $105.5 While average order size dipped to $45.42—down 15% from July’s Prime Day—this reflects a shift toward value-driven purchases and essentials as many consumers haven’t started holiday shopping yet. Importantly, Amazon’s fall event still posted year-over-year gains, underscoring its role as a key seasonal touchpoint.6 Notably, only 23% of shoppers used the sale to begin holiday shopping, suggesting many haven’t began their holiday shopping or are holding out for deeper discounts during Black Friday and Cyber Monday.5 We believe retailers should expect a late-season surge as consumers prepare for the holidays and seek compelling deals to finalize their holiday purchases.
AI Investments Paying Off
Etsy's OpenAI announcement and Alibaba's AI investments both helped share prices. Throughout the month, artificial intelligence (AI) and partnership announcements drove movement — both positive and negative — as Alibaba and Etsy helped lead overall gains in the fifth consecutive month of growth. While September performance varied by subsector, there was particular strength evident among International platforms (+12%) and E-commerce Technology (+5%), while Online Marketplaces (+2%) and Online Retail (flat) underperformed.1
Top performers contributing to returns in Q3 include Kohls (+83%), Wayfair (+75%), and Alibaba (+63%)
Omnichannel department store retailer Kohls rose during a meme stock rally. Online home furnishing online retailer Wayfair’s shares soared on the news of its fastest revenue growth since 2021.7 Chinese online retail marketplace Alibaba has seen share gains related to growth in its explosive cloud division related to AI and from a resurgence in consumer spending related to tariff progress. Customer management revenue grew 10% year-over-year, supported by take-rate improvements and the rapid scaling of its quick commerce business. Since launching Taobao Instant Commerce in April, the segment has grown to 120 million daily orders and 300 million monthly active users in the quick commerce space. That’s driving 20% growth in daily active users on the Taobao app.8
Detractors on performance for the Q3 period included Vtex (-34%) and Carmax (-33%)
Vtex’s digital commerce platform is losing market share due to heightened competition. Omnichannel retailer Carmax experienced a disappointing second quarter, seeing a decline in revenue and earnings. Management pointed to cost-cutting and marketing efforts aimed at mitigating a challenging economic environment.9
Visit the IBUY fund page for more information, including fact sheets, index methodology, and regulatory documents.
1digitalcommerce360.com/article/quarterly-online-sales/
2adobe.com/analytics/digital-economy-index.html
3digitalcommerce360.com/article/holiday-ecommerce-sales-forecast/
4census.gov/retail/index.html
5numerator.com/resources/blog/prime-big-deal-days-2025-initial-results
6digitalcommerce360.com/article/amazon-prime-day-sales-performance/
7fool.com/investing/2025/09/30/wayfair-stock-back-dead-up-339-keep-soar/
8finance.yahoo.com/news/alibaba-confident-winning-chinas-instant-093000346.html
9investors.carmax.com/news-and-events/news/news-details/2025/CarMax-Reports-Second-Quarter-Fiscal-Year-2026-Results/
Index Definitions: An index is unmanaged and it’s not possible to invest directly in an index. The EQM Online Retail Index seeks to measure the performance of global equity securities of publicly traded companies with significant revenue from the online retail business. The S&P Retail Select Industry Index represents the retail sub-industry portion of the S&P TMI. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Retail Index is an equal-weighted market cap index.
Fund inception date: 4/20/2016. Gross expense ratio is 0.65%. 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/IBUY. 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. Narrowly focused investments typically exhibit higher volatility. A portfolio concentrated in a single industry, such as the online retail industry, makes it vulnerable to factors affecting the industry. The Fund may face more risks than if it were diversified broadly over numerous industries or sectors. Investments in consumer discretionary companies are tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.
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.