What it is
The type of amniotic extract (or fluid) used in cosmetics is usually derived from the amniotic fluid of cows. It is extracted from live animals in their third to six month of gestation, without, supposedly, any harm to mother and child.
What it does
Although amniotic extract is said to be a treatment for premature aging and other skincare issues, I only found one study on its efficacy. The study shows that pure concentrations of human amniotic fluid can help wounds heal faster.
Amniotic extract is generally considered to be safe.