COMMENTARY During a Presidential election year, the VIX typically rises each month as the election approaches and this year was no different. In addition, just two days after the November 5th election investors will face another decision from the Fed on the path and pace of interest rate cuts – an extraordinary intersection of economic and policy information – so it’s no surprise that volatility remained high throughout October this year. While the equity market showed remarkable resiliency in the face of uncertainty, remaining in positive territory for most of the month, a sharp drop over the final few days of the month turned October from green to red, remarkably still only the second negative month for equities in 2024. Nevertheless, the selloff was a stark reminder of the uncertainty awaiting in the month ahead.

Blockchain Adoption Will Accelerate Tokenization As of October 31, 2024, BLOK’s NAV returns were up 6.99% and YTD performance was 34.31% (see standardized performance). In the last report, we provided a great deal of information around how trillions worth of value creation is occurring on a regular basis as a result of blockchain technology. We did this because, while it is easy to see Bitcoin as the most valuable blockchain because of its price action and value proposition, it is evident to us that on a longer-term basis, tokenization of real-world assets (RWA) using other blockchains may ultimately have even greater societal and business implications. Moreover, while 2024 has proven to be a rewarding year for our investors, we foresee business momentum building upon itself as a result of the election. Bottom line, in 2025 we foresee greater regulatory clarity from the government, increased capital access, and an increase in large firms embracing blockchain as a competitive advantage.

Audio Commentary by Tim Seymour

Audio Commentary by Tim Seymour

Chicago, November 27, 2024—Amplify ETFs announces November income distributions for its income ETFs.

Chicago, November 27, 2024—Amplify ETFs announces November income distributions for its income ETFs.

Audio Commentary by Tim Seymour

How Passive Indexes Are Funding MicroStrategy's Bitcoin Purchases BLOK’s NAV returns were up 24.89% in November, leading the YTD performance to 67.73% (see standardized performance). This positive performance was achieved broadly and certainly reflects the optimism around crypto policies and the more friendly regulations that are expected to come from the new administration. More important than just price action, we believe that companies and investors can now begin to truly again embrace the inevitable future of blockchain innovation. In January, BLOK will celebrate its 7th year, so it is with tremendous pride we conclude this year with great results and optimism.

Audio Commentary by Tim Seymour

COMMENTARY The S&P 500 closed November as the best month of the year so far with every one of the 11 sectors notching a green month. With the uncertainty of the election and another FOMC (Federal Open Market Committee) meeting in the rear-view mirror, investors went full risk-on and didn’t look back. It probably helped that earnings season wrapped up with companies in the S&P 500 growing an average of 5.8% and more than half of the index members beating estimates. The VIX fell throughout the month from the low-20s back to the low-teens, where it spent much of the year. Looking ahead, seasonal strength may continue into the "Santa Claus" market period, though offsetting factors like tax-loss selling and geopolitical tensions can never be overlooked.