By Dan Weiskopf and Mike Venuto, Toroso Investments, LLC

Portfolio Managers of the Amplify Transformational Data Sharing ETF (BLOK)

Toroso is the Sub-Adviser for BLOK AmplifyETFs

June 2021Staying Up-to-date with the Rapidly Evolving

Blockchain and Crypto Ecosystem

The BLOK-Chain Monthly

AMPLIFY TRANSFORMATIONAL

DATA SHARING ETF

The BLOK-Chain Monthly • June 2021 p2

In the month of June, BLOK rebounded by 4.04% (market price, as of 6/30/21) against some challenging price action in Bitcoin (See chart below). This performance was achieved while we trimmed both Square and PayPal and sold the position in Opera. We remain bullish on the price action for Bitcoin despite the recent headwinds, and used the decline in price to further increase our exposure to mining and further diversify our holdings in the transactional platform segment. Specifically, we increased our ownership in HIVE Blockchain and added BIGG Blockchain. We believe that the disruption coming out of China will find some balance soon, and we are optimistic that miners who are in a position to substantially bring more capacity online in 2021 and early 2022 will reward their stockholders with big returns, but management experience and capital will now overtake flash and hype. There was a period where every announcement about dilution and equipment orders was followed by stock prices going higher, but in this next phase, different business models will distinguish operators from one another. This is a competitive and innovative bunch whose role and importance in building out the core infrastructure of the blockchain is somewhat underappreciated in our view.

Ticker Company % Weight

MSTR MICROSTRATEGY INC 6.35%

PYPL PAYPAL HLDGS INC 4.80%

SQ SQUARE INC 4.59%

MARA MARATHON DIGITAL HLDGS 3.89%

HIVE CN HIVE BLOCKCHAIN 3.58%

HUT CN HUT 8 MINING CORP 3.11%

4819 JP DIGITAL GARAGE 3.69%

GLXY CN GALAXY DIGITAL HOLDINGS 3.82%

VYGR CN VOYAGER DIGITAL 3.85%

NVDA NVIDIA CORP 3.55%

Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

TOP 10 HOLDINGS As Of 6/30/2021THE MANDATE

The Amplify Transformational Data Sharing ETF (BLOK) is the first actively managed ETF seeking to identify leading companies which are focused on the blockchain and cryptocurrency markets. The managers focus on how companies may capture the growth, innovation and disruption of the blockchain paradigm shift. The internet evolution changed how people communicate. We believe growth companies that embrace the blockchain evolution will capture secular growth trends that are accelerating, and which disrupt core processes in business. According to MarketsandMarkets, the size of the blockchain market is expected to grow from $3 billion in 2020 to $39.7 billion by 2025 – a compound annual growth rate (CAGR) of 67.3%. (May 5, 2020)

JUNE MONTHLY HIGHLIGHTS

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short-term performance, in particular, was attributable to unusually favorable conditions that are likely not sustainable, and such conditions might not continue to exist. An investment should not be made based solely on returns.

For performance data current to the most recent month-end, please call 855-267-3837 or visit BLOKETF.com. Brokerage commissions will reduce returns. BLOK's gross expense ratio is 0.71%

