Amplify Inflation Fighter ETF
 
Consolidated Schedule of Investments
 
January 31, 2023 (Unaudited)
 
             
Description
 
Shares
   
Value
 
             
COMMON STOCKS - 75.8%
           
Consumer Discretionary - 14.3%
           
Airbnb, Inc. - Class A (a)
   
946
   
$
105,110
 
Century Communities, Inc.
   
3,209
     
196,391
 
DR Horton, Inc.
   
1,361
     
134,317
 
Green Brick Partners, Inc. (a)
   
8,098
     
252,658
 
Lennar Corp. - Class A
   
1,330
     
136,192
 
LGI Homes, Inc. (a)
   
1,397
     
159,048
 
M/I Homes, Inc. (a)
   
3,072
     
183,706
 
MDC Holdings, Inc.
   
3,705
     
139,901
 
PulteGroup, Inc.
   
2,642
     
150,303
 
Tri Pointe Homes, Inc. (a)
   
6,061
     
133,887
 
             
1,591,513
 
Consumer Staples - 1.5%
               
Alico, Inc.
   
6,108
     
161,862
 
Energy - 15.8%
               
Antero Resources Corp. (a)
   
4,074
     
117,494
 
Cameco Corp.
   
8,506
     
238,006
 
Chevron Corp.
   
342
     
59,515
 
Denison Mines Corp. (a)
   
94,957
     
136,310
 
Energy Fuels, Inc. (a)
   
19,389
     
142,897
 
NexGen Energy Ltd. (a)
   
28,379
     
136,931
 
Ovintiv, Inc.
   
2,037
     
100,282
 
Phillips 66
   
608
     
60,964
 
Suncor Energy, Inc.
   
4,074
     
141,449
 
Texas Pacific Land Corp.
   
150
     
299,378
 
Uranium Energy Corp. (a) (b)
   
80,883
     
325,958
 
             
1,759,184
 
Financials - 0.4%
               
LendingTree, Inc. (a)
   
956
     
37,915
 
Information Technology - 2.1%
               
Entegris, Inc.
   
986
     
79,580
 
Hive Blockchain Technologies Ltd. (a) (b)
   
11,400
     
39,444
 
QUALCOMM, Inc.
   
815
     
108,566
 
             
227,590
 
Materials - 14.6%
               
Franco-Nevada Corp.
   
1,189
     
174,426
 
Nucor Corp.
   
1,022
     
172,738
 
Osisko Gold Royalties Ltd.
   
13,170
     
176,215
 
POSCO Holdings, Inc. - ADR
   
2,776
     
171,862
 
Rio Tinto PLC - ADR
   
2,567
     
203,692
 
Royal Gold, Inc.
   
1,363
     
173,142
 
Vale SA - ADR
   
9,867
     
184,316
 
Wheaton Precious Metals Corp.
   
8,000
     
365,920
 
             
1,622,311
 
Real Estate - 27.1%
               
Anywhere Real Estate, Inc. (a)
   
6,122
     
51,915
 
Farmland Partners, Inc. (c)
   
24,054
     
309,816
 
Five Point Holdings, LLC - Class A (a)
   
30,387
     
78,398
 
Forestar Group, Inc. (a)
   
10,655
     
158,546
 
FRP Holdings, Inc. (a)
   
3,298
     
185,249
 
Gladstone Land Corp. (c)
   
13,106
     
256,091
 
Kennedy-Wilson Holdings, Inc.
   
8,305
     
148,493
 
Morguard Corp.
   
1,217
     
107,308
 
PotlatchDeltic Corp. (c)
   
5,147
     
251,946
 
Rayonier, Inc. (c)
   
8,317
     
302,656
 
Redfin Corp. (a)
   
5,106
     
38,193
 
Stratus Properties, Inc.
   
4,057
     
89,335
 
Tejon Ranch Co. (a)
   
10,718
     
214,574
 
The Howard Hughes Corp. (a)
   
1,974
     
168,757
 
The St Joe Co.
   
