Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) 4th 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
In the fourth quarter of 2025, U.S. energy infrastructure equities demonstrated relative resilience compared with broader energy and equity markets, although performance was uneven across subsectors. Investor interest was supported by strategic exposure to natural gas demand growth and attractive dividend payouts, while upside was limited by macroeconomic headwinds and ongoing energy commodity price volatility.
Specifically, stocks related to utilities and power generation benefited from expectations of rising electricity demand, driven by the expansion of Big Tech and AI-related themes. However, market rotation emerged during the quarter, accompanied by a correction in growth stocks, which affected USNG’s quarterly performance.
On a constituent basis, Solaris Energy Infrastructure (+15.26%), Targa Resources (+10.83%), and MLPX (+9.09%) contributed positively to the performance of USNG. (View Standardized Performance). These gains were more than offset by significant declines in Venture Global (-51.80%), Vistra Corp (-17.53%), Williams (-4.32%), and Enbridge (-3.72%), resulting in a drag on the ETF’s overall return. In particular, Venture Global (VG) experienced a sharp sell-off due to ongoing legal challenges, most notably the loss of a major arbitration case against BP, which materially pressured investor sentiment.
From a macroeconomic perspective, oil prices declined as expectations around a potential Ukraine-Russia ceasefire agreement in late November intensified and concerns over a deepening global oil supply surplus in 2026 resurfaced. In contrast, natural gas prices rebounded, with Henry Hub prices rising due to increased seasonal inventory restocking demand ahead of winter. As a result, economic conditions for the natural gas infrastructure segment remained broadly supportive during the quarter.
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
Looking ahead to 2026, AI and the power generation are expected to remain the most important investment themes within the infrastructure universe. As natural gas–fired power plants continue to expand in response to rising U.S. electricity demand, we believe the structural uptrend in natural gas demand will persist.
Within the power generation landscape, on-site power generation is emerging as a key area of focus. In U.S., grid capacity constraints and delays in connecting data centers to the grid have led operators to pursue self- sufficiency solutions, elevating the importance of on-site power generation. As a result, we plan to increase exposure to natural gas infrastructure companies that support key on-site power solutions, including small-mid size gas turbines, utility-scale energy storage systems (ESS) and fuel cell technologies.
In addition, U.S. natural gas infrastructure companies are expected to benefit from improving fundamentals. EQT Corp, in particular, is transitioning from a pure-play shale and natural gas exploration & production business toward vertical integration across the industry value chain through targeted acquisition of midstream assets, a strategic shift that is likely to strengthen its competitive positioning over time.
Beyond EQT, a growing number of companies are pursuing value-chain verticalization through smaller-scale mergers and acquisitions. Supported by a constructive industry backdrop, the sector appears to be entering a phase where increased M&A activity could create attractive investment opportunities, reinforcing the positive outlook for natural gas–related equities.
Visit the USNG fund page for more information, including fact sheets, insights, index methodology, and regulatory documents.
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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.
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