The BLOK-Chain Monthly • June 2021 p3

THE MAIN POINTS

1. Twists and turns out of China make it 28% easier for everyone mining Bitcoin.

2. The Bitcoin Mining Council (BMC) address ESG concerns about mining.

3. Active management balances risk while delivering long term rewards with high active share.

CHINA MAKES IT 28% MORE EFFICIENT FOR EVERYONE MINING BITCOIN

The month of June was especially eventful in the Blockchain and Crypto market, with many twists related to Chinese government intervention intending to shut down miners and make trading on exchanges more difficult. However, such action proved how decentralization is the best defense from control. Arguably, the effort played to the strength of Bitcoin. The massive decline in mining out of China, reflected in a decrease in hash rate (Hash reflects the number of mines operating online – see definitions in footnotes), led to the largest change in the difficulty for miners to find Bitcoin. This change reflects the economic incentive for the system to reward mining operators securing the system. Prior to June, Chinese miners were believed to be operating mining equipment that controlled about 65% of the processing of Bitcoin. Today, due to the shutdown, there is evidence that this number will be below 50% very soon. The Bitcoin Mining Council (BMC) points out these new locations are very much emphasizing carbon neutrality. We also expect more decentralization. Transparency around who is processing the security of the Bitcoin network will only expand confidence in the protocol, and thus will accelerate adoption by institutions.

Ironically, the China crackdown highlighted the importance of the miners to the Bitcoin infrastructure. As the miners in China unplugged, the hash power collapsed, with the price of Bitcoin also plunging from $43,000 to $29,000, about where price support was anticipated. It is reasonable to assume that some Bitcoin liquidation came out of China. More important than price, though, was the speed with which processing declined. Bitcoin was designed for new blocks to be added to the blockchain roughly every ten minutes, but with far fewer miners at work, block times rose to more than 20 minutes apart at one point in June. However, as math keeps the system honest, the difficulty level on July 3rd was adjusted to make it 28% easier to process and find blocks. Bitcoin is about 3x higher than where it was when the difficulty levels were at current operating metrics. The difficulty level is adjusted after about two weeks, or 2,016 blocks. As a result, we expect processing speeds will return to normal levels and miners operating during this period should be well rewarded. Put simply, while the China miners are on the sidelines, other miners operating in the network are being rewarded with 28% better efficiency.

The BLOK-Chain Monthly • June 2021 p4

BITCOIN MINING AND ESG CONSIDERATIONS

• The Council, as an association, is open to anyone andeveryone globally and seeks only to be a common voicearound providing education, facts and the establishedprinciples behind the foundation that Satoshi wrote about inthe protocol paper.

• They believe energy use by Bitcoin Mining vs total global energy use is minimal.

Whether ESG investors agree or disagree with the details presented by the BMC is less of an issue than the fact that, unlike other industries, this group is anything but passive about the premise behind trying to do good in a transparent manner.

THE CRYSTAL BALL AND MANAGING RISK

A “Crypto Crystal ball” does not exist, and volatility sometimes can shake convictions. But, change is about disruptive technology, and venture capitalists increased their exposure to crypto companies in 2021 to $17 billion, far above $5.5 billion in all of 2020.¹ To that point, in this latest period we were able to also increase the direct exposure even further. The Top 20 holdings now represent 70.83% of the portfolio, a sequential increase from 69% in May, and a further increase from 67% from April. We would not expect this number to eclipse 75%. Currently, the portfolio holds 47 names, and at times may hold between 40-60 positions.

The universe of names is now around 200 companies and expanding regularly. Depending on levels of purity, we score companies differently between core and non-core. We see an expanding universe of companies adopting blockchain as evidence of the opportunity

Bitcoin Mining Energy Use vs Total Global Energy Use

before us. While the media may focus on well-known U.S. “unicorns” like Coinbase and Robinhood, we see the opportunity as much more global. We hope, as an actively-managed fund, we continue to identify those companies, like Galaxy, Marathon and Voyager, that potentially are at early stages of development and may offer exponential returns. We also wanted to highlight in this report that the following 3 companies in the portfolio were recently “up-listed” to the NASDAQ: HUT 8 (HUT), Bitfarms Ltd (BITF) and HIVE Blockchain (HVBT). While BLOK investors have benefited by being early shareholders in these companies, it is expected that more U.S. investors can now access these names. Marathon Digital and Riot Blockchain were also added to the Russell 2000.

