Amplify Commodity Trust

Previous wording

The following graphs illustrate changes in (i) the price of each Fund’s Shares (reflected, as applicable, by the graphs “Comparison of Per Share BDRY NAV to BDRY Market Value for the Three Months Ended June 30, 2024 and 2023”, “Comparison of Per Share BDRY NAV to BDRY Market Value for the Year Ended June 30, 2024 and 2023” and “Comparison of Per Share BWET NAV to BWET Market Value for the Three Months Ended June 30, 2024”, “Comparison of Per Share BWET NAV to BWET Market Value for the Year Ended June 30, 2024 and for the Period From May 3, 2023 (Commencement of Operations) to June 30, 2023” and (ii) each Fund’s NAV (as reflected by the graphs “Comparison of BDRY NAV to Benchmark Index for the Three Months Ended June 30, 2024 and 2023”, “Comparison of BDRY NAV to Benchmark Index for the Year Ended June 30, 2024 and 2023” and “Comparison of BWET NAV to Benchmark Index for the Three Months Ended June 30, 2024”, “Comparison of BWET NAV to Benchmark Index for the Year Ended June 30, 2024, and for the Period From May 3, 2023 (Commencement of Operations) to June 30, 2023”).

Current wording

The following graphs illustrate changes in (i) the price of each Fund’s Shares (reflected, as applicable, by the graphs “Comparison of Per Share BDRY NAV to BDRY Market Value for the Three Months Ended June 30, 2025 and 2024”, “Comparison of Per Share BDRY NAV to BDRY Market Value for the Year Ended June 30, 2025 and 2024”, “Comparison of Per Share BWET NAV to BWET Market Value for the Three Months Ended June 30, 2025 and 2024”, and “Comparison of Per Share BWET NAV to BWET Market Value for the Year Ended June 30, 2025 and 2024”) and (ii) each Fund’s NAV (as reflected by the graphs “Comparison of BDRY NAV to Benchmark Index for the Three Months Ended June 30, 2025 and 2024”, “Comparison of BDRY NAV to Benchmark Index for the Year Ended June 30, 2025 and 2024”, “Comparison of BWET NAV to Benchmark Index for the Three Months Ended June 30, 2025 and 2024”, and “Comparison of BWET NAV to Benchmark Index for the Year Ended June 30, 2025 and 2024).

Previous wording

During the year ended June 30, 2024, dry bulk spot rates improved versus the previous year, with the benchmark Baltic Dry Index rising steadily, reaching its highest point in December 2023 before declining and trading in a tight range for the remainder of the period.

Current wording

During the year ended June 30, 2025, dry bulk spot rates declined versus the previous year, with the benchmark Baltic Dry Index (BDI) falling steadily, reaching its lowest point in January 2025 before recovering and trading in a tight range for the remainder of the period. The BDI averaged 1,475, down from 1,730 during the previous year.

Previous wording

Geopolitical turmoil has greatly affected shipping, as the Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. For dry bulk, longer sailing distances have also increased demand for ships while bulk commodity flows have also seen increases versus the previous year. Although dry bulk has not been affected as much as other shipping segments from the ongoing conflict, spot rates have remained elevated during the second half of the fiscal year.

Current wording

Geopolitical turmoil has greatly affected shipping, as the Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and ceasefire agreements and thus the impact of the conflict on dry bulk shipping has been minimized.

Previous wording

During the year ended June 2024, iron ore trade volumes have experienced a significant increase versus the previous year, as China continued to import record amount of the steelmaking material. At the same time, portside inventories of iron ore have increased in tandem, as steel demand in China remains subdued due to weak domestic demand for new construction. Although various stimulus programs have been introduced during the period, the Chinese real estate sector remained in a relatively fragile state for the third year in a row, and while steel demand for manufacturing has increased, such improvement has been more than offset by weaker demand for construction. Iron ore prices continued to decline throughout the period, due to the aforementioned soft steel fundamentals. Coal volumes have remained relatively flat versus last year, on a slower pace in growth from China and India offset by weakening flows into Europe. Grains trade has experienced growth on improved US and Ukrainian exports.

Current wording

During the year ended June 30, 2025, iron ore trade volumes have been slightly weaker, as China’s import volumes have been weaker versus the previous year of the steelmaking material. At the same time, portside inventories of iron ore have remained elevated, as steel demand in China remains subdued due to weak domestic demand for new construction. Although various additional stimulus programs have been introduced during the period, the Chinese real estate sector remained in a relatively fragile state for the fourth year in a row, and while steel demand for manufacturing has increased, such improvement has been more than offset by weaker demand for construction. Iron ore prices have remained steady during the period, due to the aforementioned soft steel fundamentals partly offset by slightly better margins for steel mills. Coal trading volumes have also declined versus last year, as China’s import quantities have been weak on better solar and wind power generation and lower domestic coal prices. Grains trade experienced modest growth.

