10/27/2025

Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) 3rd Quarter Commentary 2025

The Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) seeks long-term capital appreciation by investing primarily in assets of U.S.-listed equity securities of natural gas companies. USNG is actively managed using the GARP (growth at a reasonable price) method to select companies believed to benefit from the U.S. natural gas infrastructure ecosystem across upstream, midstream, and downstream segments.

01. Review

The U.S. equity market remained strong in Q3, supported by the resolution of reciprocal tariff negotiations with several countries and the Federal Reserve’s interest rate cuts. While the overall market exhibited bullish momentum, the energy sector lagged slightly, with the S&P 500 Energy Sector posting a gain of +5.26% during the quarter.

USNG delivered a solid NAV return of +7.02% in Q3, driven by a selective investment approach focused on small- and mid-cap companies with strong fundamentals and clear catalysts—despite seasonal weakness in natural gas demand (View Standardized Performance). Key contributors for USNG performance included Solaris Energy Infrastructure (+41.3%), Chart Industries (+21.6%), and Bloom Energy (+253.6%), all of which are involved in natural gas power generation and equipment. Notably, data center expansion is boosting demand for Solar Energy Infrastructure’s (SEI) advanced power solutions, particularly its natural gas-powered mobile turbines, leading to steady appreciation in SEI’s share price.

LNG Canada (1.8 billion cubic feet per day - Bcf/d)1,2, which began operations in June 2025, commenced full-scale exports in August. Follow-up projects such as Woodfibre (0.3 Bcf/d) and Cedar LNG (0.4 Bcf/d) are scheduled for completion in 2027 and 2028, respectively.3,4 These developments have positively impacted Canadian midstream operators such as Enbridge and TC Energy. In contrast, Master Limited Partnerships (MLPs) underperformed, reflecting the seasonal off-peak in energy demand.

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/USNG. 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.

02. Outlook

During the past quarter, momentum in energy policy temporarily slowed, and market sentiment regarding the growth potential of the natural gas industry—driven by the expansion of AI data centers and power plant construction—experienced a brief lull. However, over the medium to long term, the expansion of natural gas-fired power generation remains a critical component of U.S. energy strategy. Rising domestic electricity demand continues to underscore the importance of natural gas as a stable and scalable power source. We plan to maintain our allocation to companies operating or expanding natural gas power generation plants and will increase exposure to midstream and equipment companies that directly supply these facilities.

The U.S. LNG (liquefied natural gas) industry also continues to gain traction, with a wave of Final Investment Decisions (FIDs) made by major players over the past three months. These developments are expected to boost export capacity by 75% (to 30 Bcf/d) by 2030. As a result, LNG terminal-related stocks are beginning to attract greater investor attention.

Furthermore, we believe if interest rate cuts continue, small-mid-cap stocks as well as previously underperforming sectors could experience a catch-up rally. As we approach the winter season, inventory buildup of natural gas for heating demand is expected to support favorable stock environment for the natural gas infrastructure industry.

Visit the USNG fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.

 

All data as of 9/30/2025. Subject to change at any time. Fund holdings should not be considered recommendations to buy or sell any security. View Current Complete Holdings

Index Definition: An index is unmanaged and it’s not possible to invest directly in an index. The VettaFi Weight Loss Drug & Treatment Index is a float-adjusted market cap weighted index comprised of global companies who are manufacturers or enablers of the GLP-1 pharmaceutical business
 
Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.
 
1lngcanada.ca/news/first-cargo-puts-canada-on-the-map-of-lng-exporting-nations/
2Billion cubic feet per day (Bcf/d): measurement of daily volume of gas produced, stored, transported or consumed.
3woodfibrelng.ca/construction/
4cedarlng.com/project/
 
Fund inception date: 5/19/2025. 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/USNG. 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. You could lose money by investing in the Fund. As an actively managed fund, there is no guarantee the investment objective will be met. Being new, the fund has a limited operating history to evaluate. As a non-diversified fund, its performance and Share price are more prone to volatility from individual investments.
 
Investments in energy companies can be influenced by cyclical markets, price fluctuations, regulation, economic shifts, technology, and geopolitical instability. Risks for natural gas companies include alternative fuels, price volatility, interest rates, and developments like renewable energy growth and evolving regulations. Utilities companies include risks related to financing, environmental costs, market factors, and political influences.
 
Materials companies are impacted by commodity price fluctuations, economic cycles, environmental liabilities, and regulations, all of which can affect their returns. Small and mid-cap companies may face higher market risk, greater price volatility, and lower liquidity than larger firms.
 
Investments in MLPs involve unique risks, such as price volatility, illiquidity, limited investor control, potential conflicts of interest, dilution risks, and insufficient cash flow to meet operating requirements. MLPs may also face industry-specific challenges and macroeconomic pressures. The Fund’s returns depend on MLPs being taxed as partnerships, not corporations. Changes in tax laws or policies can reduce MLP cash distributions and negatively affect the Fund’s investments.
 
Investment Adviser: Amplify Investments LLC; Sub-Adviser: Samsung Asset Management (New York), Inc. Amplify ETFs are distributed by Foreside Fund Services, LLC

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.

Back to All Amplify Insights