The BLOK-Chain Monthly • June 2021 p5

Company % Average

WeightTotal

Return (%)Contribution to Return (%)

Amplify Transformational Data Sharing ETF

100.00 150.93 150.93

Galaxy Digital Hold 2.59 936.85 21.46

Silvergate Capital Corp 1.36 619.49 17.34

Square Inc – A 4.13 520.04 15.44

Marathon Digital Hold 0.72 1,397.37 15.36

Microstrategy Inc 1.02 384.89 11.01

Advanced Micro Devices 2.14 688.66 9.64

Kakao Corp 2.4 423.81 7.68

Riot Blockchain Inc 0.51 693.55 6.53

NVIDIA Corp 2.42 266.76 6.25

Canaan Inc 0.74 33.17 6.23

Voyager Digital Ltd 0.51 479.1 6.13

Docusign Inc 1.01 324.7 5.66

JD.com Inc-Adr 1.59 92.82 4.57

Microsoft Corp 2.17 199.77 4.36

Taiwan Semiconducto 2.98 219.34 3.74

Z Holdings Corp 2.6 58.48 3.62

Naver Corp 0.87 224.64 3.41

Grayscale Bitcoin Trust Btc 0.49 117.43 3.4

GMO Internet Inc 4.4 49.03 3.31

Paypal Holdings Inc 0.79 43.49 2.85

Inception date: 1/17/18. Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Data for period 1/17/18 - 6/30/21

Top 20 Contribution to Return Since Inception as of 6/30/213+ YEAR TRACK RECORD

Readers of the BLOK-Chain Monthly will remember that the commentary in May highlighted companies that were down the most during the month, and what contribution they made to performance. As an active fund focused on blockchain, we think the defense of downside capture is important in both the short term and the long term. However, in this month’s segment, we thought we would balance the discussion out and show the attribution from the Top 20 contributing stocks to BLOK’s performance since its inception on 1/17/2018.

Many of these names today are very recognizable, but back in 2018 when BLOK launched, most were not very well-known, and their vision was unclear to most investors. In addition, we take special pride in managing the tax consequences in the fund by optimizing the ETF wrapper by trimming core positions when they eclipse certain weighting in the portfolio, and also buying back positions based upon our analysis and investment process.

SUMMARY

The price momentum of Bitcoin and Crypto should be expected to be volatile, but evidence of the adoption rate continues to be strong. In June, the BLOK portfolio was up 4.04% (market price, as of 6/30/21), and remained correlated with Bitcoin. The overweighting towards Digital Transaction/Platforms remained high at 32.53%, down from 35.38% due to some trimming in PayPal, Square, and a 16% decline Voyager stock. Price action in the mining segment, BLOK’s second largest exposure at 23.64%, provided a net positive to the performance led by positions in RIOT Blockchain and Marathon Digital, and an increase in the holdings in HIVE Blockchain. According to data from the Bitcoin Mining Council, concerns about ESG in the mining space are misleading. We believe the portfolio is positioned to benefit from the disruption in China. The long-term vision for BLOK since 2018 remains to find and research undiscovered companies whose mission is to capitalize and benefit from the global evolution of the blockchain and crypto disruption. We are excited to report that this universe continues to robustly expand.

Short-term performance may reflect conditions that are unsustainable and thus are unlikely to be repeated in the future. Recent favorable conditions were due to positive developments within the blockchain technology sector and the companies involved in it.

The BLOK-Chain Monthly • June 2021 p6

APPENDIX: Monthly Detailed Performance Contribution Chart As Of 6/30/2021

% Average Weight Total Return (%) Contribution to Return (%)

