AMPLIFY ETF TRUST

Amplify High Income ETF YYY

Amplify Online Retail ETF IBUY

Amplify CWP Enhanced Dividend Income ETF DIVO

Amplify Transformational Data Sharing ETF BLOK

Amplify Lithium & Battery Technology ETF BATT

Amplify BlackSwan Growth & Treasury Core ETF SWAN

Amplify International Online Retail ETF XBUY

Amplify Seymour Cannabis ETF CNBS

Amplify Pure Junior Gold Miners ETF JGLD

Amplify BlackSwan ISWN ETF ISWN

Amplify Cleaner Living ETF DTOX

Amplify Thematic All-Stars ETF MVPS

Amplify Digital & Online Trading ETF BIDS

ANNUAL REPORT

October 31, 2021

Beginning on January 1, 2022, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Amplify Seymour Cannabis ETF shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the Amplify Seymour Cannabis ETF’s reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

Amplify ETF Trust

Table of Contents

MARKET PERFORMANCE		2
FUND PERFORMANCE		3
SCHEDULES OF INVESTMENTS		16
STATEMENTS OF ASSETS AND LIABILITIES		39
STATEMENTS OF OPERATIONS		42
STATEMENTS OF CHANGES IN NET ASSETS		45
FINANCIAL HIGHLIGHTS		58
NOTES TO THE FINANCIAL STATEMENTS		71
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		94
BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENTS		96
REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM		110
DISCLOSURE OF FUND EXPENSES		111
TRUSTEES AND OFFICERS OF THE TRUST		114
ADDITIONAL INFORMATION		116
SUPPLEMENTAL INFORMATION		118
PRIVACY POLICY		119

Amplify ETF Trust (the “Trust”) files its complete schedule of fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Part F of Form N-PORT within sixty days after the end of the period. The Trust’s Part F of Form N-PORT is available on the Commission’s website at www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that Amplify Investments LLC (the “Adviser”) uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-855-267-3837 and (ii) on the Commission’s website at www.sec.gov.

Amplify ETF Trust

Market Performance (Unaudited)

October 31, 2021

Equity investors experienced healthy returns across the board through the end of October of 2021. Despite risks of new COVID outbreaks, the potential for increased US taxes and inflation rising, broad-based US stock indexes surged. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq 100 had positive returns ranging between 18-24% through the end of October. In addition, market capitalization and style indexes including the S&P Mid Cap Growth, S&P Mid Cap Value, S&P Small Cap Growth and S&P Small Cap Value all returned double digit positive returns. Besides healthy returns, the behavior of equity markets in 2021 was also quite calm with virtually no material corrections in the year. The first ten months of 2021 were a refreshing break for investors after a volatile 2020.

The S&P 500 delivered 24% year-to-date as of the end of October, which placed it in the middle of the various sector returns making up this well-known index. Reviewing the eleven sectors that comprise the S&P 500 index shows a variety of significant performance differences. In fact, three of the eleven S&P 500 sectors gained more than 30% year-to-date as of October 31. Leading the pack with just over a 57% gain was the Energy sector. Energy stocks continued to see their products in increased demand as the economy worldwide ramped up from the COVID slowdown of 2020. The energy sector declined 33% in 2020 amidst the worldwide economic slowdown, so 2021’s performance is a welcome sign for energy stock investors. Coming in a distant second and third place were the Financials sector with a 38% gain and the Real Estate sector with a 33% move upward. Both sectors were on the rebound in 2021 after experiencing slightly negative returns in 2020. After the top three sector winners, there were a mix of sectors that hovered around the 20% gain mark. Communication Services gained 25% and Technology and Consumer Discretionary followed closely with a 24% and 22% gain respectively. Returning 46% in 2020, the Technology sector has been on quite a roll the last 22 months. Healthcare, Industrials and Materials sectors returned between 18-19%, just underperforming the S&P 500. Utilities and Consumer Staples took the two bottom sector return positions with just single digit returns of 9% and 8% respectively. It’s notable there were no negative sectors returns in 2021 after 2020 saw three of eleven sectors in the red.

Looking forward to 2022, US investors will be watching the Federal Reserve’s tone, pace of interest rate increases, inflation data and geopolitical tensions with nations including China, Iran, and Russia. US equity markets have been abnormally rosy since the 2020 COVID lows, and it would not be surprising to see equity market volatility increase in 2022.

Past performance does not guarantee future results.

Investing involves risk; Principal loss is possible.

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. Please see the Schedule of Investments for a complete list of Fund holdings.

S&P 500 Index: The S&P 500 is a market value weighted index and one of the common benchmarks for the U.S. stock market. Investors cannot invest directly in an index.

Amplify ETF Trust

Amplify High Income ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Three Year		Five Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify High Income ETF	30.71%	30.94%	9.96%	9.99%	7.63%	7.59%	7.32%	7.34%
Hybrid SWM/ISE High Income Index(b)	31.70%	31.70%	10.64%	10.64%	8.23%	8.23%	7.56%	7.56%
ISE High Income Index	31.70%	31.70%	10.64%	10.64%	8.23%	8.23%	6.81%(c)	6.81%(c)
S&P 500 Index	42.91%	42.91%	21.48%	21.48%	18.93%	18.93%	16.64%	16.64%

(a) Fund commenced operations on June 11, 2012.

(b) Reflects performance of Sustainable North American Oil Sands Index® through June 20, 2013 and ISE High Income Index thereafter.

(c) This figure represents performance of the ISE High Income IndexTM after the change in the index strategy utilized by the Fund beginning on June 20, 2013, and not since inception.

The Fund is the successor to the investment performance of the YieldShares High Income Fund (the “Predecessor High Income Fund”) as a result of the reorganization of the Predecessor High Income Fund into the Fund on October 7, 2019. Accordingly, the performance information shown in the chart and table above for periods prior to October 7, 2019 is that of the Predecessor High Income Fund’s Shares for the Fund. The Predecessor High Income Fund was managed by the same portfolio managers as the Fund and had substantially the same investment objectives, policies, and strategies as the Fund.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Prior to June 20, 2013, the Fund sought to provide investment results that, before fees and expenses, corresponded generally to the price and yield performance of the SWM Index. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Online Retail ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Three Year		Five Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify Online Retail ETF	25.49%	25.32%	36.53%	36.59%	32.65%	32.54%	31.04%	31.02%
EQM Online Retail Index	26.34%	26.34%	36.97%	36.97%	33.11%	33.11%	31.53%	31.53%
S&P 500 Index	42.91%	42.91%	21.48%	21.48%	18.93%	18.93%	17.44%	17.44%

(a) Fund commenced operations on April 19, 2016.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Three Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify CWP Enhanced Dividend Income ETF	33.81%	33.59%	16.31%	16.30%	14.62%	14.63%
Cboe S&P 500 BuyWrite Index	31.54%	31.54%	7.75%	7.75%	7.41%	7.41%
Dow Jones Industrial Average	35.16%	35.16%	12.56%	12.56%	12.78%	12.78%

(a) Fund commenced operations on December 13, 2016.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Three Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify Transformational Data Sharing ETF	127.54%	127.14%	49.52%	49.58%	32.65%	32.68%
MSCI AC World Index Net	37.28%	37.28%	17.47%	17.47%	11.18%	11.18%
S&P 500 Index	42.91%	42.91%	21.48%	21.48%	16.38%	16.38%

(a) Fund commenced operations on January 16, 2018.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Three Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify Lithium & Battery Technology ETF	81.32%	81.13%	16.70%	16.76%	0.67%	0.75%
EQM Lithium & Battery Technology Index(b)	82.78%	82.78%	N/A	N/A	73.89%(c)	73.89%(c)
MSCI AC World Index Metals & Mining Net Index	36.22%	36.22%	17.67%	17.67%	10.27%	10.27%
S&P 500 Index	42.91%	42.91%	21.48%	21.48%	18.48%	18.48%

(a) Fund commenced operations on June 4, 2018.

(b) On October 14, 2020, the Fund ceased being an actively-managed fund and began following the EQM Lithium & Battery Technology Index. Therefore, the Fund’s performance and historical returns shown for the periods prior to October 14, 2020 are not necessarily indicative of the performance that the Fund, based on its current index and investment objective, would have generated. Performance data is not available for all the periods shown in the table for the Index because performance data does not exist for some of the entire periods.

(c) This figure represents performance of the EQM Lithium & Battery Technology Index after the change in the index strategy utilized by the Fund beginning on October 14, 2020, and not since inception. The Net Asset Value return for the period beginning on October 14, 2020 was 72.75%.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify BlackSwan Growth & Treasury Core ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify BlackSwan Growth & Treasury Core ETF	17.44%	17.64%	14.93%	14.92%
S-Network BlackSwan Core Total Return Index	18.20%	18.20%	15.96%	15.96%
S&P 500 Index	42.91%	42.91%	21.18%	21.18%

(a) Fund commenced operations on November 5, 2018.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify International Online Retail ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify International Online Retail ETF	4.68%	4.60%	22.35%	22.39%
EQM International Ecommerce Index	4.99%	4.99%	23.17%	23.17%
S&P 500 Index	42.91%	42.91%	24.59%	24.59%

(a) Fund commenced operations on January 29, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	ANNUALIZED RETURNS
	One Year		Inception to Date(a)
	Net Asset Value	Market Price	Net Asset Value	Market Price
Amplify Seymour Cannabis ETF	47.93%	46.81%	-13.89%	-13.92%
S&P 500 Index	42.91%	42.91%	23.06%	23.06%

(a) Fund commenced operations on July 22, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Pure Junior Gold Miners ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
	Inception to Date(a)
	Net Asset Value	Market Price
Amplify Pure Junior Gold Miners ETF	-6.31%	-6.08%
EQM Pure Junior Gold Miners Index	-5.63%	-5.63%
S&P 500 Index	28.81%	28.81%

(a) Fund commenced operations on Novemer 30, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify BlackSwan ISWN ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
	Inception to Date(a)
	Net Asset Value	Market Price
Amplify BlackSwan ISWN ETF	2.23%	2.12%
S-Network BlackSwan International Index	2.57%	2.57%
MSCI EAFE Net Index	8.97%	8.97%

(a) Fund commenced operations on January 25, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Cleaner Living ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
	Inception to Date(a)
	Net Asset Value	Market Price
Amplify Cleaner Living ETF	-3.54%	-3.25%
Tematica BITA Cleaner Living Index	-3.38%	-3.38%
S&P 500 Index	9.07%	9.07%

(a) Fund commenced operations on June 23, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
	Inception to Date(a)
	Net Asset Value	Market Price
Amplify Thematic All-Stars ETF	12.85%	13.16%
ETF All-Stars Thematic Composite Index	13.21%	13.21%
S&P 500 Index	6.92%	6.92%

(a) Fund commenced operations on July 20, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify Digital & Online Trading ETF

Fund Performance

October 31, 2021 (Unaudited)

Growth of a $10,000 Investment

(at Net Asset Value)

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2021
	Inception to Date(a)
	Net Asset Value	Market Price
Amplify Digital & Online Trading ETF	5.97%	6.17%
BlueStar® Global E-Brokers and Digital Capital Markets Index	6.02%	6.02%
S&P 500 Index	5.89%	5.89%

(a) Fund commenced operations on September 21, 2021.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that shares, when redeemed or sold in the market, may be worth more or less than their original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

There are no assurances that the Fund will meet its stated objectives.

The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amplify ETF Trust

Amplify High Income ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
INVESTMENT COMPANIES — 99.7%
Equity — 9.3%
Aberdeen Total Dynamic Dividend Fund	1,237,101	$	12,432,865
BlackRock Enhanced Equity Dividend Trust	669,182		6,905,958
BlackRock Enhanced Global Dividend Trust(a)	287,642		3,500,603
John Hancock Tax-Advantaged Dividend Income Fund	172,217		4,224,483
Liberty All-Star Equity Fund(a)	1,723,776		14,531,432
			41,595,341
Fixed Income — 90.4%
AllianceBernstein Global High Income Fund, Inc.	1,043,268		12,978,254
BlackRock Corporate High Yield Fund, Inc.	705,748		8,588,953
BlackRock Credit Allocation Income Trust	869,615		13,244,236
BlackRock Debt Strategies Fund, Inc.	173,390		2,035,599
BlackRock Taxable Municipal Bond Trust	182,562		4,772,171
Blackstone Strategic Credit Fund	921,529		12,855,330
Calamos Global Dynamic Income Fund	297,623		3,092,303
DoubleLine Income Solutions Fund	737,425		13,022,925
DoubleLine Yield Opportunities Fund	665,199		12,931,469
Eaton Vance Floating-Rate Income Trust(a)	676,784		10,144,992
Eaton Vance Limited Duration Income Fund	1,001,721		13,222,717
Eaton Vance Senior Floating - Rate Trust(a)	808,551		12,047,410
First Trust High Income Long/Short Fund	759,159		12,184,502
First Trust High Yield Opportunities 2027 Term Fund	644,369		13,493,087
First Trust Intermediate Duration Preferred & Income Fund(a)	134,374		3,423,850
Flaherty & Crumrine Preferred and Income Securities Fund, Inc.	115,102		2,587,493

Description	Shares	Value
Highland Income Fund	970,242	$	11,051,056
NexPoint Strategic Opportunities Fund	520,844		7,911,620
Nuveen AMT-Free Quality Municipal Income Fund	451,679		6,856,487
Nuveen Core Plus Impact Fund(a)	674,781		12,490,196
Nuveen Credit Strategies Income Fund	917,136		6,043,926
Nuveen Floating Rate Income Fund	1,302,338		13,335,941
Nuveen Municipal Credit Opportunities Fund	382,066		5,746,273
Nuveen Preferred & Income Opportunities Fund	516,669		5,156,357
Nuveen Preferred & Income Securities Fund	783,150		7,784,511
Nuveen Quality Municipal Income Fund	334,947		5,235,222
Oxford Lane Capital Corp.	2,080,916		16,647,328
PGIM Global High Yield Fund, Inc.	811,915		12,730,827
PGIM High Yield Bond Fund, Inc.(a)	790,650		13,037,818
PIMCO Corporate & Income Opportunity Fund	782,533		14,187,323
PIMCO Dynamic Credit and Mortgage Income Fund	663,575		14,266,863
PIMCO Dynamic Income Fund	516,683		13,841,938
PIMCO Dynamic Income Opportunities Fund	443,555		9,217,073
PIMCO High Income Fund	1,388,671		8,915,268
PIMCO Income Strategy Fund II	1,010,018		10,191,082
Templeton Global Income Fund	2,337,933		12,765,114
Virtus AllianzGI Convertible & Income Fund	2,162,960		13,605,018
Wells Fargo Income Opportunities Fund	1,476,453		13,214,254
Western Asset Emerging Markets Debt Fund, Inc.	815,698		11,142,435
Western Asset High Income Opportunity Fund, Inc.	1,883,211		9,830,361
			405,829,582
Total Investment Companies (Cost $432,854,808)			447,424,923

RIGHTS — 0.0%(b)
Liberty All-Star Equity Fund(a)(c)	1,671,456		61,510
Total Rights (Cost $0)			61,510

MONEY MARKET FUNDS — 0.1%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	479,599		479,599
Total Money Market Funds (Cost $479,599)			479,599

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify High Income ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.8%
First American Government Obligations Fund - Class X — 0.03%(d)	17,004,950	$	17,004,950
Total Investments Purchased with Proceeds from Securities Lending (Cost $17,004,950)			17,004,950

Total Investments — 103.6%
(Cost $450,339,357)		$	464,970,982

Percentages are based on Net Assets of $448,970,862.

(a) All or a portion of this security is out on loan as of October 31, 2021. Total value of securities out on loan is $16,328,804 or 3.6% of net assets.

(b) Less than 0.05%.

(d) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Online Retail ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 99.7%
Marketplace — 37.2%
Alibaba Group Holding Ltd. - ADR(a)	35,159	$	5,799,125
BigCommerce Holdings, Inc.(a)	370,291		17,111,147
ContextLogic, Inc. - Class A(a)(b)	1,761,419		8,983,237
Copart, Inc.(a)	138,924		21,573,508
Coupang, Inc.(a)	202,167		6,016,490
Dada Nexus Ltd. - ADR(a)	335,218		6,808,278
Delivery Hero SE (a)(c)	57,897		7,198,223
DoorDash, Inc. - Class A(a)	122,242		23,812,742
Etsy, Inc.(a)	105,726		26,504,451
Fiverr International Ltd. - ADR(a)	43,405		7,394,042
Groupon, Inc. (a)(b)	372,929		7,913,553
Jumia Technologies AG - ADR(a)(b)	283,483		4,952,448
Just Eat Takeaway.com NV(a)(c)	281,394		20,207,150
KE Holdings, Inc. - ADR(a)	147,296		2,683,733
Liquidity Services, Inc.(a)	634,218		14,003,533
Lyft, Inc. - Class A(a)	347,322		15,931,660
MercadoLibre, Inc.(a)	5,569		8,247,800
Ozon Holdings PLC - ADR(a)(b)	131,914		5,936,130
PayPal Holdings, Inc.(a)	70,017		16,285,254
Pinduoduo, Inc. - ADR(a)	62,240		5,534,381
Poshmark, Inc. - Class A(a)(b)	471,418		11,469,600
Rakuten Group, Inc.	617,800		6,775,609
Shopify, Inc. - Class A - ADR(a)	6,793		9,963,497
The RealReal, Inc.(a)	1,192,550		15,538,927
ThredUp, Inc. - Class A(a)(b)	949,052		20,537,485
Uber Technologies, Inc.(a)	363,654		15,935,318
Upwork, Inc.(a)	431,219		20,319,039
			333,436,360
Traditional Retail — 52.5%
1-800-Flowers.com, Inc. - Class A(a)	522,082		16,769,274
Amazon.com, Inc.(a)	5,350		18,042,500
AO World PLC(a)	2,056,845		4,118,194
ASKUL Corp.	444,000		6,022,584
ASOS PLC(a)	105,331		3,577,823
CarParts.com, Inc.(a)	1,133,004		17,255,651
Carvana Co.(a)	72,599		22,010,565

Description	Shares	Value
Casper Sleep, Inc.(a)(b)	1,811,371	$	6,593,390
Chegg, Inc.(a)	222,939		13,251,494
Chewy, Inc. - Class A(a)(b)	254,528		19,293,222
Cimpress PLC - ADR(a)	70,659		6,311,262
eBay, Inc.	284,866		21,854,919
Farfetch Ltd. - Class A - ADR(a)	175,776		6,892,177
HelloFresh SE(a)	90,492		7,322,629
IAC/InterActiveCorp(a)	110,607		16,853,189
iQIYI, Inc. - ADR(a)(b)	573,581		4,749,251
JD.com, Inc. - ADR(a)	108,067		8,459,485
Lands’ End, Inc.(a)	769,151		20,213,288
MYT Netherlands Parent BV - ADR(a)(b)	261,998		6,916,747
Netflix, Inc.(a)	34,956		24,130,476
Ocado Group PLC(a)	262,997		6,489,443
Overstock.com, Inc.(a)	242,400		23,083,752
Peloton Interactive, Inc. - Class A(a)	178,549		16,326,521
PetMed Express, Inc.(b)	611,504		17,385,059
Purple Innovation, Inc.(a)	552,705		10,667,206
Qurate Retail, Inc. - Class A	1,306,382		13,638,628
Revolve Group, Inc.(a)	365,190		27,403,858
Shutterstock, Inc.	197,523		23,929,911
Spotify Technology SA - ADR(a)	32,940		9,532,836
Stitch Fix, Inc. - Class A(a)	400,470		13,856,262
THG PLC(a)	844,686		2,503,887
Vipshop Holdings Ltd. - ADR(a)	291,789		3,256,365
Vroom, Inc.(a)(b)	443,754		8,489,014
Wayfair, Inc. - Class A(a)(b)	57,486		14,319,763
Zalando SE(a)(c)	72,129		6,802,247
zooplus AG(a)	27,099		14,986,604
ZOZO, Inc.	228,000		7,291,599
			470,601,075
Travel — 10.0%
Airbnb, Inc. - Class A(a)	122,132		20,843,047
Booking Holdings, Inc.(a)	7,559		18,298,676
Expedia Group, Inc.(a)	100,377		16,502,983
MakeMyTrip Ltd. - ADR(a)	299,019		9,469,932
On the Beach Group PLC(a)(c)	1,413,910		5,775,997
Trip.com Group Ltd. - ADR(a)	196,347		5,607,670
TripAdvisor, Inc.(a)	408,923		13,482,191
			89,980,496
Total Common Stocks (Cost $863,942,199)			894,017,931

MONEY MARKET FUNDS — 0.3%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	3,105,588		3,105,588
Total Money Market Funds (Cost $3,105,588)			3,105,588

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Online Retail ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.3%
First American Government Obligations Fund - Class X — 0.03%(d)	101,273,216	$	101,273,216
Total Investments Purchased with Proceeds from Securities Lending (Cost $101,273,216)			101,273,216

Total Investments — 111.3%
(Cost $968,321,003)		$	998,396,735

Percentages are based on Net Assets of $896,681,584.

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) All or a portion of this security is out on loan as of October 31, 2021. Total value of securities out on loan is $98,390,297 or 11.0% of net assets.

(c) Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At October 31, 2021 the value of these securities amounted to $39,983,617 or 4.5% of net assets.

(d) Seven-day yield as of October 31, 2021.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 77.3%
Consumer Discretionary — 13.5%
McDonald’s Corp.	160,743	$	39,470,444
NIKE, Inc. - Class B	147,811		24,727,302
The Home Depot, Inc.	106,341		39,531,203
			103,728,949
Consumer Staples — 6.1%
The Procter & Gamble Co.	157,792		22,562,678
Walmart, Inc.	164,028		24,509,064
			47,071,742
Energy — 7.1%
Chevron Corp.(a)	376,276		43,079,839
Marathon Petroleum Corp.	169,961		11,205,529
			54,285,368
Financials — 12.7%
Intercontinental Exchange, Inc.	185,550		25,691,253
JPMorgan Chase & Co.	201,888		34,298,752
The Goldman Sachs Group, Inc.	90,293		37,322,612
			97,312,617
Health Care — 9.1%
Johnson & Johnson	134,064		21,836,344
UnitedHealth Group, Inc.	105,018		48,357,639
			70,193,983
Industrials — 9.7%
3M Co.	82,600		14,758,968
CSX Corp.	671,220		24,278,027
Honeywell International, Inc.	161,192		35,239,795
			74,276,790
Information Technology — 16.2%
Apple, Inc.(a)	279,855		41,922,279
Microsoft Corp.	144,020		47,759,913
Visa, Inc. - Class A(a)	161,816		34,267,774
			123,949,966

Description	Shares	Value
Utilities — 2.9%
Duke Energy Corp.	214,936	$	21,925,621
Total Common Stocks (Cost $524,037,380)			592,745,036

EXCHANGE TRADED FUNDS — 9.4%
SPDR Dow Jones Industrial Average ETF Trust	97,832		35,046,358
SPDR S&P 500 ETF Trust	80,540		36,987,995
Total Exchange Traded Funds (Cost $71,407,466)			72,034,353

Total Investments — 86.7%
(Cost $595,444,846)		$	664,779,389

Percentages are based on Net Assets of $766,353,441.

