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Item 8. Financial Statements and Supplementary Data

2025-09-26 compared with 2024-09-27 · 609 added, 542 removed, 761 unchanged (60% of the section changed)

Financial Statements and Supplemental

Financial Statements and Supplemental Data.

AMPLIFY COMMODITY TRUST

1 unchanged sentence

June 30, 2025

BREAKWAVE DRY BULK SHIPPING ETF

BREAKWAVE TANKER SHIPPING ETF

Investment in securities, at fair value (cost $ 44,760,073 and $ 544,616 , respectively)

3 unchanged sentences

Due to Sponsor

Payable on open futures contracts

Unrealized depreciation on futures contracts

Other accrued expenses

Total liabilities

Net Assets Consist Of:

Paid-in Capital

Total Distributable Earnings (Accumulated Deficit)

Shares outstanding (unlimited authorized)

1 unchanged sentence

Market value per share

* Required margin held as collateral for open futures contracts

See accompanying notes to combined financial statements.

2 unchanged sentences

June 30, 2024

BREAKWAVE DRY BULK

BREAKWAVE TANKER

TANKER SHIPPING

Investment in securities, at fair value (cost $ 8,348,195 and $ 1,029,920 , respectively)

Segregated cash held by broker

Receivable on open futures contracts

Due from Sponsor

Interest receivable

3 unchanged sentences

Total liabilities

Net Assets Consist Of:

Paid-in Capital

$ ( 2,296,733 )

$ ( 1,057,240 )

Total Distributable Earnings (Accumulated Deficit)

Shares outstanding (unlimited authorized)

3 unchanged sentences

AMPLIFY COMMODITY TRUST

Combined Schedule of Investments

Combined Schedules of Investments

June 30, 2025

BREAKWAVE DRY BULK

BREAKWAVE TANKER

DRY BULK SHIPPING

TANKER SHIPPING

MONEY MARKET FUNDS – 68.0 % and 40.9 %, respectively

5 unchanged sentences

(a) Annualized seven-day yield as of June 30, 2025.

(b) $31,739,612 and $1,243,877 respectively, of cash is pledged

as collateral for futures contracts.

BREAKWAVE DRY BULK SHIPPING ETF

Futures Contracts

June 30, 2024

Appreciation/

(Depreciation)

Appreciation/

(Depreciation)

Amplify Commodity Trust

(b) $22,114,350 and $949,850, respectively, of cash is pledged as collateral for futures contracts.

BREAKWAVE DRY BULK SHIPPING ETF Unrealized

Futures Contracts Appreciation/ Notional Percentage of

June 30, 2025 (Depreciation) Value Capital

Baltic Exchange Capesize T/C Average Shipping Route Index Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 10,116,540 ) ( 620 contracts) $ ( 1,559,960 ) $ 10,116,540 15 %

8 unchanged sentences

$ ( 861,490 ) $ 65,601,635 100 %

$ ( 788,675 )

BREAKWAVE TANKER SHIPPING ETF

Futures Contracts

June 30, 2024

Appreciation/

(Depreciation)

Appreciation/

(Depreciation)

Amplify Commodity Trust

BREAKWAVE TANKER SHIPPING ETF Unrealized

Futures Contracts Appreciation/ Notional Percentage of

June 30, 2025 (Depreciation) Value Capital

Baltic Freight Route West Africa to Continent Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 70,680 ) ( 5 contracts) $ ( 636 ) $ 70,680 5 %

Baltic Freight Route West Africa to Continent Expiring August 31, 2025 (Underlying Face Amount at Market Value - $ 63,255 ) ( 5 contracts) ( 2,118 ) 63,255 5 %

Baltic Freight Route Middle East Gulf to China Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 379,680 ) ( 35 contracts) ( 34,456 ) 379,680 29 %

1 unchanged sentence

Baltic Freight Route Middle East Gulf to China Expiring September 30, 2025 (Underlying Face Amount at Market Value - $ 418,600 ) ( 35 contracts) 4,464 418,600 32 %

Baltic Freight Route West Africa to Continent Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 83,710 ) (5 contracts)

Baltic Freight Route West Africa to Continent Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 78,895 ) (5 contracts)

$ ( 60,903 ) $ 1,318,195 100 %

$ ( 115,880 )

See accompanying notes to combined financial statements.

2 unchanged sentences

June 30, 2024

BREAKWAVE DRY BULK

BREAKWAVE TANKER

BREAKWAVE TANKER SHIPPING

MONEY MARKET FUNDS - 21.3 % and 49.3 %, respectively

First American US Treasury Obligations Fund, Class X, 5.04 % (a)

Invesco Government & Agency Portfolio - Institutional Class, 5.24 % (a) ( 8,348,195 and 1,029,920 shares, respectively)

TOTAL MONEY MARKET FUNDS (Cost $ 8,348,195 and $ 1,029,920 , respectively)

3 unchanged sentences

(a) Annualized seven-day yield as of June 30, 2024.

(b) $35,323,736 and $2,879,954, respectively, of cash is pledged

as collateral for futures contracts.

BREAKWAVE DRY BULK SHIPPING ETF

Futures Contracts

June 30, 2023

Appreciation/

(Depreciation)

Appreciation/

(Depreciation)

Amplify Commodity Trust

Baltic Capesize Time Charter Expiring July 28, 2023 (Underlying Face Amount at Market Value - $ 9,552,340 ) (620 contracts)

$ ( 2,288,410 )

Baltic Capesize Time Charter Expiring August 25, 2023 (Underlying Face Amount at Market Value - $ 10,172,340 ) (620 contracts)

(1,668, 410 )

( 1,668,410 )

Baltic Capesize Time Charter Expiring September 29, 2023 (Underlying Face Amount at Market Value - $ 10,781,180 ) (620 contracts)

( 1,059,570 )

(b) $31,739,612 and $1,243,877, respectively, of cash is pledged as collateral for futures contracts.

BREAKWAVE DRY BULK SHIPPING ETF Unrealized AMPLIFY

Futures Contracts Appreciation/ COMMODITY

June 30, 2024 (Depreciation) TRUST

Baltic Exchange Capesize T/C Average Shipping Route Index Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 6,807,570 ) ( 245 contracts) $ 328,945 $ 328,945

Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 6,249,215 ) ( 245 contracts) ( 229,410 ) ( 229,410 )

Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 6,383,965 ) ( 245 contracts) ( 94,660 ) ( 94,660 )

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 4,895,690 ) ( 335 contracts) ( 454,310 ) ( 454,310 )

( 3,404,475 )

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 5,105,065 ) ( 335 contracts) ( 244,935 ) ( 244,935 )

( 2,248,325 )

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 5,334,875 ) ( 335 contracts) ( 15,125 ) ( 15,125 )

( 1,356,325 )

Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 1,273,555 ) ( 85 contracts) ( 33,195 ) ( 33,195 )

2 unchanged sentences

$ ( 788,675 ) $ ( 788,675 )

$ ( 13,669,745 )

BREAKWAVE TANKER SHIPPING ETF

Futures Contracts

June 30, 2023

BREAKWAVE TANKER SHIPPING ETF Unrealized AMPLIFY

Futures Contracts Appreciation/ COMMODITY

June 30, 2024 (Depreciation) TRUST

Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 584,600 ) ( 50 contracts) $ ( 53,469 ) $ ( 53,469 )

1 unchanged sentence

Baltic Freight Route Middle East Gulf to China Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 622,500 ) ( 50 contracts) ( 15,569 ) ( 15,569 )

Baltic Freight Route West Africa to UK Continent Expiring July 28, 2023 (Underlying Face Amount at Market Value - $ 95,450 ) (5 contracts)

Baltic Freight Route West Africa to UK Continent Expiring August 25, 2023 (Underlying Face Amount at Market Value - $ 179,400 ) (10 contracts)

Baltic Freight Route West Africa to UK Continent Expiring September 29, 2023 (Underlying Face Amount at Market Value - $ 89,150 ) (5 contracts)

accompanying notes to combined financial statements.

Baltic Freight Route West Africa to Continent Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 83,710 ) ( 5 contracts) ( 1,232 ) ( 1,232 )

Baltic Freight Route West Africa to Continent Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 78,895 ) ( 5 contracts) ( 41 ) ( 41 )

$ ( 115,880 ) $ ( 115,880 )

See accompanying notes to combined financial statements.

