GAMR entered the fourth quarter of 2026 with strong short-term momentum, but the video-game ETF has not matched the S&P 500 over the latest one-year period. Through September 30, its net asset value (NAV) had gained 34.78% in six months and 10.20% in three months; Q4 was still incomplete on October 16, so those figures do not establish a full-quarter result or a forecast.
What GAMR is and what changed entering Q4
The Amplify Video Game Leaders ETF trades on NYSE Arca under the ticker GAMR. It seeks investment results that generally correlate, before fees and expenses, to the VettaFi Video Game Leaders Index. The fund charges a 0.59% total expense ratio and rebalances its index quarterly.
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Amplify describes the portfolio as exposure to the global video-game value chain rather than only game publishers. That chain includes development and publishing, mobile and online games, graphics processors (GPUs), development platforms, supporting software, hardware, peripherals and metaverse companies.
The issuer listed 23 holdings and $40.27 million in net assets on October 15, 2026. Its latest price section showed a NAV of $100.67 on that date. Because the quarter was only a little over two weeks old at the October 16 information date, there is no complete Q4 return to report.
Performance: sharp six-month acceleration, weaker one-year comparison
Amplify’s month-end performance table through September 30, 2026 shows how quickly the fund’s recent trend improved. NAV returns and closing-price returns differed slightly because of market-price effects.
| Period through Sept. 30, 2026 | NAV return | Closing-price return |
|---|---|---|
| 1 month | 2.63% | 3.22% |
| 3 months | 10.20% | 9.84% |
| 6 months | 34.78% | 32.69% |
| Year to date | 10.06% | 9.93% |
| 1 year | 3.36% | 3.60% |
Over the same issuer-reported windows, the VettaFi index returned 2.75% in one month, 10.70% in three months, 35.86% in six months and 11.44% year to date. The small differences between GAMR and its index are consistent with fees, portfolio implementation and market-price movements.
Independent benchmark context
ETFIQ calculated different but directionally consistent results through September 28 using issuer files and market data. Its estimate put GAMR at 11.9% for three months versus 3.6% for the S&P 500, and 38.4% for six months versus 21.8%. Over one year, however, GAMR gained 4.7% while the S&P 500 gained 16.9%—a 12.2-percentage-point shortfall.
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These ETFIQ figures are independent estimates, not issuer-reported performance, and the dates differ from Amplify’s September 30 table. The appropriate reading is recent acceleration alongside disappointing one-year relative performance, not a claim that GAMR is consistently beating broad U.S. equities.
What the fund owns
GAMR’s largest positions are mostly large technology companies whose businesses touch gaming, computing infrastructure or digital platforms. The issuer’s October 16 file reported the following weights:
| Holding | Weight | Role represented in the theme |
|---|---|---|
| Meta Platforms | 10.91% | Metaverse and digital platform exposure |
| Advanced Micro Devices | 10.65% | CPUs and GPUs used across gaming and computing |
| Microsoft | 10.45% | Console, publishing, subscription and cloud businesses |
| NVIDIA | 9.49% | Gaming and data-center GPUs |
| Tencent | 9.38% | Online and mobile games |
| Netease | 5.24% | Game publishing and online services |
| Sony | 4.96% | Console and interactive entertainment |
| Nintendo | 4.79% | Console hardware and first-party software |
| Sea | 4.32% | Digital entertainment and mobile gaming |
| AppLovin | 4.24% | Mobile-game technology and advertising |
ETFIQ counted 25 holdings on September 28 and calculated that the top 10 represented 75.8% of the portfolio. The difference from the issuer’s 23-holding count reflects changing dates and holdings files, but both snapshots show concentration. A handful of mega-cap technology names can therefore drive a large share of the daily result.
Why six-month momentum can coexist with a one-year lag
The two time windows capture different market regimes. A strong rebound during the latest six months can lift the short-term numbers even when an earlier selloff remains embedded in the one-year total. Amplify’s Q1 commentary recorded an 18.34% NAV decline in the first quarter of 2026, compared with a 17.98% decline for the VettaFi index.
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The issuer linked part of that Q1 selloff to concern that Google’s Project Genie could disrupt game development. Amplify also argued that the market may have underestimated franchise loyalty and competitive moats. That explanation is the issuer’s interpretation, not a verified forecast; investors should treat it as context for the volatility rather than as evidence of what will happen next.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Concentration, geography and thematic risks
GAMR is a narrowly focused, non-diversified fund. Its holdings span countries and industries, but the largest positions are concentrated in technology and gaming-related companies. That creates several practical risks:
- Large-cap and platform sensitivity: Results can move with a small group of mega-cap technology stocks, even when smaller game companies are performing differently.
- AI and GPU cycles: Demand, pricing and competition in chips and artificial-intelligence infrastructure can affect positions that are not pure-play game publishers.
- Publisher and franchise cycles: Delayed releases, weak launches or changes in player spending can quickly alter game-company earnings.
- Foreign-market exposure: Overseas holdings add currency, regulatory, political and market-structure risks.
- Rapid technological change: New distribution models, cloud gaming, generative tools and competing platforms can change the economics of development.
- Cybersecurity and privacy regulation: Breaches, platform rules and privacy requirements can raise costs or restrict monetization.
- Liquidity: Smaller or less-traded holdings may have wider spreads and can be harder to sell during market stress.
Amplify states that returns and principal fluctuate, and that past performance does not guarantee future results. The 0.59% expense ratio is an ongoing fund cost; trading spreads and the difference between market price and NAV are separate considerations.
How to interpret “momentum continues into Q4”
The evidence supports a narrow statement: GAMR carried strong three- and six-month momentum into early Q4 after recovering from its Q1 decline. It does not support saying that GAMR has completed a positive Q4, will continue rising, or is outperforming the S&P 500 over every horizon.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Anyone comparing GAMR with another gaming or thematic ETF should examine the same items rather than relying on a single return number:
- Three-month, six-month and one-year total returns, with matching end dates.
- Performance relative to a broad benchmark such as the S&P 500.
- Top-holding weights, overlap with broad indexes and the number of positions.
- Geographic and thematic exposure, including sensitivity to AI, GPUs, platforms and publishers.
- Expense ratio, bid-ask spread, trading volume and the ability to enter or exit efficiently.
Until Q4 ends and a complete reporting period is available, the most defensible description remains “recent acceleration, weak one-year benchmark-relative performance.”
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