(a) All or portion of this security is held as collateral for the options written. At October 31, 2021, the value of these securities amounted to $119,269,892 or 15.6% of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Schedule of Options Written

October 31, 2021

	Contracts	Notional Amount			Value
Call Options Written(a) — 0.00%(b)
Apple, Inc., Expires 11/19/2021, Strike Price $165.00	2,500	$	(37,450,000	)	$	(43,750	)
Chevron Corp., Expires 11/19/2021, Strike Price $120.00	3,000		(34,347,000	)		(112,500	)
Visa, Inc., Expires 11/19/2021, Strike Price $225.00	200		(4,235,400	)		(17,100	)
Total Call Options Written
(Premiums Received $258,764)					$	(173,350	)

(a) Exchange Traded.

(b) Less than 0.05%.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 87.2%
Banks — 4.6%
Silvergate Capital Corp.(a)	442,385	$	69,286,339

Diversified Financials — 22.7%
CME Group, Inc.	227,113		50,089,772
Coinbase Global, Inc. - Class A(a)	236,270		75,469,363
EQONEX Ltd.(a)(b)	1,885,859		12,918,134
Galaxy Digital Holdings Ltd.(a)(b)	2,849,814		77,094,193
Mogo, Inc.(a)(b)	4,385,716		24,077,581
Nocturne Acquisition Corp.(a)(e)	380,000		3,936,800
Power & Digital Infrastructure Acquisition Corp. - Class A(a)(e)	477,768		5,972,100
Robinhood Markets, Inc. - Class A(a)(b)	392,831		13,737,300
SBI Holdings, Inc./Japan	1,930,997		49,844,204
Vontobel Holding AG	122,234		11,307,580
WisdomTree Investments, Inc.	2,240,749		14,318,386
			338,765,413
Media & Entertainment — 3.4%
Tencent Holdings Ltd.	113,125		6,993,526
Twitter, Inc.(a)	273,283		14,631,572
Z Holdings Corp.	4,655,090		28,835,214
			50,460,312
Retailing — 3.4%
Overstock.com, Inc.(a)	470,386		44,794,859
Rakuten Group, Inc.	577,747		6,336,334
			51,131,193
Semiconductors & Semiconductor Equipment — 6.4%
Advanced Micro Devices, Inc.(a)	158,363		19,039,983
NVIDIA Corp.	252,204		64,480,997
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	111,798		12,711,433
			96,232,413

Description	Shares		Value
Software & Services — 44.4%
Accenture PLC - Class A		77,846	$	27,930,366
Argo Blockchain PLC(a)		22,856,985		38,162,750
Bakkt Holdings, Inc.(a)(b)		852,609		36,252,935
BIGG Digital Assets, Inc.(a)(b)		6,317,198		8,013,899
Bitfarms Ltd./Canada(a)(b)		7,784,367		39,311,808
Cleanspark, Inc.(a)(b)		910,847		18,453,760
Digital Garage, Inc.		862,376		40,101,714
GMO internet, Inc.		1,556,967		42,825,984
Hive Blockchain Technologies Ltd.(a)(b)		15,442,272		54,527,092
Hut 8 Mining Corp.(a)(b)		5,366,622		72,069,536
International Business Machines Corp.		200,944		25,138,094
Marathon Digital Holdings, Inc.(a)(b)		595,300		31,098,472
Oracle Corp.		295,743		28,373,583
PayPal Holdings, Inc.(a)		234,178		54,467,461
Riot Blockchain, Inc.(a)(b)		1,425,652		38,806,247
Square, Inc. - Class A(a)		220,315		56,070,168
Stronghold Digital Mining, Inc. - Class A(a)		336,715		9,246,194
Voyager Digital Ltd.(a)(b)		2,846,322		43,375,592
				664,225,655
Technology Hardware & Equipment — 1.7%
Canaan, Inc. - ADR(a)(b)		2,437,609		20,890,309
Samsung Electronics Co. Ltd.		81,612		4,874,860
				25,765,169
Telecommunication Services — 0.6%
SoftBank Group Corp.		158,346		8,563,674
Total Common Stocks (Cost $1,107,702,164)				1,304,430,168
		Par Value
CONVERTIBLE BONDS — 1.8%
Core Scientific, Inc. 4.000% Cash and 6.000% PIK, 04/19/2025(c)(f)(g)	$	26,678,603		26,678,603
Total Convertible Bonds (Cost $26,668,740)				26,678,603

	Shares
EXCHANGE TRADED FUNDS — 4.3%
3iQ CoinShares Bitcoin ETF(a)		2,050,874		21,431,633
Bitcoin ETF(a)		916,554		21,804,820
Purpose Bitcoin ETF(a)(b)		1,823,306		21,515,011
Total Exchange Traded Funds (Cost $49,153,041)				64,751,464

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
MONEY MARKET FUNDS — 6.1%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	91,164,274	$	91,164,274
Total Money Market Funds (Cost $91,164,274)			91,164,274

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.3%
First American Government Obligations Fund - Class X — 0.03%(d)	213,507,916		213,507,916
Total Investments Purchased with Proceeds from Securities Lending (Cost $213,507,916)			213,507,916

Total Investments — 113.7%
(Cost $1,488,196,135)		$	1,700,532,425

Percentages are based on Net Assets of $1,495,050,269.

ADR - American Depositary Receipt

PIK - Payment In-Kind

(a) Non-income producing security.

(b) All or a portion of this security is out on loan as of October 31, 2021. Total value of securities out on loan is $229,855,550 or 15.4% of net assets.

(d) Seven-day yield as of October 31, 2021.

(e) Special Purpose Acquisition Company.

(f) Restricted. Acquired on September 24, 2021.

(g) The Fund has fair valued this security. Value is determined using significant unobservable inputs.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 99.6%
Consumer Discretionary — 26.4%
Arrival SA(a)(b)	30,196	$	499,140
BYD Co. Ltd. - Class H	335,102		12,774,405
EVgo, Inc.(a)(b)	149,297		1,391,448
Fisker, Inc.(a)(b)	5,200		83,460
Li Auto, Inc. - ADR(b)	98,034		3,198,850
Lucid Group, Inc.(a)(b)	146,579		5,421,957
NIO, Inc. - ADR(b)	169,135		6,665,610
Panasonic Corp.	365,528		4,465,872
QuantumScape Corp.(a)(b)	24,313		703,618
Tesla, Inc.(b)	20,442		22,772,388
XPeng, Inc. - ADR(b)	79,759		3,719,162
Yadea Group Holdings Ltd.(c)	78,830		135,765
			61,831,675
Industrials — 19.9%
Akasol AG(a)(b)(c)	8,532		1,248,658
Blink Charging Co.(a)(b)	38,961		1,238,960
ChargePoint Holdings, Inc.(b)	84,745		2,099,981

Description	Shares	Value
Contemporary Amperex Technology Co. Ltd.	171,507	$	17,131,671
Ecopro BM Co. Ltd.(b)	6,814		2,390,192
EnerSys	15,923		1,274,477
Eos Energy Enterprises, Inc.(a)(b)	82,117		866,334
Eve Energy Co. Ltd.	245,173		4,346,550
FREYR Battery SA(a)(b)	120,878		1,224,494
FuelCell Energy, Inc.(a)(b)	216,452		1,729,452
GS Yuasa Corp.	54,228		1,177,101
Hyliion Holdings Corp.(a)(b)	134,273		1,086,269
Nikola Corp.(a)(b)	143,028		1,687,730
Plug Power, Inc.(b)	103,259		3,951,722
PROTERRA, Inc.(b)	125,101		1,402,382
Romeo Power, Inc.(b)	186,336		808,698
The Lion Electric Co.(a)(b)	98,723		1,406,803
Varta AG(a)	10,521		1,617,586
			46,689,060
Information Technology — 10.7%
Dynapack International Technology Corp.	322,814		1,114,413
Iljin Materials Co. Ltd.	21,319		1,833,520
L&F Co. Ltd.	15,760		2,482,920
NAURA Technology Group Co. Ltd.	66,084		3,833,807
NEC Corp.	52,612		2,686,570
Samsung SDI Co. Ltd.	9,077		5,701,526
Simplo Technology Co. Ltd.	105,639		1,135,842
SolarEdge Technologies, Inc.(b)	8,859		3,142,110
Wuxi Lead Intelligent Equipment Co. Ltd.	237,192		3,011,185
			24,941,893
Materials — 42.1%
African Rainbow Minerals Ltd.	75,168		1,001,567
Albemarle Corp.	17,578		4,402,762
AMG Advanced Metallurgical Group NV	38,288		1,130,427
Aneka Tambang Tbk	8,415,027		1,389,883
BHP Group Ltd. - ADR(a)	209,146		11,469,567
China Molybdenum Co. Ltd. - Class H	4,319,132		2,681,243
Eramet SA(b)	16,649		1,391,506
First Quantum Minerals Ltd.	123,960		2,934,735
Ganfeng Lithium Co. Ltd. - Class H(c)	229,948		4,311,987
Glencore PLC	1,633,518		8,165,354
IGO Ltd.	236,694		1,716,425
ioneer Ltd.(b)	3,637,048		1,874,132
Jinchuan Group International Resources Co. Ltd.	9,467,554		1,521,039
Johnson Matthey PLC	47,806		1,788,063
Largo Resources Ltd.(b)	78,392		978,000
LG Chem Ltd.	8,831		6,317,843

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
Lithium Americas Corp.(b)	91,309	$	2,648,669
Livent Corp.(b)	70,028		1,976,190
Lundin Mining Corp.	202,537		1,762,543
Mineral Resources Ltd.	45,275		1,314,298
MMC Norilsk Nickel PJSC - ADR	199,095		6,229,683
Orocobre Ltd.(b)	389,494		2,607,663
Piedmont Lithium, Inc.(b)	20,828		1,298,417
Pilbara Minerals Ltd.(b)	1,030,750		1,705,834
Showa Denko KK	58,116		1,458,828
Sociedad Quimica y Minera de Chile SA - ADR	51,548		2,829,470
South32 Ltd.	989,484		2,657,282
Standard Lithium Ltd.(b)	168,018		1,907,444
Sumitomo Metal Mining Co. Ltd.	59,785		2,320,062
Umicore SA	43,409		2,487,970
Vale Indonesia Tbk PT	3,849,881		1,317,941
Vulcan Energy Resources Ltd.(b)	142,642		1,342,349
Western Areas Ltd.(b)	618,346		1,469,871
Yunnan Energy New Material Co. Ltd.	118,211		5,389,164
Zhejiang Huayou Cobalt Co. Ltd.	161,379		2,800,484
			98,598,695
Utilities — 0.5%
Fastned BV(a)(b)	19,024		1,139,175
Total Common Stocks (Cost $206,193,000)			233,200,498

MONEY MARKET FUNDS — 0.1%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	316,257		316,257
Total Money Market Funds (Cost $316,257)			316,257

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.9%
First American Government Obligations Fund - Class X — 0.03%(d)	27,769,985		27,769,985
Total Investments Purchased with Proceeds from Securities Lending (Cost $27,769,985)			27,769,985

Total Investments — 111.6%
(Cost $234,279,242)		$	261,286,740

Percentages are based on Net Assets of $234,137,185.

ADR - American Depositary Receipt

(a) All or a portion of this security is out on loan as of October 31, 2021. Total value of securities out on loan is $27,183,380 or 11.6% of net assets.

(b) Non-income producing security.

(d) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify BlackSwan Growth & Treasury Core ETF

Schedule of Investments

October 31, 2021

Description	Par Value		Value
U.S. GOVERNMENT NOTES/BONDS — 81.9%
0.125%, 04/30/2023	$	42,246,000	$	42,108,205
0.375%, 04/15/2024		136,686,000		135,775,649
0.750%, 04/30/2026		137,361,000		135,069,861
1.250%, 04/30/2028		137,241,000		135,903,437
1.125%, 02/15/2031		142,645,000		137,697,002
1.875%, 02/15/2051		162,794,000		159,970,542
Total U.S. Government Notes/Bonds (Cost $743,870,643)				746,524,696

	Contracts	Notional Amount
PURCHASED CALL OPTIONS(a) — 17.5%
SPDR S&P 500 ETF Trust, Expires 12/17/2021, Strike Price $324.00	7,124	$	327,169,700	96,697,614
SPDR S&P 500 ETF Trust, Expires 6/17/2022, Strike Price $375.00	6,887		316,285,475	62,991,946
Total Purchased Call Options (Cost $89,816,615)				159,689,560

	Shares
MONEY MARKET FUNDS — 0.4%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(b)	3,677,816		3,677,816
Total Money Market Funds (Cost $3,677,816)			3,677,816
Total Investments — 99.8% (Cost $837,365,074)		$	909,892,072

Percentages are based on Net Assets of $911,466,600.

(a) Exchange Traded.

(b) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify International Online Retail ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 99.9%
Marketplace — 43.0%
Alibaba Group Holding Ltd. - ADR(a)	897	$	147,951
Americanas SA(a)	28,500		150,160
Baozun, Inc. - ADR(a)	7,492		129,612
Coupang, Inc.(a)	5,932		176,536
Dada Nexus Ltd. - ADR(a)	7,049		143,165
Deliveroo PLC(a)(b)	44,898		166,353
Delivery Hero SE(a)(b)	1,301		161,925
Demae-Can Co. Ltd.(a)	10,900		130,007
DiDi Global, Inc. - ADR(a)(c)	17,749		143,234
DingDong Cayman Ltd. - ADR(a)(c)	6,011		168,488
Fiverr International Ltd.(a)	938		159,788
Global-e Online Ltd. - ADR(a)(c)	2,714		157,032
Jumia Technologies AG - ADR(a)(c)	8,950		156,356
Just Eat Takeaway.com NV(a)(b)	2,302		165,487
KE Holdings, Inc. - ADR(a)	7,473		136,158
Kogan.com Ltd.	23,430		174,927
Koreacenter Co. Ltd.(a)	29,071		174,394
Meituan - Class B(a)(b)	4,400		152,492
MercadoLibre, Inc.(a)	110		162,912
Mercari, Inc.(a)	2,700		145,626

Description	Shares	Value
Missfresh Ltd. - ADR(a)	36,250	$	143,187
Ozon Holdings PLC - ADR(a)	3,385		152,325
Pinduoduo, Inc. - ADR(a)	1,507		134,002
Prosus NV	2,034		179,386
Rakuten Group, Inc.	17,200		188,555
Sea Ltd. - ADR(a)	515		176,939
Shopify, Inc. - Class A - ADR(a)	121		177,474
Tencent Holdings Ltd.	2,400		148,399
Uxin Ltd. - ADR(a)	52,918		127,003
Yixin Group Ltd.(a)(b)	750,500		140,857
			4,670,730
Traditional Retail — 48.7%
About You Holding SE(a)	3,261		75,476
AO World PLC(a)	37,174		74,549
ASKUL Corp.	11,300		153,210
ASOS PLC(a)	4,490		152,758
BHG Group AB(a)	12,009		138,218
boohoo Group PLC(a)	66,481		165,626
Boozt AB(a)(b)	9,940		167,470
China Literature Ltd.(a)(b)	19,600		136,436
Cimpress PLC(a)	1,973		176,228
Cogobuy Group(a)(b)	172,000		63,458
Danawa Co. Ltd.(a)	3,356		80,414
D-MARKET Elektronik Hizmetler ve Ticaret AS - ADR(a)	29,761		135,413
Dustin Group AB(b)	8,191		100,236
Farfetch Ltd. - Class A(a)	4,447		174,367
HelloFresh SE(a)	1,763		142,816
Home24 SE(a)	5,462		71,363
iQIYI, Inc. - ADR(a)	16,496		136,587
Istyle, Inc.(a)	19,800		68,590
JD.com, Inc. - ADR(a)	1,845		144,427
Kitanotatsujin Corp.	19,900		72,253
LightInTheBox Holding Co. Ltd. - ADR(a)(c)	36,957		55,435
MonotaRO Co. Ltd.	7,400		167,437
MYT Netherlands Parent BV - ADR(a)	6,236		164,630
Newegg Commerce, Inc.(a)(c)	10,638		125,528
Ocado Group PLC(a)	7,838		193,713
Oisix ra daichi, Inc.(a)	4,100		171,155
Onion Global Ltd. - ADR(a)	5,167		28,935
PChome Online, Inc.	40,000		208,569
Redbubble Ltd.(a)	50,449		157,253
Shop Apotheke Europe NV(a)(b)	1,085		164,485
So-Young International, Inc. - ADR(a)	12,743		50,335
SRP Groupe SA(a)(b)	26,294		64,204
Syuppin Co. Ltd.	7,200		79,372
Temple & Webster Group Ltd.(a)	18,499		176,045

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify International Online Retail ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
THG PLC(a)	27,658	$	82,118
Vipshop Holdings Ltd. - ADR(a)	12,832		143,205
YES24 Co. Ltd.	20,306		169,948
Zalando SE(a)(b)	1,951		184,190
Zero to Seven, Inc.(a)	19,665		176,700
zooplus AG(a)	290		160,552
ZOZO, Inc.	4,500		143,850
			5,297,554
Travel — 8.2%
Airtrip Corp.	4,500		152,138
Despegar.com Corp.(a)	6,010		66,831
MakeMyTrip Ltd.(a)	5,342		169,181
On the Beach Group PLC(a)(b)	14,478		59,239
Open Door, Inc.(a)	3,200		70,637
Trip.com Group Ltd. - ADR(a)	4,557		130,148
Trivago NV - ADR(a)(c)	28,873		76,225
Webjet Ltd.(a)	36,081		171,275
			895,674
Total Common Stocks (Cost $13,209,877)			10,863,958

MONEY MARKET FUNDS — 0.1%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	9,667		9,667
Total Money Market Funds (Cost $9,667)			9,667

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.8%
First American Government Obligations Fund - Class X — 0.03%(d)	959,654		959,654
Total Investments Purchased with Proceeds from Securities Lending (Cost $959,654)			959,654

Total Investments — 108.8%
(Cost $14,179,198)		$	11,833,279

Percentages are based on Net Assets of $10,871,844.

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At October 31, 2021 the value of these securities amounted to $1,726,832 or 15.9% of net assets.

(c) All or a portion of this security is out on loan as of October 31, 2021. Total value of securities out on loan is $907,102 or 8.3% of net assets.

(d) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 68.3%
Consumer Discretionary — 4.3%
Greenlane Holdings, Inc. - Class A(a)	929,306	$	1,589,113
GrowGeneration Corp.(a)	134,826		2,842,132
			4,431,245
Consumer Staples — 5.8%
Neptune Wellness Solutions, Inc. - ADR(a)	1,623,160		826,838
Village Farms International, Inc. - ADR(a)	685,041		5,185,760
			6,012,598
Financials — 16.7%
AFC Gamma, Inc.(b)(c)	252,255		5,917,902
RIV Capital, Inc.(a)(d)	2,707,210		3,499,948
WM Technology, Inc.(a)	644,667		7,890,724
			17,308,574
Health Care — 32.9%
Aleafia Health, Inc.(a)	74,732		15,096
Arena Pharmaceuticals, Inc.(a)(b)	4,791		274,956
Auxly Cannabis Group, Inc.(a)	2,895,389		502,997
Canopy Growth Corp. - ADR(a)	467,875		5,909,261
Cara Therapeutics, Inc.(a)	192,351		3,237,267
cbdMD, Inc.(a)	507,635		898,514
Charlotte’s Web Holdings, Inc.(a)	1,161,176		1,895,261
Clever Leaves Holdings, Inc. - ADR(a)(b)	225,896		1,508,985
Cronos Group, Inc. - ADR(a)	487,478		2,530,011
IM Cannabis Corp.(a)	89,250		243,750
Jazz Pharmaceuticals Plc - ADR(a)(b)	21,348		2,840,181
MediPharm Labs Corp.(a)	3,247,526		656,013
Organigram Holdings, Inc. - ADR(a)	626,553		1,384,682
PerkinElmer, Inc.	81		14,328
The Valens Co., Inc.(a)	1,810,942		2,721,681
Tilray, Inc.(a)	809,890		8,341,867
Zynerba Pharmaceuticals, Inc.(a)	255,474		978,466
			33,953,316
Industrials — 3.8%
Akerna Corp.(a)	245,766		656,195
Hydrofarm Holdings Group, Inc.(a)(b)	100,677		3,319,321
			3,975,516

Description	Shares	Value
Real Estate — 4.8%
Innovative Industrial Properties, Inc.(b)(c)	18,652	$	4,907,155
Total Common Stocks (Cost $113,901,907)			70,588,404

MONEY MARKET FUNDS — 14.6%
Dreyfus Government Cash Management — 0.030%(a)(e)	15,100,000		15,100,000
Total Money Market Funds (Cost $15,100,000)			15,100,000

Total Investments — 82.9% (Cost $129,001,907)		$	85,688,404

Percentages are based on Net Assets of $103,360,817.

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) All or a portion of this security is out on loan as of October 31, 2021. Total value of securities out on loan is $3,255,082 or 3.1% of net assets. As of October 31, 2021, total cash collateral has a value of $3,380,082.

(d) Illiquid security. At October 31, 2021, the value of this security amounted to $3,499,948 or 3.4% of net assets.

(e) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Schedule of Total Return Swaps

October 31, 2021

Reference Entity(a)	Counterparty	Long/Short	Expiration Date	Financing Rate(b)	Payment Frequency	Notional Amount		Value/Unrealized Appreciation (Depreciation)
Ayr Wellness, Inc.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly	$	3,737,758	$	(124,388	)
Columbia Care, Inc.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly		1,018,632		(153,459	)
Cresco Labs, Inc.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly		5,686,902		(184,798	)
Curaleaf Holdings, Inc.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly		6,514,755		(551,912	)
Green Thumb Industries, Inc.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly		6,418,685		(1,022,584	)
Trulieve Cannabis Corp.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly		5,361,210		(225,569	)
Verano Holdings Corp.	Cowen Financial Products, LLC	Long	05/03/2022	1.57%	Monthly		2,300,625		78,496
								$	(2,184,214	)

(a) The Adviser has deemed a portion of these securities illiquid as of October 31, 2021. The notional value of the illiquid portion of these securities amounted to $6,207,713.