AMPLIFY COMMODITY TRUST

1 unchanged sentence

Year Ended June 30, 2025

BREAKWAVE DRY BULK

BREAKWAVE TANKER

Investment Income

4 unchanged sentences

Regulatory reporting fees

Brokerage commissions

Brokerage commission fees

Distribution fees

NJ filing fees

Insurance expense

Insurance fees

Listing and calculation agent fees

Marketing expenses

Printing and postage

Marketing fees

Printing and postage fees

Wholesale support fees

Miscellaneous expenses

Miscellaneous fees

Total Expenses

Waiver of CTA fee

Expenses absorbed by Sponsor

Expenses reimbursed to/(absorbed by) Sponsor

Net Investment Loss

1 unchanged sentence

Net Realized Gain (Loss) on

Investments, and futures contracts

Futures contracts

( 15,925,057 )

( 1,053,410 )

( 16,978,467 )

Change in Unrealized Gain (Loss) on

Investments and futures contracts

Futures contracts

Net realized and unrealized gain (loss)

Net income (loss)

( 15,997,872 )

( 16,996,305 )

$ ( 16,470,513 )

$ ( 1,028,257 )

$ ( 17,498,770 )

See accompanying notes to combined financial statements.

2 unchanged sentences

Year Ended June 30, 2024

BREAKWAVE DRY BULK

BREAKWAVE TANKER

Investment Income

10 unchanged sentences

Marketing expenses

Other expenses

Website support and marketing materials

Printing and postage

Wholesale support fees

Interest expense

Miscellaneous expenses

Total Expenses

2 unchanged sentences

Net Investment Loss

( 1,142,432 )

( 1,175,983 )

Net Realized and Unrealized Gain (Loss) on Investment Activity

Net Realized Gain (Loss) on

Investments, futures and options contracts

( 30,983,820 )

( 30,608,304 )

Investments and futures contracts

Change in Unrealized Gain (Loss) on

Investments, futures and options contracts

( 4,404,570 )

( 3,579,283 )

Investments and futures contracts

Net realized and unrealized gain (loss)

$ ( 318,928 )

( 34,187,587 )

Net income (loss)

$ ( 36,530,822 )

$ ( 35,363,570 )

* Period from May 3, 2023 (commencement of investment operations)

to June 30, 2023.

See accompanying notes to combined financial statements.

2 unchanged sentences

Year Ended June 30, 2025

BREAKWAVE DRY BULK SHIPPING ETF

TANKER SHIPPING ETF

Net Assets at Beginning of Year

Net Assets at Beginning of Period

Increase (decrease) in Net Assets from share transactions

4 unchanged sentences

( 19,528,645 )

Net decrease in Net Assets from share transactions

( 68,850,945 )

( 1,762,007 )

( 70,612,952 )

Net increase (decrease) in Net Assets from share transactions

Increase (decrease) in Net Assets from operations

1 unchanged sentence

Net realized gain (loss)

( 15,925,057 )

( 1,053,410 )

( 16,978,467 )

Change in net unrealized gain (loss)

Net Increase (decrease ) in Net Assets from operations

Net Assets at End of Year

( 16,470,513 )

( 1,028,257 )

( 17,498,770 )

Net Assets at End of Period

See accompanying notes to combined financial statements.

AMPLIFY COMMODITY TRUST

Combined Statements of Changes in Net Assets

Statements of Changes in Net Assets

Year Ended June 30, 2024

BREAKWAVE DRY BULK

BREAKWAVE TANKER

Net Assets at Beginning of Year

Net Assets at Beginning of Period

Increase (decrease) in Net Assets from share transactions

Addition of 4,850,000 shares

Redemption of 6,075,000 shares

Addition of 4,700,000 and 775,000 shares, respectively

Redemption of 12,550,000 and 850,000 shares, respectively

( 107,351,823 )

( 15,222,375 )

Net increase (decrease) in Net Assets from share transactions

Increase (decrease) in Net Assets from operations

Net investment income (loss)

( 122,574,198 )

Net Increase (decrease) in Net Assets from share transactions

( 68,850,945 )

Net realized gain (loss)

( 1,762,007 )

( 70,612,952 )

Increase (decrease) in Net Assets from operations

Net investment income (loss)

Net realized gain (loss)

Change in net unrealized gain (loss)

( 4,404,570 )

( 3,579,283 )

Net Increase (decrease) in Net Assets from operations

( 36,530,822 )

( 35,363,570 )

Net Assets at End of Year

* Period from May 3, 2023 (commencement of investment operations)

to June 30, 2023.

Net Assets at End of Period

See accompanying notes to combined financial statements.

2 unchanged sentences

Year Ended June 30, 2024

BREAKWAVE DRY BULK SHIPPING ETF

BREAKWAVE TANKER SHIPPING ETF

Cash flows used in operating activities

Cash flows provided by (used in) operating activities

Net income (loss)

1 unchanged sentence

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net realized (gain) loss on investments

Net realized loss (gain) on investments

( 34,476,191 )

( 35,303,444 )

Sale (purchase) of investments, net

Change in net unrealized loss (gain) on futures

2 unchanged sentences

Change in operating assets and liabilities:

Sale (Purchase) of investments, net

Decrease (increase) in interest receivable

5 unchanged sentences

Increase (decrease) in due to sponsor

Increase (decrease) in accrued expenses

Increase (decrease) in other accrued expenses

Net cash (used in) operating activities

13 unchanged sentences

( 5,220,201 )

Cash and restricted cash, beginning of year

Cash and restricted cash, end of year

The following table provides a reconciliation of cash and restricted cash reported within the Combined Statements of Assets and Liabilities that sum to the total of such amounts shown on the Combined Statements of Cash Flows.

Segregated cash held by broker

Total cash and restricted cash as shown on the combined statements of cash flows.

See accompanying notes to combined financial statements.

AMPLIFY COMMODITY TRUST

Combined Statements of Cash Flows

Year Ended June 30, 2023

BREAKWAVE DRY BULK

BREAKWAVE TANKER

SHIPPING ETF*

Cash flows used in operating activities

Net income (loss)

$ ( 36,530,822 )

$ ( 35,363,570 )

Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities:

Net realized (gain) loss on investments

Change in net unrealized gain (loss) on investments

Change in operating assets and liabilities:

Sale (purchase) of investments, net

( 57,771,487 )

( 57,045,732 )

Decrease in subscriptions receivable

Increase in interest receivable

Increase in receivable on open futures contracts

Increase in payable on open futures contracts

Increase (decrease) in due to Sponsor

Increase (decrease) in other accrued expenses

Net cash used in operating activities

( 53,102,294 )

( 53,223,840 )

Cash flows from financing activities

Proceeds from sale of shares

Paid on redemption of shares

( 61,398,051 )

Net cash provided by financing activities

Net increase (decrease) in cash and restricted cash

( 1,864,741 )

Cash and restricted cash, beginning of year

Cash and restricted cash, end of year

Cash and restricted cash, beginning of period

Cash and restricted cash, end of period

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

Segregated cash held by broker

Total cash and restricted cash as shown on the combined statements of cash flows.

* Period from May 3, 2023 (commencement of investment operations)

to June 30, 2023.

Total cash and restricted cash as shown on the statement of cash flows

See accompanying notes to combined financial statements.

26 unchanged sentences

BDRY commenced investment operations on March

BDRY commenced trading on NYSE Arca on March 22, 2018 and trades under the symbol “BDRY.”

BDRY commenced trading on the NYSE Arca on March 22, 2018 and trades under the symbol “BDRY.”

BDRY’s investment objective is to provide

22 unchanged sentences

the Freight Futures market as positions mature.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(1) Organization - Continued

The BDRY Benchmark Portfolio maintains long-only

1 unchanged sentence

The BDRY Benchmark Portfolio includes a combination of Capesize, Panamax and Supramax Freight Futures.

specifically, the BDRY Benchmark Portfolio includes 50 % exposure in Capesize Freight Futures contracts, 40 % exposure in Panamax

Freight Futures contracts and 10 % exposure in Supramax Freight Futures contracts.

The BDRY Benchmark Portfolio does not include and

BDRY does not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared

through exchanges or clearing houses.

specifically, the BDRY Benchmark Portfolio includes 50 % exposure in Capesize Freight Futures contracts, 40 % exposure in Panamax Freight

Futures contracts and 10 % exposure in Supramax Freight Futures contracts.

The BDRY Benchmark Portfolio does not include and BDRY does

not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared through

exchanges or clearing houses.

BDRY may hold exchange-traded options on Freight Futures.

The BDRY Benchmark Portfolio is maintained

by Breakwave and will be rebalanced annually.

