ETF Research Center

The Amplify Online Retail ETF tracks an index of global stocks issued by firms with revenues dominated by online retail sales. Stocks are equally weighted within 2 geographic buckets.

FUND BASICS
Category	Global Equities
Fund Sponsor	Amplify
Website	amplifyetfs.com
Inception date	Apr 20, 2016
Assets (mns)	$231
Currency	USD
Expense ratio	65 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	39
Wgt avg mkt cap (mns)	$56,963
Large cap (>$10bn)	45.0%
Mid cap ($2-10bn)	27.5%
Small cap (<$2bn)	27.5%
Developed mkts	91.0%
Emerging mkts	9.0%

TOP TEN HOLDINGS
Total	42.3 %
STAMPS.COM INC	8.2 %
COPART INC	4.4 %
PETMED EXPRESS INC	4.4 %
CARVANA CO. CLASS A	4.3 %
BOOKING HOLDINGS INC.	3.8 %
IAC/INTERACTIVECORP	3.5 %
EBAY INC	3.5 %
AMAZON.COM INC	3.5 %
CHEGG INC	3.4 %
PAYPAL HOLDINGS INC	3.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	70.9 %
	CHINA	9.5 %
	BRITAIN	4.7 %
	JAPAN	3.1 %
	GERMANY	2.9 %
	IRELAND	2.3 %
	CANADA	1.7 %
	INDIA	1.7 %
	LUXEMBOURG	1.6 %
	ARGENTINA	1.3 %

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.
20.8%	10.7%	--	--	21.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.39	64%
MSCI EAFE	1.28	46%
MSCI Emg. Mkts.	0.97	43%

Technical Indicators
Recent close	$46.68
30d moving avg.	$48.13
Annualized volatility	21.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	18
Turnover	0.4%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$14,723

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IBUY

Expense:

65 bp

ALTAR Score™:

2.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IBUY
Ticker	Fund Name	Overlap¹ vs IBUY (%)	Expense ratio (bp)	Savings vs IBUY (bp)	ALTAR Score™ (%)	ALTAR vs IBUY (%)
EBIZ	Global X E-commerce	40.4	68	-3	3.2	+0.8
PLAT	WisdomTree Modern Tech Platforms	36.4	45	20	2.9	+0.5
ONLN	ProShares Online Retail	36.2	58	7	2.9	+0.5
XWEB	SPDR S&P Internet	34.3	35	30	2.2	-0.3
GBUY	Goldman Sachs Motif New Age Consumer	27.2	50	15	3.6	+1.2
PNQI	Invesco Nasdaq Internet	26.6	62	3	2.9	+0.5
XBUY	Amplify International Online Retail	21.4	69	-4	1.4	-1.0
MILN	Global X Millennials Thematic	20.5	50	15	3.0	+0.6
GIGE	SoFi Gig Economy	20.0	59	6	0.5	-1.9
TTTN	TigerShares China-U.S. Internet Titans	19.5	59	6	4.0	+1.6
OGIG	O'Shares Global Internet Giants	18.4	48	17	1.6	-0.9
FDN	First Trust DJ Internet	17.7	52	13	3.4	+1.0
GENY	Principal Millennials Index	16.3	45	20	5.0	+2.6
FDNI	First Trust Dow Jones International Internet	14.9	65	0	4.7	+2.3
ARKW	ARK Web x.O	14.7	75	-10	-0.9	-3.3
XRT	SPDR S&P Retail	14.5	35	30	8.8	+6.4
XNTK	SPDR NYSE Technology	13.8	35	30	5.5	+3.1
ARKF	ARK Fintech Innovation	13.5	75	-10	2.0	-0.5
QQXT	First Trust NASDAQ-100 Ex-Tech	13.1	60	5	6.1	+3.6
AIQ	Global X Future Analytics Tech	11.4	68	-3	4.7	+2.3

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 Online Retail
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.7	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	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.