Amplify Inflation Fighter ETF
 
Consolidated Schedule of Investments
 
July 31, 2022 (Unaudited)
 
             
Description
 
Shares
   
Value
 
             
COMMON STOCKS - 75.7%
           
Consumer Discretionary - 12.0%
           
Airbnb, Inc. - Class A (a)
   
1,240
   
$
137,615
 
Century Communities, Inc.
   
4,217
     
215,784
 
DR Horton, Inc.
   
1,787
     
139,440
 
Green Brick Partners, Inc. (a)
   
10,654
     
285,527
 
Lennar Corp. - Class A
   
1,750
     
148,750
 
LGI Homes, Inc. (a)
   
1,835
     
206,988
 
M/I Homes, Inc. (a)
   
4,038
     
185,788
 
MDC Holdings, Inc.
   
4,871
     
176,574
 
PulteGroup, Inc.
   
3,476
     
151,623
 
Tri Pointe Homes, Inc. (a)
   
7,975
     
147,697
 
             
1,795,786
 
Consumer Staples - 2.0%
               
Alico, Inc.
   
8,034
     
292,759
 
Energy - 15.7%
               
Antero Resources Corp. (a)
   
5,358
     
212,391
 
Cameco Corp.
   
11,188
     
288,142
 
Chevron Corp.
   
450
     
73,701
 
Denison Mines Corp. (a)
   
124,939
     
149,277
 
Energy Fuels, Inc. (a)
   
25,509
     
171,165
 
NexGen Energy Ltd. (a)
   
37,337
     
162,696
 
Ovintiv, Inc.
   
2,679
     
136,870
 
Phillips 66
   
800
     
71,200
 
Suncor Energy, Inc.
   
5,358
     
181,851
 
Texas Pacific Land Corp.
   
242
     
443,792
 
Uranium Energy Corp. (a)
   
106,424
     
446,981
 
             
2,338,066
 
Financials - 0.4%
               
LendingTree, Inc. (a)
   
1,256
     
57,248
 
Information Technology - 5.8%
               
Core Scientific, Inc. (a)
   
200,391
     
502,981
 
Entegris, Inc.
   
1,292
     
141,991
 
Hive Blockchain Technologies Ltd. (a)
   
15,000
     
67,650
 
QUALCOMM, Inc.
   
1,067
     
154,779
 
             
867,401
 
Materials - 11.1%
               
Franco-Nevada Corp.
   
1,561
     
199,777
 
Nucor Corp.
   
1,340
     
181,972
 
Osisko Gold Royalties Ltd.
   
17,328
     
181,078
 
POSCO Holdings, Inc. - ADR
   
3,652
     
171,096
 
Rio Tinto PLC - ADR (b)
   
3,377
     
206,098
 
Royal Gold, Inc.
   
1,789
     
187,434
 
Vale SA - ADR
   
12,981
     
174,724
 
Wheaton Precious Metals Corp.
   
10,520
     
360,836
 
             
1,663,015
 
Real Estate - 28.7%
               
Anywhere Real Estate, Inc. (a)
   
8,054
     
79,976
 
Farmland Partners, Inc. (b) (c)
   
31,650
     
469,686
 
Five Point Holdings, LLC - Class A (a)
   
39,981
     
168,720
 
Forestar Group, Inc. (a)
   
14,015
     
193,968
 
FRP Holdings, Inc. (a)
   
4,336
     
255,824
 
Gladstone Land Corp. (c)
   
17,240
     
467,376
 
Kennedy-Wilson Holdings, Inc.
   
10,927
     
225,752
 
Morguard Corp.
   
1,601
     
138,227
 
PotlatchDeltic Corp. (c)
   
6,767
     
331,786
 
Rayonier, Inc. (c)
   
10,939
     
412,947
 
Redfin Corp. (a)
   
6,714
     
58,412
 
Stratus Properties, Inc. (a)
   
5,335
     
168,959
 
Tejon Ranch Co. (a)
   
14,102
     
232,965
 
The Howard Hughes Corp. (a)
   
2,592
     
183,747
 
The St Joe Co.
   