(b) Floating rate based on the overnight bank rate and spread of 150 basis points and is reset monthly.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Pure Junior Gold Miners ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 99.8%
Materials — 99.8%
Alamos Gold, Inc.	6,013	$	44,532
Alkane Resources Ltd.(a)	64,760		43,534
Archi Indonesia Tbk PT(a)	607,950		26,176
Argonaut Gold, Inc.(a)	20,309		51,446
B2Gold Corp.	13,159		54,248
Caledonia Mining Corp. PLC	2,108		26,118
Calibre Mining Corp.(a)	20,172		24,085
Centamin PLC	37,898		48,707
Centerra Gold, Inc.	6,057		45,346
Coeur Mining, Inc.(a)	8,666		54,856
Dacian Gold Ltd.(a)	282,777		48,851
DRDGOLD Ltd. - ADR	5,198		46,886
Dundee Precious Metals, Inc.	6,694		43,959
Eldorado Gold Corp.(a)	5,249		46,877
Equinox Gold Corp.(a)	6,048		44,791
Evolution Mining Ltd.	18,620		50,767
Gold Road Resources Ltd.	44,797		46,601
Golden Star Resources Ltd.(a)	17,296		54,482
Gran Colombia Gold Corp.	10,769		44,047
Great Bear Resources Ltd.(a)	2,786		38,996
Great Panther Mining Ltd.(a)	97,506		43,127
Greatland Gold PLC(a)	130,629		31,067
i-80 Gold Corp.(a)	14,100		34,012
IAMGOLD Corp.(a)	17,954		49,391
Jaguar Mining, Inc.	7,471		25,917
K92 Mining, Inc.(a)	8,887		51,764
Karora Resources, Inc.(a)	9,745		34,749
Koza Altin Isletmeleri AS(a)	5,678		63,363
Lundin Gold, Inc.(a)	5,523		50,483
McEwen Mining, Inc.(a)	41,628		45,791
Novagold Resources, Inc.(a)	4,272		31,156
OceanaGold Corp.(a)	25,205		46,972

Description	Shares	Value
Osisko Gold Royalties Ltd.	3,811	$	48,054
Osisko Mining, Inc.(a)	17,195		37,038
Pan African Resources PLC	209,515		49,742
Perseus Mining Ltd.(a)	40,759		48,370
Petropavlovsk PLC(a)	151,818		49,612
Pretium Resources, Inc.(a)	4,261		51,460
Ramelius Resources Ltd.	40,170		47,973
Red 5 Ltd.(a)	87,242		17,037
Regis Resources Ltd.	28,893		43,403
Resolute Mining Ltd.(a)	138,544		43,705
Royal Gold, Inc.	625		61,887
Sabina Gold & Silver Corp.(a)	18,973		21,582
Seabridge Gold, Inc.(a)	2,246		41,416
Silver Lake Resources Ltd.(a)	39,762		50,622
SSR Mining, Inc.	3,159		49,747
St Barbara Ltd.	41,298		45,443
Torex Gold Resources, Inc.(a)	4,142		48,085
Wesdome Gold Mines Ltd.(a)	5,675		50,956
West African Resources Ltd.(a)	47,798		46,671
Westgold Resources Ltd.	32,338		47,364
Yamana Gold, Inc.	11,305		44,324
			2,337,588
Total Common Stocks (Cost $2,619,623)			2,337,588

MONEY MARKET FUNDS — 0.2%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(b)	5,135		5,135
Total Money Market Funds (Cost $5,135)			5,135

Total Investments — 100.0%
(Cost $2,624,758)		$	2,342,723

Percentages are based on Net Assets of $2,342,344.

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) Seven-day yield as of October 31, 2021.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify BlackSwan ISWN ETF

Schedule of Investments

October 31, 2021

Description	Par Value		Value
U.S. GOVERNMENT NOTES/BONDS — 86.9%
0.125%, 04/30/2023	$	2,112,000	$	2,105,111
0.375%, 04/15/2024		6,880,000		6,834,178
0.750%, 04/30/2026		6,902,000		6,786,877
1.250%, 04/30/2028		6,889,000		6,821,859
1.125%, 02/15/2031		7,215,000		6,964,730
1.875%, 02/15/2051		8,306,000		8,161,943
Total U.S. Government Notes/Bonds (Cost $37,532,145)				37,674,698

	Contracts	Notional Amount
PURCHASED CALL OPTIONS(a) — 12.7%
iShares MSCI EAFE ETF, Expires 12/17/2021, Strike Price $63.00	1,917	$	15,429,933	3,393,090
iShares MSCI EAFE ETF, Expires 6/17/2022, Strike Price $72.00	2,088		16,806,312	2,114,100
Total Purchased Call Options (Cost $5,112,671)				5,507,190

	Shares
MONEY MARKET FUNDS — 0.2%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(b)	98,010		98,010
Total Money Market Funds (Cost $98,010)			98,010

Total Investments — 99.8%
(Cost $42,742,826)		$	43,279,898

Percentages are based on Net Assets of $43,353,422.

(a) Exchange Traded.

(b) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Cleaner Living ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 100.0%
Cleaner Building & Infrastructure — 20.7%
Array Technologies, Inc.(a)	1,030	$	21,991
Ballard Power Systems, Inc.(a)	914		16,565
Beam Global(a)	478		15,057
Blink Charging Co.(a)	422		13,420
Bloom Energy Corp. - Class A(a)	650		20,319
Daqo New Energy Corp. - ADR(a)	242		18,825
Enphase Energy, Inc.(a)	112		25,943
FuelCell Energy, Inc.(a)	1,572		12,560
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)	308		18,603
JinkoSolar Holding Co. Ltd. - ADR(a)	360		21,535
Schnitzer Steel Industries, Inc.	298		16,032
SolarEdge Technologies, Inc.(a)	68		24,118
TPI Composites, Inc.(a)	376		12,645
Trex Co., Inc.(a)	166		17,662
			255,275
Cleaner Energy — 24.3%
Azure Power Global Ltd.(a)	768		18,271
Boralex, Inc.	526		16,278
Brookfield Renewable Corp. - Class A	392		16,236
Brookfield Renewable Partners LP(a)	416		16,676
Canadian Solar, Inc.(a)	412		17,118
Clean Energy Fuels Corp.(a)	1,540		14,199
First Solar, Inc.(a)	208		24,875
Gevo, Inc.(a)	1,990		14,388
Innergex Renewable Energy, Inc.	942		15,680
NextEra Energy Partners LP	224		19,331
Ormat Technologies, Inc.	234		16,925
ReneSola Ltd. - ADR(a)	1,762		15,664
Renewable Energy Group, Inc.(a)	248		15,872
Sunnova Energy International, Inc.(a)	522		23,260
SunPower Corp.(a)	644		21,677
Sunrun, Inc.(a)	370		21,342
VivoPower International PLC(a)	2,218		10,957
			298,749

Description	Shares	Value
Cleaner Food & Dining — 28.1%
BellRing Brands, Inc. - Class A(a)	564	$	15,127
Beyond Meat, Inc.(a)	108		10,690
Calavo Growers, Inc.	234		9,407
Calyxt, Inc.(a)	3,446		11,337
Chipotle Mexican Grill, Inc.(a)	12		21,348
Else Nutrition Holdings, Inc.(a)	7,556		10,562
Fresh Del Monte Produce, Inc.	460		15,405
Freshpet, Inc.(a)	94		14,656
Kura Sushi USA, Inc. - Class A(a)	426		18,139
Laird Superfood, Inc.(a)	502		8,765
Landec Corp.(a)	1,330		12,928
Mission Produce, Inc.(a)	706		13,407
National Beverage Corp.	326		18,386
Natural Grocers by Vitamin Cottage, Inc.	1,424		17,344
Oatly Group AB - ADR(a)	558		7,193
Pilgrim’s Pride Corp.(a)	694		19,543
Primo Water Corp.	906		14,422
Sanderson Farms, Inc.	96		18,187
Sprouts Farmers Market, Inc.(a)	552		12,221
SunOpta, Inc.(a)	1,212		9,402
Tattooed Chef, Inc.(a)	722		12,974
The Alkaline Water Co., Inc.(a)	11,072		18,823
The Hain Celestial Group, Inc.(a)	384		17,230
The Simply Good Foods Co.(a)	456		18,080
			345,576
Cleaner Health & Beauty — 11.0%
Herbalife Nutrition Ltd.(a)	308		14,291
Lululemon Athletica, Inc.(a)	48		22,369
Medifast, Inc.	58		11,384
Nautilus, Inc.(a)	980		10,025
Peloton Interactive, Inc. - Class A(a)	148		13,533
Planet Fitness, Inc. - Class A(a)	222		17,660
The Honest Co., Inc.(a)	904		8,272
Tivity Health, Inc.(a)	606		15,162
USANA Health Sciences, Inc.(a)	158		15,335
WW International, Inc.(a)	430		7,465
			135,496
Cleaner Transportation — 15.9%
Arcimoto, Inc.(a)	1,178		13,759
AYRO, Inc.(a)	3,052		9,003
ElectraMeccanica Vehicles Corp.(a)	3,706		13,156
GreenPower Motor Co., Inc.(a)	962		13,689
Kandi Technologies Group, Inc.(a)	2,616		11,458
Li Auto, Inc. - ADR(a)	592		19,317
Nikola Corp.(a)	948		11,186
NIO, Inc. - ADR(a)	364		14,345

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Cleaner Living ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
Niu Technologies - ADR(a)	486	$	12,724
Plug Power, Inc.(a)	522		19,977
Tesla, Inc.(a)	28		31,192
Workhorse Group, Inc.(a)	1,072		7,215
XPeng, Inc. - ADR(a)	400		18,652
			195,673
Total Common Stocks (Cost $1,274,235)			1,230,769

MONEY MARKET FUNDS — 0.0%(c)
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	592		592
Total Money Market Funds (Cost $592)			592

Total Investments — 100.0%
(Cost $1,274,827)		$	1,231,361

Percentages are based on Net Assets of $1,230,870.

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) Real Estate Investment Trust.

(d) Seven-day yield as of October 31, 2021.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 99.4%
Communication Services — 9.0%
Activision Blizzard, Inc.	300	$	23,457
Alphabet, Inc. - Class A(a)	88		260,561
Baidu, Inc. - Class A(a)	2,220		46,232
Iridium Communications, Inc.(a)	593		24,046
Meta Platforms, Inc. - Class A(a)	249		80,569
NetEase, Inc.	1,305		25,784
Netflix, Inc.(a)	92		63,509
Roku, Inc.(a)	205		62,505
Sea Ltd. - ADR(a)	262		90,015
Snap, Inc. - Class A(a)	700		36,806
Spotify Technology SA(a)	369		106,789
Tencent Holdings Ltd.	920		56,886
Twitter, Inc.(a)	1,460		78,168
Zillow Group, Inc. - Class C(a)	599		62,074
			1,017,401
Consumer Discretionary — 12.6%
2U, Inc.(a)	727		21,476
Alibaba Group Holding Ltd.(a)	3,315		69,462
Amazon.com, Inc.(a)	68		229,325
Aptiv PLC(a)	164		28,354
BYD Co Ltd. - Class H	810		30,884
DraftKings, Inc. - Class A(a)	620		28,886
Etsy, Inc.(a)	169		42,367
JD.com, Inc. - Class A(a)	680		27,133
MercadoLibre, Inc.(a)	21		31,101
NIO, Inc. - ADR(a)	2,537		99,983
Peloton Interactive, Inc. - Class A(a)	211		19,294
Tesla, Inc.(a)	667		743,038
XPeng, Inc. - Class A(a)	2,182		50,994
			1,422,297

Description	Shares	Value
Financials — 1.6%
Coinbase Global, Inc. - Class A(a)	469	$	149,808
Upstart Holdings, Inc.(a)	85		27,373
			177,181
Health Care — 4.5%
Agilent Technologies, Inc.	132		20,789
CRISPR Therapeutics AG(a)	349		31,874
Danaher Corp.	147		45,830
Dexcom, Inc.(a)	50		31,161
Exact Sciences Corp.(a)	261		24,852
Fate Therapeutics, Inc.(a)	418		22,488
Illumina, Inc.(a)	58		24,073
Intellia Therapeutics, Inc.(a)	269		35,772
Intuitive Surgical, Inc.(a)	184		66,448
Invitae Corp.(a)	1,033		27,375
Regeneron Pharmaceuticals, Inc.(a)	39		24,958
Teladoc Health, Inc.(a)	897		134,182
Veracyte, Inc.(a)	397		19,008
			508,810
Industrials — 8.7%
ABB Ltd.	1,904		63,116
AeroVironment, Inc.(a)	260		23,169
Array Technologies, Inc.(a)	1,849		39,476
Ballard Power Systems, Inc.(a)	3,746		67,785
Bloom Energy Corp. - Class A(a)	1,379		43,108
Booz Allen Hamilton Holding Corp.	289		25,103
ChargePoint Holdings, Inc.(a)	984		24,383
Evoqua Water Technologies Corp.(a)	551		23,048
FANUC Corp.	120		23,479
Lockheed Martin Corp.	60		19,939
Pentair PLC	437		32,325
Plug Power, Inc.(a)	4,546		173,975
Roper Technologies, Inc.	53		25,857
Science Applications International Corp.	227		20,380
Shoals Technologies Group, Inc. - Class A(a)	1,645		50,979
Sunrun, Inc.(a)	2,769		159,716
Tetra Tech, Inc.	137		24,065
TPI Composites, Inc.(a)	601		20,212
Vestas Wind Systems A/S	1,709		73,987
Xylem, Inc./NY	368		48,057
			982,159
Information Technology — 57.2%
3D Systems Corp.(a)	715		20,134
Accenture PLC - Class A	124		44,490
Adobe, Inc.(a)	58		37,721
Advanced Micro Devices, Inc.(a)	1,076		129,367

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
Adyen NV(a)(b)	16	$	48,336
Akamai Technologies, Inc.(a)	1,012		106,726
Ambarella, Inc.(a)	197		36,609
Analog Devices, Inc.	298		51,700
Apple, Inc.	452		67,710
Arista Networks, Inc.(a)	82		33,595
Atlassian Corp. PLC - Class A(a)	65		29,778
Brooks Automation, Inc.	228		26,551
Canadian Solar, Inc.(a)	988		41,051
Check Point Software Technologies Ltd.(a)	332		39,707
Cisco Systems, Inc.	2,601		145,578
Cloudflare, Inc. - Class A(a)	698		135,915
Coupa Software, Inc.(a)	86		19,582
Crowdstrike Holdings, Inc. - Class A(a)	683		192,469
CyberArk Software Ltd.(a)	263		47,369
Daqo New Energy Corp. - ADR(a)	704		54,764
DocuSign, Inc.(a)	218		60,667
Dropbox, Inc. - Class A(a)	1,140		34,759
Enphase Energy, Inc.(a)	1,621		375,472
Everbridge, Inc.(a)	156		24,852
F5 Networks, Inc.(a)	146		30,828
Fastly, Inc. - Class A(a)	469		23,736
First Solar, Inc.(a)	1,642		196,367
Fortinet, Inc.(a)	284		95,521
Infineon Technologies AG	493		23,046
Intel Corp.	1,093		53,557
International Business Machines Corp.	362		45,286
Intuit, Inc.	43		26,918
Itron, Inc.(a)	643		50,006
JinkoSolar Holding Co Ltd. - ADR(a)	698		41,754
Juniper Networks, Inc.	1,366		40,324
Keyence Corp.	37		22,231
Mandiant, Inc.(a)	2,599		45,327
Microsoft Corp.	576		191,013
MicroStrategy, Inc.(a)	41		29,317
Mimecast Ltd.(a)	827		62,389
MongoDB, Inc.(a)	57		29,714
NVIDIA Corp.	2,122		542,532
NXP Semiconductors NV	264		53,027
Okta, Inc.(a)	580		143,364
ON Semiconductor Corp.(a)	1,066		51,243
Oracle Corp.	458		43,941
Palantir Technologies, Inc. - Class A(a)	2,370		61,336
Palo Alto Networks, Inc.(a)	310		157,818
PayPal Holdings, Inc.(a)	582		135,367
QUALCOMM, Inc.	576		76,631
Qualys, Inc.(a)	539		67,095
Rapid7, Inc.(a)	333		42,874

Description	Shares	Value
Sailpoint Technologies Holdings, Inc.(a)	435	$	20,871
salesforce.com, Inc.(a)	292		87,509
Samsung SDI Co. Ltd.	57		35,803
ServiceNow, Inc.(a)	65		45,354
Shopify, Inc. - Class A(a)	116		170,141
Skyworks Solutions, Inc.	125		20,891
SolarEdge Technologies, Inc.(a)	789		279,843
Splunk, Inc.(a)	567		93,453
Square, Inc. - Class A(a)	1,292		328,814
STMicroelectronics NV	550		26,042
SunPower Corp.(a)	2,075		69,844
Tenable Holdings, Inc.(a)	1,146		61,024
Teradyne, Inc.	215		29,722
Trend Micro, Inc./Japan	434		24,474
Trimble, Inc.(a)	758		66,226
Twilio, Inc. - Class A(a)	505		147,137
UiPath, Inc. - Class A(a)	1,162		58,391
Unity Software, Inc.(a)	884		133,758
Varonis Systems, Inc.(a)	738		47,778
Visa, Inc. - Class A	89		18,848
VMware, Inc. - Class A(a)	562		85,255
Workday, Inc. - Class A(a)	130		37,697
Xilinx, Inc.	153		27,540
Xinyi Solar Holdings Ltd.	24,368		50,997
Zoom Video Communications, Inc. - Class A(a)	429		117,825
Zscaler, Inc.(a)	615		196,099
			6,468,800
Materials — 1.7%
Albemarle Corp.	461		115,467
Ecolab, Inc.	187		41,555
Livent Corp.(a)	1,329		37,504
			194,526
Real Estate — 1.9%
American Tower Corp.(c)	77		21,712
CoreSite Realty Corp.(c)	176		25,073
Crown Castle International Corp.(c)	170		30,651
CyrusOne, Inc.(c)	298		24,442
Digital Realty Trust, Inc.(c)	226		35,665
Equinix, Inc.(c)	99		82,870
			220,413
Utilities — 2.2%
American Water Works Co, Inc.	215		37,449
Atlantica Sustainable Infrastructure PLC	691		27,191
Essential Utilities, Inc.	423		19,911
NextEra Energy, Inc.	374		31,913
Ormat Technologies, Inc.	490		35,442

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Schedule of Investments

October 31, 2021 (Continued)

Description	Shares	Value
Orsted AS(b)	258	$	36,442
Sunnova Energy International, Inc.(a)	1,379		61,448
			249,796
Total Common Stocks (Cost $10,367,364)			11,241,383

PREFERRED STOCKS — 0.2%
Materials — 0.2%
Sociedad Quimica y Minera de Chile SA - Class B	491		26,737
Total Preferred Stocks (Cost $24,766)			26,737

MONEY MARKET FUNDS — 0.4%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(d)	50,138		50,138
Total Money Market Funds (Cost $50,138)			50,138

Total Investments — 100.0%
(Cost $10,442,268)		$	11,318,258

Percentages are based on Net Assets of $11,307,828.

ADR - American Depositary Receipt

(a) Non-income producing security.

(d) Seven-day yield as of October 31, 2021.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or they may be defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Amplify Digital & Online Trading ETF

Schedule of Investments

October 31, 2021

Description	Shares	Value
COMMON STOCKS — 99.3%
Digital Asset Capital Markets — 22.6%
BC Technology Group Ltd.(a)	2,000	$	3,517
Coinbase Global, Inc. - Class A(a)	206		65,800
Galaxy Digital Holdings Ltd.(a)	976		26,362
Moneylion, Inc.(a)	366		2,156
Silvergate Capital Corp.(a)	236		36,962
Voyager Digital Ltd.(a)	1,092		16,615
			151,412
E-Broker — 56.7%
flatexDEGIRO AG(a)	982		22,342
Futu Holdings Ltd. - ADR(a)	276		14,771
IG Group Holdings PLC	2,233		24,288
Interactive Brokers Group, Inc.	434		30,749
KGI Securities Thailand PCL	53,100		10,562
Matsui Securities Co. Ltd.	1,400		10,031
Monex Group, Inc.	3,800		24,595
Robinhood Markets, Inc. - Class A(a)	1,329		46,475
SoFi Technologies, Inc.(a)	3,177		63,826
Swissquote Group Holding SA	127		25,768
The Charles Schwab Corp.	743		60,948
Up Fintech Holding Ltd. - ADR(a)	1,876		12,138
XP, Inc. - Class A(a)	876		28,742
X-Trade Brokers Dom Maklerski SA(b)	1,021		4,205
			379,440
Market Makers — 5.7%
Flow Traders(b)	429		14,576
Virtu Financial, Inc. - Class A	961		23,910
			38,486
Trading Platform — 14.3%
CMC Markets PLC(b)	1,592		5,510
MarketAxess Holdings, Inc.	118		48,223
Plus500 Ltd.	626		11,297
Tradeweb Markets, Inc. - Class A	342		30,472
			95,502
Total Common Stocks (Cost $628,490)			664,840

Description	Shares	Value
MONEY MARKET FUNDS — 0.2%
Invesco Government & Agency Portfolio - Institutional Class — 0.03%(c)	1,661	$	1,661
Total Money Market Funds (Cost $1,661)			1,661

Total Investments — 99.5%
(Cost $630,151)		$	666,501

Percentages are based on Net Assets of $669,490.

ADR - American Depositary Receipt

(a) Non-income producing security.

The accompanying notes are an integral part of the financial statements.

