ETF Research Center

BLOK provides access to an actively-managed basket of global companies at the forefront of blockchain-based technology.

FUND BASICS
Category	Global Equities
Fund Sponsor	Amplify Investments
Website	www.amplifyetfs.com
Inception date	Jan 17, 2017
Assets (mns)	$100
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	55
Wgt avg mkt cap (mns)	$129,922
Large cap (>$10bn)	59.7%
Mid cap ($2-10bn)	13.6%
Small cap (<$2bn)	26.7%
Developed mkts	78.7%
Emerging mkts	21.3%

TOP TEN HOLDINGS
Total	34.7 %
GMO INTERNET INC	4.6 %
DAUM COMMUNICATIONS CORP	4.2 %
DIGITAL GARAGE INC	3.8 %
SBI HOLDINGS INC	3.6 %
YAHOO! JAPAN CORP	3.2 %
GLOBAL UNICHIP CORP	3.2 %
FACEBOOK	3.1 %
INTL BUSINESS MACHINES CORP	3.1 %
SQUARE, INC. CLASS A	3.0 %
RAKUTEN INC	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	40.8 %
	JAPAN	24.1 %
	SOUTH KOREA	8.8 %
	CHINA	6.3 %
	TAIWAN	5.5 %
	NORWAY	2.4 %
	IRELAND	2.2 %
	GERMANY	2.0 %
	CANADA	1.6 %
	BRITAIN	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.6%	5.1%	--	--	-7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	78%
MSCI EAFE	1.24	64%
MSCI Emg. Mkts.	0.90	47%

Technical Indicators
Recent close	$18.37
30d moving avg.	$18.02
Annualized volatility	20.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	35
Turnover	0.6%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$24,718

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Amplify Transformational Data Sharing ETF based on the alternatives' overlap in portfolio holdings with BLOK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BLOK

Expense:

70 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BLOK
Ticker	Fund Name	Overlap¹ vs BLOK (%)	Expense ratio (bp)	Savings vs BLOK (bp)	ALTAR Score™ (%)	ALTAR vs BLOK (%)
BLCN	Reality Shares NASDAQ NextGen Economy	46.0	68	2	5.7	+0.1
XNTK	SPDR NYSE Technology	26.2	35	35	5.5	-0.0
LEGR	First Trust Indxx Innovative Transaction & Process	22.8	65	5	6.8	+1.3
GDAT	Goldman Sachs Motif Data-Driven World	22.6	50	20	5.7	+0.1
KOIN	Innovation Shares NextGen Protocol	22.3	95	-25	4.7	-0.8
PLAT	WisdomTree Modern Tech Platforms	21.0	45	25	2.9	-2.7
AIQ	Global X Future Analytics Tech	19.9	68	2	4.7	-0.9
GIGE	SoFi Gig Economy	19.4	59	11	0.5	-5.1
IETC	iShares Evolved U.S. Technology	18.9	18	52	4.9	-0.7
ARKF	ARK Fintech Innovation	18.4	75	-5	2.0	-3.6
IGM	iShares S&P N. American Technology	17.6	46	24	4.6	-0.9
DSI	iShares MSCI KLD 400 Social	16.3	25	45	5.6	+0.1
OEF	iShares S&P 100	15.5	20	50	5.6	0.0
IYW	iShares US Technology	15.5	42	28	5.2	-0.3
IWY	iShares Russell Top 200 Growth	15.2	20	50	5.1	-0.4
XLG	Invesco S&P Top 50	15.0	20	50	5.2	-0.4
NACP	Impact Shares NAACP Minority Empowerment	14.9	75	-5	5.6	+0.1
IWF	iShares Russell 1000 Growth	14.9	19	51	5.0	-0.5
VONG	Vanguard Russell 1000 Growth	14.8	12	58	5.1	-0.5
SKYY	First Trust Cloud Computing	14.8	60	10	2.5	-3.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Amplify Transformational Data Sharing
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.8	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.54

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.