The Freight Futures currently constituting the BDRY Benchmark Portfolio, as well as the

daily holdings of BDRY are available on BDRY’s website at www.drybulketf.com.

The BDRY Benchmark Portfolio is maintained by

Breakwave and will be rebalanced annually.

The Freight Futures currently constituting the BDRY Benchmark Portfolio, as well as the daily

holdings of BDRY are available on BDRY’s website at www.drybulketf.com.

When establishing positions in Freight Futures,

BDRY will be required to deposit initial margin with a value of approximately 10 % to 40 % of the notional value of each Freight

Futures position at the time it is established.

These margin requirements are established and subject to change from time to time by the

relevant exchanges, clearing houses or BDRY’s FCM, Marex Financial Ltd (formerly ED&F Man Capital Markets, Inc.).

basis, BDRY is obligated to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level

of its Freight Futures positions.

Any assets not required to be posted as margin with the FCM may be held at BDRY’s custodian or

remain with the FCM in cash or cash equivalents, as discussed below.

BDRY will be required to deposit initial margin with a value of approximately 10 % to 40 % of the notional value of each Freight Futures

position at the time it is established.

These margin requirements are established and subject to change from time to time by the relevant

exchanges, clearing houses or BDRY’s Futures Commissions Merchant (“FCM”), Marex Financial Ltd.

(formerly ED&F Man

Capital Markets, Inc.) On a daily basis, BDRY is obligated to pay, or entitled to receive, variation margin in an amount equal to the

change in the daily settlement level of its Freight Futures positions.

Any assets not required to be posted as margin with the FCM may

be held at BDRY’s custodian or remain with the FCM in cash or cash equivalents, as discussed below.

BDRY was created to provide investors with a cost-effective

5 unchanged sentences

The Fund will hold cash or cash equivalents such as U.S.

Treasuries or other high credit quality, short-term

fixed-income or similar securities for direct investment or as collateral for the Treasury Instruments and for other liquidity purposes

and to meet redemptions that may be necessary on an ongoing basis.

These expenses and income from the cash and cash equivalent holdings

may cause imperfect correlation between changes in the Fund’s net asset value (“NAV”) and changes in the Benchmark Portfolio,

because the Benchmark Portfolio does not reflect expenses or income.

Treasuries or other high credit quality, short-term fixed-income

or similar securities for direct investment or as collateral for the Freight futures and for other liquidity purposes and to meet redemptions

that may be necessary on an ongoing basis.

These expenses and income from the cash and cash equivalent holdings may cause imperfect correlation

between changes in the Fund’s net asset value (“NAV”) and changes in the Benchmark Portfolio, because the Benchmark

Portfolio does not reflect expenses or income.

The Fund may also realize interest income from its holdings in U.S.

Treasuries or other

market rate instruments.

The Fund seeks to trade its positions prior to

27 unchanged sentences

The TD3C Index :

Persian Gulf to China, 270,000mt cargo

(Very Large Crude Carrier or VLCC tankers);

Persian Gulf to China, 270,000mt cargo (Very Large Crude Carrier or VLCC tankers);

The TD20 Index:

West Africa to Europe, 130,000mt

cargo (Suezmax Tankers)

West Africa to Europe, 130,000mt cargo (Suezmax Tankers)

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(1) Organization - Continued

The value of the TD3C Index and the TD20 Index

1 unchanged sentence

London Time by the Baltic Exchange.

Such Reference Index information also is widely disseminated by

Reuters, Bloomberg and/or other major market data vendors.

Such Reference Index information also is widely disseminated by Reuters,

Bloomberg and/or other major market data vendors.

The Fund seeks to achieve its investment objective

2 unchanged sentences

Portfolio includes a combination of TD3C and TD20 Freight Futures.

More specifically, the Benchmark Portfolio includes 90 % exposure

in TD3C Freight Futures contracts and 10 % exposure in TD20 Freight Futures contracts to maturity and settles them in cash.

given time, the average maturity of the futures held by the Fund will be approximately 50 to 70 days.

More specifically, the Benchmark Portfolio includes 90 % exposure in

TD3C Freight Futures contracts and 10 % exposure in TD20 Freight Futures contracts to maturity and settles them in cash.

At any given time,

the average maturity of the futures held by the Fund will be approximately 50 to 70 days.

The BWET Benchmark Portfolio does not include

7 unchanged sentences

When establishing positions in Freight Futures,

BWET will be required to deposit initial margin with a value of approximately 10 % to 40 % of the notional value of each Freight

Futures position at the time it is established.

These margin requirements are established and subject to change from time to time by the

relevant exchanges, clearing houses or BWET’s FCM, Marex Financial Ltd.

On a daily basis, BWET is obligated to pay, or entitled

to receive, variation margin in an amount equal to the change in the daily settlement level of its Freight Futures positions.

not required to be posted as margin with the FCM may be held at BWET’s custodian or remain with the FCM in cash or cash equivalents,

as discussed below.

BWET will be required to deposit initial margin with a value of approximately 10 % to 40 % of the notional value of each Freight Futures

position at the time it is established.

These margin requirements are established and subject to change from time to time by the relevant

exchanges, clearing houses or BWET’s FCM, Marex Financial Ltd.

On a daily basis, BWET is obligated to pay, or entitled to receive,

variation margin in an amount equal to the change in the daily settlement level of its Freight Futures positions.

Any assets not required

to be posted as margin with the FCM maybe held at BWET’s custodian or remain with the FCM in cash or cash equivalents, as discussed

BWET was created to provide investors with a cost-effective

5 unchanged sentences

The Fund will hold cash or cash equivalents such as U.S.

Treasuries or other high credit quality, short-term

fixed-income or similar securities for direct investment or as collateral for the Treasury Instruments and for other liquidity purposes

and to meet redemptions that may be necessary on an ongoing basis.

Treasuries or other high credit quality, short-term fixed-income

or similar securities for direct investment or as collateral for the Treasury Instruments and for other liquidity purposes and to meet

redemptions that may be necessary on an ongoing basis.

The Fund may also realize interest income from its holdings in U.S.

19 unchanged sentences

for redemption baskets.

Effective for the year ended June 30, 2025, the Trust

has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance under FASB

ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

noted that as of and for the year ended June 30, 2025, these criteria were met where substantially all investments were highly liquid

in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the Trust carried no

debt, and the combined statements of changes in net assets is presented.

(2) Summary of Significant Accounting Policies

3 unchanged sentences

generally accepted accounting principles (“U.S.

Each Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification

GAAP”).Each Fund qualifies

as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification of U.S.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(2) Summary of Significant Accounting Policies

(b) Use of Estimates

1 unchanged sentence

in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and

liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and accompanying notes.

Actual results could differ from those estimates.

There were no significant estimates used in the preparation of the combined financial

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities

and disclosure of contingent assets and liabilities at the date of the combined financial statements and accompanying notes.

Actual results

could differ from those estimates.

There were no significant estimates used in the preparation of the combined financial statements.

Cash, when shown in the Combined Statements of

3 unchanged sentences

trading advisor” and acts as such for the Funds.

The Funds’ arrangement with its FCM requires the Funds to meet its variation

margin requirements related to the price movements, both positive and negative, on futures contracts held by the Funds by keeping cash

The Funds’ arrangement with its FCM requires the Funds to meet their variation

margin requirement related to the price movements, both positive and negative, on futures contracts held by the Funds by keeping cash

on deposit with the Commodity Broker (as defined below).

6 unchanged sentences

Fund’s overall equity in its brokerage trading account.

The Funds use theirs cash held by the FCM to satisfy individual Fund variation

The Funds use their cash held by the FCM to satisfy individual variation

margin requirements.

The Funds earns interest on their cash deposited with the FCM and interest income is recorded on the accrual basis.

The Funds earn interest on their cash deposited with the FCM and interest income is recorded on the accrual basis.

(e) Final Net Asset Value for Fiscal Period

The calculation time of the Fund’s final

net asset value for creation and redemption of Fund shares for the years ended June 28, 2024 and June 30, 2023, was at 4:00 p.m.

Eastern Time on June 28, 2024 and June 30, 2023, respectively.

net asset value for creation and redemption of Fund shares for the years ended June 30, 2025 and 2024 was at 4:00 p.m.

Eastern Time on

June 30, 2025 and June 28, 2024, respectively.

Although the Fund’s shares may continue

1 unchanged sentence

Eastern Time represented the final opportunity

to transact in creation or redemption baskets for the years ended June 30, 2024 and June 30, 2023.

to transact in creation or redemption baskets for the years ended June 30, 2025 and 2024.