Amplify ETF Trust

Statements of Assets and Liabilities

October 31, 2021

	Amplify High Income ETF			Amplify Online Retail ETF			Amplify CWP Enhanced Dividend Income ETF		Amplify Transformational Data Sharing ETF		Amplify Lithium & Battery Technology ETF
Assets:
Investments, at Cost	$	450,339,357		$	968,321,003		$	595,444,846	$	1,488,196,135	$	234,279,242
Foreign Currency, at Cost		—			1,440			—		—		—
Investments, at Value	$	464,970,982		$	998,396,735		$	664,779,389	$	1,700,532,425	$	261,286,740
Foreign Currency, at Value		—			1,446			—		—		—
Cash		—			—			100,727,108		—		3,423,289
Receivable for Capital Shares Sold		851,920			—			3,699,180		5,536,670		23,512,800
Receivable for Investments Sold		—			—			141,789		15,153,144		18,961,592
Dividends and Interest Receivable		1,105,682			39,472			718,391		923,795		106,173
Securities Lending Income Receivable		81,432			24,864			—		811,880		42,178
Total Assets		467,010,016			998,462,517			770,065,857		1,722,957,914		307,332,772

Liabilities:
Options Written, at Value (Premiums Received $0, $0, $258,764, $0, $0)		—			—			173,350		—		—
Payable for Fund Shares Redeemed		—			—			—		—		22,414,075
Payable for Investments Purchased		848,690			—			3,204,947		3,210,509		22,903,393
Payable to Authorized Participant		—			—			—		10,403,020		—
Collateral Received for Securities Loaned (See Note 4)		17,004,950			101,273,216			—		213,507,916		27,769,985
Advisory Fees Payable, net of waiver, if any		185,514			507,717			334,119		786,200		108,134
Total Liabilities		18,039,154			101,780,933			3,712,416		227,907,645		73,195,587

Net Assets	$	448,970,862		$	896,681,584		$	766,353,441	$	1,495,050,269	$	234,137,185

Net Assets Consist of:
Paid-in Capital ($0.01 par value)	$	263,500		$	81,000		$	206,500	$	270,000	$	119,500
Additional Paid-in Capital		453,687,514			941,852,071			698,846,404		1,300,360,942		214,205,615
Total Distributable Earnings (Accumulated Deficit)		(4,980,152	)		(45,251,487	)		67,300,537		194,419,327		19,812,070
Net Assets	$	448,970,862		$	896,681,584		$	766,353,441	$	1,495,050,269	$	234,137,185

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)		26,350,000			8,100,000			20,650,000		27,000,000		11,950,000
Net Asset Value, Offering and Redemption Price per Share	$	17.04		$	110.70		$	37.11	$	55.37	$	19.59
Includes Loaned Securities with a Value of	$	16,328,804		$	98,390,297		$	—	$	229,855,550	$	27,183,380

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Assets and Liabilities

October 31, 2021

	Amplify BlackSwan Growth & Treasury Core ETF		Amplify International Online Retail ETF			Amplify Seymour Cannabis ETF			Amplify Pure Junior Gold Miners ETF			Amplify BlackSwan ISWN ETF
Assets:
Investments, at Cost	$	837,365,074	$	14,179,198		$	129,001,907		$	2,624,758		$	42,742,826
Foreign Currency, at Cost		—		—			7,683			—			—
Investments, at Value	$	909,892,072	$	11,833,279		$	85,688,404		$	2,342,723		$	43,279,898
Foreign Currency, at Value		—		—			7,884			—			—
Cash		—		—			19,513			—			—
Cash Collateral for Securities Lending		—		—			3,380,082			—			—
Collateral for Swaps		—		—			19,940,000			—			—
Receivable for Capital Shares Sold		3,571,570		—			—			—			—
Receivable for Investments Sold		—		1,080,137			—			—			—
Dividends and Interest Receivable		2,407,534		3,745			213			575			122,005
Securities Lending Income Receivable		—		8,766			5,386			—			—
Total Assets		915,871,176		12,925,927			109,041,482			2,343,298			43,401,903

Liabilities:
Payable for Investments Purchased		3,354,821		—			—			—			—
Payable to Broker for Options		687,326		—			—			—			31,222
Collateral Received for Securities Loaned (See Note 4)		—		959,654			3,380,082			—			—
Payable to Broker for Swaps		—		—			1,426			—			—
Net Unrealized Depreciation on Swaps		—		—			2,184,214			—			—
Payable for Fund Shares Redeemed		—		1,087,160			—			—			—
Advisory Fees Payable, net of waiver, if any		362,429		7,269			42,563			954			17,259
Accrued Compliance Fees		—		—			253			—			—
Accrued Custody Fees		—		—			2,260			—			—
Accrued Accounting, Administration & Transfer Agent Fees		—		—			11,878			—			—
Other Payables and Accrued Expenses		—		—			57,989			—			—
Total Liabilities		4,404,576		2,054,083			5,680,665			954			48,481

Net Assets	$	911,466,600	$	10,871,844		$	103,360,817		$	2,342,344		$	43,353,422

Net Assets Consist of:
Paid-in Capital ($0.01 par value)	$	255,200	$	2,500		$	59,500		$	1,000		$	17,000
Additional Paid-in Capital		795,161,675		14,101,574			159,296,069			2,644,706			42,619,533
Total Distributable Earnings (Accumulated Deficit)		116,049,725		(3,232,230	)		(55,994,752	)		(303,362	)		716,889
Net Assets	$	911,466,600	$	10,871,844		$	103,360,817		$	2,342,344		$	43,353,422

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)		25,520,000		250,000			5,950,000			100,000			1,700,000
Net Asset Value, Offering and Redemption Price per Share	$	35.72	$	43.49		$	17.37		$	23.42		$	25.50
Includes Loaned Securities with a Value of	$	—	$	907,102		$	3,255,082		$	—		$	—

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Assets and Liabilities

October 31, 2021

	Amplify Cleaner Living ETF			Amplify Thematic All-Stars ETF		Amplify Digital & Online Trading ETF
Assets:
Investments, at Cost	$	1,274,827		$	10,442,268	$	630,151
Investments, at Value	$	1,231,361		$	11,318,258	$	666,501
Receivable for Investments Sold		—			—		2,855
Dividends and Interest Receivable		83			452		465
Total Assets		1,231,444			11,318,710		669,821

Liabilities:
Payable for Investments Purchased		—			7,066		—
Advisory Fees Payable, net of waiver, if any		574			3,816		331
Total Liabilities		574			10,882		331

Net Assets	$	1,230,870		$	11,307,828	$	669,490

Net Assets Consist of:
Paid-in Capital ($0.01 par value)	$	500		$	4,000	$	250
Additional Paid-in Capital		1,275,500			10,493,521		631,500
Total Distributable Earnings (Accumulated Deficit)		(45,130	)		810,307		37,740
Net Assets	$	1,230,870		$	11,307,828	$	669,490

Outstanding Shares of Beneficial Interest (unlimited authorized – $0.01 par value)		50,000			400,000		25,000
Net Asset Value, Offering and Redemption Price per Share	$	24.62		$	28.27	$	26.78

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Operations

For the Year Ended October 31, 2021

	Amplify High Income ETF		Amplify Online Retail ETF			Amplify CWP Enhanced Dividend Income ETF			Amplify Transformational Data Sharing ETF			Amplify Lithium & Battery Technology ETF
Investment Income:
Dividend Income (Net of Foreign Withholding Tax of $0, $32,124, $0, $430,767, and $148,438, respectively)	$	19,218,364	$	7,232,453		$	7,826,992		$	4,756,320		$	2,321,433
Interest Income		633		439			1,256			244,414			126
Securities Lending Income		245,660		730,530			—			6,496,427			703,054
Total Investment Income		19,464,657		7,963,422			7,828,248			11,497,161			3,024,613
Expenses:
Advisory Fees		1,836,118		8,698,519			2,484,057			6,993,157			829,169
Total Expenses		1,836,118		8,698,519			2,484,057			6,993,157			829,169
Advisory Fees Waived (See Note 3)		—		—			(273,759	)		(294,974	)		—
Net Expenses		1,836,118		8,698,519			2,210,298			6,698,183			829,169
Net Investment Income (Loss)		17,628,539		(735,097	)		5,617,950			4,798,978			2,195,444

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		3,387,191		426,996,089			10,433,640			175,532,891			10,303,097
Capital Gain Distributions from Underlying Closed End Funds		1,718,032		—			—			—			—
Payment from Affiliate (See Note 5)		—		—			—			—			—
Foreign Currency		—		(262,197	)		—			(278,978	)		(223,761	)
Options Written		—		—			3,809,145			—			—
Net Change in Unrealized Appreciation/Depreciation on:
Investments		55,915,231		(156,892,686	)		69,610,170			178,690,823			27,385,019
Foreign Currency		—		(1,273	)		—			(11,686	)		(3,719	)
Options Written		—		—			85,414			—			—
Net Realized and Unrealized Gain		61,020,454		269,839,933			83,938,369			353,933,050			37,460,636

Net Increase in Net Assets Resulting from Operations	$	78,648,993	$	269,104,836		$	89,556,319		$	358,732,028		$	39,656,080

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Operations

For the Year/Period Ended October 31, 2021

	Amplify BlackSwan Growth & Treasury Core ETF		Amplify International Online Retail ETF			Amplify Seymour Cannabis ETF			Amplify Pure Junior Gold Miners ETF(a)			Amplify BlackSwan ISWN ETF(b)
Investment Income:
Dividend Income (Net of Foreign Withholding Tax of $0, $4,552, $93, $1,879, $0 respectively)	$	—	$	16,419		$	375,754		$	19,983		$	—
Interest Income		5,903,864		21			1,459			—			226,315
Securities Lending Income		—		78,018			457,134			—			—
Total Investment Income		5,903,864		94,458			834,347			19,983			226,315
Expenses:
Advisory Fees		3,892,185		143,043			677,878			9,917			127,552
Other Expenses		—		—			95,245			—			—
Fund Accounting, Administration & Transfer Agent Fees		—		—			68,544			—			—
Custody Expenses		—		—			49,308			—			—
Legal Fees		—		—			33,674			—			—
Audit Fees		—		—			23,656			—			—
Trustee Fees		—		—			19,897			—			—
Principal Financial Officer Fees		—		—			15,012			—			—
Shareholder Servicing Fees		—		—			13,411			—			—
Compliance Fees		—		—			12,925			—			—
Total Expenses		3,892,185		143,043			1,009,550			9,917			127,552
Advisory Fees Waived/Reimbursed (See Note 3)		—		—			(227,383	)		—			—
Net Expenses		3,892,185		143,043			782,167			9,917			127,552
Net Investment Income (Loss)		2,011,679		(48,585	)		52,180			10,066			98,763

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		51,368,367		3,709,327			3,935,183			70,324			161,928
Foreign Currency		—		(21,841	)		(864	)		(830	)		—
Swaps		—		—			(13,078,332	)		—			—
Net Change in Unrealized Appreciation/Depreciation on:
Investments		68,389,186		(3,980,605	)		(41,660,617	)		(282,036	)		537,072
Foreign Currency		—		(109	)		(43	)		—			—
Options Written		—		—			—			—			—
Swaps		—		—			(2,184,214	)		—			—
Net Realized and Unrealized Gain (Loss)		119,757,553		(293,228	)		(52,988,887	)		(212,542	)		699,000

Net Increase (Decrease) in Net Assets Resulting from Operations	$	121,769,232	$	(341,813	)	$	(52,936,707	)	$	(202,476	)	$	797,763

(a) Fund commenced operations on November 30, 2020.

(b) Fund commenced operations on January 25, 2021.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Operations

For the Period Ended October 31, 2021

	Amplify Cleaner Living ETF(a)			Amplify Thematic All-Stars ETF(b)			Amplify Digital & Online Trading ETF(c)
Investment Income:
Dividend Income (Net of Foreign Withholding Tax of $96, $87, $53)	$	808		$	5,122		$	1,417
Total Investment Income		808			5,122			1,417
Expenses:
Advisory Fees		2,467			9,622			414
Total Expenses		2,467			9,622			414
Net Expenses		2,467			9,622			414
Net Investment Income (Loss)		(1,659	)		(4,500	)		1,003

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		(3	)		12,551			406
Payment from Affiliate (See Note 5)		—			922			—
Foreign Currency		(2	)		(562	)		(10	)
Net Change in Unrealized Appreciation/Depreciation on:
Investments		(43,466	)		875,990			36,350
Foreign Currency		—			15			(9	)
Net Realized and Unrealized Gain (Loss)		(43,471	)		888,916			36,737

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(45,130	)	$	884,416		$	37,740

(a) Fund commenced operations on June 23, 2021.

(b) Fund commenced operations on July 20, 2021.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify High Income ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income	$	17,628,539		$	13,935,321
Net Realized Gain (Loss) on Investments		3,387,191			(1,099,924	)
Capital Gain Distributions from Underlying Closed End Funds		1,718,032			1,390,533
Net Change in Unrealized Appreciation/(Depreciation) on Investments		55,915,231			(42,467,094	)
Net Increase (Decrease) in Net Assets Resulting from Operations		78,648,993			(28,241,164	)

Distributions to Shareholders:
Dividends and Distributions		(19,232,860	)		(14,936,155	)
Return of Capital		(14,547,140	)		(8,398,167	)
Total Distributions		(33,780,000	)		(23,334,322	)

Capital Share Transactions:
Subscriptions		262,958,955			62,258,910
Redemptions		(81,677,680	)		(24,867,355	)
Transaction Fees (Note 1)		542			325
Increase in Net Assets from Capital Share Transactions		181,281,817			37,391,880

Total Increase (Decrease) in Net Assets		226,150,810			(14,183,606	)

Net Assets:
Beginning of Period		222,820,052			237,003,658
End of Period	$	448,970,862		$	222,820,052

Share Transactions:
Subscriptions		15,500,000			3,900,000
Redemptions		(4,750,000	)		(1,750,000	)
Net Increase in Shares Outstanding from Share Transactions		10,750,000			2,150,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify Online Retail ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income (Loss)	$	(735,097	)	$	3,815,416
Net Realized Gain on Investments and Foreign Currency		426,733,892			55,142,426
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		(156,893,959	)		209,496,649
Net Increase in Net Assets Resulting from Operations		269,104,836			268,454,491

Distributions to Shareholders:
Dividends and Distributions		(7,766,866	)		(732,203	)
Total Distributions		(7,766,866	)		(732,203	)

Capital Share Transactions:
Subscriptions		797,325,220			618,618,455
Redemptions		(1,133,127,475	)		(155,200,420	)
Transaction Fees (Note 1)		365			—
Increase (Decrease) in Net Assets from Capital Share Transactions		(335,801,890	)		463,418,035

Total Increase (Decrease) in Net Assets		(74,463,920	)		731,140,323

Net Assets:
Beginning of Period		971,145,504			240,005,181
End of Period	$	896,681,584		$	971,145,504

Share Transactions:
Subscriptions		6,950,000			8,200,000
Redemptions		(9,800,000	)		(2,200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,850,000	)		6,000,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify CWP Enhanced Dividend Income ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income	$	5,617,950		$	662,292
Net Realized Gain on Investments and Options Written		14,242,785			931,911
Net Change in Unrealized Appreciation on Investments and Options Written		69,695,584			(1,732,958	)
Net Increase (Decrease) in Net Assets Resulting from Operations		89,556,319			(138,755	)

Distributions to Shareholders:
Dividends and Distributions		(20,392,493	)		(1,242,172	)
Return of Capital		(1,776,088	)		(1,835,660	)
Total Distributions		(22,168,581	)		(3,077,832	)

Capital Share Transactions:
Subscriptions		595,631,420			96,408,995
Redemptions		(3,333,540	)		(7,810,200	)
Increase in Net Assets from Capital Share Transactions		592,297,880			88,598,795

Total Increase in Net Assets		659,685,618			85,382,208

Net Assets:
Beginning of Period		106,667,823			21,285,615
End of Period	$	766,353,441		$	106,667,823

Share Transactions:
Subscriptions		17,100,000			3,200,000
Redemptions		(100,000	)		(250,000	)
Net Increase in Shares Outstanding from Share Transactions		17,000,000			2,950,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify Transformational Data Sharing ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income	$	4,798,978		$	840,071
Net Realized Gain (Loss) on Investments and Foreign Currency		175,253,913			(3,948,372	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency		178,679,137			34,528,155
Net Increase in Net Assets Resulting from Operations		358,732,028			31,419,854

Distributions to Shareholders:
Dividends and Distributions		(6,448,385	)		(2,023,741	)
Total Distributions		(6,448,385	)		(2,023,741	)

Capital Share Transactions:
Subscriptions		1,572,103,930			21,052,480
Redemptions		(562,188,520	)		(17,050,305	)
Transaction Fees (Note 1)		146,391			37,821
Increase in Net Assets from Capital Share Transactions		1,010,061,801			4,039,996

Total Increase in Net Assets		1,362,345,444			33,436,109

Net Assets:
Beginning of Period		132,704,825			99,268,716
End of Period	$	1,495,050,269		$	132,704,825

Share Transactions:
Subscriptions		33,150,000			850,000
Redemptions		(11,500,000	)		(950,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		21,650,000			(100,000	)

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify Lithium & Battery Technology ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income	$	2,195,444		$	86,973
Net Realized Gain (Loss) on Investments and Foreign Currency		10,079,336			(2,180,602	)
Net Change in Unrealized Appreciation on Investments and Foreign Currency		27,381,300			2,407,462
Net Increase in Net Assets Resulting from Operations		39,656,080			313,833

Distributions to Shareholders:
Dividends and Distributions		(87,235	)		(158,755	)
Total Distributions		(87,235	)		(158,755	)

Capital Share Transactions:
Subscriptions		255,769,840			7,562,990
Redemptions		(71,153,030	)		(2,749,750	)
Transaction Fees (Note 1)		204,554			11,355
Increase in Net Assets from Capital Share Transactions		184,821,364			4,824,595

Total Increase in Net Assets		224,390,209			4,979,673

Net Assets:
Beginning of Period		9,746,976			4,767,303
End of Period	$	234,137,185		$	9,746,976

Share Transactions:
Subscriptions		15,050,000			700,000
Redemptions		(4,000,000	)		(250,000	)
Net Increase in Shares Outstanding from Share Transactions		11,050,000			450,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify BlackSwan Growth & Treasury Core ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income	$	2,011,679		$	1,343,601
Net Realized Gain on Investments		51,368,367			19,256,613
Net Change in Unrealized Appreciation/(Depreciation) on Investments		68,389,186			(3,551,248	)
Net Increase in Net Assets Resulting from Operations		121,769,232			17,048,966

Distributions to Shareholders:
Dividends and Distributions		(11,566,239	)		(4,804,059	)
Total Distributions		(11,566,239	)		(4,804,059	)

Capital Share Transactions:
Subscriptions		262,913,280			832,147,600
Redemptions		(146,881,040	)		(283,461,565	)
Transaction Fees (Note 1)		—			1,888
Increase in Net Assets from Capital Share Transactions		116,032,240			548,687,923

Total Increase in Net Assets		226,235,233			560,932,830

Net Assets:
Beginning of Period		685,231,367			124,298,537
End of Period	$	911,466,600		$	685,231,367

Share Transactions:
Subscriptions		7,790,000			27,300,000
Redemptions		(4,470,000	)		(9,450,000	)
Net Increase in Shares Outstanding from Share Transactions		3,320,000			17,850,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify International Online Retail ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Loss	$	(48,585	)	$	(9,636	)
Net Realized Gain on Investments and Foreign Currency		3,687,486			858,594
Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency		(3,980,714	)		1,500,052
Net Increase (Decrease) in Net Assets Resulting from Operations		(341,813	)		2,349,010

Distributions to Shareholders:
Dividends and Distributions		—			(3,649	)
Total Distributions		—			(3,649	)

Capital Share Transactions:
Subscriptions		18,451,695			8,040,575
Redemptions		(17,632,948	)		(2,006,903	)
Transaction Fees (Note 1)		9,045			2,278
Increase in Net Assets from Capital Share Transactions		827,792			6,035,950

Total Increase in Net Assets		485,979			8,381,311

Net Assets:
Beginning of Period		10,385,865			2,004,554
End of Period	$	10,871,844		$	10,385,865

Share Transactions:
Subscriptions		350,000			225,000
Redemptions		(350,000	)		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		—			175,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statements of Changes in Net Assets

	Amplify Seymour Cannabis ETF
	Year Ended October 31, 2021			Year Ended October 31, 2020
Operations:
Net Investment Income	$	52,180		$	142,026
Net Realized Loss on Investments, Foreign Currency and Swaps		(9,144,013	)		(2,022,490	)
Net Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency and Swaps		(43,844,874	)		521,916
Net Decrease in Net Assets Resulting from Operations		(52,936,707	)		(1,358,548	)

Distributions to Shareholders:
Dividends and Distributions		(151,546	)		(27,000	)
Total Distributions		(151,546	)		(27,000	)

Capital Share Transactions:
Subscriptions		178,766,815			2,418,214
Redemptions		(28,814,980	)		—
Transaction Fees (Note 1)		—			5
Increase in Net Assets from Capital Share Transactions		149,951,835			2,418,219

Total Increase in Net Assets		96,863,582			1,032,671

Net Assets:
Beginning of Period		6,497,235			5,464,564
End of Period	$	103,360,817		$	6,497,235

Share Transactions:
Subscriptions		6,350,000			200,000
Redemptions		(950,000	)		—
Net Increase in Shares Outstanding from Share Transactions		5,400,000			200,000

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statement of Changes in Net Assets

	Amplify Pure Junior Gold Miners ETF
	Period Ended October 31, 2021(a)
Operations:
Net Investment Income	$	10,066
Net Realized Gain on Investments and Foreign Currency		69,494
Net Change in Unrealized Depreciation on Investments and Foreign Currency		(282,036	)
Net Decrease in Net Assets Resulting from Operations		(202,476	)

Capital Share Transactions:
Subscriptions		3,208,180
Redemptions		(663,360	)
Increase in Net Assets from Capital Share Transactions		2,544,820

Total Increase in Net Assets		2,342,344

Net Assets:
Beginning of Period		—
End of Period	$	2,342,344

Share Transactions:
Subscriptions		125,000
Redemptions		(25,000	)
Net Increase in Shares Outstanding from Share Transactions		100,000

(a) The Fund commenced operations on November 30, 2020.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statement of Changes in Net Assets

	Amplify BlackSwan ISWN ETF
	Period Ended October 31, 2021(a)
Operations:
Net Investment Income	$	98,763
Net Realized Gain on Investments		161,928
Net Change in Unrealized Appreciation on Investments		537,072
Net Increase in Net Assets Resulting from Operations		797,763

Distributions to Shareholders:
Dividends and Distributions		(80,874	)
Total Distributions		(80,874	)

Capital Share Transactions:
Subscriptions		43,882,143
Redemptions		(1,245,610	)
Increase in Net Assets from Capital Share Transactions		42,636,533

Total Increase in Net Assets		43,353,422

Net Assets:
Beginning of Period		—
End of Period	$	43,353,422

Share Transactions:
Subscriptions		1,750,000
Redemptions		(50,000	)
Net Increase in Shares Outstanding from Share Transactions		1,700,000

(a) The Fund commenced operations on January 25, 2021.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statement of Changes in Net Assets

	Amplify Cleaner Living ETF
	Period Ended October 31, 2021(a)
Operations:
Net Investment Loss	$	(1,659	)
Net Realized Loss on Investments		(5	)
Net Change in Unrealized Depreciation on Investments		(43,466	)
Net Decrease in Net Assets Resulting from Operations		(45,130	)

Capital Share Transactions:
Subscriptions		1,276,000
Increase in Net Assets from Capital Share Transactions		1,276,000

Total Increase in Net Assets		1,230,870

Net Assets:
Beginning of Period		—
End of Period	$	1,230,870

Share Transactions:
Subscriptions		50,000
Net Increase in Shares Outstanding from Share Transactions		50,000

(a) The Fund commenced operations on June 23, 2021.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statement of Changes in Net Assets

	Amplify Thematic All-Stars ETF
	Period Ended October 31, 2021(a)
Operations:
Net Investment Loss	$	(4,500	)
Net Realized Gain on Investments and Foreign Currency		12,911
Net Change in Unrealized Appreciation on Investments and Foreign Currency		876,005
Net Increase in Net Assets Resulting from Operations		884,416

Capital Share Transactions:
Subscriptions		11,046,665
Redemptions		(623,290	)
Transaction Fees (Note 1)		37
Increase in Net Assets from Capital Share Transactions		10,423,412

Total Increase in Net Assets		11,307,828

Net Assets:
Beginning of Period		—
End of Period	$	11,307,828

Share Transactions:
Subscriptions		425,000
Redemptions		(25,000	)
Net Increase in Shares Outstanding from Share Transactions		400,000

(a) The Fund commenced operations on July 20, 2021.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Statement of Changes in Net Assets

	Amplify Digital & Online Trading ETF
	Period Ended October 31, 2021(a)
Operations:
Net Investment Income	$	1,003
Net Realized Gain on Investments and Foreign Currency		396
Net Change in Unrealized Appreciation on Investments and Foreign Currency		36,341
Net Increase in Net Assets Resulting from Operations		37,740

Capital Share Transactions:
Subscriptions		631,750
Increase in Net Assets from Capital Share Transactions		631,750

Total Increase in Net Assets		669,490

Net Assets:
Beginning of Period		—
End of Period	$	669,490

Share Transactions:
Subscriptions		25,000
Net Increase in Shares Outstanding from Share Transactions		25,000

(a) The Fund commenced operations on September 21, 2021.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify High Income ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Period Ended October 31, 2019(a)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016
Net Asset Value, Beginning of Year/Period	$	14.28		$	17.62		$	16.09		$	19.49		$	18.55		$	17.84
Income (Loss) from Investment Operations:
Net Investment Income(b)		0.81			0.97			0.86			1.13			1.22			1.22
Net Realized and Unrealized Gain (Loss)(c)		3.48			(2.69	)		1.97			(2.97	)		1.31			1.41
Total from Investment Operations		4.29			(1.72	)		2.83			(1.84	)		2.53			2.63

Distributions to Shareholders
Net Investment Income		(0.86	)		(1.03	)		(0.87	)		(1.13	)		(1.20	)		(1.20	)
Return of Capital		(0.67	)		(0.59	)		(0.43	)		(0.43	)		(0.39	)		(0.72	)
Total from Distributions		(1.53	)		(1.62	)		(1.30	)		(1.56	)		(1.59	)		(1.92	)

Capital Share Transactions
Transaction Fees		0.00	(i)		0.00	(i)		—			—			—			—

Net Asset Value, End of Year/Period	$	17.04		$	14.28		$	17.62		$	16.09		$	19.49		$	18.55

Total Return on Net Asset Value(d)		30.71	%(h)		-9.84	%		17.86	%(h)		-9.97	%		14.03	%		15.42	%

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	448,971		$	222,820		$	237,004		$	174,526		$	222,223		$	117,817
Ratio of Expenses to Average Net Assets		0.50	%		0.50	%		0.50	%(f)		0.50	%		0.50	%		0.50	%
Ratio of Net Investment Income to Average Net Assets(e)		4.81	%		6.29	%		5.93	%(f)		6.19	%		6.27	%		6.62	%
Portfolio Turnover(g)		90	%		43	%		28	%(h)		40	%		34	%		17	%

(a) For the period January 1, 2019 to October 1, 2019. See Note 1 to the Financial Statements.