6,175
     
259,474
 
WeWork, Inc. - Class C (a) (b)
   
24,432
     
116,541
 
Weyerhaeuser Co. (c)
   
12,039
     
437,256
 
Zillow Group, Inc. - Class C (a)
   
2,564
     
89,432
 
             
4,291,048
 
Total Common Stocks (Cost $13,224,254)
           
11,305,323
 
                 
EXCHANGE TRADED FUNDS - 4.1%
               
FolioBeyond Rising Rates ETF
   
3,983
     
121,721
 
Simplify Interest Rate Hedge ETF
   
1,929
     
97,858
 
WisdomTree Enhanced Commodity Strategy Fund
   
16,631
     
387,003
 
Total Exchange Traded Funds (Cost $640,948)
           
606,582
 
                 
MONEY MARKET FUNDS - 11.3%
               
Invesco Government & Agency Portfolio - Institutional Class - 1.64% (d)
   
1,692,996
     
1,692,996
 
Total Money Market Funds (Cost $1,692,996)
           
1,692,996
 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.7%
               
First American Government Obligations Fund - Class X - 1.94% (d)
   
702,899
     
702,899
 
Total Investments Purchased with Proceeds from Securities Lending (Cost $702,899)
           
702,899
 
Total Investments - 95.8%
               
(Cost $16,261,097)
         
$
14,307,800
 

Percentages are based on Net Assets of $14,930,244.
ADR -
American Depositary Receipt
(a)
Non-income producing security.
(b)
All or a portion of this security is out on loan as of July 31, 2022. Total value of securities out on loan is $692,640 or 4.6% of net assets.
(c)
Real Estate Investment Trust.
(d)
Seven-day yield as of July 31, 2022.
                     
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P").  GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.
                     

Consolidated Schedule of Open Futures Contracts
   
July 31, 2022 (Unaudited)
   
     
 
Number of
Contracts
 
Description
Expiration Month
 
Notional Amount
   
Value/Unrealized Appreciation (Depreciation)
   
 
163
 
Micro Bitcoin
August 2022
 
$
391,037
   
$
16,477
   
 
78
 
Micro Gold
October 2022
   
1,381,770
     
34,194
   
 
36
 
Mini Soybean
November 2022
   
528,660
     
8,409
   
                   
$
59,080
   


 
Consolidation of Subsidiary
                             
Amplify Inflation Fighter ETF’s portfolio managers expect to obtain commodities exposure primarily through investments in commodity futures contracts via a wholly owned subsidiary of the Fund (the “Subsidiary”).The Subsidiary, which is organized under the laws of the Cayman Islands, is designed to enhance the ability of the Fund to obtain exposure to the commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Fund is the sole shareholder of the Subsidiary, which will not be sold or offered to other investors. The Subsidiary is overseen by its own board of directors. The Fund’s investment in the Subsidiary may not exceed 25% of the Fund’s total assets at each quarter-end of the Fund’s fiscal year end. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $2,708,629 which represented 18.14% of the Fund’s net assets.
 
 
 
 
                                 
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).
 
                                 
The valuation techniques used by the Funds to measure fair value for the period ended July 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.
 
                                 
For the period ended July 31, 2022, there have been no significant changes to the Fund's 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 using 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. Future contracts will be valued at the settlement price. If there is no 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 Fund's investments as of July 31, 2022:
 

 
Category
                               
 
Investments in Securities
                               
 
Assets
                               
 
Level 1
                               
 
   Common Stocks
  $
   11,305,323
                         
 
   Exchange Traded Funds
   
          606,582
                         
 
   Money Market Funds
   
       1,692,996
                         
 
Investments Purchased with
Proceeds fromSecurities Lending
   
          702,899
                         
 
Total Level 1
   
     14,307,800
                         
 
Level 2
                               
 
Total Level 2
   
                    -
                         
 
Level 3
   
                    -
                         
 
Total Level 3
   
                    -
                         
 
Total
  $
   14,307,800
                         
 
Other Financial Instruments(a)
                               
 
Liabilities
                               
 
Level 1
                               
 
Futures Contracts
  $
          59,080
                         
 
Total Level 1
   
            59,080
                         
 
Level 2
                               
 
Total Level 2
   
                      -
                         
 
Level 3
   
                    -
                         
 
Total Level 3
   
                    -
                         
 
Total
  $
         59,080
                         
                                   
See the Schedule of Investments for further disaggregation of investment categories.
           
                                   
(a)
Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are reflected at value.
   
                                   
For the period ended July 31, 2022, there were no transfers into or out of Level 3 for the Fund.
           
                                   
Secured Borrowings (Unaudited)
                               
The Funds adopted guidance requiring entities to present gross obligations for secured borrowings by the type of collateral pledged and remaining time to maturity.
 
   
As of July 31, 2022, the Fund had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agent 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 Fund 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 Fund is indemnified from this risk by contract with the Securities Lending Agent.