Fair value per share is determined at the close

4 unchanged sentences

combined financial statements differ from those used in the calculations of the Fund’s final creation/redemption NAVs at June 30,

2024 and June 30, 2023.

2025 and June 28, 2024, respectively.

(f) Investment Valuation

7 unchanged sentences

and general market conditions.

Money market investments are valued at

their traded net asset value.

Futures and options contracts are valued at the

last settled price on the applicable exchange on which that futures and/or options contract trades.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(2) Summary of Significant Accounting Policies

(g) Financial Instruments and Fair Value

10 unchanged sentences

requirements hierarchy are as follows:

Quoted prices (unadjusted) in active

markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Inputs other than quoted prices included

within Level I that are observable for the asset or liability, either directly or indirectly.

Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.

Level II inputs include the following:

prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that

are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally

from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Unobservable pricing input at the measurement

date for the asset or liability.

Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not

quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Unobservable pricing input at the measurement date for the asset or liability.

Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure

7 unchanged sentences

The following tables summarize BDRY’s valuation

of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy:

of investments at June 30, 2025 and 2024 using the fair value hierarchy:

June 30, 2025

3 unchanged sentences

$ ( 861,490 )

a – Included in Investments in securities

in the Combined Statements of Assets and Liabilities.

b – Included in Payable on open futures contracts in the

Combined Statements of Assets and Liabilities.

a – Included in Investments in securities in the Combined Statements of Assets and Liabilities.

b – Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities.

June 30, 2024

3 unchanged sentences

$ ( 788,675 )

a – Included in Investments in securities

in the Combined Statements of Assets and Liabilities.

b – Included in Payable on open futures

contracts in the Combined Statements of Assets and Liabilities.

a – Included in Investments in securities in the Combined Statements of Assets and Liabilities.

b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities.

Transfers between levels are recognized at the

end of the reporting period.

During the years ended June 30, 2024 and June 30, 2023 , BDRY recognized no transfers from Level 1,

Level 2 or Level 3.

The following table summarizes BWET’s valuation

of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy:

During the years ended June 30, 2025 and 2024, BDRY recognized no transfers from Level I, Level II or Level

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(2) Summary of Significant Accounting Policies

(g) Financial Instruments and Fair Value -

The following tables summarize BWET’s valuation

of investments at June 30, 2025 and 2024 using the fair value hierarchy:

June 30, 2025

2 unchanged sentences

Level I – Quoted Prices

$ ( 115,880 )

a – Included in Investments in securities

in the Combined Statements of Assets and Liabilities.

b – Included in Payable on open futures contracts in the

Combined Statements of Assets and Liabilities.

Included in Investments in securities in the Combined Statements of Assets and Liabilities.

Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities.

June 30, 2024

2 unchanged sentences

Level I – Quoted Prices

a – Included in Investments in securities

in the Combined Statements of Assets and Liabilities.

b – Included in Payable on

open futures contracts in the Combined Statements of Assets and Liabilities.

The inputs or methodology used for valuing investments

are not necessarily an indication of the risk associated with investing in those securities.

$ ( 115,880 )

Included in Investments in securities in the Combined Statements of Assets and Liabilities.

Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities.

Transfers between levels are recognized at the

end of the reporting period.

During the years ended June 30, 2024 and June 30, 2023, BWET recognized no transfers from Level 1, Level

2 or Level 3.

During the years ended June 30, 2025 and 2024, BWET recognized no transfers from Level I, Level II or Level

The inputs or methodology used for valuing investments

are not necessarily an indication of the risk associated with investing in those securities.

h) Investment Transactions and Related Income

18 unchanged sentences

tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain

income tax positions taken or expected to be taken in future tax returns at June 30, 2024 and June 30, 2023.

The Funds are also not aware

of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

income tax positions taken or expected to be taken in future tax returns at June 30, 2025 and 2024.

The Funds are also not aware of any

tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the

next twelve months.

On an ongoing basis, management will monitor its tax positions taken to determine if adjustments to its conclusions

3 unchanged sentences

Service for a period of three years after they are filed.

(j) New Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment

Reporting (Topic 280):

Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements,

primarily through enhanced disclosures about significant segment expenses.

The Funds operate as single segment entities.

income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision

maker, using the information presented in the financial statements and financial highlights.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(3) Investments

1 unchanged sentence

The Funds may purchase U.S.

Treasury Bills,

agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or

Treasury Bills, agency

securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.

A portion of these investments may be used as margin for the Funds’ trading in futures contracts.

6 unchanged sentences

All open derivative positions at June 30, 2025

and June 30, 2023, as applicable, are disclosed in the Combined Schedules of Investments and the notional value of these open positions

relative to the shareholders’ capital of the Funds is generally representative of the notional value of open positions to shareholders’

and 2024, as applicable, are disclosed in the Combined Schedules of Investments and the notional value of these open positions relative

to the shareholders’ capital of the Funds is generally representative of the notional value of open positions to shareholders’

capital throughout the reporting periods for the Funds.

The volume associated with derivative positions varies on a daily basis as the

Fund transact in derivative contracts in order to achieve the appropriate exposure, as expressed in notional value, in comparison to shareholders’

capital consistent with the applicable Fund’s investment objective.

Funds transact in derivative contracts in order to achieve the appropriate exposure, as expressed in notional value, in comparison to

shareholders’ capital consistent with the applicable Fund’s investment objective.

Following is a description of the derivative instruments

6 unchanged sentences

The contractual

obligations of a buyer or seller of a treasury futures contract may generally be satisfied by making an offsetting sale or purchase of

obligations of a buyer or seller of a freight futures contract may generally be satisfied by making an offsetting sale or purchase of

an identical futures contract on the same or linked exchange before the designated date of delivery.

1 unchanged sentence

are required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is

The initial margin is segregated as Cash held by broker, as disclosed in the Combined Statements of Assets and Liabilities,

and is restricted as to its use.

The initial margin is segregated as Cash held by broker, as disclosed in the Combined Statements of Assets and Liabilities and

is restricted as to its use.

Pursuant to the futures contract, the Funds agree to receive from or pay to the broker an amount of cash

5 unchanged sentences

elements of market risk (specifically freight futures price risk) and exposure to loss in excess of the amount of variation margin.

face or contract amounts reflect the extent of the total exposure the Funds haves in the particular classes of instruments.

face or contract amounts reflect the extent of the total exposure the Funds have in the particular classes of instruments.

risks associated with the use of futures contracts include imperfect correlation between movements in the price of the futures contracts

3 unchanged sentences

counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(3) Investments - Continued

Average Derivative Volume, for the year ended June

Breakwave Dry Bulk Shipping ETF

Fair Value of Derivative Instruments, as of

June 30, 2024

Breakwave Tanker Shipping ETF

Amplify Commodity Trust (combined)

Average Derivative Volume, for the year ended June

Breakwave Dry Bulk Shipping ETF

Breakwave Tanker Shipping ETF

Amplify Commodity Trust (combined)

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as of June

Asset Derivatives Liability Derivatives

Derivatives Combined Statements of

Liabilities Fair

Value* Combined Statements of Assets and Liabilities Fair

Dry Bulk Index Rates Market Risk $ -

Payable on open futures contracts $ 788,675

* Represents cumulative depreciation of futures contracts as reported

in the Combined Statements of Assets and Liabilities.

Assets and Liabilities Fair Value Combined Statements of

Assets and Liabilities Fair Value Total (a)

Dry Bulk Index Rates Market Risk Unrealized appreciation on futures contracts $ 1,932,930 Unrealized depreciation on futures contracts $ 2,794,420 $ 861,490

(a) Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as of

June 30, 2023

Fair Value of Derivative Instruments, as of June

Asset Derivatives Liability Derivatives

Derivatives Combined Statements of

Liabilities Fair

Value Combined Statements of Assets and Liabilities Fair

Dry Bulk Index Rates Market Risk $ -

Payable on open futures contracts $ 13,669,745

* Represents cumulative depreciation of futures contracts as reported

in the Combined Statements of Assets and Liabilities.

Assets and Liabilities Fair Value Combined Statements of

Assets and Liabilities Fair Value Total (a)

Dry Bulk Index Rates Market Risk Receivable on open futures contracts and unrealized appreciation on futures contracts $ 328,945 Payable on open futures contracts and Unrealized depreciation on futures contracts $ 1,117,620 $ 788,675

(a) Represents cumulative payable on open futures contracts and depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(3) Investments - Continued

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the

Combined Statements of Operations

The Effect of Derivative Instruments on the Combined

Statements of Operations

For the Year Ended June 30, 2025

Derivatives Location of Gain (Loss) on Derivatives Realized

in Income Change in

Derivatives Recognized

Recognized in

Income Change in

Recognized in

Dry Bulk Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ ( 15,925,057 ) $ ( 72,815 )

The futures contracts open at June 30, 2024 are indicative of

the activity for the year ended June 30, 2024.