AMPLIFY TRANSFORMATIONAL DATA SHARING ETF 100.00 4.04 4.04

Information Technology 64.59 5.63 3.56

MICROSTRATEGY INC-CL A 5.40 41.38 1.91

PAYPAL HOLDINGS INC 4.86 12.10 0.56

SQUARE INC - A 4.59 9.56 0.40

VOYAGER DIGITAL LTD 4.02 -16.75 -0.84

ARGO BLOCKCHAIN PLC 3.64 -25.72 -1.10

DIGITAL GARAGE INC 3.61 9.78 0.34

MARATHON DIGITAL HOLDINGS IN 3.56 26.65 0.87

NVIDIA CORP 3.29 23.16 0.70

GMO INTERNET INC 3.11 1.01 0.03

HIVE BLOCKCHAIN TECHNOLOGIES 3.03 14.31 0.43

HUT 8 MINING CORP 2.93 5.58 0.18

BITFARMS LTD/CANADA 2.82 -9.74 -0.29

RIOT BLOCKCHAIN INC 2.66 38.85 0.89

NORTHERN DATA AG 2.48 -14.35 -0.40

CLEANSPARK INC 2.28 -0.72 -0.02

INTL BUSINESS MACHINES CORP 2.13 1.98 0.04

CANAAN INC 2.01 -2.98 -0.06

ORACLE CORP 1.71 -1.14 -0.02

ACCENTURE PLC-CL A 1.61 4.48 0.07

EBANG INTERNATIONAL HLDGS-A 1.54 6.57 0.09

TAIWAN SEMICONDUCTOR-SP ADR 0.95 2.77 0.03

ADVANCED MICRO DEVICES 0.95 17.30 0.16

SAMSUNG ELECTRONICS CO LTD 0.53 -0.65 0.00

OPERA LTD-ADR 0.47 -14.59 -0.24

BIGG DIGITAL ASSETS INC 0.40 -17.99 -0.18

Financials 21.82 0.47 0.10

GALAXY DIGITAL HOLDINGS LTD 3.78 2.93 0.10

SBI HOLDINGS INC 3.43 -6.24 -0.23

SILVERGATE CAPITAL CORP-CL A 3.36 1.72 0.06

COINBASE GLOBAL INC -CLASS A 3.07 7.09 0.23

MOGO INC 2.37 -4.73 -0.12

CME GROUP INC 1.95 -2.37 -0.05

DIGINEX LTD 1.15 11.97 0.13

INTERCONTINENTAL EXCHANGE IN 1.06 5.46 0.06

WISDOMTREE INVESTMENTS INC 0.96 -7.46 -0.07

VONTOBEL HOLDING AG-REG 0.70 -0.44 0.00

The BLOK-Chain Monthly • June 2021 p7

APPENDIX: Monthly Detailed Performance Contribution Chart As Of 6/30/2021

% Average Weight Total Return (%) Contribution to Return (%)

Not Classified 5.63 -18.74 -1.03

GRAYSCALE BITCOIN TRUST BTC 1.66 -1.36 -0.03

MUDRICK CAPITAL ACQUISITIO-A 1.11 -8.72 -0.11

VPC IMPACT ACQUISITION HLD-A 1.04 -1.86 -0.02

STIT GOVT & AGENCY-INST 0.92 0.00 0.00

NOCTURNE ACQUISITION CORP 0.35 0.10 0.00

US DOLLAR 0.00 0.00 0.00

Consumer Discretionary 4.79 6.24 0.30

OVERSTOCK.COM INC 3.07 7.92 0.24

ALIBABA GROUP HOLDING-SP ADR 1.11 5.99 0.07

RAKUTEN GROUP INC 0.60 -1.51 -0.01

Communication Services 3.72 0.84 0.04

Z HOLDINGS CORP 1.61 6.66 0.11

SOFTBANK GROUP CORP 0.83 -7.17 -0.06

BAIDU INC - SPON ADR 0.64 3.89 0.03

TENCENT HOLDINGS LTD 0.63 -5.71 -0.04

Holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

BLOK PERFORMANCE Quarter End as of June 30, 2021

Cumulative (%) Annualized (%)

