Amplify Online Retail ETF (IBUY) 4th 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 dropped 2.35% on a net asset value (NAV) compared to its underlying benchmark, the EQM Online Retail Index down 2.17% for the fourth quarter (Q4) 2025. For comparison, the S&P Retail Select Industry Total Return Index returned -0.85%. 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.
Global Online Sales Growth Remains Strong
Global ecommerce sales are projected by eMarketer to reach $6.419 trillion in 2025, growing from $6.09 trillion in 2024, representing annual growth of 7-9%.1 Online retail sales now account for 20.5% of total retail sales, with significant regional growth coming from Latin America and Asia Pacific. Weakness in China’s economy and trade-war related stress were negative headwinds, but by 2028, more than half the worldwide population fourteen and above will be shopping online.
Strong Holiday Season Driven by Discounts, BNPL, and AI Shopping Tools
U.S. online sales came in stronger than expected for the holiday season, with shoppers spending a record $257.8 billion online, up 6.8% over last year.2 Adobe Analytics credits Adobe, strong discounts and buy-now, pay-later (BNPL) flexible payment plans helping to drive spending during the two-month holiday period. Generative-AI powered chatbots and browsers were also a catalyst for growth during the holiday shopping season, making it easier for shoppers to find deals and specific products. Traffic to retail sites from Gen AI tools was up a whopping 693.4% this holiday season as compared to last year. Salesforce reports that AI and agents drove 20% of all retail sales and fueled $262 billion in revenue through personalized recommendations and deeper personal experience. A record $20 billion in purchases were made using BNPL, an increase of 9.8%, with Cyber Monday being the biggest day on record for BNPL, at $1.03 billion in sales. Seamless online-physical store integration (omnichannel) like click and collect was also a crucial driver of sales.3
Top performers contributing to returns in Q4 include Victoria’s Secret (+99.59%), Revolve Group (+41.74%), and Kohl’s (+33.49)
Omnichannel intimate apparel retailer Victoria’s Secret saw substantial gains over the holiday period, as it is posting better-than-expected results as it cut back on promotions and higher prices amid strong sales. Millennial and Gen-Z targeted apparel retailer Revolve Group as it sees AI playing a significant role in the company’s success thanks to cost efficiencies and shortened development cycles.4 Omnichannel department store Kohl’s saw strong quarterly results helped by ecommerce sales, which are growing at twice the rate of total sales. One of new management’s turnaround initiatives is to improve omnichannel shopping experiences across platforms.5
Detractors on performance for the Q4 period included Newegg Commerce (-35.23%), Hims & Hers (-42.75%), and Temple & Webster Group (-40.09%)
Consumer electronics e-tailer Newegg saw its share price drop thanks to short selling as the stock has taken on meme stock status in 2025. Over the summer, short-seller interest surged to 331% of the stock market’s float. But underlying company fundamentals are improving, with 12.6% year-over-year (YOY) revenue growth. Online pharma provider Hims & Hers saw shares fall as more and more online sources became available for GLP-1 weight loss pills. Amazon Pharmacy is now offering Novo Nordisk’s newly approved Wegovy weight loss pill.6 Weight loss drugs have become Hims’ key growth driver. Economic jitters are to blame for a drop in shares of online Australian furniture seller Temple & Webster Group. The stock sold off the most since 2016 despite a hefty 28% sales increase and higher earnings. The company warned in November that an extended interest rate pause and stronger inflation could stall sales.7 Still, the magnitude of the move seems unwarranted.
Visit the IBUY fund page for more information, including fact sheets, index methodology, and regulatory documents.
1https://www.emarketer.com/content/ecommerce-account-more-than-20--of-worldwide-retail-sales-despite-slowdown
2https://www.forbes.com/sites/joanverdon/2026/01/07/us-online-holiday-sales-topped-257-billion-beating-forecast/
3https://www.mintel.com/insights/retail/holiday-retail-trends-2025-unwrapping-global-shopping-trends/
4https://www.digitalcommerce360.com/article/ecommerce-stock-index-baird-dc360/
5https://www.digitalcommerce360.com/2025/11/26/kohls-ecommerce-sales-q3-fy25/
6https://ts2.tech/en/hims-hers-health-hims-stock-slides-premarket-after-amazons-wegovy-pill-move-what-traders-watch-next/
7https://www.bloomberg.com/news/articles/2025-11-25/temple-webster-falls-most-since-2016-as-revenue-growth-slows
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.