Amplify Top 10 Quantum ETF (XQBT) Third Quarter Commentary 2026

The Amplify Top 10™ Quantum ETF (XQBT) provides actively managed exposure to companies participating in the quantum computing ecosystem. The Fund generally invests in companies included in the Bloomberg Top 10 Momentum Quantum Computing Index, along with other quantum-related businesses identified by the portfolio management team. XQBT seeks capital appreciation.

XQBT declined 3.01% (NAV) since its inception on August 18th of 2026, as weakness across quantum computing stocks weighed on performance. D-Wave Quantum, Rigetti Computing, and Quantinuum were the primary detractors. Investor sentiment toward the sector remained cautious as companies continued to face commercialization challenges, elevated development costs, and uncertainty regarding the timing of meaningful revenue growth.

PERFORMANCE

Data as of 9/30/26. Fund inception date: 8/18/2026. Total expense ratio is 0.49%. 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. Click here for recent month end performance. 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.

TOP 10™ HOLDINGS EXPOSURE

Data as of 9/30/26. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security. Weighting reflects stock position and/or position held via total return swaps.

Despite near-term share-price weakness, the long-term outlook for quantum computing remains constructive. The industry is transitioning from foundational research toward practical applications, with 2028 representing an important potential milestone for broader commercial adoption. Progress in quantum hardware, error correction, and hybrid quantum-classical computing could help move the technology closer to solving selected problems that are difficult or prohibitively expensive for conventional computers.

Government recognition of quantum computing's strategic importance provides additional support for the industry's long-term development. The United States has increasingly treated quantum technology as a national priority because of its potential implications for national security, scientific research, advanced materials, drug discovery, and next-generation computing. Public-sector research funding, national laboratory initiatives, and efforts to strengthen domestic technology capabilities can support innovation and help accelerate the development of a commercial ecosystem.

Looking ahead, the sector is likely to remain volatile as investors balance long-term technological potential against near-term commercialization risks. Valuations may remain sensitive to technical milestones, funding conditions, customer adoption, and evidence of practical business applications. Nevertheless, continued research progress and government support could create opportunities for companies that demonstrate meaningful technological differentiation and credible paths toward commercialization.

While the third-quarter performance reflected a more cautious investment environment, XQBT remains positioned to participate in the potential expansion of the quantum computing industry. The key consideration will be the sector's ability to translate technological advances into commercially viable applications and sustainable revenue growth over the coming years.

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