Previous wording

The combination of relatively strong Chinese bulk commodity demand combined with global disruptions due to geopolitical conflicts and the weather-related disruptions in the Panama Canal pushed spot rates for dry bulk shipping higher, leading to the relative outperformance for average spot rates year-over-year.

Current wording

The combination of relatively weaker Chinese bulk commodity demand combined with easing of global disruptions due to geopolitical conflicts pushed spot rates for dry bulk shipping lower, leading to the relative underperformance for average spot rates year over year.

Previous wording

The dry bulk orderbook increased marginally throughout the period from record low levels as period rates increased, incentivizing owners to place new orders.

Current wording

The dry bulk orderbook increased throughout the period as period rates remained relatively steady despite the weaker spot market, incentivizing owners to place new orders.

Previous wording

For the year ended June 30, 2024, the net asset value of each share increased (-119.75%) from $5.52 per share to $12.13 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2024.

Current wording

For the year ended June 30, 2024, the net asset value of each share increased (119.61%) from $5.53 per share to $12.13 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2024.

Previous wording

Net income for the year ended June 30, 2024, was $46,770,200, resulting from net realized losses on investments and futures contracts of $34,476,191, net unrealized losses on investments and futures contracts of $12,895,930, and the net investment loss of $601,921.

Current wording

Net income for the year ended June 30, 2024, was $46,770,200, resulting from net realized gains on futures contracts of $34,476,191, net unrealized gains on futures contracts of $12,895,930, and the net investment loss of $601,921.

Previous wording

During the period ended June 30, 2024, crude tanker spot rates experienced low volatility, with average spot rates for Very Large Crude Carriers (VLCC) steadily declining throughout the period.

Current wording

During the period ended June 30, 2025, crude tanker spot rates experienced another year of low volatility, with average spot rates for Very Large Crude Carriers (VLCC) remaining relatively steady.

Previous wording

Geopolitical turmoil has greatly affected global shipping, as the Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. For crude tanker shipping the impact has been relatively small, as most of the crude shipped in Very Large Crude Carriers (VLCCs) do not use the Suez Canal. Although the disruption initially did also have a knock-on effect on crude tanker rates, fundamentally this sub sector of the broader tanker market has not been affected by the conflict.

Current wording

Geopolitical turmoil has greatly affected global shipping, as the Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and ceasefire agreements and thus the impact of the conflict on tanker shipping has been minimized.

Previous wording

China remains the main region of demand growth for crude oil and, as a result, for crude tanker demand. However, slower oil import growth and weaker domestic demand in China remains a major concern for tanker rates. The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during the first half of 2024 oil imports declined marginally. With OPEC+ maintaining its existing production quota throughout the period, there has been little room for tanker demand growth, and although longer sailing distances associated with Brazilian and US oil exports have aided overall tanker demand, such an increase has not been sufficient to push spot tanker rates higher. Towards the end of the period, OPEC+ announced its intention to gradually increase oil production starting in the fall of 2024, which, all else equal, should increase demand for crude tankers.

Current wording

China remains the main region of demand growth for crude oil and, as a result, for crude tanker demand. However, steady imports and weaker domestic demand in China remains a major concern for tanker rates. The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during the first half of 2025 oil imports declined for a second year in a row. With OPEC+ planning to increase its production quota, expectations for increasing tanker demand growth have so far failed to materialize, and although longer sailing distances associated with Brazilian and US oil exports have aided overall tanker demand, such an increase has not been sufficient to push spot tanker rates higher. Towards the end of the period, a relatively brief conflict between Israel/US and Iran and the bombardment of Iran’s nuclear and military facilities created some uncertainty amongst tanker owners which pushed tanker rates briefly higher, but such a short-term spike quickly subsided. Additional OPEC+ production increases planned in the next few months should all else equal, increase demand for crude tankers.

Previous wording

The crude tanker orderbook for the next few years remains historically low, with very few new vessel deliveries during the period aiding the overall projected market balance. However, the orderbook marginally increased during the period from the record low levels of summer 2023.

Current wording

The crude tanker orderbook for the next few years remains historically low, with very few new vessel deliveries during the period aiding the overall projected market balance.

Previous wording

During the year ended June 30, 2024, the NYSE Arca market value of each share decreased (-19.59%) from $20.88 per share, representing the closing price on June 30, 2023, to $16.79 per share, representing the closing price on June 30, 2024. The share price high and low for the year ended June 30, 2024 and related change from the closing share price on June 30, 2023 was as follows: shares traded from a high of $20.98 per share (+0.48%) on February 16, 2024 to a low of $13.96 per share (-33.14%) on October 5, 2023.

