Amplify Energy & Natural Resources Covered Call ETF (NDIV) Third Quarter Commentary 2026

All data as of 9/30/26. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings

This material is preceded or accompanied by a prospectus.

Prior to 1/29/26, the Amplify Energy & Natural Resources Covered Call ETF was the Amplify Natural Resources Dividend Income ETF that previously tracked the EQM Natural Resources Dividend Income Index (NDIVITR).

Index Definitions: An index is unmanaged and it’s not possible to invest directly in an index. The VettaFi Energy & Natural Resources Covered Call Index (NDIVY) seeks to provide investment exposure to dividend-paying equity securities of energy and natural-resource companies with a systematic covered-call overlay. The EQM Natural Resources Dividend Income Index (NDIVITR) is a gross total return index that seeks to provide investment exposure to dividend-paying equity securities of global companies operating primarily in the natural resource and commodity-related industries.

You could lose money by investing in the Fund. There can be no assurance that the Fund's investment objectives will be achieved. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Diversification does not assure a profit or protect against a loss in a declining market.

The Fund is subject to the risks associated with companies in the natural resources and commodities-related industries, energy and material sectors which can cause volatility and affect its value. These industries can be significantly affected by rapid changes in supply and demand, changes in interest rates, government policies and regulations, environmental concerns, worldwide politics, and economic conditions. The Fund will invest in American Depositary Receipts which may be subject to certain risks associated with direct investments in the securities of non-U.S. companies, such as currency, political, economic and market risks because their values depend on the performance of the non-dollar denominated underlying non-U.S. securities.

Dividend-Paying Companies are not obligated to pay or continue to pay dividends on their securities. Therefore, there is a possibility that a company could reduce or eliminate the payment of dividends in the future, which could negatively affect the Fund's performance.

The Fund employs a “passive management” or indexing investment approach that seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index. Differences in timing of trades and valuation as well as fees and expenses, may cause the fund to not exactly replicate the index known as tracking error.

Covered call strategies may limit upside potential while still exposing the Fund to downside risk. Covered puts can incur substantial losses if the underlying asset rises sharply, with premiums offering limited protection. Monthly distributions may include return of capital, which lowers the investor’s cost basis and could result in higher loss.

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The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. NDIV received 4 stars among 109 funds in the Natural Resources category for the overall and 3-year periods ending 9/30/26.

Amplify Investments LLC serves as the Investment Adviser to the Fund, and Tidal Investments, LLC serves as the investment sub-adviser. Amplify ETFs are distributed by Foreside Fund Services, LLC.

The views expressed are those of the author, are as of the date indicated and may change based on market and other conditions.