4,693
     
221,040
 
WeWork, Inc. - Class C (a) (b)
   
18,570
     
29,526
 
Weyerhaeuser Co. (c)
   
9,153
     
315,138
 
Zillow Group, Inc. - Class C (a)
   
1,952
     
86,298
 
             
3,013,279
 
Total Common Stocks (Cost $9,648,597)
           
8,413,654
 
                 
Exchange Traded Funds - 2.2%
               
WisdomTree Enhanced Commodity Strategy Fund
   
13,242
     
245,771
 
Total Exchange Traded Funds (Cost $336,416)
           
245,771
 
                 
MONEY MARKET FUNDS - 13.6%
               
Invesco Government & Agency Portfolio - Institutional Class - 4.30% (d)
   
1,507,388
     
1,507,388
 
Total Money Market Funds (Cost $1,507,388)
           
1,507,388
 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.7%
               
First American Government Obligations Fund - Class X - 4.10% (d)
   
190,651
     
190,651
 
Total Investments Purchased with Proceeds from Securities Lending (Cost $190,651)
           
190,651
 
Total Investments - 93.3%
               
(Cost $11,683,052)
         
$
10,357,464
 

Percentages are based on Net Assets of $11,105,858.
 
     
ADR -
American Depositary Receipt
 
(a)
Non-income producing security.
 
(b)
All or a portion of this security is out on loan as of January 31, 2023. Total value of securities out on loan is $181,046 or 1.6% of net assets.
 
(c)
Real Estate Investment Trust.
 
(d)
Seven-day yield as of January 31, 2023.
 
                   
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 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 U.S. Bank Global Fund Services.
 

Consolidated Schedule of Open Futures Contracts
 
January 31, 2023 (Unaudited)
 
                     
Number of Contracts
 
Description
Long/Short
Expiration Month
 
Notional Amount
   
Value/Unrealized Appreciation (Depreciation)
 
235
 
Micro Bitcoin
Long
February 2023
 
$
546,375
   
$
4,281
 
60
 
Micro Gold
Long
April 2023
   
1,167,180
     
(1,195
)
32
 
Mini Soybean
Long
March 2023
   
492,160
     
14,294
 
                   
$
17,380
 
                         


 
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, Amplify Inflation Fighter (Cayman) Ltd. (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 $2,401,648 which represented 21.63% 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 year/period ended January 31, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.
                     
For the period ended January 31, 2023, 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. Deposit accounts are valued at acquisition cost, which approximates fair value. 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 price 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 market price available, then the securities will be valued at the last trade price.
 
The Trust's valuation procedures provide for the designation of the Adviser as "Valuation Designee". 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 Valuation Designee, pursuant to procedures established by 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 January 31, 2023:
                     
 
Category
                 
 
Investments in Securities
                 
 
Assets
                 
 
Level 1
                 
 
Common Stocks
 
 $              8,413,654
             
 
Exchange Traded Funds
 
          245,771
             
 
Money Market Funds
 
       1,507,388
             
 
Investments Purchased with Proceeds from Securities Lending
 
          190,651
             
 
Total Level 1
 
     10,357,464
             
 
Level 2
                 
 
Total Level 2
 
                    -
             
 
Level 3
 
                    -
             
 
Total Level 3
 
                    -
             
 
Total
 
 $            10,357,464
             
 
Other Financial Instruments(a)
                 
 
Assets
                 
 
Level 1
                 
 
Futures Contracts
 
 $                   18,575
             
 
Total Level 1
 
            18,575
             
 
Level 2
                 
 
Total Level 2
 
                      -
             
 
Level 3
 
                    -
             
 
Total Level 3
 
                    -
             
 
Total
 
 $                   18,575
             
 
Other Financial Instruments(a)
                 
 
Liabilities
                 
 
Level 1
                 
 
Futures Contracts
 
 $                     1,195
             
 
Total Level 1
 
              1,195
             
 
Level 2
                 
 
Total Level 2
 
                      -
             
 
Level 3
 
                    -
             
 
Total Level 3
 
                    -
             
 
Total
 
 $                      1,195
             
                     
(a)
Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are reflected at value.
                     
See the Schedule of Investments for further disaggregation of investment categories.
                     
For the period ended January 31, 2023, 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 January 31, 2023, 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.