(b) Calculated based on average shares outstanding during the period.

(c) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d) Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(e) These ratios exclude the impact of expenses of underlying security holdings as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying closed-end investment companies in which the Fund invests.

(f) Annualized.

(g) Excludes the impact of in-kind transactions.

(h) Not Annualized.

(i) Less than $0.005.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Online Retail ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2017
Net Asset Value, Beginning of Year	$	88.69		$	48.49		$	43.86		$	37.41		$	27.18
Income (Loss) from Investment Operations:
Net Investment Income (Loss)(a)		(0.07	)		0.58			0.16			(0.17	)		(0.13	)
Net Realized and Unrealized Gain(b)		22.70			39.77			4.47			6.62			10.36	(c)
Total from Investment Operations		22.63			40.35			4.63			6.45			10.23

Distributions to Shareholders
Net Investment Income		(0.62	)		(0.15	)		—			—			—
Total from Distributions		(0.62	)		(0.15	)		—			—			—

Capital Share Transactions
Transaction Fees		0.00	(d)		—			—			—			—

Net Asset Value, End of Year	$	110.70		$	88.69		$	48.49		$	43.86		$	37.41

Total Return on Net Asset Value(e)		25.49	%		83.46	%		10.54	%		17.25	%		37.64	%(f)

Supplemental Data:
Net Assets, End of Year (000’s)	$	896,682		$	971,146		$	240,005		$	370,632		$	108,482
Ratio of Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of Net Investment Income (Loss) to Average Net Assets		-0.06	%		0.82	%		0.33	%		-0.35	%		-0.38	%
Portfolio Turnover(g)		61	%		28	%		36	%		17	%		11	%

(a) Calculated based on average shares outstanding during the period.

(b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(d) Less than $0.005.

(e) Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(f) Before payment from affiliate for the loss resulting from a trade error, the total return for the period would have been 37.63%.

(g) Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify CWP Enhanced Dividend Income ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2018			Period Ended October 31, 2017(a)
Net Asset Value, Beginning of Year/Period	$	29.22		$	30.41		$	28.51		$	27.54		$	25.00
Income from Investment Operations:
Net Investment Income(b)		0.49			0.48			0.58			0.45			0.39
Net Realized and Unrealized Gain(c)		9.22			0.79			2.93			2.02			2.92
Total from Investment Operations		9.71			1.27			3.51			2.47			3.31

Distributions to Shareholders
Net Investment Income		(1.56	)		(0.27	)		(1.61	)		(1.29	)		(0.57	)
Net Realized Gains		(0.11	)		(0.86	)		—			—			—
Return of Capital		(0.15	)		(1.33	)		—			(0.21	)		(0.20	)
Total from Distributions		(1.82	)		(2.46	)		(1.61	)		(1.50	)		(0.77	)

Net Asset Value, End of Year/Period	$	37.11		$	29.22		$	30.41		$	28.51		$	27.54

Total Return on Net Asset Value(d)		33.81	%		4.40	%		12.63	%		9.12	%		13.40	%(g)

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	766,353		$	106,668		$	21,286		$	15,680		$	11,016
Ratio of Expenses to Average Net Assets (Before Advisory Fees Waived)		0.61	%		0.95	%		0.95	%		0.95	%		N/A
Ratio of Expenses to Average Net Assets (After Advisory Fees Waived)		0.54	%		0.49	%		0.49	%		0.94	%		0.95	%(e)
Ratio of Net Investment Income to Average Net Assets (Before Advisory Fees Waived)		1.31	%		1.16	%		1.50	%		1.53	%		N/A
Ratio of Net Investment Income to Average Net Assets (After Advisory Fees Waived)		1.38	%		1.62	%		1.96	%		1.54	%		1.67	%(e)
Portfolio Turnover(f)		89	%		86	%		115	%		151	%		187	%(g)

(a) The Fund commenced operations on December 13, 2016.

(b) Calculated based on average shares outstanding during the period.

(e) Annualized.

(f) Excludes the impact of in-kind transactions.

(g) Not Annualized.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Transformational Data Sharing ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Net Asset Value, Beginning of Year/Period	$	24.80		$	18.21		$	17.45		$	20.00
Income (Loss) from Investment Operations:
Net Investment Income(b)		0.24			0.17			0.23			0.14
Net Realized and Unrealized Gain (Loss)(c)		30.98			6.80			0.71			(2.69	)(d)
Total from Investment Operations		31.22			6.97			0.94			(2.55	)

Distributions to Shareholders
Net Investment Income		(0.66	)		(0.39	)		(0.19	)		—
Total from Distributions		(0.66	)		(0.39	)		(0.19	)		—

Capital Share Transactions
Transaction Fees		0.01			0.01			0.01			0.00	(e)

Net Asset Value, End of Year/Period	$	55.37		$	24.80		$	18.21		$	17.45

Total Return on Net Asset Value(f)		127.54	%		38.97	%		5.72	%		-12.74	%(g)(j)

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	1,495,050		$	132,705		$	99,269		$	131,762
Ratio of Expenses to Average Net Assets (Before Advisory Fees Waived)		0.73	%		0.90	%		0.90	%		0.90	%(h)
Ratio of Expenses to Average Net Assets (After Advisory Fees Waived)		0.70	%		0.70	%		0.70	%		0.70	%(h)
Ratio of Net Investment Income to Average Net Assets (Before Advisory Fees Waived)		0.47	%		0.65	%		1.15	%		0.68	%(h)
Ratio of Net Investment Income to Average Net Assets (After Advisory Fees Waived)		0.50	%		0.85	%		1.35	%		0.88	%(h)
Portfolio Turnover(i)		41	%		44	%		35	%		44	%(j)

(a) The Fund commenced operations on January 16, 2018.

(b) Calculated based on average shares outstanding during the period.

(d) Includes a less than $0.01 gain per share derived from payment from an affiliate.

(e) Less than $0.005.

(f) Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period and assumes reinvestment of dividends and distributions at NAV. Total Return on Net Asset Value is for the period indicated and has not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

(g) Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been -12.74%.

(h) Annualized.

(i) Excludes the impact of in-kind transactions.

(j) Not Annualized.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Lithium & Battery Technology ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Period Ended October 31, 2018(a)
Net Asset Value, Beginning of Year/Period	$	10.83		$	10.59		$	12.87		$	20.00
Income (Loss) from Investment Operations:
Net Investment Income(b)		0.27			0.16			0.29			0.13
Net Realized and Unrealized Gain (Loss)(c)		8.50			0.41			(2.48	)		(7.27	)(d)
Total from Investment Operations		8.77			0.57			(2.19	)		(7.14	)

Distributions to Shareholders
Net Investment Income		(0.03	)		(0.35	)		(0.10	)		—
Total from Distributions		(0.03	)		(0.35	)		(0.10	)		—

Capital Share Transactions
Transaction Fees		0.02			0.02			0.01			0.01

Net Asset Value, End of Year/Period	$	19.59		$	10.83		$	10.59		$	12.87

Total Return on Net Asset Value(e)		81.32	%		5.56	%		-16.96	%		-35.65	%(f)(i)

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	234,137		$	9,747		$	4,767		$	6,435
Ratio of Expenses to Average Net Assets (Before Advisory Fees Waived)		N/A			0.89	%		0.92	%		0.92	%(g)
Ratio of Expenses to Average Net Assets (After Advisory Fees Waived)		0.59	%		0.71	%		0.72	%		0.72	%(g)
Ratio of Net Investment Income to Average Net Assets (Before Advisory Fees Waived)		N/A			1.42	%		2.23	%		1.82	%(g)
Ratio of Net Investment Income to Average Net Assets (After Advisory Fees Waived)		1.57	%		1.60	%		2.43	%		2.02	%(g)
Portfolio Turnover(h)		51	%		131	%		61	%		12	%(i)

(a) The Fund commenced operations on June 4, 2018.

(b) Calculated based on average shares outstanding during the period.

(d) Includes a less than $0.01 gain per share derived from payment from an affiliate.

(f) Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been -35.65%.

(g) Annualized.

(h) Excludes the impact of in-kind transactions.

(i) Not Annualized.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify BlackSwan Growth & Treasury Core ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Period Ended October 31, 2019(a)
Net Asset Value, Beginning of Year/Period	$	30.87		$	28.57		$	25.00
Income from Investment Operations:
Net Investment Income(b)		0.09			0.12			0.43
Net Realized and Unrealized Gain(c)		5.25			3.05	(d)		3.52
Total from Investment Operations		5.34			3.17			3.95

Distributions to Shareholders
Net Investment Income		(0.07	)		(0.19	)		(0.38	)
Net Realized Gains		(0.42	)		(0.68	)		—
Total from Distributions		(0.49	)		(0.87	)		(0.38	)

Capital Share Transactions
Transaction Fees		—			0.00	(e)		—

Net Asset Value, End of Year/Period	$	35.72		$	30.87		$	28.57

Total Return on Net Asset Value(f)		17.44	%		11.29	%(j)		15.94	%(i)

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	911,467		$	685,231		$	124,299
Ratio of Expenses to Average Net Assets		0.49	%		0.49	%		0.49	%(g)
Ratio of Net Investment Income to Average Net Assets		0.25	%		0.40	%		1.64	%(g)
Portfolio Turnover(h)		194	%		162	%		154	%(i)

(a) The Fund commenced operations on November 5, 2018.

(b) Calculated based on average shares outstanding during the period.

(d) Includes a less than $0.01 gain per share derived from payment from an affiliate. See Note 5.

(e) Less than $0.005.

(g) Annualized.

(h) Excludes the impact of in-kind transactions.

(i) Not Annualized.

(j) Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been 11.29%.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify International Online Retail ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Period Ended October 31, 2019(a)
Net Asset Value, Beginning of Year/Period	$	41.54		$	26.73		$	25.00
Income (Loss) from Investment Operations:
Net Investment Loss(b)		(0.12	)		(0.07	)		(0.07	)
Net Realized and Unrealized Gain(c)		2.05			14.92	(d)		1.79
Total from Investment Operations		1.93			14.85			1.72

Distributions to Shareholders
Net Investment Income		—			(0.05	)		—
Total from Distributions		—			(0.05	)		—

Capital Share Transactions
Transaction Fees		0.02			0.01			0.01

Net Asset Value, End of Year/Period	$	43.49		$	41.54		$	26.73

Total Return on Net Asset Value(e)		4.68	%		55.70	%(i)		6.91	%(h)

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	10,872		$	10,386		$	2,005
Ratio of Expenses to Average Net Assets		0.69	%		0.69	%		0.69	%(f)
Ratio of Net Investment Loss to Average Net Assets		-0.24	%		-0.21	%		-0.34	%(f)
Portfolio Turnover(g)		69	%		83	%		64	%(h)

(a) The Fund commenced operations on January 29, 2019.

(b) Calculated based on average shares outstanding during the period.

(d) Includes a $0.06 gain derived from a payment from affiliate.

(f) Annualized.

(g) Excludes the impact of in-kind transactions.

(h) Not Annualized.

(i) Before payment from affiliate for the loss resulting from trade error, the total return for the period would have been 55.47%.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Seymour Cannabis ETF

Financial Highlights

	Year Ended October 31, 2021			Year Ended October 31, 2020			Period Ended October 31, 2019(a)
Net Asset Value, Beginning of Year/Period	$	11.81		$	15.61		$	24.71
Income (Loss) from Investment Operations:
Net Investment Income(b)		0.01			0.31			—	(c)
Net Realized and Unrealized Gain (Loss)(d)		5.65			(4.03	)		(9.10	)
Total from Investment Operations		5.66			(3.72	)		(9.10	)

Distributions to Shareholders
Net Investment Income		(0.10	)		(0.08	)		—
Total from Distributions		(0.10	)		(0.08	)		—

Capital Share Transactions
Transaction Fees		—			0.00	(c)		—

Net Asset Value, End of Year/Period	$	17.37		$	11.81		$	15.61

Total Return on Net Asset Value(e)		47.93	%		-24.94	%		-37.28	%(h)

Supplemental Data:
Net Assets, End of Year/Period (000’s)	$	103,361		$	6,497		$	5,465
Ratio of Expenses to Average Net Assets (Before Advisory Fees Waived/Reimbursed & Securities Lending Credit)		0.97	%		5.61	%		6.14	%(f)
Ratio of Expenses to Average Net Assets (After Advisory Fees Waived/Reimbursed)		0.75	%		2.22	%		5.73	%(f)
Ratio of Expenses to Average Net Assets (After Advisory Fees Waived/Reimbursed & Securities Lending Credit)		0.75	%		0.75	%		0.75	%(f)
Ratio of Net Investment Income to Average Net Assets (Before Advisory Fees Waived)		-0.17	%		-1.93	%		6.14	%(f)
Ratio of Net Investment Income to Average Net Assets (After Advisory Fees Waived)		0.05	%		2.93	%		-0.10	%(f)
Portfolio Turnover(g)		124	%		64	%		23	%(h)

(a) The Fund commenced operations on July 22, 2019.

(b) Calculated based on average shares outstanding during the period.

(d) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the year.

(f) Annualized.

(g) Excludes the impact of in-kind transactions.

(h) Not Annualized.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Pure Junior Gold Miners ETF

Financial Highlights

	Period Ended October 31, 2021(a)
Net Asset Value, Beginning of Period	$	25.00
Income (Loss) from Investment Operations:
Net Investment Income(b)		0.11
Net Realized and Unrealized Loss(c)		(1.69	)
Total from Investment Operations		(1.58	)

Net Asset Value, End of Period	$	23.42

Total Return on Net Asset Value(d)		-6.31	%(f)

Supplemental Data:
Net Assets, End of Period (000’s)	$	2,342
Ratio of Expenses to Average Net Assets		0.49	%(e)
Ratio of Net Investment Income to Average Net Assets		0.50	%(e)
Portfolio Turnover(g)		36	%(f)

(a) The Fund commenced operations on November 30, 2020.

(b) Calculated based on average shares outstanding during the period.

(e) Annualized.

(f) Not Annualized.

(g) Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify BlackSwan ISWN ETF

Financial Highlights

	Period Ended October 31, 2021(a)
Net Asset Value, Beginning of Period	$	25.00
Income from Investment Operations:
Net Investment Income(b)		0.07
Net Realized and Unrealized Gain(c)		0.48
Total from Investment Operations		0.55

Distributions to Shareholders
Net Investment Income		(0.05	)
Total from Distributions		(0.05	)

Net Asset Value, End of Period	$	25.50

Total Return on Net Asset Value(d)		2.23	%(f)

Supplemental Data:
Net Assets, End of Period (000’s)	$	43,353
Ratio of Expenses to Average Net Assets		0.49	%(e)
Ratio of Net Investment Income to Average Net Assets		0.38	%(e)
Portfolio Turnover(g)		123	%(f)

(a) The Fund commenced operations on January 25, 2021.

(b) Calculated based on average shares outstanding during the period.

(e) Annualized.

(f) Not Annualized.

(g) Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Cleaner Living ETF

Financial Highlights

	Period Ended October 31, 2021(a)
Net Asset Value, Beginning of Period	$	25.52
Income (Loss) from Investment Operations:
Net Investment Loss(b)		(0.03	)
Net Realized and Unrealized Loss(c)		(0.87	)
Total from Investment Operations		(0.90	)

Net Asset Value, End of Period	$	24.62

Total Return on Net Asset Value(d)		-3.54	%(f)

Supplemental Data:
Net Assets, End of Period (000’s)	$	1,231
Ratio of Expenses to Average Net Assets		0.59	%(e)
Ratio of Net Investment Income to Average Net Assets		-0.40	%(e)
Portfolio Turnover(g)		0	%(f)

(a) The Fund commenced operations on June 23, 2021.

(b) Calculated based on average shares outstanding during the period.

(e) Annualized.

(f) Not Annualized.

(g) Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Thematic All-Stars ETF

Financial Highlights

	Period Ended October 31, 2021(a)
Net Asset Value, Beginning of Period	$	25.05
Income (Loss) from Investment Operations:
Net Investment Loss(b)		(0.02	)
Net Realized and Unrealized Gain(c)		3.24
Total from Investment Operations		3.22

Capital Share Transactions
Transaction Fees		0.00(h)
Net Asset Value, End of Period	$	28.27

Total Return on Net Asset Value(d)		12.85	%(f)(i)

Supplemental Data:
Net Assets, End of Period (000’s)	$	11,308
Ratio of Expenses to Average Net Assets		0.49	%(e)
Ratio of Net Investment Income to Average Net Assets		-0.23	%(e)
Portfolio Turnover(g)		48	%(f)

(a) The Fund commenced operations on July 20, 2021.

(b) Calculated based on average shares outstanding during the period.

(e) Annualized.

(f) Not Annualized.

(g) Excludes the impact of in-kind transactions.

(h) Less than $0.005.

(i) Before payment from affiliate for the loss resulting from a trade error, the total return for the period would have been 12.84%. See Note 5.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Amplify Digital & Online Trading ETF

Financial Highlights

	Period Ended October 31, 2021(a)
Net Asset Value, Beginning of Period	$	25.27
Income (Loss) from Investment Operations:
Net Investment Income(b)		0.04
Net Realized and Unrealized Gain(c)		1.47
Total from Investment Operations		1.51

Net Asset Value, End of Period	$	26.78

Total Return on Net Asset Value(d)		5.97	%(f)

Supplemental Data:
Net Assets, End of Period (000’s)	$	669
Ratio of Expenses to Average Net Assets		0.59	%(e)
Ratio of Net Investment Income to Average Net Assets		1.43	%(e)
Portfolio Turnover(g)		7	%(f)

(a) The Fund commenced operations on September 21, 2021.

(b) Calculated based on average shares outstanding during the period.

(e) Annualized.

(f) Not Annualized.

(g) Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021

1. ORGANIZATION

Amplify ETF Trust (the “Trust”) was organized as a Massachusetts business trust on January 6, 2015, and is authorized to issue an unlimited number of shares in one or more series of funds. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of three diversified funds, Amplify High Income ETF (“YYY”), Amplify Online Retail ETF (“IBUY”) and Amplify Transformational Data Sharing ETF (“BLOK”) and ten non-diversified funds, Amplify CWP Enhanced Dividend Income ETF (“DIVO”), Amplify Lithium & Battery Technology ETF (formerly Amplify Advanced Battery Metals and Materials ETF) (“BATT”), Amplify BlackSwan Growth & Treasury Core ETF (“SWAN”), Amplify International Online Retail ETF (“XBUY”), Amplify Seymour Cannabis ETF (“CNBS”), Amplify Pure Junior Gold Miners ETF (“JGLD”), Amplify BlackSwan ISWN ETF (“ISWN”), Amplify Cleaner Living ETF (“DTOX”), Amplify Thematic All-Stars ETF (“MVPS”) and Amplify Digital & Online Trading ETF (“BIDS”) (each a “Fund” and collectively the “Funds”). Each Fund represents a beneficial interest in a separate portfolio of securities and other assets, with their own investment objectives and policies.

The investment objective of YYY is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the ISE High IncomeTM Index. YYY commenced operations on June 11, 2012. The investment objective of IBUY is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Online Retail Index. IBUY commenced operations on April 19, 2016. The investment objective of DIVO is to seek to provide current income as its primary objective and to provide capital appreciation as its secondary objective. DIVO commenced operations on December 13, 2016. The investment objective of BLOK is to seek to provide investors with total return. BLOK commenced operations on January 16, 2018. The investment objective of BATT is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Lithium & Battery Technology Index. BATT commenced operations on June 4, 2018. The investment objective of SWAN is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the S-Network BlackSwan Core Index. SWAN commenced operations on November 5, 2018. The investment objective of XBUY is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the EQM International Ecommerce Index. XBUY commenced operations on January 29, 2019. The investment objective of CNBS is to seek to provide investors capital appreciation. CNBS commenced operations on July 22, 2019. The investment objective of JGLD is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the EQM Pure Junior Gold Miners Index. JGLD commenced operations on November 30, 2020. The investment objective of ISWN is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the S-Network BlackSwan International Index. ISWN commenced operations on January 25, 2021. The investment objective of DTOX is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the Tematica BITA Cleaner Living Index. DTOX commenced operations on June 23, 2021. The investment objective of MVPS is to seek investment results that generally correspond (before fees and expenses) to the price and yield of the ETF All-Stars Thematic Composite Index. MVPS commenced operations on July 20, 2021. The investment objective of BIDS is to seek s investment results that generally correspond (before fees and expenses) to the price and yield of the BlueStar® Global E-Brokers and Digital Capital Markets Index. BIDS commenced operations on September 21, 2021.