The futures contracts open at June 30, 2025 are indicative of the activity

for the year ended June 30, 2025.

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the

Combined Statements of Operations

The Effect of Derivative Instruments on the Combined

Statements of Operations

For the Year Ended June 30, 2024

Derivatives Location of Gain (Loss) on Derivatives Realized

in Income Change in

Gain (Loss) on Derivatives Recognized

Dry Bulk Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ ( 30,983,820 ) $ ( 4,404,570 )

The futures contracts open at June 30, 2023

are indicative of the activity for the year ended June 30, 2023.

Recognized in

Income Change in

Unrealized Gain

Recognized in

Dry Bulk Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 34,476,191 $ 12,895,930

The futures contracts open at June 30, 2024 are

indicative of the activity for the year ended June 30, 2024.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(3) Investments - Continued

BREAKWAVE TANKER SHIPPING ETF

Fair Value of Derivative Instruments, as of

June 30, 2024

Fair Value of Derivative Instruments, as of June

Asset Derivatives Liability Derivatives

Derivatives Combined Statements of Assets and Liabilities Fair

Value* Combined Statements of Assets and Liabilities Fair

Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts $ -

Payable on open futures contracts $ 115,880

* Represents cumulative depreciation of futures contracts as reported

in the Combined Statements of Assets and Liabilities.

Derivatives Combined Statements of

Assets and Liabilities Fair Value Combined Statements of

Assets and Liabilities Fair Value Total (a)

Crude Oil Tanker Index Rates Market Risk Unrealized appreciation on futures contracts $ 4,464 Unrealized depreciation on futures contracts $ 65,367 $ 60,903

Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

BREAKWAVE TANKER SHIPPING ETF

Fair Value of Derivative Instruments, as of

June 30, 2023

Fair Value of Derivative Instruments, as of June

Asset Derivatives Liability Derivatives

Derivatives Combined Statements of Assets and Liabilities Fair

Value Combined Statements of Assets and Liabilities Fair

Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts $ 825,287 * Payable on open futures contracts $ -

* Represents cumulative depreciation of futures contracts as reported

in the Combined Statements of Assets and Liabilities.

Derivatives Combined Statements of

Assets and Liabilities Fair Value Combined Statements of

Assets and Liabilities Fair Value Total (a)

Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts and unrealized appreciation on futures contracts $ -

Payable on open futures contracts and unrealized depreciation on futures contracts $ 115,880 $ 115,880

Represents cumulative payable on open futures contracts and depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(3) Investments - Continued

BREAKWAVE TANKER SHIPPING ETF

The Effect of Derivative Instruments on the

Combined Statements of Operations

The Effect of Derivative Instruments on the Combined

Statements of Operations

For the Year Ended June 30, 2025

Derivatives Location of Gain (Loss) on Derivatives Realized

in Income Change in

Gain (Loss) on Derivatives Recognized

Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 827,253 $ ( 941,167 )

The futures contracts open at June 30, 2024

are indicative of the activity for the year ended June 30, 2024.

Recognized in

Income Change in

Gain (Loss) on Derivatives Recognized in

Crude Oil Tanker Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ ( 1,053,410 ) $ 54,977

The futures contracts open at June 30, 2025 are indicative of the activity

for the year ended June 30, 2025.

BREAKWAVE TANKER SHIPPING ETF

The Effect of Derivative Instruments on the

Combined Statements of Operations

The Effect of Derivative Instruments on the Combined

Statements of Operations

For the Year Ended June 30, 2024

Derivatives Location of Gain (Loss) on Derivatives Realized

in Income Change in

Gain (Loss) on Derivatives Recognized

Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 375,516 $ 825,287

The futures contracts open at June 30, 2023

are indicative of the activity for the period from May 3, 2023 (commencement of operations) to June 30, 2023.

Recognized in

Income Change in

Gain (Loss) on Derivatives Recognized in

Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on investments and futures contracts $ 827,253 $ ( 941,167 )

The futures contracts open at June 30, 2024 are indicative of the activity

for the year ended June 30, 2024.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(4) Agreements

6 unchanged sentences

in arrears, in an amount calculated as the greater of 0.15 % of its average daily net assets, or $ 125,000 .

BDRY also pays an annual

fee to Breakwave, monthly in arrears, in an amount equal to 1.45 % of BDRY’s average daily net assets.

Breakwave has agreed

to waive its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses

of BDRY such that Fund expenses do not exceed an annual rate of 3.50 %, excluding brokerage commissions, interest expense, and extraordinary

expenses, if any, of the value of BDRY’s average daily net assets through March 31, 2025 (the “BDRY Expense Cap”.

The assumption of expenses by the Sponsor and waiver of BDRY’s CTA fee are contractual on the part of the Sponsor and Breakwave,

respectively.

BDRY also pays an annual fee

to Breakwave, monthly in arrears, in an amount equal to 1.45 % of BDRY’s average daily net assets.

Breakwave has agreed to waive

its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of BDRY such

that Fund expenses do not exceed an annual rate of 3.50 %, excluding brokerage commissions, interest expense, and extraordinary expenses,

if any, of the value of BDRY’s average daily net assets through December 31, 2025 (the “BDRY Expense Cap,”).

The assumption

of expenses by the Sponsor and waiver of BDRY’s CTA fee are contractual on the part of the Sponsor and Breakwave, respectively.

The waiver of BDRY’s CTA fees, pursuant

to the undertaking, amounted to $ 23,879 and, $ 22,434 for the years ended June 30, 2024 and 2023, respectively, as disclosed in the

Combined Statements of Operations.

Effective September 1, 2022 Breakwave may, during the term of the waiver agreement, recoup any

fees waived pursuant to the contract;

however, the Fund will only make repayments to Breakwave if such repayment does not cause the Fund’s

expense ratio after the repayment is taken into account, to exceed either (i) the expense cap in place at the time such amounts were

waived, or (ii) the Fund’s current expense cap.

Such recoupment is limited to three years from the date the amount is initially

At June 30, 2024, BDRY is subject to potential future repayments of $ 23,879 to Breakwave.

The potential future repayments expire

during the year ending June 30, 2027 in the amount of $ 23,879 .

to the undertaking, amounted to $ 217,687 and $ 23,879 , for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined

Statements of Operations.

Effective September 1, 2022 Breakwave may, during the term of the waiver agreement, recoup any fees waived pursuant

to the contract;

however, the Fund will only make repayments to Breakwave if such repayment does not cause the Fund’s expense ratio

after the repayment is taken into account, to exceed either (i) the expense cap in place at the time such amounts were waived, or (ii)

the Fund’s current expense cap.

Such recoupment is limited to three years from the date the amount is initially waived.

30, 2025, BDRY is subject to potential future repayments of $ 0 to Breakwave.

BWET pays the Sponsor an annual Sponsor Fee, monthly

in arrears, in an amount calculated as the greater of 0.30 % of its average daily net assets, or $ 50,000 .

BWET also pays an annual

CTA license and service fee to Breakwave, monthly in arrears, in an amount equal to 1.45 % of BDRY’s average daily net assets.

Breakwave has agreed to waive its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the

remaining expenses of BWET such that Fund expenses do not exceed an annual rate of 3.50 %, excluding brokerage commissions, interest

expense, and extraordinary expenses, if any, of the value of BWET’s average daily net assets through December 31, 2024 (the

“BWET Expense Cap”).

The assumption of expenses by the Sponsor and waiver of BWET’s CTA fee are contractual on the part

of the Sponsor and Breakwave, respectively.

The waiver of BWET’s CTA fees, pursuant to the undertaking, amounted

to $52,076 and $ 7,574 for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to

June 30, 2023 as disclosed in the Combined Statements of Operations.

Breakwave may, during the term of the waiver agreement, recoup

any fees waived pursuant to the contract;

however, the Fund will only make repayments to Breakwave if such repayment does not cause the

Fund’s expense ratio after the repayment is taken into account, to exceed either (i) the expense cap in place at the time such

amounts were waived, or (ii) the Fund’s current expense cap.

Such recoupment is limited to three years from the date the amount

is initially waived.