Current wording

During the year ended June 30, 2024, the NYSE Arca market value of each share decreased (-19.59%) from $20.88 per share, representing the closing price on June 30,2023, to $16.79 per share, representing the closing price on June 30, 2024. The share price high and low for the year ended June 30, 2024 and related change from the closing share price on June 30, 2023 was as follows: shares traded from a high of $20.98 per share (+0.48%) on February 16, 2024 to a low of $13.96 per share (-33.14%) on October 5, 2023.

Previous wording

For the year ended June 30, 2024, the net asset value of each share decreased (-19.88%) from $20.83per share to $16.69 per share. Net losses in the futures contracts and Fund expenses resulted in the overall decrease in the NAV per share during the year ended June 30, 2024.

Current wording

For the year ended June 30, 2024, the net asset value of each share decreased (-19.89%) from $20.83 per share to $16.69 per share. Net losses in the futures contracts and Fund expenses resulted in the overall decrease in the NAV per share during the year ended June 30, 2024.

Previous wording

Net loss for the year ended June 30, 2024, was $318,928, resulting from net realized losses on investments and futures contracts of $827,253, net unrealized gains on investments and futures contracts of $941,167, and the net investment loss of $205,014.

Current wording

Net loss for the year ended June 30, 2024, was $318,928, resulting from net realized gains on futures contracts of $827,253, net unrealized losses on futures contracts of $941,167, and the net investment loss of $205,014.

Previous wording

Net loss for the three months ended June 30, 2024, was $658,305, resulting from net realized gains on investments and futures contracts of $164,816, net unrealized gains on investments and futures contracts of $121,364, and the net investment loss of $372,125.

Current wording

Net loss for the three months ended June 30, 2024, was $658,305, resulting from net realized gains on investments and futures contracts of $164,816, net unrealized gain son investments and futures contracts of $121,364, and the net investment loss of $372,125.

Previous wording

The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, and cash equivalents. Generally, all of the net assets of the Funds are allocated to trading in Benchmark Component Instruments. Most of the assets of the Funds are held in Freight Futures, cash and/or cash equivalents that could or are used as margin or collateral for trading in Benchmark Component Instruments. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Benchmark Component Instruments change. Interest earned on interest-bearing assets of the Funds is paid to the Funds. During the years ended June 30, 2024 and 2023, BDRY earned $1,816,833 and $1,255,773, respectively, in interest income. BWET earned $42,508 for the year ending June 30, 2024 and $4,478 in interest income for the period from May 3, 2023 (commencement of operations) to June 30, 2023.

Current wording

The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, and cash equivalents. Generally, all of the net assets of the Funds are allocated to trading in Benchmark Component Instruments. Most of the assets of the Funds are held in Freight Futures, cash and/or cash equivalents that could or are used as margin or collateral for trading in Benchmark Component Instruments. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Benchmark Component Instruments change. Interest earned on interest-bearing assets of the Funds is paid to the Funds. During the years ended June 30, 2025 and 2024, BDRY earned $1,403,394 and $1,816,833, respectively, in interest income. BWET earned $66,831 and $42,508 for the year ended June 30, 2025 and 2024, respectively.

Previous wording

The Funds currently accrue their daily expenses based on accrued expense amounts established and monitored by the Sponsor, subject to the Expense Cap. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor has assumed, and is responsible for the payment of, the routine operational, administrative and other ordinary expenses of the Funds. BDRY aggregated $435,119 and $734,699, of which $23,879 and $-0- was waived by Breakwave for the three months ended June 30, 2024 and 2023, respectively. BWET aggregated $116,064 and $123,053, of which $90,114 and $7,574 was waived by Breakwave for the three months ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023. In addition, expenses assumed by the Sponsor for BDRY aggregated $-0-and $-0- for the three months ended June 30, 2024 and 2023, respectively. For BWET, the Sponsor assumed $-0-and $77,450 of expenses for the three months ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023. Note that the expenses assumed for the period from May 3, 2023 (commencement of operations) to June 30, 2023 were assumed by the Former Sponsor.

Current wording

The Funds currently accrue their daily expenses based on accrued expense amounts established and monitored by the Sponsor, subject to the Expense Cap. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor has assumed, and is responsible for the payment of, the routine operational, administrative and other ordinary expenses of the Funds. BDRY aggregated $1,394,358 and $1,858,313, of which $217,687 and $23,879 was waived by Breakwave for the years ended June 30, 2025 and 2024, respectively. BWET aggregated $455,679 and $455,234, of which $27,481 and $52,076 was waived by Breakwave for the years ended June 30, 2025 and 2024, respectively. In addition, expenses reimbursed to the Sponsor for BDRY aggregated $242,025 and $- for the years ended June 30, 2025 and 2024, respectively. For BWET, the Sponsor assumed $361,863 and $277,458 of expenses for the years ended June 30, 2025 and 2024, respectively.