The Funds list and principally trade their shares on the New York Stock Exchange Arca (“NYSE”) (“Exchange”). Shares of the Funds trade on the Exchange at market prices that may be below, at, or above the Funds’ net asset value (“NAV”). YYY, IBUY, DIVO, BLOK, BATT, and CNBS will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 50,000 shares, called “Creation Units.” SWAN will issue and redeem shares on a continuous basis at NAV only in creation units of, typically 10,000 shares. XBUY, JGLD, ISWN, DTOX, MVPS and BIDS will issue and redeem shares on a continuous basis at NAV only in creation units of, typically 25,000 shares. Creation Units will be issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

(ii) a DTC participant and, in each case, must have executed an Authorized Participant Agreement with Foreside Fund Services, LLC (“the Distributor”). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to CNBS and the payment of any cash amounts have been completed. To the extent contemplated by the applicable authorized participant agreement, Creation Units of CNBS will be issued to such authorized participant notwithstanding the fact that CNBS deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible, which undertaking shall be secured by such authorized participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars immediately available funds having a value (marked to market daily) at least equal to 105% of the value of the missing deposit securities.

Each Fund currently offers one class of shares, which has no front end sales load, no deferred sales charge, and no redemption fee. A purchase or redemption (i.e. creation or redemption) transaction fee of $500 is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units for YYY, IBUY, DIVO, BLOK, CNBS and DTOX. A purchase or redemption transaction fee of $1,000 is imposed for BATT. A purchase or redemption transaction fee of $250 is imposed for SWAN and ISWN. A purchase or redemption transaction fee of $750 is imposed for XBUY, JGLD and BIDS. A purchase or redemption transaction fee of $1,500 is imposed for MVPS. The Funds may issue an unlimited number of shares of beneficial interest, with par value of $0.01 per share. All shares of the Funds have equal rights and privileges.

2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

SECURITY VALUATION

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The following describes the levels of the fair value hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

The valuation techniques used by the Funds to measure fair value for the year ended October 31, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended October 31, 2021, there have been no significant changes to the Funds’ fair valuation methodologies.

Common stocks, preferred stock, and other equity securities listed on any national or foreign exchange (excluding Nasdaq) and the London Stock Exchange Alternative Investment Market (“AIM”) will be valued at the last price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable NAV, with the exception of exchange-traded open-end and closed-end investment companies which are priced as equity securities. Exchange-traded options will be valued at the current mean price where such contracts are principally traded. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Fixed income securities will be valued at the mean price. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at the current market price. If there is no current market available then the securities will be valued at cost and adjusted for amortization of premiums and accretions of discounts. Swaps will be valued by using the market close price of the underlying holdings. If there is no current market price available, then the securities will be valued at the last price.

If no quotation is available from either a pricing service, or one or more brokers or if the pricing committee has reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith by the pricing committee, pursuant to procedures established under the general supervision and responsibility of the Fund’s Board of Trustees (the “Board”).

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of October 31, 2021:

Category	YYY		IBUY		DIVO		BLOK		BATT
Investments in Securities
Assets
Level 1
Investment Companies	$	447,424,923	$	—	$	—	$	—	$	—
Common Stocks		—		894,017,931		592,745,036		1,304,430,168		233,200,498
Exchange Traded Funds						72,034,353		64,751,464		—
Money Market Funds		479,599		3,105,588		—		91,164,274		316,257
Investments Purchased with Proceeds from Securities Lending		17,004,950		101,273,216		—		213,507,916		27,769,985
Total Level 1		464,909,472		998,396,735		664,779,389		1,673,853,822		261,286,740
Level 2
Rights	$	61,510	$	—	$	—	$	—	$	—
Total Level 2		61,510		—		—		—		—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Category	YYY		IBUY		DIVO		BLOK		BATT
Level 3
Convertible Bonds		—		—		—		26,678,603		—
Total Level 3		—		—		—		26,678,603		—
Total	$	464,970,982	$	998,396,735	$	664,779,389	$	1,700,532,425	$	261,286,740
Other Financial Instruments(a)
Liabilities
Level 1
Options Written	$	—	$	—	$	173,350	$	—	$	—
Total Level 1		—		—		173,350		—		—
Level 2		—		—		—		—		—
Total Level 2		—		—		—		—		—
Level 3		—		—		—		—		—
Total Level 3		—		—		—		—		—
Total	$	—	$	—	$	173,350	$	—	$	—

Category	SWAN		XBUY		CNBS		JGLD		ISWN
Investments in Securities
Assets
Level 1
Common Stocks	$	—	$	10,863,958	$	70,588,404	$	2,337,588	$	—
Money Market Funds		3,677,816		9,667		15,100,000		5,135		98,010
Purchased Options		159,689,560		—		—		—		5,507,190
U.S. Government Notes/Bonds		746,524,696		—		—		—		37,674,698
Investments Purchased with Proceeds from Securities Lending		—		959,654		—		—		—
Total Level 1		909,892,072		11,833,279		85,688,404		2,342,723		43,279,898
Level 2
Total Level 2		—		—		—		—		—
Level 3
Total Level 3		—		—		—		—		—
Total	$	909,892,072	$	11,833,279	$	85,688,404	$	2,342,723	$	43,279,898
Other Financial Instruments(a)
Liabilities
Level 1
Total Return Swaps	$	—	$	—	$	2,184,214	$	—	$	—
Total Level 1		—		—		2,184,214		—		—
Level 2		—		—		—		—		—
Total Level 2		—		—		—		—		—
Level 3		—		—		—		—		—
Total Level 3		—		—		—		—		—
Total	$	—	$	—	$	2,184,214	$	—	$	—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Category	DTOX		MVPS		BIDS
Investments in Securities
Assets
Level 1
Common Stocks	$	1,230,769	$	11,241,383	$	664,840
Preferred Stock		—		26,737		—
Money Market Funds		592		50,138		1,661
Investments Purchased with Proceeds from Securities Lending		—		—		—
Total Level 1		1,231,361		11,318,258		666,501
Level 2
Total Level 2		—		—		—
Level 3
Total Level 3		—		—		—
Total	$	1,231,361	$	11,318,258	$	666,501

See the Schedules of Investments for further disaggregation of investment categories.

(a) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as options written and total return swap agreements, which are reflected at value.

For the year ended October 31, 2021, there were no transfers into or out of Level 3 for the Funds. Below is a reconciliation of securities in Level 3 for the Funds.

	Balance as of 10/31/2020		Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)		Purchases/ Acquisition		Sales		Corporate Action			Transfers In/Out of Level 3		Balance as of 10/31/2021		Net Change in Unrealized Appreciation (Depreciation) on Securities held at 10/31/2021
BATT – Common Stocks	$	—	$	(241,385	)	$	241,991	$	—	$	—	$	(606	)	$	—	$	—	$	—
BLOK – Convertible Bonds		—		—			9,863		26,668,740		—		—			—		26,678,603		26,678,603

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

BLOK		Fair Value as of 10/31/2021			Valuation Techniques		Unobservable Input		Range/Weighted Average Unobservable Input
Convertible Bonds		$	26,678,603		Cost		None		—

OPTION WRITING

DIVO will employ an option strategy in which it will write U.S. exchange-traded covered call options on Equity Securities in the portfolio in order to seek additional income (in the form of premiums on the options) and selective repurchase of such options. A call option written (sold) by DIVO will give the holder (buyer) the right to buy a certain equity security at a predetermined strike price from DIVO. A premium is the income received by an investor who sells or writes an option contract to another party. DIVO seeks to lower risk and enhance total return by tactically selling short-term call options on some, or all, of the equity securities in the portfolio. Specifically, DIVO seeks to provide gross income of approximately 2-3% from dividend income and 2-4% from option premium, plus the potential for capital appreciation. Unlike a systematic covered call program, DIVO is not obligated to continuously cover each individual equity position. When one of the underlying stocks demonstrates strength or an increase in implied volatility, DIVO identifies that opportunity and sells call options tactically, rather than keeping all positions covered and limiting potential upside.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

When DIVO writes an option, an amount equal to the premium received by DIVO is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by DIVO on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether DIVO has realized a gain or loss. DIVO, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. During the period, DIVO used written covered call options in a manner consistent with the strategy described above.

SWAN and ISWN’s investments in options contracts will primarily be long-term equity anticipation securities known as LEAP Options. LEAP Options are long-term exchange-traded call options that allow holders the opportunity to participate in the underlying securities’ appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities. A holder of a LEAP Option will be entitled to receive a specified number of shares of the underlying stock upon payment of the exercise price, and therefore the LEAP Option will be exercisable at any time the price of the underlying stock is above the strike price. However, if at expiration the price of the underlying stock is at or below the strike price, the LEAP Option will expire and be worthless.

SWAP AGREEMENTS

CNBS may enter into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. The marked-to-market value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to market value of a total return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of a total return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral for the benefit of its counterparty. Assets provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value on the Statements of Assets and Liabilities and are noted on the Schedules of Investments. Assets provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s net asset value.

The value of derivative instruments on the Statements of Assets and Liabilities for DIVO, SWAN, CNBS, and ISWN as of October 31, 2021 is as follows:

DIVO

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2021

	Liability Derivatives
Derivatives	Location	Value
Equity Contracts - Options	Options Written, at Value	$	173,350

The effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2021 is as follows:

Amount of Realized Gain on Derivatives Recognized in Income			Change in Unrealized Appreciation on Derivatives Recognized in Income
Derivatives	Options Written		Derivatives	Options Written
Equity Contracts	$	3,809,145	Equity Contracts	$	85,414

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

SWAN

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2021

	Asset Derivatives
Derivatives	Location	Value
Equity Contracts - Options	Investments, at Value	$	159,689,560

The effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2021 is as follows:

Amount of Realized Gain on Derivatives Recognized in Income			Change in Unrealized Appreciation on Derivatives Recognized in Income
Derivatives	Options Purchased		Derivatives	Options Purchased
Equity Contracts	$	82,662,467	Equity Contracts	$	64,555,904

CNBS

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2021

	Liability Derivatives
Derivatives	Location	Value
Swaps	Net Unrealized Depreciation on Swaps	$	(2,184,214)

The effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2021 is as follows:

Amount of Realized Loss on Derivatives Recognized in Income			Change in Unrealized Depreciation on Derivatives Recognized in Income
Derivatives	Swaps Executed		Derivatives	Swaps Executed
Swaps	$	(13,078,332)	Swaps	$	(2,184,214)

ISWN

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2021

	Asset Derivatives
Derivatives	Location	Value
Equity Contracts - Options	Investments, at Value	$	5,507,190

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2021 is as follows:

Amount of Realized Gain on Derivatives Recognized in Income			Change in Unrealized Appreciation on Derivatives Recognized in Income
Derivatives	Options Purchased		Derivatives	Options Purchased
Equity Contracts	$	976,595	Equity Contracts	$	394,519

The average monthly value of options written in DIVO during the year ended October 31, 2021 was $(415,284). The average monthly value of options purchased in SWAN during the year ended October 31, 2021 was $129,363,778. The average monthly notional amount of swaps executed in CNBS during the year ended October 31, 2021 was $18,170,542. The average monthly value of options purchased in ISWN during the period ended October 31, 2021 was $5,009,847.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

OFFSETTING ASSETS AND LIABILITIES

DIVO and CNBS are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of Master Netting Arrangement.

The effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2021 is as follows:

Liabilities							Gross Amounts not offset in the Statement of Assets and Liabilities
Description/Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Pledged		Net Amount
DIVO
Options Written
Susquehanna Financial Group	$	173,350	$	—	$	173,350	$	173,350	$	—	$	—

CNBS
Swaps Executed
Cowen Financial Products, LLC	$	2,184,214	$	—	$	2,184,214	$	—	$	2,184,214	$	—

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

SHARE VALUATION

The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for the Funds is equal to the Funds’ NAV.

USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

(loss) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on foreign currency transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

SECURITY TRANSACTIONS AND INVESTMENT INCOME

Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method.

Paid-in-kind interest income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received.

Distributions received from the Fund’s investments in closed-end funds (“CEFs”) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the CEFs and management’s estimates of such amounts based on historical information. These estimates are adjusted with the tax returns after the actual source of distributions has been disclosed by the CEFs and may differ from the estimated amounts.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income and net realized capital gains, if any, will be declared and paid at least annually by the Funds. All distributions are recorded on the ex-dividend date.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investments and foreign currency for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings/ (accumulated deficit) and paid-in capital, as appropriate, in the period that the differences arise.

GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect risk of loss to be remote.

ORGANIZATIONAL AND OFFERING COSTS

All organizational costs incurred to establish the Funds were paid by the Adviser and are not subject to reimbursement.

3. AGREEMENTS

The Adviser serves as investment adviser to the Funds. Pursuant to an Investment Management Agreement (the “Management Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Under the Management Agreement, the Funds will pay the following investment advisory fees to the Adviser as compensation for the services rendered, facilities furnished, and expenses paid by it (with the exception of CNBS), including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees, but excluding interest, taxes, brokerage commissions, and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 Plan, if any, and extraordinary expenses.

Fund		Annual Rate of Average Daily Net Assets
YYY		0.50%
IBUY		0.65%
DIVO		0.55%
BLOK		0.70%
BATT		0.59%
SWAN		0.49%
XBUY		0.69%
CNBS		0.65%
JGLD		0.49%
ISWN		0.49%
DTOX		0.59%
MVPS		0.49%
BIDS		0.59%

For the period November 1, 2020 to February 28, 2021, DIVO and BLOK were obligated to pay the Adviser 0.95% and 0.90%, respectively at an annual rate of average daily net assets. Effective March 1, 2021, DIVO and BLOK were obligated to pay the Adviser 0.55% and 0.70%, respectively at an annual rate of average daily net assets.

Pursuant to a contractual agreement between the Trust, on behalf of DIVO and BLOK, management fees paid to the Adviser were reduced by 0.46% and 0.20%, respectively from November 1, 2020 to February 28, 2021. This contractual agreement expired on March 1, 2021. For the period ended October 31, 2021, the Adviser’s management fee was reduced by $273,759 and $294,974 in DIVO and BLOK, respectively. The Adviser is not eligible to recoup these amounts.

Pursuant to a contractual agreement between the Trust on behalf of CNBS, the Adviser has agreed to waive or reduce its fees to assume other expenses of CNBS, if necessary, in amounts that limit CNBS’ total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.75% of the average daily net assets of CNBS. For the period ended October 31, 2021, the Adviser’s management fee was reduced by $211,704 and the Advisor paid $15,679 of fund expenses. This contractual agreement will continue until March 1, 2022. The Adviser is entitled to recoup any fees that it waived and/or fund expenses that it paid for a period of three years following such fee waivers and/or expense payments per the Expense Reimbursement and Fee Waiver Agreement as outlined in the schedule below:

Recoupment Expiration	Amount of Recoupment
October 31, 2022	$	5,512
October 31, 2023	$	164,282
October 31, 2024	$	227,383

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Penserra Capital Management, LLC (“Penserra”) serves as the Sub-Adviser to YYY, IBUY, XBUY, CNBS, DTOX, and BIDS. Toroso Investments, LLC (“Toroso”) serves as the Sub-Adviser to BLOK, BATT, JGLD, and MVPS. Penserra and Capital Wealth Planning, LLC (“CWP”) serve as the Sub-Advisers to DIVO. ARGI Investment Services, LLC (“ARGI”) and Toroso serve as the Sub-Advisers to SWAN and ISWN (Penserra, together with CWP, Toroso, and ARGI the “Sub-Advisers,” and each, a “Sub-Adviser”). Each Sub-Adviser has responsibility for selecting and continuously monitoring the Fund’s investments. Sub-Advisory fees earned by Penserra, CWP, Toroso, and ARGI are paid by the Adviser.

For the year ended October 31, 2021, the Funds paid Penserra Securities, LLC, an affiliate of Penserra, $72,375 for brokerage commissions. U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds’ custodian, transfer agent and accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (“USB”), an affiliate of Fund Services, serves as the Funds’ custodian and securities lending agent with the exception of CNBS. Cowen Execution Service, LLC (“Cowen”) serves as the custodian and securities lending agent (together, USB and Cowen are the “Securities Lending Agents”) for CNBS. For the period ended October 31, 2021, CNBS paid Cowen and Company, LLC, an affiliate of Cowen, $130,190 for brokerage commissions.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.

Certain officers and Trustees of the Trust are also officers or employees of the Adviser or its affiliates. For their services, the Chief Compliance Officer and the Principal Financial Officer are entitled to receive compensation via reimbursement to the Adviser from CNBS pursuant to their fee arrangements with CNBS.

4. SECURITIES LENDING

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending programs administered by the Securities Lending Agents. The securities lending agreements require that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest.

The Funds receive compensation in the form of fees and earn interest on the non-cash and cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of October 31, 2021, YYY, IBUY, BLOK, BATT, XBUY, and CNBS had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agents in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agents.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

As of October 31, 2021, the values of the securities on loan and payable for collateral due to brokers were as follows:

Fund	Value of Securities on Loan		Payable for Collateral Received
YYY	$	16,328,804	$	17,004,950	(a)
IBUY	$	98,390,297	$	101,273,216	(a)
DIVO	$	—	$	—
BLOK	$	229,855,550	$	213,507,916	(a)
BATT	$	27,183,380	$	27,769,985	(a)
SWAN	$	—	$	—
XBUY	$	907,102	$	959,654	(a)
CNBS	$	3,255,082	$	3,380,082	(b)
JGLD	$	—	$	—
ISWN	$	—	$	—
DTOX	$	—	$	—
MVPS	$	—	$	—
BIDS	$	—	$	—

(a) The cash collateral received was invested in the First American Government Obligations Fund as shown on the schedule of investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income and daily liquidity by purchasing U.S. government securities and repurchase agreements collateralized by such obligations.

(b) Cash collateral is maintained with The Bank of New York Mellon (“BNY”) under a Collateral Account Control Agreement between the Fund, BNY, and Cowen.

The interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them (“Securities Lending Income”) is reflected in the Funds’ Statements of Operations. Fees and interest income earned on collateral investments and recognized by the Funds during the year ended October 31, 2021, were as follows:

Fund	Fees and Interest Earned
YYY	$	245,660
IBUY	$	730,530
DIVO	$	—
BLOK	$	6,496,427
BATT	$	703,054
SWAN	$	—
XBUY	$	78,018
CNBS	$	457,134
JGLD	$	—
ISWN	$	—
DTOX	$	—
MVPS	$	—
BIDS	$	—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Fees and interest income earned on collateral investments and recognized by the Funds under the securities lending program is reflected in the Funds’ Statements of Operations as securities lending income.

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

5. INVESTMENT TRANSACTIONS

For the year/period ended October 31, 2021, the purchases and sales of investments in securities, excluding in-kind transactions and short-term securities were:

Fund	Purchases		Sales
YYY	$	341,016,892	$	327,539,598
IBUY		807,554,398		799,616,581
DIVO		331,434,666		378,716,541
BLOK		750,573,687		374,745,161
BATT		142,333,312		70,523,920
SWAN		1,661,585,785		1,477,829,074
XBUY		14,122,198		13,840,553
CNBS		99,759,934		133,378,566
JGLD		750,918		720,539
ISWN		68,594,258		28,389,661
DTOX		—		—
MVPS		2,520,540		1,088,607
BIDS		6,945		9,475

For the year/period ended October 31, 2021, in-kind transactions associated with creations and redemptions were:

Fund	Purchases		Sales
YYY	$	238,939,833	$	80,041,551
IBUY		759,887,886		1,114,416,913
DIVO		538,709,761		2,994,044
BLOK		1,018,610,925		484,833,754
BATT		176,366,679		62,222,561
SWAN		1,491,335		—
XBUY		17,163,671		16,659,273
CNBS		167,818,394		27,616,879
JGLD		3,189,620		661,138
ISWN		—		—
DTOX		1,274,729		—
MVPS		9,573,258		625,205
BIDS		630,593		—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

There were no purchases or sales of long-term U.S. Government securities by the Funds, except SWAN and ISWN. Included in the amounts for SWAN were $1,586,681,018 of purchases and $1,420,485,846 of sales of U.S. Government Securities during the year ended October 31, 2021. Included in the amounts for ISWN were $66,710,092 of purchases and $28,389,661 of sales of U.S. Government Securities during the period ended October 31, 2021.

During the year ended October 31, 2021, MVPS had a trade error due to incorrect trade instructions. This resulted in a loss to the Fund of $922, which was reimbursed to the Fund by an affiliate.

6. FEDERAL INCOME TAXES

As of and during the year ended October 31, 2021, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the year/period ended October 31, 2021, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the year ended October 31, 2021, the Funds did not incur any interest or penalties.

The tax composition of distributions paid during the year ended October 31, 2021 for the Funds was as follows:

	Ordinary Income		Capital Gains		Return of Capital
YYY	$	19,232,860	$	—	$	14,547,140
IBUY		7,766,866		—		—
DIVO		19,139,503		1,252,990		1,776,088
BLOK		6,448,385		—		—
BATT		87,235		—		—
SWAN		8,793,909		2,772,330		—
XBUY		—		—		—
CNBS		151,546		—		—
JGLD		—		—		—
ISWN		80,874		—		—
DTOX		—		—		—
MVPS		—		—		—
BIDS		—		—		—

The tax composition of distributions paid during the year/period ended October 31, 2020 for the Funds was as follows:

	Ordinary Income		Capital Gains		Return of Capital
YYY	$	14,936,155	$	—	$	8,398,167
IBUY		732,203		—		—
DIVO		597,840		644,332		1,835,660
BLOK		2,023,741		—		—
BATT		158,755		—		—
SWAN		4,804,059		—		—
XBUY		3,649		—		—
CNBS		27,000		—		—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

The Funds intend to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable income and capital gains to shareholders. Therefore, no federal income or excise tax provision has been made.

