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FUND FEES AND EXPENSES <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" colspan="2" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-style:solid;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-left:6pt;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 87.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:6pt;margin-right:6pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Management Fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-style:solid;border-top-width:1pt;padding-right:0pt;width: 12.04%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="bottom"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:9pt;">0.39% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 87.96%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:6pt;margin-right:6pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Distribution and Service (12b-1) Fees </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-right:0pt;width: 12.04%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:9pt;">0.00% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;padding-left:0pt;padding-right:0pt;width: 87.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:6pt;margin-right:6pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Other Expenses(1) </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;padding-right:0pt;width: 12.04%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="bottom"> <p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:9pt;">0.00% </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-3"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:double;border-bottom-width:2pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 87.96%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Total_L_Tbody_rule2" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:6pt;text-indent:0;">Total Annual Fund Operating Expenses </td> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-color:#000000;border-bottom-style:double;border-bottom-width:2pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-right:0pt;width: 12.04%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: Black 2.5pt double; border-bottom-style: double; padding: 0in 0in 1px 0in;" valign="bottom"> <p class="Tbody_rightalign-bracket-_rule2_JOIN" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:9pt;">0.39% </td> </tr> </table> <p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:16pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-16pt;widows:2;margin-top:6pt;">(1) Estimate based on the expenses the Fund expects to incur for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0039 0 0 0.0039 Estimate based on the expenses the Fund expects to incur for the current fiscal year. EXAMPLE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain at current levels. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be: <table class="NOGUTTER_30" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER_30" style="height:12pt;"> <td class="NOGUTTER_30 TCH CellOverride-5 _idGenCellOverride-1" style="width: 26.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> <td class="NOGUTTER_30 TCH CellOverride-10" style="width: 24.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1 YEAR </td> <td class="NOGUTTER_30 TCH CellOverride-10" style="width: 21.48%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="bottom"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">3 YEARS </td> <td class="NOGUTTER_30 TCH CellOverride-5" style="width: 26.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> </td> </tr> <tr class="NOGUTTER_30" style="height:12pt;"> <td class="NOGUTTER_30 TB CellOverride-11 _idGenCellOverride-2" style="width: 26.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="middle"> </td> <td class="NOGUTTER_30 TB CellOverride-12" style="width: 24.81%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:6pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$40 </td> <td class="NOGUTTER_30 TB CellOverride-12" style="width: 21.48%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:6pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">$125 </td> <td class="NOGUTTER_30 TB CellOverride-11 _idGenCellOverride-3" style="width: 26.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="middle"> </td> </tr> </table> 40 125 PORTFOLIO TURNOVER <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund’s performance. Because the Fund has not yet commenced investment operations, no portfolio turnover information is available at this time. PRINCIPAL INVESTMENT STRATEGIES <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. Tidal Investments LLC (“Tidal” or the “Sub-Adviser”) serves as investment sub-adviser to the Fund. The Index is owned and developed by S&P Dow Jones Indices LLC (“SPDJI” or the “Index Provider”). The Index Provider is not affiliated with the Fund, Amplify Investments LLC (“Amplify Investments” or the “Adviser”) or the Sub-Adviser. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">The Index. The Index is designed to measure the performance of high dividend-paying companies within the S&P 500® Index (the “S&P 500 Index”), identified as “dividend drivers,” that exhibit consistent historical and forecasted dividend growth, as well as strong fundamentals. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Index Methodology. The initial index universe is comprised of companies included in the S&P 500 Index. The S&P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&P 500 Index includes all U.S. equity securities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">To be considered a candidate from the initial universe that is eligible for inclusion, a company must satisfy the following criteria: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:2;margin-top:9pt;">• Forecasted Dividend Yield. A company must be expected to pay a dividend over the coming year, based on data from S&P Global Market Intelligence, a division of S&P Global that provides financial data and analytics, including dividend forecasts and fundamental company data, used to support index construction. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:2;margin-top:9pt;">• Trailing Dividend Growth. A company must have increased its total dividend per share every single calendar year for at least ten consecutive years. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:2;margin-top:9pt;">• Forecasted Dividend per Share Growth. A company’s forecasted dividend per share must be higher than the dividend per share it actually paid in the most recent full calendar year (i.e., the company is expected to increase its dividend). <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">From this qualifying universe, all eligible constituents are ranked using a composite score based on three financial metrics: <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:2;margin-top:9pt;">• Five-year Dividend Growth. The measure of how much a company’s dividend per share has grown over the past five years. It is calculated as the change in trailing 12-month dividends per share compared to the same figure from five years ago, expressed as a percentage. <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:2;margin-top:9pt;">• Forecasted Dividend Yield. A company’s expected dividend per share over the next 12 months divided by its stock price on the reference date (the last business day of December). <p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:2;margin-top:9pt;">• Return on Invested Capital (ROIC). A company’s net income divided by the average of the company’s total debt plus total equity over the current and prior year, averaged over five years. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Each company is ranked based on these three metrics and the ranks are combined into a single composite score. The top 50 companies by composite score are selected, subject to a sector cap of 15 stocks. If two non-constituents have the same composite score, the non-constituent with the higher forecasted dividend yield will be selected. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Weighting. At each annual reconstitution, constituents are weighted by forecasted dividend yield, subject to the following constraints: (i) a constituent’s forecasted dividend yield is capped at 10% (i.e., for purposes of calculating a constituent’s weight, any forecasted dividend yield in excess of 10% is treated as 10%), (ii) no single stock can represent more than 4.5% of the Index or less than 0.05% of the Index, (iii) no single Global Industry Classification Standards (GICS) sector can represent more than 30% of the Index and (iv) any weight that exceeds a cap is redistributed proportionately among the uncapped constituents and this process repeats iteratively until all constraints are satisfied. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">The Index is reconstituted annually, effective on the last business day of January, using data as of the last business day of December, and rebalanced quarterly in January, April, July, and October. At each rebalance, the constituents remain unchanged, but they are reweighted proportionally to the 12-month forecasted yield, using data as of the last business day of the prior month. Index constituents are reviewed on a monthly basis for ongoing eligibility. As of June 17, 2026, the Index consisted of 50 securities and had significant exposure to the financials sector. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">See “Additional Information About the Fund’s Strategies and Risks — Additional Information about the Index” for further information relating to the Index. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Concentration and Diversification Status. The Fund is classified as “non-diversified” under the 1940 Act. The Fund will not concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of identified industries, except to the extent the Index concentrates in an industry or group of identified industries. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities that comprise the Index. The Fund is classified as “non-diversified” under the 1940 Act. The Fund will not concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of identified industries, except to the extent the Index concentrates in an industry or group of identified industries. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. To the extent the Fund invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy, and the value of Fund shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries or sectors. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Cyber Security Risk. The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding, and may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. While the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security, there are inherent limitations in such plans and systems. Additionally, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Dividend Paying Securities Risk. Securities that pay dividends, as a group, can fall out of favor with the market, causing such companies to underperform companies that do not pay dividends. In addition, changes in the dividend policies of the companies held by the Fund or the capital resources available for such company’s dividend payments may adversely affect the Fund. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Equity Securities Risk. The value of the Shares will fluctuate with changes in the value of the equity securities in which the Fund invests. Prices of equity securities fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as the current market volatility, or when political or economic events affecting the issuers occur. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Index Provider Risk. The Fund seeks to achieve returns that generally correspond, before fees and expenses, to the performance of the Index, as published by the Index Provider. There is no assurance that the Index Provider will compile its Index accurately, or that the Index will be determined, composed or calculated accurately. While the Index Provider gives descriptions of what the Index is designed to achieve, the Index Provider does not provide any warranty or accept any liability in relation to the quality, accuracy or completeness of data in its indices, and it does not guarantee that the Index will be in line with its methodology. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Index Risk. The Fund is not actively managed. The Fund invests in securities included in its Index regardless of their investment merit. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Inflation Risk. Inflation risk is the risk that the value of the Fund’s assets or income from investments held by the Fund will be less in the future since inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets can decline as can the value of the Fund’s distributions. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Market Risk. Market risk is the risk that a particular security owned by the Fund or the Shares in general may fall in value, including the possible loss of the entire principal amount that you invest. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices, and changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Overall security values could decline generally or could underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain regions, sectors and industries more significantly than others. Such events could also adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions to trading markets. Any of such circumstances could materially negatively impact the value of the Fund’s Shares and result in increased market volatility. During any such events, the Fund’s Shares may trade at an increased premium or discount to its net asset value. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Non-Correlation Risk. The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index. Although the Fund currently intends to seek to fully replicate the Index, the Fund may use a representative sampling approach, which may cause the Fund not to be as well-correlated with the return of the Index as would be the case if the Fund purchased all of the securities in the Index in the proportions represented in the Index. In addition, the performance of the Fund and the Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Index resulting from legal restrictions, cost or liquidity constraints. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">New Fund Risk. The Fund is new and currently has fewer assets than larger funds, and like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Additionally, because the Fund has fewer assets than larger funds over which to spread its fixed costs, its expense levels on a percentage basis will be higher than that of a larger Fund. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Non-Diversification Risk. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Non-Diversification Risk. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Passive Investment Risk. The Fund is not actively managed. The Fund invests in securities included in or representative of its Index regardless of their investment merit. The Fund does not attempt to outperform the Index. The Fund generally will not attempt to take defensive positions in declining markets. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Portfolio Turnover Risk. The Fund will engage in active trading, which may result in a turnover of the Fund’s portfolio to be greater than 100% annually. The Fund’s strategy may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Frequent portfolio turnover may negatively affect the Fund’s performance. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Index that does not properly track the performance of the Index. As a result, the Fund may not achieve its investment objective. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">REIT Risk. REITs typically own and operate income-producing real estate, such as residential or commercial buildings, or real estate related assets, including mortgages. Adverse economic, business or political developments affecting real estate could have a major effect on the value of the Fund’s investments in REITs. Investing in REITs may subject the Fund to risks associated with the direct ownership of real estate, such as decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent and fluctuations in rental income. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Risks Associated with ETFs. The Fund is an ETF, and therefore, as a result of an ETF’s structure, is subject to the following risks: <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-left:24pt;margin-top:9pt;">Authorized Participant Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these institutions exit the business or are unable to proceed with orders for issuance or redemption of Creation Units and no other authorized participant is able to step forward to fulfill the order, in either of these cases, Shares may trade at a discount to the Fund’s net asset value (“NAV”) and possibly face delisting. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-left:24pt;margin-top:9pt;">Costs of Buying or Selling Shares. Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares.<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-left:24pt;margin-top:9pt;">Market Maker Risk. The Fund faces the risks associated with a potential lack of an active market for the Fund’s Shares due to a limited number of market makers. If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund’s NAV and the price at which the Shares are trading on the Exchange, which could result in a decrease in value of the Shares. Market makers are under no obligation to make a market in Shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Shares trading at values below the NAV and also in greater than normal intra-day bid-ask spreads for Shares. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-left:24pt;margin-top:9pt;">Market Trading Risks. Shares of the Fund are publicly traded on the Exchange, which may subject shareholders of the Fund to numerous trading risks. First, Shares of the Fund may trade at prices that deviate from its NAV. The market prices of Shares will generally fluctuate in accordance with changes in the NAV of the Fund, but are also dependent upon the relative supply of and demand for Shares on the Exchange. The Fund cannot predict whether Shares will trade below (i.e., a discount), at, or above (i.e., a premium) their NAV. Price differences between the trading price of Shares and the NAV may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. Further, securities (including Shares), are subject to market fluctuations and liquidity constraints that may be caused by such factors as economic, political, or regulatory developments, changes in interest rates, and/or perceived trends in securities prices. Additionally, although the Shares are listed for trading on the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules. Further, the Fund is required to comply with listing requirements adopted by the Exchange, and there can be no assurance that the requirements of the Exchange necessary to maintain listing of the Fund’s Shares will continue to be met or will remain unchanged. Non-compliance with such requirements may result in the Fund’s Shares being delisted by the Exchange. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-left:24pt;margin-top:9pt;">Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties to provide a range of services relating to its operations. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. The Fund and Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund sought to replicate the Index. In addition, in order to minimize the market impact of an Index rebalance, the Fund may begin trading to effect the rebalance in advance of the effective date of the rebalance and continue trading after the effective date of the rebalance, which may contribute to tracking error. <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">Valuation Risk. The Fund is subject to the risk of valuation discrepancies for its securities between its valuation of a security and that in the marketplace. Additionally, the value of securities in the Fund’s portfolio may change on days that shareholders are not able to purchase or sell Shares. Further, during periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the valuation of the Fund’s investments will become more difficult. In market environments where there is reduced availability of reliable objective pricing data, the judgment of the Fund’s investment adviser in determining the fair value of the security may play a greater role. While such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. PERFORMANCE <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Minion Pro, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:9pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:9pt;">As of the date of this prospectus, the Fund has not yet commenced operations and therefore does not have a performance history. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.amplifyetfs.com and will provide some indication of the risks of investing in the Fund. As of the date of this prospectus, the Fund has not yet commenced operations and therefore does not have a performance history. www.amplifyetfs.com 485BPOS 0001633061 false Sector Risk. To the extent the Fund invests more heavily in a particular sector or sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, from the broader markets. Financials. Financial companies, such as retail and commercial banks, brokerage firms, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans) and competition from new entrants and blurred distinctions in their fields of business. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. The impact of changes in capital requirements, or recent or future regulation, on any financial company or on the financials sector as a whole cannot be predicted. The financials sector can be a target or cyberattacks, and may experience technology malfunctions and disruptions. These risks may be amplified for companies that operate online and digital platforms. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact the Fund. Estimate based on the expenses the Fund expects to incur for the current fiscal year.