At June 30, 2024, BWET is subject to potential future repayments of $ 414,557 to Breakwave.

The potential future repayments

expire during the years ending June 30, 2026 and 2027 in the amounts of $ 80,669 and $ 333,888 , respectively.

The Funds currently accrue their daily

expenses up to the applicable Expense Cap, or, if less, at accrual estimates established by the Sponsor.

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 in excess of the Fund’s respective Expense Cap, which in

the case of BDRY, aggregated $ $-0- and $-0- for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined

BWET also pays an annual CTA

license and service fee to Breakwave, monthly in arrears, in an amount equal to 1.45 % of BDRY’s average daily net assets.

has agreed to waive its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining

expenses of BWET such that Fund expenses do not exceed an annual rate of 3.50 %, excluding brokerage commissions, interest expense, and

extraordinary expenses, if any, of the value of BWET’s average daily net assets through December 31, 2025 (the “BWET Expense

The assumption of expenses by the Sponsor and waiver of BWET’s CTA fee are contractual on the part of the Sponsor and

Breakwave, respectively.

The waiver of BWET’s CTA fees, pursuant

to the undertaking, amounted to $ 27,481 and $ 52,076 for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined

Statements of Operations.

In the case of BWET, expenses absorbed by the Sponsor aggregated $277,458 and $ 77,450 for the year ended

June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023 as disclosed in the

Combined Statements of Operations.

Breakwave may, during the term of the waiver agreement, recoup any fees waived pursuant to the contract;

the Fund will only make repayments to Breakwave if such repayment does not cause the Fund’s expense ratio after the repayment is

taken into account, to exceed either (i) the expense cap in place at the time such amounts were waived, or (ii) the Fund’s current

Such recoupment is limited to three years from the date the amount is initially waived.

At June 30, 2025, BWET is subject

to potential future repayments of $ 803,901 to Breakwave.

The potential future repayments expire during the years ending June 30, 2026,

2027, and 2028 in the amounts of $ 80,669 , $ 333,888 , and $ 389,344 , respectively.

The Funds currently accrue their daily expenses

up to the Expense Cap, or if less, at accrual estimates established by the Sponsor.

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 in excess of the Fund’s respective Expense Cap, which in the case of BDRY, expenses reimbursed by Sponsor

of $ 242,025 and $- for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.

In the case of BWET, expenses absorbed by the

Sponsor aggregated $ 361,863 and $ 277,458 for the years ended June 30, 2025 and 2024, as disclosed in the Combined Statements of Operations.

(b) The Administrator, Custodian, Fund Accountant

7 unchanged sentences

It performs certain administrative and

accounting services for the Funds and prepares certain SEC, NFA and CFTC reports on behalf of the Fund.

accounting services for the Funds and prepares certain SEC, NFA and CFTC reports on behalf of the Funds.

Bank and U.S.

Fund Services are referred to collectively hereinafter as “U.S.

Each Fund has agreed to pay

Bank 0.03 % of average assets under management (“AUM”), with a $ 25,000 minimum annual fee payable for

its administrative, accounting and transfer agent services and 0.01 % of AUM, with an annual minimum of $ 4,800 for custody

Services are referred to collectively hereinafter as “U.S.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(4) Agreements - Continued

(b) The Administrator, Custodian, Fund Accountant

and Transfer Agent - Continued

Each Fund has agreed to pay U.S.

Bank 0.05 % of

average assets under management (AUM), with a $ 45,000 minimum annual fee payable for its administrative, accounting and transfer agent

services and 0.01 % of AUM, with an annual minimum of $ 4,800 for custody services.

BDRY paid U.S.

Bank $ 56,653 and $ 66,005 for the years ended June 30, 2024 and 2023, respectively, as disclosed

in the Combined Statements of Operations.

Bank $ 63,163 and $ 56,653 for the years

ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.

BWET paid U.S.

Bank $ 52,250 and $ 9,666 for the year ended June 30, 2024, and for

the period from May 3, 2023 (commencement of operations) to June 30, 2023.

Bank $ 63,276 and $ 52,250

for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.

17 unchanged sentences

principal business office is located in Portland, ME.

BDRY incurred $ 6,145 and $ 15,193 in distribution

and related administrative services for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements

of Operations.

BWET incurred $ 513 and $ 11,339 in distribution and related administrative services for the years ended June 30, 2025 and

2024, respectively, as disclosed in the Combined Statements of Operations.

BDRY pays the Sponsor an annual fee for wholesale

5 unchanged sentences

BWET incurred

$ 20,391 and $ 3,209 in wholesale support fees for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement

of operations) to June 30, 2023, as disclosed in the Combined Statements of Operations.

$ 17,808 and $ 20,391 in wholesale support fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements

of Operations.

(d) The Commodity Broker

2 unchanged sentences

In its capacity as clearing broker, the Commodity Broker executes

and clears each Fund’s futures transactions and performs certain administrative services for the Funds.

and clears the Fund’s futures transactions and performs certain administrative services for the Funds.

The Funds pay respective brokerage commissions,

including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other

transaction related fees and expenses charged in connection with trading activities in CFTC regulated investments.

including applicable exchange fees, National Futures Association (“NFA”) fees, give–up fees, pit brokerage fees and

other transaction related fees and expenses charged in connection with trading activities in CFTC regulated investments.

Brokerage commissions

1 unchanged sentence

The Sponsor does not expect annual brokerage commissions

and fees to exceed 0.40 % for BDRY and 1.30 % for BWET (excluding the impact on each Fund of creation and/or redemption activity)

of the net asset value of BDRY and BWET, respectively, for execution and clearing services on behalf of the Funds, although the actual

amount of brokerage commissions and fees in any year or any part of any year may be greater.

The effects of trading spreads, financing

costs associated with financial instruments, and costs relating to the purchase of freight futures or similar high credit quality short-term

and fees to exceed 0.40 % for BDRY and 1.35 % for BWET (excluding the impact on each Fund of creation and/or redemption activity) of the

net asset value of BDRY and BWET, respectively, for execution and clearing services on behalf of the Funds, although the actual amount

of brokerage commissions and fees in any year or any part of any year may be greater.

The effects of trading spreads, financing costs

associated with financial instruments, and costs relating to the purchase of U.S.

Treasury Securities or similar high credit quality short-term

fixed-income or similar securities are not included in the foregoing analysis.

2 unchanged sentences

BWET incurred

$ 121,822 and $ 19,746 in brokerage commissions and fees for the year ended June 30, 2024, and for the period from May 3, 2023

(commencement of operations) to June 30, 2023 as disclosed in the Combined Statement of Operations.

$ 30,320 and $ 121,822 in brokerage commissions and fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined

Statement of Operations.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(4) Agreements - Continued

( e) The Trustee

11 unchanged sentences

BDRY incurred

$ 2,508 and $ 4,603 , respectively, in trustee fees for years ended June 30, 2024 and 2023, which is included in Other Expenses in the Combined

Statements of Operations.

BWET incurred $ 2,508 and $ 397 in trustee fees for the year ended June 30, 2024, and for the period

from May 3, 2023 (commencement of operations) to June 30, 2023.

$ 2,555 and $ 2,508 in trustee fees for the years ended June 30, 2025 and 2024, respectively, which is included in Trustees Fees in the

Combined Statements of Operations.

BWET incurred $ 2,555 and $ 2,508 in trustee fees for the years ended June 30, 2025 and 2024, respectively,

as disclosed in the Combined Statement of Operations.

(f) Routine Offering, Operational, Administrative

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The Sponsor, in accordance with the BDRY Expense

Cap limitation paid, after the waiver of a portion of the CTA fee for BDRY by Breakwave, all of the routine offering, operational, administrative

Cap limitation paid, after the waiver of the CTA fee for BDRY by Breakwave, if any, all of the routine offering, operational, administrative

and other ordinary expenses of BDRY in excess of 3.50 % (excluding brokerage commissions and interest expense) of BDRY’s average

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mailing and duplication costs.

BDRY incurred $ 2,418,574 and $ 2,398,205 , respectively, during the years ended June 30, 2024 and 2023

in routine offering, operational, administrative or other ordinary expenses.

BDRY incurred $ 1,634,010 and $ 2,418,754 for the years ended June 30, 2025 and 2024, respectively, in routine

offering, operational, administrative or other ordinary expenses.

The CTA fee waiver for BDRY by Breakwave was $ 217,687

and $ 22,434 respectively, for the years ended June 30, 2024 and 2023.

and $ 23,879 for the years ended June 30, 2025 and 2024, respectively.