1 Mo. 3 Mo. 6 Mo. YTD Since Inception 1 Yr. 3 Yr. Since Inception

Fund NAV 4.10% -14.54% 36.81% 36.81% 150.58% 139.62% 37.20% 30.49%

Closing Price 4.04% -14.63% 36.28% 36.28% 150.93% 140.66% 37.32% 30.54%

Fund inception date: (1/17/2018). The performance data quoted represents past performance. Past performance does not guarantee future results. Recent short-term performance is attributable to unusually favorable conditions that are likely not sustainable, and such conditions might not continue to exist. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. For performance data current to the most recent month-end please call 855-267-3837 or visit AmplifyETFs.com/BLOK. Brokerage commissions will reduce returns. BLOK’s gross expense ratio is 0.71%.

¹ Bloomberg, June 18, 2021: “Venture Capital Makes a Record $17 Billion Bet on Crypto World”

Glossary

Bitcoin Network Hash Rate: “Hash rate” refers to the total combined computational power that is being used to mine and process transactions on a Proof-of-Work blockchain, such as Bitcoin and Ethereum. A “hash” is a fixed-length alphanumeric code that is used to represent words, messages and data of any length.

Bitcoin Average Difficulty: Bitcoin’s difficulty is measured using an internal score that began at 1, when Satoshi Nakamoto (the name used for the anonymous person or people who wrote first white paper about Bitcoin) started mining at the easiest level. It is programmed to increase or decrease incrementally depending on how many miners are competing on the network.

Carefully consider the Fund’s invest-ment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in Amplify Funds statutory and summary prospectus, which may be obtained above or by calling 855-267-3837, or by visiting AmplifyETFs.com. Read the prospectus carefully before investing.

Click HERE for BLOK’s top 10 holdings.

Click HERE for BLOK’s prospectus.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying Index.The Fund is subject to man-agement risk because it is actively managed. Nar-rowly focused investments typically exhibit high-er volatility. A portfolio concentrated in a single industry, such as companies actively engaged in blockchain technology, makes it vulnerable to factors affecting the companies. The Fund may face more risks than if it were diversified broadly over numerous industries or sectors. Blockchain technology may never develop optimized trans-actional processes that lead to realized economic

returns for any company in which the Fund in-vests.

The Fund invests at least 80% of the Fund’s net assets in equity securities of companies actively involved in the development and utilization of blockchain technologies. Such investments may be subject to the following risks: the technolo-gy is new and many of its uses may be untested; theft, loss or destruction; competing platforms and technologies; cybersecurity incidents; de-velopmental risk; lack of liquid markets; possible manipulation of blockchain-based assets; lack of regulation; third party product defects or vulner-abilities; reliance on the Internet; and line of busi-ness risk. The investable universe may include companies that partner with or invest in other companies that are engaged in transformation-al data sharing or companies that participate in blockchain industry consortiums. The Fund will invest in the securities of foreign companies. Se-curities issued by foreign companies present risks beyond those of securities of U.S. issuers.

The Fund may have exposure to cryptocurren-cies such as bitcoin indirectly through investment funds, including through an investment in the Bitcoin Investment Trust (“GBTC”), a privately of-fered, open-end investment vehicle. Even when held indirectly, investment vehicles like GBTC may be affected by the high volatility associated with cryptocurrency exposure. Holding a private-ly offered investment vehicle in its portfolio may

cause the Fund to trade at a premium or discount to NAV. Many significant aspects of the U.S. fed-eral income tax treatment of investments in cryp-tocurrencies are uncertain and such investments, even indirectly, may produce non-qualifying in-come for purposes of the favorable U.S. federal income tax treatment generally accorded to reg-ulated investment companies.

Amplify Investments LLC is the Investment Ad-viser to the Fund, and Toroso Investments, LLC serves as the Investment Sub-Adviser.

Amplify ETFs are distributed by Foreside Fund Services, LLC.

AmplifyETFs

QUESTIONS?

Visit AmplifyETFs.com/BLOK

Phone 855-267-3837

Email info@AmplifyETFs.com