The cost basis of investments and distributable earnings (accumulated deficit) for federal income tax purposes as of October 31, 2021 was as follows:

	YYY			IBUY			DIVO			BLOK			BATT
	Investments			Investments			Investments			Investments			Investments
Tax cost of investments	$	452,911,670		$	999,169,075		$	597,529,313		$	1,596,943,658		$	238,820,821
Gross tax unrealized appreciation		22,480,438			161,769,590			73,771,942			290,133,116			41,755,574
Gross tax unrealized depreciation		(10,421,126	)		(162,541,930	)		(6,521,866	)		(186,544,349	)		(19,289,655	)
Net tax unrealized appreciation (depreciation)		12,059,312			(772,340	)		67,250,076			103,588,767			22,465,919
Undistributed ordinary income		—			—			—			164,093,930			5,182,897
Undistributed long-term capital gain		—			—			—			—			—
Total accumulated gain		—			—			—			164,093,930			5,182,897
Other accumulated gain (loss)		(17,039,464	)		(44,479,147	)		50,461			(73,263,370	)		(7,836,746	)
Distributable earnings/(accumulated deficit)	$	(4,980,152	)	$	(45,251,487	)	$	67,300,537		$	194,419,327		$	19,812,070

	SWAN			XBUY			CNBS			JGLD			ISWN
	Investments			Investments			Investments			Investments			Investments
Tax cost of investments	$	837,817,797		$	14,328,550		$	139,796,195		$	2,642,048		$	42,744,288
Gross tax unrealized appreciation		78,354,189			977,180			3,778,407			85,365			1,083,348
Gross tax unrealized depreciation		(6,279,914	)		(3,472,451	)		(57,886,198	)		(384,690	)		(547,738	)
Net tax unrealized appreciation (depreciation)		72,074,275			(2,495,271	)		(54,107,791	)		(299,325	)		535,610
Undistributed ordinary income		17,819,200			—			—			13,393			181,279
Undistributed long-term capital gain		26,156,250			—			—			—			—
Total accumulated gain		43,975,450			—			—			13,393			181,279
Other accumulated gain (loss)		—			(736,959	)		(1,886,961	)		(17,430	)		—
Distributable earnings/(accumulated deficit)	$	116,049,725		$	(3,232,230	)	$	(55,994,752	)	$	(303,362	)	$	716,889

	DTOX			MVPS			BIDS
	Investments			Investments			Investments
Tax cost of investments	$	1,274,827		$	10,504,494		$	630,849
Gross tax unrealized appreciation		104,872			1,187,702			85,423
Gross tax unrealized depreciation		(148,338	)		(373,938	)		(49,771	)
Net tax unrealized appreciation (depreciation)		(43,466	)		813,764			35,652
Undistributed ordinary income		—			—			2,097
Undistributed long-term capital gain		—			138			—
Total accumulated gain		—			138			2,097
Other accumulated gain (loss)		(1,664	)		(3,595	)		(9	)
Distributable earnings/(accumulated deficit)	$	(45,130	)	$	810,307		$	37,740

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

The difference between book and tax-basis cost is attributable to the deferral on wash sales and passive foreign investment companies.

At October 31, 2021, the Funds deferred, on a tax basis, late year ordinary losses of:

	Late Year Ordinary Loss Deferral
YYY	$	—
IBUY		5,578,170
DIVO		—
BLOK		—
BATT		—
SWAN		—
XBUY		49,674
CNBS		—
JGLD		—
ISWN		—
DTOX		1,664
MVPS		3,610
BIDS		—

At October 31, 2021, the Funds had the following capital loss carryforwards:

	Short-Term		Long-Term		Expires
YYY	$	1,854,161	$	15,185,303	Unlimited
IBUY		10,443,551		28,456,548	Unlimited
DIVO		—		—	—
BLOK		68,306,024		4,947,905	Unlimited
BATT		5,904,508		1,928,376	Unlimited
SWAN		—		—	—
XBUY		629,249		58,008	Unlimited
CNBS		1,887,162		—	Unlimited
JGLD		17,429		—	Unlimited
ISWN		—		—	—
DTOX		—		—	—
MVPS		—		—	—
BIDS		—		—	—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Additionally, U.S. GAAP require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to equalization, net operating losses, return of capital distributions, and redemption-in-kind transactions. For the year ended October 31, 2021, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
YYY	$	(7,892,409	)	$	7,892,409
IBUY		(460,488,340	)		460,488,340
DIVO		(834,206	)		834,206
BLOK		(161,786,589	)		161,786,589
BATT		(15,259,845	)		15,259,845
SWAN		(4,469,100	)		4,469,100
XBUY		(4,270,248	)		4,270,248
CNBS		880,690			(880,690	)
JGLD		(100,886	)		100,886
ISWN		—			—
DTOX		—			—
MVPS		(74,109	)		74,109
BIDS		—			—

During the year ended October 31, 2021, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from total distributable earnings (accumulated deficit) to paid-in capital.


YYY	$	9,496,729
IBUY		460,543,566
DIVO		834,206
BLOK		161,786,589
BATT		15,259,845
SWAN		—
XBUY		4,311,166
CNBS		11,369,675
JGLD		100,886
ISWN		—
DTOX		—
MVPS		74,106
BIDS		—

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

7. PRINCIPAL RISKS

BLOCKCHAIN INVESTMENTS RISK (BLOK only)

An investment in companies actively engaged in blockchain technology may be subject to the following risks:

The technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect an investment in the Fund.

Theft, loss or destruction. Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger. Competing platforms and technologies. The development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains.

Cyber security incidents. Cyber security incidents may compromise an issuer, its operations or its business. Cyber security incidents may also specifically target user’s transaction history, digital assets, or identity, thereby leading to privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

Developmental risk. Blockchain technology may never develop optimized transactional processes that lead to realized economic returns for any company in which the Fund invests. Companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies. The development of new or competing platforms may cause consumers and investors to use alternatives to blockchains.

Intellectual property claims. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Fund.

Lack of liquid markets, and possible manipulation of blockchain-based assets. Digital assets that are represented and trade on a blockchain may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements and vet issuers, and perhaps users. These conditions may not necessarily be replicated on a blockchain, depending on the platform’s controls and other policies. The more lenient a blockchain is about vetting issuers of digital assets or users that transact on the platform, the higher the potential risk for fraud or the manipulation of digital assets. These factors may decrease liquidity or volume or increase volatility of digital securities or other assets trading on a blockchain.

Lack of regulation. Digital commodities and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. Because blockchain works by having every transaction build on every other transaction, participants can self-police any corruption, which can mitigate the need to depend on the current level of legal or government safeguards to monitor and control the flow of business transactions. As a result, companies engaged in such blockchain activities may be exposed to adverse regulatory action, fraudulent activity or even failure. Third party product defects or vulnerabilities. Where blockchain systems are built using third party products, those products may contain technical defects or vulnerabilities beyond a company’s control. Open-source technologies that are used to build a blockchain application, may also introduce defects and vulnerabilities.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Reliance on the Internet. Blockchain functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Fund. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

BIOTECHNOLOGY COMPANIES RISK (CNBS only)

A biotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products and can accordingly be greatly affected if one of its products proves, among other things, unsafe, ineffective or unprofitable. Biotechnology companies are subject to regulation by, and the restrictions of, the FDA, the U.S. Environmental Protection Agency, state and local governments, and non-U.S. regulatory authorities.

CANNABIS INDUSTRY RISK (CNBS only)

Companies involved in the cannabis industry face competition, may have limited access to the services of banks, may have substantial burdens on company resources due to litigation, complaints or enforcement actions, and are heavily dependent on receiving necessary permits and authorizations to engage in medical cannabis research or to otherwise cultivate, possess or distribute cannabis. Since the use of cannabis is illegal under U.S. federal law, federally regulated banking institutions may be unwilling to make financial services available to growers and sellers of cannabis.

CONCENTRATION RISK (YYY, IBUY and XBUY only)

To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. The Fund may be susceptible to loss due to adverse occurrences to the extent that the Fund’s investments are concentrated in a particular issuer or issuers, region, market, industry, group of industries, sector or asset class.

COUNTERPARY RISK (CNBS only)

The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular securities without actually purchasing those securities. The Fund’s use of such financial instruments, including swap arrangements, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.

COVERED CALL RISK (DIVO only)

Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. In addition, as the Fund writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

DIGITAL ASSET RISK (BIDS only)

While the Fund will not directly invest in digital assets, certain of the Fund’s investments may be subject to the risks associated with investing in digital assets. The technologies underpinning digital assets are highly disruptive, and the future successes of such technologies are highly uncertain. Further, because the development of digital asset technologies is in a nascent stage, digital asset companies may be rapidly eclipsed by newer and more disruptive technological advances that render current digital assets or technologies outdated or undesirable. Further, digital asset companies may be subject to the risks posed by conflicting intellectual property claims among digital assets, which may reduce confidence in the viability of a digital asset. Because of the uncertainty of digital asset technologies, the values of the securities of these companies may be highly volatile. Digital assets may be traded on exchanges that are unregulated and often located outside the United States. Digital asset exchanges may stop operating or permanently shut down due to fraud, theft, disruption, technical glitches, hackers, malware or security compromises or failures in the underlying blockchain, ledger or software. Digital Assets are also at risk of possible manipulation and vulnerabilities surrounding the use of third-party products, which may be subject to technical defects beyond a company’s control. Further, digital assets are not maintained in traditional custodial arrangements, and instead are typically held in “wallets,” which are public digital addresses accessible only by “private keys.” If a private key is stolen, lost, damaged or destroyed, the digital assets attributable to such private key may be irreversibly lost without the possibility of recovery. Over their short history, digital assets have experienced tremendous price volatility compared to traditional asset classes and may experience significant illiquidity in stressed market conditions. The values of digital assets should not be expected to be connected or correlated to traditional economic or market forces, and the value of the investments in digital assets could decline rapidly, including to zero, as a digital asset may decline in popularity, acceptance or use, thereby impairing its price.

Many companies often employ the technology surrounding digital assets to optimize their business practices, whether by using the technology within their business or operating business lines involved in the operation of the technology. There are currently relatively few companies for which digital assets represent an attributable and significant revenue stream. Because of this, the financial strength of companies associated with digital assets and the digital assets market may not be a reflection of their actual connection and exposure to digital assets, but rather a result of other business operations.

FINANCIAL COMPANIES RISK

Financial companies, such as retail and commercial banks, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans) and competition from new entrants and blurred distinctions in their fields of business.

FOREIGN INVESTMENT RISK (XBUY only)

Securities issued by Non-U.S. companies present risks beyond those of securities of U.S. issuers. Risks of investing in the securities of foreign companies include: different accounting standards; expropriation, nationalization or other adverse political or economic developments; currency devaluation, blockages or transfer restrictions; changes in foreign currency exchange rates; taxes; restrictions on foreign investments and exchange of securities; and less government supervision and regulation of issuers in foreign countries. Prices of foreign securities also may be more volatile.

FUND OF FUNDS RISK (YYY only)

Because the Fund is a fund of funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise the Index. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, in addition to its own fees and expenses. In addition, at times certain segments of the market represented by constituent Underlying Funds may be out of favor and underperform other segments.

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

GOLD MINING INDUSTRY RISK (JGLD only)

The Fund is sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the gold mining industry. In times of stable economic growth, traditional equity and debt investments could offer greater appreciation potential and the value of gold and other precious metals may be adversely affected, which could in turn affect the Fund’s returns. The gold and precious metals industry can be significantly affected by competitive pressures, central bank operations, events relating to international political developments, the success of exploration projects, commodity prices, adverse environmental developments and tax and government regulations.

HEALTH CARE COMPANIES RISK (CNBS only)

Health care companies are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, and an increased emphasis on the delivery of healthcare through outpatient services. Health care companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of the companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies, or other market developments. Many new products in the health care field require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

INFORMATION TECHNOLOGY COMPANIES RISK (IBUY, BLOK, and BATT only)

Information technology companies are generally subject to the following risks: rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

LEVERAGE RISK (YYY only)

Leverage may result from ordinary borrowings or may be inherent in the structure of certain Underlying Fund investments such as derivatives. If the prices of those investments decrease, or if the cost of borrowing exceeds any increase in the prices of those investments, the NAV of the Underlying Fund’s shares will decrease faster than if the Underlying Fund had not used leverage. To repay borrowings, an Underlying Fund may have to sell investments at a time and at a price that is unfavorable to the Underlying Fund. Interest on borrowings is an expense the Underlying Fund would not otherwise incur. Leverage magnifies the potential for gain and the risk of loss. If an Underlying Fund uses leverage, there can be no assurance that the Underlying Fund’s leverage strategy will be successful.

MARKET EVENTS RISK

Turbulence in the economic, political and financial system has historically resulted, and may continue to result, in an unusually high degree of volatility in the capital markets. Both domestic and foreign capital markets have been experiencing increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected, and t is uncertain whether or for how long these conditions could continue. Reduced liquidity in equity, credit and fixed-income markets may adversely affect many issuers worldwide. This reduced liquidity may result in less money being available to purchase raw materials, goods and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in small or emerging market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their security prices. These events and possible continued market turbulence may have an adverse effect on the Fund.

In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of a

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund’s Shares and result in increased market volatility. During any such events, a Fund’s Shares may trade at increased premiums or discounts to their NAV.

Health crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests and negatively impact a Fund’s investment return.

For example, an outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty that has negatively affected the economic environment. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

In addition, the operations of a Fund, the Adviser and a Fund’s other service providers may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity’s personnel.

MARKET PRICE DISCOUNT FROM/PREMIUM TO NET ASSET VALUE RISK (YYY only)

The shares of the Underlying Funds may trade at a discount or premium to their NAV. This characteristic is a risk separate and distinct from the risk that an Underlying Fund’s NAV could decrease as a result of investment activities. Whether investors, such as the Fund, will realize gains or losses upon the sale of shares will depend not on the Underlying Funds’ NAVs, but entirely upon whether the market price of the Underlying Funds’ shares at the time of sale is above or below an investor’s purchase price for shares.

METALS AND MINING COMPANIES RISK (BATT and JGLD only)

The Fund will invest in securities that are issued by and/or have exposure to, companies primarily involved in the metals and mining industry. Investments in metals and mining companies may be speculative and subject to greater price volatility than investments in other types of companies. The profitability of companies in the metals and mining industry is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s Share price may be more volatile than other types of investments. In addition, metals and mining companies may be significantly affected by changes in global demand for certain metals, economic developments, energy conservation, the success of exploration projects, changes in exchange rates, interest rates, economic conditions, tax treatment, trade treaties, and government regulation and intervention, and events in the regions that the companies to which the Fund has exposure operate (e.g., expropriation, nationalization, confiscation of assets and property, the imposition of restrictions on foreign investments or repatriation of capital, military coups, social or political unrest, violence and labor unrest). Metals and mining companies may also be subject to the effects of competitive pressures in the metals and mining industry.

OPTIONS RISK (SWAN and ISWN only)

Investing in options, including LEAP Options, and other instruments with option-type elements may increase the volatility and/or transaction expenses of the Fund. An option may expire without value, resulting in a loss of the Fund’s initial investment and may be less liquid and more volatile than an investment in the underlying securities. The Fund’s ability to close out its position as a purchaser of a call option is dependent, in part, upon the liquidity of the options market. There are significant differences between the securities and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Fund may also purchase over-the-counter call options, which involves risks different from, and possibly greater than, the risks associated

Amplify ETF Trust

Notes to the Financial Statements

October 31, 2021 (Continued)

with exchange-listed call options. In some instances, over-the-counter call options may expose the Fund to the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty’s creditworthiness could adversely affect the instrument. In addition, the Fund may be exposed to a risk that losses may exceed the amount originally invested.

PHARMACEUTICAL COMPANIES RISK (CNBS only)

Companies in the pharmaceutical industry can be significantly affected by, among other things, government approval of products and services, government regulation and reimbursement rates, product liability claims, patent expirations and protection of intense competition.

ONLINE RETAIL RISK (IBUY and XBUY only)

Companies that operate in the online marketplace, retail and travel segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace, retail and travel segments to reduce profit margins in order to compete. Profit margins in the travel industry are particularly sensitive to seasonal demand, fuel costs and consumer perception of various risks associated with travel to various destinations. Due to the nature of their business models, companies that operate in the online marketplace, retail and travel segments may also be subject to heightened cybersecurity risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors’ technology and systems, could expose companies that operate in the online marketplace, retail and travel segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses.

RARE EARTH METAL COMPANIES RISK (BATT only)

Rare earth metals have more specialized uses and are often more difficult to extract. The use of strategic metals in modern technology has increased dramatically over the past years. Consequently, the demand for these metals has strained supply, which has the potential to result in a shortage of such materials which could adversely affect the companies in the Fund’s portfolio. Companies involved in the various activities that are related to the mining, refining and/or manufacturing of rare earth metals tend to be small-, medium- and micro-capitalization companies with volatile share prices, are highly dependent on the price of rare earth metals, which may fluctuate substantially over short periods of time. The value of such companies may be significantly affected by events relating to international, national and local political and economic developments, energy conservation efforts, the success of exploration projects, commodity prices, tax and other government regulations, depletion of resources, and mandated expenditures for safety and pollution control devices. The mining, refining and/or manufacturing of rare earth metals can be capital intensive and, if companies involved in such activities are not managed well, the share prices of such companies could decline even as prices for the underlying rare earth metals are rising. In addition, companies involved in the various activities that are related to the mining, refining and/or manufacturing of rare earth metals may be at risk for environmental damage claims.

8. SUBSEQUENT EVENTS

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosure and/or adjustment.

Amplify ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Amplify ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, options written, and total return swaps (as applicable), of Amplify ETF Trust comprising the funds listed below (the “Funds”) as of October 31, 2021, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Amplify High Income ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020, the period from January 1, 2019 through October 31, 2019, and the years ended December 31, 2018, 2017, and 2016
Amplify Online Retail ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, 2019, 2018, and 2017
Amplify CWP Enhanced Dividend Income ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, 2019, and 2018 and for the period from December 13, 2016 (commencement of operations) through October 31, 2017
Amplify Transformational Data Sharing ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, and 2019 and for the period from January 16, 2018 (commencement of operations) through October 31, 2018
Amplify Lithium & Battery Technology ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, and 2019 and for the period from June 4, 2018 (commencement of operations) through October 31, 2018
Amplify BlackSwan Growth & Treasury Core ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020 and for the period of November 5, 2018 (commencement of operations) through October 31, 2019
Amplify International Online Retail ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020 and for the period from January 29, 2019 (commencement of operations) through October 31, 2019
Amplify Seymour Cannabis ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020 and for the period from July 22, 2019 (commencement of operations) through October 31, 2019
Amplify Pure Junior Gold Miners ETF	For the period from November 30, 2020 (commencement of operations) through October 31, 2021
Amplify BlackSwan ISWN ETF	For the period from January 25, 2021 (commencement of operations) through October 31, 2021
Amplify Cleaner Living ETF	For the period from June 23, 2021 (commencement of operations) through October 31, 2021
Amplify Thematic All-Stars ETF	For the period from July 20, 2021 (commencement of operations) through October 31, 2021
Amplify Digital & Online Trading ETF	For the period from September 21, 2021 (commencement of operations) through Octo-ber 31, 2021

Amplify ETF Trust

Report of Independent Registered Public Accounting Firm

(Continued)

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2015. We have served as the auditor of one or more investment companies advised by Exchange Traded Concepts, LLC since 2012.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
December 23, 2021

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited)

AMPLIFY HIGH INCOME ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 14, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify High Income ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (the “Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about December 11, 2018 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. At the December 11, 2018 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for the initial two-year term.

Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew the Agreements for an additional one-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. Thus, a meeting was held on September 14, 2021, to discuss and review the Agreements with respect to the Fund. At the September 14, 2021meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term.

Prior to the meeting held on September 14, 2021, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser; (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser; and (iii) the existence, or anticipated existence, of economies of scale.

Prior to and at the meeting held on September 14, 2021, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser to the Fund under the respective Agreement were expected to be appropriate and reasonable.

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.50% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed this Fund to the Board’s satisfaction over the course of the previous two years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Adviser with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Adviser, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Adviser’s views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Adviser had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that it will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

AMPLIFY ONLINE RETAIL ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 14, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Online Retail ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (the “Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about November 5, 2015 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval for an additional one year term. In preparation for the meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. Thus, a meeting was held on September 12, 2017, to discuss and review the Agreements with respect to the Fund. At the September 12, 2017 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term. Thereafter, the Board held meetings on September 18, 2018 and September 17, 2019, and September 15, 2020, to discuss and review the Agreements with respect to the Fund. At each of those meetings, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one- year term.

On or about September 14, 2021, the Board called and held a meeting to decide whether to renew the Agreements for an additional one-year term. At the September 14, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term.

Prior to and at the meeting held on September 14, 2021, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub- Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub- Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.65% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed this Fund to the Board’s satisfaction over the course of the previous four years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Adviser with respect to the Fund appeared to be reasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

AMPLIFY BLACKSWAN GROWTH & TREASURY CORE ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 14, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify BlackSwan Growth & Treasury Core ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Toroso Investments, LLC (“Toroso”) and (3) an Investment Sub-Advisory Agreement between the Adviser and ARGI Investment Services, LLC (hereinafter referred to as “ARGI”. Toroso and ARGI will be collectively referred to hereinafter as the “Sub-Advisers”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about September 18, 2018 and October 4, 2018 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. At the September 18, 2018 and the October 4, 2018 meetings, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Advisers and the Agreements for the initial two-year term.

Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew the Agreements for an additional one-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Advisers. Thus, a meeting was held on September 14, 2021, to discuss and review the Agreements with respect to the Fund. At the September 14, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Advisers and the Agreements for an additional one-year term.

Prior to the meeting held on September 14, 2021, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Advisers regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Advisers; (ii) the Adviser and the Sub-Advisers’ costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Advisers; and (iii) the existence, or anticipated existence, of economies of scale.

Prior to and at the meeting held on September 14, 2021, representatives from the Adviser and the Sub-Advisers, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Advisers’ fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub- Advisers provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Advisers’ oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Advisers and the personnel and resources of the Adviser and Sub-Advisers, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees considered statements by the Adviser and Sub-Advisers regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

100

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser and Sub-Advisers to the Fund under the respective Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.49% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Advisers had managed this Fund to the Board’s satisfaction over the course of the previous two years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Advisers, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Advisers. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Advisers on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Advisers with respect to the Fund appeared to be reasonable.

Economies of Scale and Whether the Fee Level Reflects These Economies of Scale. The Trustees considered the information provided by the Adviser and the Sub-Advisers as to the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser and Sub-Advisers, but that a unitary fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed advisory fee rate for the Fund is reasonable in relation to the projected asset size of the Fund. The Trustees noted the Adviser’s and Sub-Advisers’ views on their expectations for growth, noting that, initially, the Adviser did not anticipate any material economies of scale. The Trustees concluded that the flat investment management fee was reasonable and appropriate.

The Trustees noted that the Adviser and Sub-Advisers had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that it will not, initially, have any soft dollar arrangements.