In addition, the assumption of Fund expenses above

the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $-0- and $-0-, respectively, for

the years ended June 30, 2024 and 2023.

the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to expenses reimbursed of $ 242,025

and $- for the years ended June 30, 2025 and 2024, respectively.

The Sponsor, in accordance with the BWET Expense

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mailing and duplication costs.

BWET incurred $ 524,980 and $ 115,479 for the year ended June 30, 2024, and for the period from May 3,

2023 (commencement of operations) to June 30, 2023 in routine offering, operational, administrative or other ordinary expenses.

The CTA fee waiver for BDRY by Breakwave was $ 52,076

and $ 7,574 for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30,

BWET incurred $ 458,518 and $ 524,980 for the years ended June 30, 2025 and 2024, respectively, in routine

offering, operational, administrative or other ordinary expenses.

The CTA fee waiver for BWET by Breakwave was $ 27,481

and $ 52,076 for the years ended June 30, 2025 and 2024, respectively.

In addition, the assumption of Fund expenses above

the BWET Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $ 277,458 and $ 77,450 for

the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023.

the BWET Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $ 361,863 and $ 277,458 for the

years ended June 30, 2025 and 2024, respectively.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(4) Agreements - Continued

(g) Organizational and Offering Costs

Expenses incurred in connection with organizing

BDRY and BWET and up to the offering of its Shares upon commencement of its investment operations on March 22, 2018 and May 3,

BDRY and BWET and up to the offering of their Shares upon commencement of their investment operations on March 22, 2018 and May 3, 2023,

respectively, were paid by the Sponsor and Breakwave without reimbursement.

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These costs will include registration fees for regulatory agencies and all legal, accounting, printing and other expenses associated therewith.

These costs will be accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis

or a shorter period if warranted.

During the year ended June 30, 2021 the Sponsor,

in order to maintain the continuous offering of Shares undertook to register additional shares of BDRY, the costs of which were borne

by the Fund and aggregated $ 28,997 , of which $ 24,071 was amortized to expense during the year ended June 30, 2022.

(h) Extraordinary Fees and Expenses

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are unpredictable in terms of timing and amount.

For the years ended June 30, 2024 and 2023, BDRY did not incur such expenses.

year ended June 30, 2024, and the period from May 3, 2023 (commencement of operations) to June 30, 2023, BWET did not incur

such expenses.

For the years ended June 30, 2025 and 2024, respectively, BDRY did not incur such expenses.

For the years ended June 30, 2025 and 2024, respectively, BWET did not incur such expenses.

(5) Creations and Redemptions

Each Fund issues and redeems Shares from time

to time, but only in one or more Creation or Redemption Baskets.

A Creation or Redemption Basket is a block of 25,000 shares

of the particular Fund.

Each Fund issues and redeems Shares from time to time,

but only in one or more Creation Baskets.

A Creation Basket is a block of 25,000 Shares of the particular Fund.

At Fund formation, BDRY

Creation Baskets consisted of 50,000 Shares and BWET consisted of 25,000 shares.

BDRY Creation Basket size was subsequently changed to

25,000 units.

Baskets may be created or redeemed only by Authorized Participants.

Except when aggregated in Creation or Redemption

Baskets, the shares are not redeemable securities.

Retail investors, therefore, generally will not be able to purchase or redeem shares

directly from or with the Fund.

Rather, most retail investors will purchase or sell shares in the secondary market with the assistance

Thus, some of the information contained in these Notes to Combined Financial Statements – such as references to the

Transaction Fee imposed on creations and redemptions – is not relevant to retail investors.

Except when aggregated in Creation Baskets, the

Shares are not redeemable securities.

Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from

or with the Fund.

Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker.

Thus, some of the information contained in these Notes to Interim Combined Financial Statements – such as references to the Transaction

Fee imposed on creations and redemptions – is not relevant to retail investors.

(a) Transaction Fees on Creation and Redemption

In connection with orders to create and redeem

one or more Creation or Redemption Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of

$ 300 per BDRY or BWET order, which goes directly to the Custodian.

The AP Transaction Fees are paid by the Authorized Participants

and not by the Funds.

one or more Creation Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $ 300 per BDRY

or BWET order, which goes directly to the Custodian.

The AP Transaction Fees are paid by the Authorized Participants and not by the Funds.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(5) Creations and Redemptions - Continued

(b) Share Transactions

BREAKWAVE DRY BULK SHIPPING ETF

Summary of Share Transactions for the Year Ended June 30, 2024

Summary of Share Transactions for the Year Ended

June 30, 2025

Shares Redeemed

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( 18,297,475 )

( 7,850,000 )

$ ( 68,850,945 )

BREAKWAVE DRY BULK SHIPPING ETF

Summary of Share Transactions

for the Year Ended June 30, 2023

$ 112,635,604

Summary of Share Transactions for the Year Ended

June 30, 2024

Shares Redeemed

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( 107,351,823 )

( 7,850,000 )

$ ( 68,850,945 )

BREAKWAVE TANKER SHIPPING ETF

Summary of Share Transactions

for the Year Ended June 30, 2024

Summary of Share Transactions for the Year Ended

June 30, 2025

Shares Redeemed

( 1,231,170 )

$ ( 1,762,007 )

BREAKWAVE TANKER SHIPPING ETF

Summary of Share Transactions for the Period from May 3, 2023 to June 30, 2023

Summary of Share Transactions for the Year Ended

June 30, 2024

Shares Redeemed

( 15,222,375 )

$ ( 1,762,007 )

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(a) Investment Related Risk

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and such losses are independent of the Freight Futures price level.

Inflation in wages, materials, energy costs, equipment,

and other costs has the potential to adversely affect the results of operations, cash flows and financial position of each Fund, particularly

if each Fund is unable to achieve commensurate increases in the prices.

In addition, inflation in the U.S.

has the potential to result

in higher interest rates, which could result in higher borrowing costs, supply shortages, increased costs of labor, weakening exchange

rates and other similar effects.

Each Fund may experience inflationary pressures on its supply chain due to increased shipping costs and

increased energy prices.

The Russia Ukraine war poses an increasing risk

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above factors can have a material negative impact on demand for dry bulk transportation, while slower economic growth could also negatively

affect demand for dry bulk commodities in the rest of the word, leading to lower dry bulk freight rates.

affect demand for dry bulk commodities in the rest of the world, leading to lower dry bulk freight rates.

The conflict between Russia and Ukraine is having

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result lower freight futures prices and a decline in the value of BDRY.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(6) Risk - Continued

(a) Investment Related Risk - Continued

In the case of BWET, the conflict between Russia

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Russia accounts for more than 10% of global oil production.

Sanctions put in place to limit the exports

of crude oil and refined products from Russia has caused a reshuffling in tanker trade patterns and has led to increasing volatility in

tanker freight rates.

With limited seaborne crude exports out of Russia, refiners and oil traders have been seeking alternative sources

for feedstock crude, causing major disruptions in the traditional crude oil trading patterns.

Volatility in tanker rates has increased,

especially for tankers carrying refined products.

As volatility of spot charter rates increases, higher trading volumes in freight futures

would be expected as market participants tend to increase their hedging requirements.

In addition, oil price volatility has increased

significantly, impacting tanker spot rate freight rates.

Sanctions put in place to limit the exports of crude

oil and refined products from Russia has caused a reshuffling in tanker trade patterns and has led to increasing volatility in tanker

freight rates.

With limited seaborne crude exports out of Russia, refiners and oil traders have been seeking alternative sources for feedstock

crude, causing major disruptions in the traditional crude oil trading patterns.

Volatility in tanker rates has increased, especially for

tankers carrying refined products.

As volatility of spot charter rates increases, higher trading volumes in freight futures would be expected

as market participants tend to increase their hedging requirements.

In addition, oil price volatility has increased significantly, impacting

tanker spot rate freight rates.

The Hamas-Israel conflict has stoked fears of

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could lead to oil supply instability.

The conflict is ongoing and, should it escalate and expand toother oil producing nations in the

The conflict is ongoing and, should it escalate and expand to other oil producing nations in the

region, it may have a profound negative impact on oil prices and, as a result, the supply and demand for freight that could have a negative

impact on spot freight rates for dry bulk and liquid freight and on Freight Futures.

In April 2025, the U.S.

government announced a

baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with

which the United States has the largest trade deficits.

The tariffs on import goods by the US as well as corresponding increase in tariffs

by other countries can have a meaningful negative impact on trade volumes, which could have a material adverse impact on shipping rates.

