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GAMR carried strong recent momentum into early Q4 2026, but the quarter is not complete and the fund has not consistently beaten broad U.S. stocks. Amplify reported double-digit three-month, six-month and year-to-date NAV gains through September 30, while an independent calculation showed GAMR still trailing the S&P 500 over one year.
The practical description is recent acceleration alongside weaker longer-term benchmark-relative performance—not proof that GAMR will continue rising for the rest of Q4.
What GAMR’s latest performance numbers show
GAMR is the Amplify Video Game Leaders ETF, traded on NYSE Arca under the ticker GAMR. Amplify’s month-end figures through September 30, 2026, show the following returns:
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitches| Period | NAV return | Closing-price return | VettaFi index return |
|---|---|---|---|
| One month | 2.63% | 3.22% | 2.75% |
| Three months | 10.20% | 9.84% | 10.70% |
| Six months | 34.78% | 32.69% | 35.86% |
| Year to date | 10.06% | 9.93% | 11.44% |
| One year | 3.36% | 3.60% | not stated |
The issuer’s latest price section listed a $100.67 NAV on October 15, 2026. That is a point-in-time NAV, not a completed October or Q4 return.
Why six-month momentum can coexist with a one-year lag
ETFIQ’s independent calculation through September 28, 2026, puts the recent acceleration in broader market context:
| Period | GAMR | S&P 500 | Difference |
|---|---|---|---|
| Three months | 11.9% | 3.6% | GAMR ahead by 8.3 percentage points |
| Six months | 38.4% | 21.8% | GAMR ahead by 16.6 percentage points |
| One year | 4.7% | 16.9% | GAMR behind by 12.2 percentage points |
These are ETFIQ estimates based on issuer files and market data, rather than issuer-reported performance. The different one-year figure from Amplify’s 3.36% NAV result reflects the different measurement date and methodology.
The pattern indicates that a sharp rebound in the most recent six months has not erased an earlier selloff. Amplify’s first-quarter commentary recorded an 18.34% NAV decline in Q1 2026, compared with an 17.98% decline for the VettaFi index. The commentary linked part of that 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 is the issuer’s interpretation, not a settled forecast.
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What companies and themes are inside GAMR
GAMR seeks results that generally correlate, before fees and expenses, with the VettaFi Video Game Leaders Index. Amplify describes the portfolio as covering the global video-game value chain:
- Game development and publishing
- Mobile and online games
- Graphics processors and development platforms
- Supporting software, hardware and peripherals
- Metaverse-related companies
Amplify listed 23 holdings and $40.27 million in net assets as of October 15, 2026. The fund charges a 0.59% total expense ratio and rebalances its index quarterly.
The issuer’s October 16 holdings file listed these largest positions:
| Company | Weight |
|---|---|
| Meta Platforms | 10.91% |
| Advanced Micro Devices | 10.65% |
| Microsoft | 10.45% |
| NVIDIA | 9.49% |
| Tencent | 9.38% |
| Netease | 5.24% |
| Sony | 4.96% |
| Nintendo | 4.79% |
| Sea | 4.32% |
| AppLovin | 4.24% |
Daily holdings can change. ETFIQ counted 25 holdings on September 28 and calculated that the top 10 represented 75.8% of the fund, illustrating how concentrated the exposure can be even when the number of positions changes.
Is GAMR too concentrated in big technology stocks?
Concentration is a central feature, not a minor technical detail. The largest positions include semiconductor and platform companies whose results can be driven by artificial-intelligence investment, GPU demand, cloud and mobile ecosystems, advertising, or broad technology valuations—not only by sales of individual games.
That creates two consequences:
- Upside sensitivity: a strong GPU, platform or blockbuster-publisher cycle can lift several major holdings at once.
- Downside sensitivity: a valuation reset or weak outlook at a few mega-cap positions can affect a large share of the ETF simultaneously.
The portfolio also has substantial foreign exposure and thematic exposure to rapid technological change. Smaller holdings may have limited liquidity, which can widen trading costs during stressed markets.
What “momentum into Q4” does—and does not—mean
At the October 16 research date, Q4 2026 was still in progress. No complete-quarter return was available, so the existing data support only a statement about momentum entering the quarter. They do not establish a Q4 forecast or a final quarterly result.
Investors comparing GAMR with another gaming or thematic ETF should check the same factors rather than relying on a single recent-return number:
- Compare three-month, six-month and one-year total returns using matching dates and methodologies.
- Measure performance against a broad benchmark such as the S&P 500, not only against another theme fund.
- Inspect the top-10 weight, overlap with broad indexes and exposure to the same mega-cap technology names.
- Review geographic and thematic allocations, including publishers, GPUs, platforms, hardware and metaverse companies.
- Check the expense ratio, bid-ask spread and trading liquidity before placing an order.
- Assess sensitivity to AI spending, GPU cycles, platform policy, game launches and publisher execution.
Risks to understand before buying
Amplify describes GAMR as narrowly focused and non-diversified. Returns and principal fluctuate, and past performance does not guarantee future results. The fund’s stated risks include concentration in a small group of companies, foreign-market risk, fast technological change, intense competition, cybersecurity and privacy regulation, and limited liquidity in smaller positions.
“The performance data quoted represents past performance and does not guarantee future results.” — Amplify ETFs, GAMR fund page
Those risks matter particularly after a strong six-month advance: recent momentum can reverse if the companies driving the gain miss expectations or if investors reduce exposure to growth and technology stocks. GAMR’s one-year benchmark shortfall is a reminder to evaluate the whole measurement window, not just the latest rebound.
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