We report the existence of anomalous metamagnetic fluctuations in the vicinity of the dynamic phase transition (DPT) that do not occur for the corresponding thermodynamic behavior of simple ferromagnets. Our results demonstrate that key characteristics associated with the DPT are qualitatively different from conventional thermodynamic phase transitions. We also provide evidence that these differences are tunable by showing that the presence of metamagnetic fluctuations and the size of the critical scaling regime depend strongly on the amplitude of the oscillating field that is driving the DPT in the first place.