Based on all the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

101

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

FOR AMPLIFY INTERNATIONAL ONLINE RETAIL ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 14, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify International Online Retail ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management LLC (the “Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about September 18, 2018 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Thus, a meeting was held on September 18, 2018, to discuss and review the Agreements with respect to the Fund. At the September 18, 2018 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for the initial two-year term.

Each year after the initial two-year term, the Board will call and hold a meeting to decide whether to renew the Agreements for an additional one-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. Thus, a meeting was held on September 14, 2021, to discuss and review the Agreements with respect to the Fund. At the September 14, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for an additional one-year term.

Prior to and at the meeting held on September 14, 2021, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub- Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub- Adviser’s oral presentations and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

102

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed investment management fee of 0.69% as compared to information provided by the Adviser on other similar products. The Trustees also considered that the Adviser and Sub-Adviser had managed this Fund to the Board’s satisfaction over the course of the previous two years. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and the Sub-Adviser with respect to the Fund appeared to be reasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

103

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

AMPLIFY CLEANER LIVING ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 8, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Cleaner Living ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management, LLC (“Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

The Fund was originally approved by the Board and its Independent Trustees on or about June 8, 2021 for an initial two-year term. After their initial two-year term, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. At the June 8, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for the initial two-year term.

On or about June 8, 2021, the Board called and held a meeting to decide whether to approve the Agreements for an initial two-year term. In preparation for such meetings, the Board requests and reviews a wide variety of information from the Adviser and the Sub-Adviser. At the June 8, 2021 meeting, the Board, including the Independent Trustees, approved the retention of the Adviser and the Sub-Adviser and the Agreements for the initial two-year term.

Prior to the meeting held on June 8, 2021, the Board, including the Independent Trustees, reviewed written materials from the Adviser and the Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided to fund shareholders by the Adviser and the Sub-Adviser; (ii) the Adviser and the Sub-Adviser’s costs and profits expected to be realized in providing their services, including any fall-out benefits expected to be enjoyed by the Adviser and the Sub-Adviser; and (iii) the existence, or anticipated existence, of economies of scale.

Prior to and at the meeting held on June 8, 2021, representatives from the Adviser and the Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser and the Sub-Adviser’s fees and other aspects of the Agreements. Among other things, representatives from the Adviser and the Sub-Adviser provided overviews of their advisory businesses, including investment personnel and investment processes. The representatives also discussed the rationale for launching the Fund, the Fund’s fees and fee structures of comparable investment companies. The Board then discussed the written materials that it received before the meeting and the Adviser and Sub-Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

104

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed initial investment management fee of 0.59% as compared to information provided by the Adviser on other similar products. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Adviser with respect to the Fund appeared to be reasonable.

The Trustees noted that the Adviser and Sub-Adviser had not identified any further benefits that it would derive from its relationship with the Fund, and had noted that they will not, initially, have any soft dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

105

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

AMPLIFY THEMATIC ALL-STARS ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 8, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Thematic All-Stars ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Toroso Investments, LLC (“Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

106

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

Fees, Expenses and Profitability. The Trustees discussed the information provided by the Adviser on the Fund’s proposed initial investment management fee of 0.49% as compared to information provided by the Adviser on other similar products. The Trustees noted that the proposed annual investment management fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of the Fund, including fees payable to the Sub-Adviser, except brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, distribution and service fees payable pursuant to a 12b-1 Plan, if any, and extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Adviser with respect to the Fund appeared to be reasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

107

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

AMPLIFY DIGITAL & ONLINE TRADING ETF

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 8, 2021, the Board of Trustees (the “Board”) of Amplify ETF Trust (the “Trust”) considered the approval of, and approved, the following agreements (collectively, the “Agreements”): (1) an Investment Management Agreement between Amplify Investments LLC (the “Adviser”) and the Trust, on behalf of the Amplify Digital & Online Trading ETF (the “Fund”) and (2) an Investment Sub-Advisory Agreement between the Adviser and Penserra Capital Management, LLC (“Sub-Adviser”), on behalf of the Fund (collectively, the “Agreements”).

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees considered information concerning the functions to be performed by the Adviser and the Sub-Adviser and the personnel and resources of the Adviser and Sub-Adviser, including the investment management team that will be responsible for the day-to-day management of the Fund and the portfolio manager responsible for investing the portfolio of the Fund. The Trustees also considered statements by the Adviser and Sub-Adviser regarding their respective financial conditions, that each was financially stable and could support its performance of the services under its Agreement. The Trustees also considered the services to be provided by the Adviser in its oversight of the Fund’s service providers.

108

Amplify ETF Trust

Board Considerations Regarding Approval of
Investment Management Agreement and Sub-Advisory Agreements

October 31, 2021 (Unaudited) (Continued)

extraordinary expenses. The Board concluded that the unitary investment management fee to be charged to the Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser and Sub-Adviser. In conjunction with their review of the unitary investment management fee, the Trustees considered information provided by the Adviser and Sub-Adviser on their costs to be incurred in connection with the proposed Agreement and their estimated profitability and that any profitability would not be excessive. The Trustees concluded that the estimated profits to be realized by the Adviser and Sub-Adviser with respect to the Fund appeared to be reasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, have determined to approve the Agreements for the Fund.

109

Amplify ETF Trust

Review of Liquidity Risk Management Program

October 31, 2021 (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Amplify ETF Trust ( the “Trust”), on behalf of each of its series (each a “Fund” and, collectively, the “Funds”), has established a liquidity risk management program to govern the Funds’ approach to managing liquidity risk (the “Program”). The Program is overseen by the Trust’s Chief Compliance Officer (the “Liquidity Risk Manager”). The Trust’s Board of Trustees (the “Board”) has approved the designation of the Liquidity Risk Manager to administer the Program.

The Program’s principal objectives include supporting the Funds’ compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund’s liquidity and the periodic classification and re-classification of certain Funds’ investments into groupings that reflect the Liquidity Risk Manager’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on June 8, 2021, the Trustees received a written report from the Liquidity Risk Manager regarding the design and operational effectiveness of the Program since its implementation. The Liquidity Risk Manager determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Liquidity Risk Manager reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Risk Manager also noted no Fund has filed a Form N-LIQUID with the SEC.

The Liquidity Risk Manager noted that, with the exception of the Amplify BlackSwan Growth & Treasury Core ETF (“SWAN”), Amplify Seymour Cannabis ETF (“CNBS”), and Amplify BlackSwan ISWN ETF (“ISWN”), the Funds continue to qualify as “in-kind” ETFs under Rule 22e-4 and, as such, are exempt from the requirement to set a highly liquid investment minimum. The Liquidity Risk Manager noted that SWAN, CNBS, and ISWN are invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule. Because of that continued qualification for the exemption, the Funds have not adopted any “highly liquid investment” minimum amounts. The Liquidity Risk Manager further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

110

Amplify ETF Trust

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

All Exchange Traded Funds (“ETF”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs and transaction fees, which include costs for ETF management and other Fund expenses. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other funds. The examples are based on investment of $1,000 made at the beginning of the period shown and held for the periods shown below.

The table below illustrates your fund’s costs in two ways:

ACTUAL FUND RETURN

This section helps you to estimate the actual expenses after fee waivers that your fund incurred over the period shown. “Expenses Paid During Period” shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid during the period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your fund under “Expenses Paid During Period.”

HYPOTHETICAL 5% RETURN

This section helps you compare your fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the “Annualized Expense Ratio” for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your fund’s comparative cost by comparing the hypothetical result of your fund under “Expenses Paid During Period” with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your fund’s actual return – the account values shown may not apply to your specific investment.

YYY	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	1,039.80	0.50%	$	2.57
Hypothetical 5% Return	$	1,000.00	$	1,022.68	0.50%	$	2.55

IBUY	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	883.70	0.65%	$	3.09
Hypothetical 5% Return	$	1,000.00	$	1,021.93	0.65%	$	3.31

DIVO	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	1,082.20	0.55%	$	2.89
Hypothetical 5% Return	$	1,000.00	$	1,022.43	0.55%	$	2.80

111

Amplify ETF Trust

Disclosure of Fund Expenses

October 31, 2021 (Unaudited) (Continued)

BLOK	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	1,044.40	0.70%	$	3.61
Hypothetical 5% Return	$	1,000.00	$	1,021.68	0.70%	$	3.57

BATT	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	1,227.20	0.59%	$	3.31
Hypothetical 5% Return	$	1,000.00	$	1,022.23	0.59%	$	3.01

SWAN	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	1,073.60	0.49%	$	2.56
Hypothetical 5% Return	$	1,000.00	$	1,022.74	0.49%	$	2.50

XBUY	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	810.40	0.69%	$	3.15
Hypothetical 5% Return	$	1,000.00	$	1,021.73	0.69%	$	3.52

CNBS	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	651.40	0.75%	$	3.12
Hypothetical 5% Return	$	1,000.00	$	1,021.42	0.75%	$	3.82

JGLD	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	924.50	0.49%	$	2.38
Hypothetical 5% Return	$	1,000.00	$	1,022.74	0.49%	$	2.50

ISWN	Beginning Account Value 5/1/2021		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period(a)
Actual Fund Return	$	1,000.00	$	1,034.50	0.49%	$	2.51
Hypothetical 5% Return	$	1,000.00	$	1,022.74	0.49%	$	2.50

DTOX	Beginning Account Value 6/23/2021(b)		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period
Actual Fund Return	$	1,000.00	$	964.60	0.59%	$	2.06	(c)
Hypothetical 5% Return	$	1,000.00	$	1,021.87	0.59%	$	2.96	(a)

112

Amplify ETF Trust

Disclosure of Fund Expenses

October 31, 2021 (Unaudited) (Continued)

MVPS	Beginning Account Value 7/20/2021(b)		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period
Actual Fund Return	$	1,000.00	$	1,128.50	0.49%	$	1.47	(d)
Hypothetical 5% Return	$	1,000.00	$	1,022.36	0.49%	$	2.46	(a)

BIDS	Beginning Account Value 9/21/2021(b)		Ending Account Value 10/31/2021		Annualized Expense Ratios	Expenses Paid During Period
Actual Fund Return	$	1,000.00	$	1,059.70	0.59%	$	0.67	(e)
Hypothetical 5% Return	$	1,000.00	$	1,021.87	0.59%	$	2.96	(a)

(a) The dollar amounts shown as expenses paid during the period are equal to the Fund’s annualized expense ratio multiplied by the average account value during the period, multiplied by 184/365 (to reflect the one-half year period).

(b) Fund Commencement.

(c) The dollar amount shown as expenses paid during the period for DTOX is multiplied by 130/365, which is the number of days since inception divided by the number of days in the year.

(d) The dollar amount shown as expenses paid during the period for MVPS is multiplied by 103/365, which is the number of days since inception divided by the number of days in the year.

(e) The dollar amount shown as expenses paid during the period for BIDS is multiplied by 40/365, which is the number of days since inception divided by the number of days in the year.

113

Amplify ETF Trust

Trustees and Officers of the Trust

October 31, 2021 (Unaudited)

The following chart lists Trustees and Officers as of October 31, 2021.

Set forth below are the names, ages, addresses, position with the Trust, term of office and length of time served, the principal occupations during the past five years, number of portfolios in fund complex overseen by the trustees, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-855-267-3837. Furthermore, you can obtain the SAI by accessing the Commission’s website at www.sec.gov or by accessing the Funds’ website at www.amplifyetfs.com.

Name, Address, and Year of Birth	Position and Offices with the Trust	Term of Office and Year First Elected or Appointed	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past 5 Years
Interested Trustees
Christian Magoon(1) c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1974	Chairman of the Board of Trustees; Chief Executive Officer and President	Indefinite term Since inception	Chief Executive Officer, Magoon Capital (2010 – present); Chief Executive Officer, YieldShares, LLC (2013 – present); Chief Executive Officer, Amplify Invesments LLC (2015 – present); President, Amplify Investments LLC (2015 – 2018)	13	None
John Phillips(2) c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1958	Secretary	Indefinite term Since inception	Chief Operating Officer and Head of Product Development, Amplify Investments LLC (2015 – present)	13	None
Independent Trustees
Michael DiSanto c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1979	Trustee	Indefinite term Since inception	Attorney, City of Naperville, Illinois (2007 – present); member, Elder board of the Compass Church, (2013 – present);	13	None
Rick Powers c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1957	Trustee	Indefinite term Since inception	Director, Department of Public Works, City of Peoria, Illinois (2019 – Present); Deputy Commissioner, Transportation, State of Indiana (2014 – 2019);	13	None
Mark Tucker c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1963	Trustee	Indefinite term Since inception	Sole member, Aspen Equity Partners, LLC (2009 – present); New Liberty Popcorn, LLC (2015 – present)	13	None

114

Amplify ETF Trust

Trustees and Officers of the Trust

October 31, 2021 (Unaudited) (Continued)

Name, Address, and Year of Birth	Position and Offices with the Trust	Term of Office and Year First Elected or Appointed	Principal Occupations During Past 5 Years	Other Directorships Held
Officers
Ed Keiley c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1965	Chief Compliance Officer	Indefinite term Since inception	Chief Compliance Officer, Amplify Investments LLC (2016 – present); Trader Compliance, Inc. (2003 – present)	N/A
Bradley H. Bailey c/o Amplify Investments LLC 310 S. Hale Street Wheaton, IL 60187 Y.O.B.: 1967	Chief Financial Officer	Indefinite term 2016	Chief Financial Officer, Amplify Investments LLC (2016 – present)	N/A
William H. Belden c/o Amplify Investments LLC 310 South Hale Street Wheaton, IL 60187 Y.O.B.: 1965	Vice President	Indefinite term 2020	President, Amplify Investments LLC (2018 – present); Managing Director, Guggenheim Investments (2009 – 2018)	N/A

(1) Mr. Magoon is deemed an “interested person” of the Trust due to his position as Chief Executive Officer of Amplify Investments LLC and Chief Executive Officer and President of the Trust.

(2) Mr. Phillips is deemed an “interested person” of the Trust due to his position as Chief Operating Officer of Amplify Investments LLC and Secretary of the Trust

115

Amplify ETF Trust

Additional Information

October 31, 2021 (Unaudited)

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year/period ended October 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:


YYY		6.81%
IBUY		100.00%
DIVO		40.00%
BLOK		18.86%
BATT		53.70%
SWAN		00.00%
XBUY		00.00%
CNBS		26.42%
JGLD		00.00%
ISWN		00.00%
DTOX		00.00%
MVPX		00.00%
BIDS		00.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year/period ended October 31, 2021 was as follows:


YYY		0.26%
IBUY		100.00%
DIVO		39.37%
BLOK		5.85%
BATT		1.67%
SWAN		00.00%
XBUY		00.00%
CNBS		23.49%
JGLD		00.00%
ISWN		00.00%
DTOX		00.00%
MVPX		00.00%
BIDS		00.00%

116

Amplify ETF Trust

Additional Information

October 31, 2021 (Unaudited) (Continued)

Short Term Capital Gains

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:


YYY		00.00%
IBUY		00.00%
DIVO		70.64%
BLOK		00.00%
BATT		00.00%
SWAN		80.48%
XBUY		00.00%
CNBS		00.00%
JGLD		00.00%
ISWN		00.00%
DTOX		00.00%
MVPX		00.00%
BIDS		00.00%

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue Code, the Fund designates the following amount as foreign taxes paid for the period ended October 31, 2020. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

	Credible Foreign Taxes Paid		Per Share Amount		Portion of Ordinary Income Distribution Derived from Foreign Sourced Income
BATT	$	148,438	$	0.2056	98.93%
JGLD	$	1,879	$	0.2142	97.53%

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

117

Amplify ETF Trust

Supplemental Information

October 31, 2021 (Unaudited)

DISTRIBUTION OF PREMIUMS AND DISCOUNTS

NAV is the price per share at which the Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of the Fund generally is determined using the composite closing price each day. The Fund’s Market Price may be at, above or below its NAV. The NAV of the Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Fund on a given day, generally at the time NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Further information regarding premiums and discounts is available, without charge, on the Fund’s website at www.amplifyetfs.com.

INFORMATION ABOUT THE TRUSTEES

The Statement of Additional Information (“SAI”) includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling 1-855-267-3837. Furthermore, you can obtain the SAI by accessing the Commission’s website at www. sec.gov or by accessing the Fund’s website at www.amplifyetfs.com.

DELIVERY OF SHAREHOLDER DOCUMENTS—HOUSEHOLDING

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of the prospectus and other shareholder documents, please contact your broker-dealer. If you currently are enrolled in householding and wish to change your householding status, please contact your broker-dealer.

118

Amplify ETF Trust

October 31, 2021 (Unaudited)

AMPLIFY ETFS AND AMPLIFY AFFILIATES PRIVACY POLICY

Amplify recognizes the importance of protecting your personal and financial information when you visit our websites (each a “Website” and together “Websites”). This Policy is designed to help you understand the information collection practices on all Websites owned or operated by or on behalf of companies within the Amplify group of companies, including: Amplify Investments LLC, Amplify Development LLC, and Amplify Holding Company LLC. We are committed to:

(a) protecting the personal information you provide to us;

(b) telling you how we use the information we gather about you; and

CHANGES TO THIS PRIVACY POLICY

This Privacy Policy is dated January 1, 2016. Amplify reserves the right to amend this Privacy Policy at any time without notice, by updating this posting, in which case the date of the Policy will be revised. The current version of this Policy can be accessed from the link on the www.amplifyetfs.com homepage.

INFORMATION COLLECTION AND USE

Personally Identifiable Information: The personally identifiable information you submit to our Websites is used to service your interest and to improve our services to you and/or to provide you with information on Amplify products and services. The types of personal information that may be collected at our Websites include: name, address, email address and telephone number. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy.

Additionally, if the Website is a password protected site, then (a) once you submit your password and enter, the Website will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from the Website may be associated with other identifying information that we have about you.

Aggregate Information: We generally record certain usage information, such as the number and frequency of visitors to our Websites. This information may include the websites that you access immediately before and after your visit to our Websites, the Internet browser you are using and your IP address. If we use such data at all it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.

Service Providers: We may use internal or external service providers to operate our Websites and employ other persons to perform work on our behalf, such as sending postal mail and e-mail. These persons may have access to the personally identifiable information you submit through the Websites, but only for the purpose of performing their duties. These personnel may not use your personally identifiable information for any other purpose.

Compliance with Laws: We do not automatically collect personally identifiable information from visitors to our Websites, except to the extent we are required to do so pursuant to some statute or regulation applicable to us. We will not provide any personally identifiable information to any other persons, except if we are required to make disclosures by any law, any government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding.

E-mail and Marketing: Amplify does not sell its customers’ e-mail addresses, nor will we provide your personal information to third parties for their marketing purposes. Amplify will not send you e-mail messages without first receiving your permission, unless it relates to servicing your account or unless you have consented to receiving electronic delivery of fund documents as part of our E-Delivery service. It is our policy to include instructions for unsubscribing from these permission-based programs. We recommend that you do not send us any individual personal information via non secure methods of correspondence, including via public electronic communication channels, such as Internet e-mail, which are generally not secure.

119

Amplify ETF Trust

October 31, 2021 (Unaudited) (Continued)

Business Transfers: If the business, stock or assets of Amplify are acquired or merged with another business entity, we will share all or some of your information with this entity to continue to provide our service to you. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you may decline such use at such time.

Disclosure to Third Parties: The personal information you provide to us will only be disclosed to third parties if we have your permission, or as set out in this Privacy Policy. We may disclose details about the general use of our Websites to third parties – for example, to demonstrate patterns of use to advertisers and other business partners. Information we pass on for this purpose will not include any personal information by which you may be identified. We endeavor to prevent unauthorized disclosures of your personal information by third parties but we are not responsible for any unauthorized disclosures or other breaches of security or for the actions of others if the information was passed to them with your authority or with the authority of anyone other than us or our group companies.

What are Cookies?

Cookies are small text files that are stored in your computer’s memory and hard drive when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website.

Why Do We Use Cookies?

Cookies help us to provide customized services and information. We use cookies on all our Websites to tell us, in general terms, how and when pages in our Websites are visited, what our users’ technology preferences are – such as what type of video player they use – and whether our Websites are functioning properly.

If you are using one of our password-protected sites, then the website may use cookies or other technology to help us authenticate you, store and recognize your configuration and user attributes, facilitate your navigation of the website and customize its content so that the information made available is likely to be of more interest to you.

In broad terms, we use cookies on our Websites for the following purposes:

• Analytical purposes: Analytical cookies allow us to recognize measure and track visitors to our Websites. This helps us to improve and develop the way our Websites work, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.

• Usage preferences: Some of the cookies on our Websites are activated when visitors to our sites make a choice about their usage of the site. Our Websites then ‘remember’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.

• Terms and conditions: We use cookies on our Websites to record when a site visitor has seen a policy, such as this one, or provided consent, such as consent to the terms and conditions on our Websites. This helps to improve the user’s experience of the site – for example, it avoids a user from repeatedly being asked to consent to the same terms.

• Session management: The software that runs our websites uses cookies for technical purposes needed by the internal workings of our servers. For instance, we use cookies to distribute requests among multiple servers, authenticate users and determine what features of the site they can access, verify the origin of requests, keep track of information about a user’s session and determine which options or pages to display in order for the site to function.

• Functional purposes: Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.

120

Amplify ETF Trust

October 31, 2021 (Unaudited) (Continued)

Further Information About Cookies

If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.

THIRD PARTY WEBSITES

Amplify disclaims responsibility for the privacy policies and customer information practices of third party internet websites hyperlinked from our Website or this Privacy Policy.

SECURITY

Amplify protects your personal information when you transact business on our Website by requiring the use of a browser software program that supports industry standard SSL encryption with 128-bit key lengths. The “128-bit” designation refers to the length of the key used to encrypt the data being transmitted, with a longer key representing a higher level of security.

We welcome inquiries or comments about our Privacy Policy and any queries or concerns about Amplify ETFs at [email protected] or 1-855-267-3837.

121

Investment Adviser:

Amplify Investments LLC
310 S. Hale Street
Wheaton, IL 60187

Investment Sub-Advisers:
Penserra Capital Management, LLC 4 Orinda Way, Suite 100-A Orinda, CA 94563				Capital Wealth Planning 1016 Collier Center Way Naples, FL 34110
Toroso Investments, LLC 623 5th Avenue, Suite 15 New York, NY 10019				ARGI Investments, LLC 2201 High Wickham Place Louisville, KY 40245

Legal Counsel:

Chapman and Cutler LLP
111 West Monroe Street
Chicago, IL 60603

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202

Distributor:

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101

Administrator:

U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue
Milwaukee, WI 53202

Transfer Agent:

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Custodians:
		U.S. Bank National Association 1555 North RiverCenter Drive, Suite 302 Milwaukee, WI 53212		Cowen Execution Services, LLC 599 Lexington Avenue, 21st Floor New York, NY 10022

This information must be preceded or accompanied by a current prospectus for the Funds.