As tariffs lead to less imports and exports, demand for transportation could potentially decrease leading to lower shipping rates.

negative impact could affect both dry bulk and tanker rates alike.

The impact of the implementation of higher tariffs around the globe

on dry bulk shipping and tanker shipping will be negative, all else equal, leading to lower spot rates and as a result lower freight futures

prices and a decline in the value of BDRY as well as BWET.

In addition, The People’s Republic of China

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In certain circumstances, such as the disruption

of the orderly markets for the futures contracts or Financial Instruments in which the Funds invest, the Funds might not be able to dispose

of the orderly markets for the futures contracts or Financial Instruments in which the Fund invest, the Funds might not be able to dispose

of certain holdings quickly or at prices that represent what the market value may have been in an orderly market.

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The large size of the

positions that the Funds may acquire increases the risk of illiquidity both by making their positions more difficult to liquidate and

by potentially increasing losses while trying to do so.

Such a situation may prevent the Funds from limiting losses, realizing gains or

achieving a high correlation with the applicable Benchmark Portfolio.

positions that the Funds may acquire increases the risk of illiquidity both by making its positions more difficult to liquidate and by

potentially increasing losses while trying to do so.

Such a situation may prevent the Funds from limiting losses, realizing gains or achieving

a high correlation with the applicable Benchmark Portfolio.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(6) Risk - Continued

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Pursuant to the Trust Agreement, income and expenses

of the Funds are allocated pro rata among the Shareholders monthly based on their respective percentage interests as

of the close of the last trading day of the preceding month.

Any losses allocated to the Sponsor which are in excess of the Sponsor’s

capital balance are allocated to the Shareholders in accordance with their respective interest in the applicable Fund as a percentage

of total Shareholders’ capital.

Distributions (other than redemption of units) may be made at the sole discretion of the Sponsor

on a pro rata basis in accordance with the respective interests of the Shareholders.

of the Funds are allocated pro rata among the Shareholders monthly based on their respective percentage interests as of the close

of the last trading day of the preceding month.

Any losses allocated to the Sponsor which are

in excess of the Sponsor’s capital balance are allocated to the Shareholders in accordance with their respective interest in the

applicable Fund as a percentage of total Shareholders’ capital.

Distributions (other than redemption of units) may be made at the

sole discretion of the Sponsor on a pro rata basis in accordance with the respective interests of the Shareholders.

(8) Indemnifications

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earlier in certain circumstances as described in the applicable Prospectus.

Amplify Commodity Trust

Notes to Combined Financial Statements

June 30, 2025 and 2024

(10) Net Asset Value and Financial Highlights

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BREAKWAVE TANKER

For the Year Ended June 30,

For the Year Ended

Net Asset Value

Net asset value per Share, beginning of year

Net investment income (loss)

Net asset value per Share, beginning of period

Net investment loss*

Net realized and unrealized gain (loss)

Net Income (Loss)

Net Asset Value per Share, end of year

Market Value per Share, end of year

Ratios to Average Net Assets (b)

Expense Ratio (b)

Expense Ratio (b)(c)

before Waiver/Assumption

Net Investment Income (Loss) (b)

Total Return,

at Net Asset Value (d)

Total Return,

at Market Value (d)

(a) Period from May 3, 2023 (commencement of operations) to June 30,

(b) Percentages are annualized.

plus brokerage commissions, interest expense, and extraordinary expenses, if any.

(d) Percentages are not annualized.

Net Asset Value per Share, end of period

Market Value per Share, end of period

Ratios to Average Net Assets**

Expense Ratio

Expense Ratio**** before Waiver/Assumption

Net Investment Loss after waiver

Total Return, at Net Asset Value***

Total Return, at Market Value***

* Calculated based on average shares outstanding during the period.

** Percentages are annualized

*** Percentages are not annualized

**** Fund expenses have been capped at 3.50 % of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any

(11) Subsequent Events

In preparing these annual financial statements, the

Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Sponsor and Shareholders of

To the Shareholders and Sponsor of

Amplify Commodity Trust

Opinion on the Financial Statements

We have audited the following:

accompanying combined statements of assets and liabilities of Breakwave Dry Bulk Shipping

ETF (“BDRY”) and Breakwave Tanker Shipping ETF (“BWET”) (collectively

the “Funds”), (each a series of Amplify Commodity Trust (the “Trust”), including

the combined schedules of investments of the Funds and the combined schedules of

the Trust, as of June 30, 2024 and 2023, the related combined statements

of operations, changes in net assets and cash flows of the Trust for the years then

ended, and the related notes;

accompanying combined statements of operations, changes in net assets and cash flows of the

Funds, and the combined schedules of the Trust, for the year ended June 30, 2024

accompanying statements of operations, changes in net assets and cash flows of BDRY for the

year ended June 30, 2023 and the accompanying statements of operations, changes in net assets

and cash flows of BWET for the period from May 3, 2023 (commencement of operations) to June

accompanying combined statements of operations, changes in net assets and cash flows of the

Trust for the year ended June 30, 2023

above are collectively referred to as the “financial statements.”

related notes to the financial statements

In our opinion, the financial statements present

fairly, in all material respects, the financial position of the Funds and the Trust as of June 30, 2024 and June 30, 2023, and the results

of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the

United States of America.

We have audited the accompanying combined statements of assets and

liabilities, including the combined schedules of investments, of Breakwave Dry Bulk Shipping ETF and Breakwave Tanker Shipping ETF (“the

Funds”), each a series of Amplify Commodity Trust, as of June 30, 2025, the related combined statements of operations and changes

in net assets, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial

statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations,

and changes in net assets for the year then ended, in conformity with accounting principles generally accepted in the United States of

The Funds’ financial statements for the years ended June 30,

2024, and prior, were audited by other auditors whose report dated September 27, 2024, expressed an unqualified opinion on those financial

Basis for Opinion

These financial statements are the responsibility

of the Funds’ and the Trust’s management.

Our responsibility is to express an opinion on the Funds’ and Trust’s

financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent

with respect to the Funds and the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of

the Securities and Exchange Commission and the PCAOB.

of the Funds’ management.

Our responsibility is to express an opinion on the Funds’ financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and

are required to be independent with respect to the Funds in accordance with the U.S.

federal securities laws and the applicable rules

and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement whether due to error or fraud.

The Company is not required to have, nor were we engaged

to perform, an audit of its internal control over financial reporting.

The Funds are not required to have, nor were we engaged to

perform, an audit of their internal controls over financial reporting.

As part of our audits, we are required to obtain an understanding

of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal

control over financial reporting.

of internal controls over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’

internal control over financial reporting.

Accordingly, we express no such opinion.

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to those risks.

Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the financial

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers.

also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period

audit of the financial statements that were communicated or required to be communicated to management and that:

(1) relate to accounts

or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgements.

We determined that there are no critical audit matters.

We have served as the auditor of one or more investment companies advised

by Amplify Investments, LLC since 2015.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 26, 2025

Report of Independent Registered Public Accounting

To the Sponsor and Shareholders of

Amplify Commodity Trust

Opinion on the financial statements

We have audited the following:

● The accompanying combined statements of assets and liabilities of Breakwave Dry Bulk Shipping ETF (“BDRY”) and Breakwave

Tanker Shipping ETF(“BWET”) (collectively the “Funds”), (each a series of Amplify Commodity Trust (the “Trust”),

including the combined schedules of investments of the Funds and the combined schedules of the Trust, as of June 30, 2024 and 2023, the

related combined statements of operations, changes in net assets and cash flows of the Trust for the years then ended, and the related

● the accompanying combined statements of operations, changes in net assets and cash flows of the Funds, and the combined schedules

of the Trust, for the year ended June 30, 2024

● the accompanying statements of operations, changes in net assets and cash flows of BDRY for the year ended June 30, 2023 and the accompanying

statements of operations, changes in net assets and cash flows of BWET for the period from May 3, 2023 (commencement of operations) to

June 30, 2023

● the accompanying combined statements of operations, changes in net assets and cash flows of the Trust for the year ended June 30,

● The above are collectively referred to as the “financial statements.”

● The related notes to the financial statements

In our opinion, the financial statements present fairly, in all material

respects, the financial position of the Funds and the Trust as of June 30, 2024 and June 30, 2023, and the results of their operations

and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Funds’

and the Trust’s management.

Our responsibility is to express an opinion on the Funds’ and Trust’s financial statements

based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the

Funds and the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are

free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an

audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control

over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control

over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material

misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures

included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

Our audits also included

evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation

of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data