COWS/HCOW: Investing involves risk, including the possible loss of principal. The Fund is new with limited operating history. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. There can be no assurance that the Fund’s investment objectives will be achieved. Brokerage commissions will reduce returns. 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.

The value of the Shares will fluctuate with changes in the value of the equity securities in which it invests. 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. Diversification does not assure a profit or protect against a loss in a declining market. The Fund is susceptible to operational risks through breaches in cyber security. Small and/or midcapitalization companies may be more vulnerable to adverse general market or economic developments.

There is no guarantee that a company will pay or continually increase its dividends. The Fund intends to estimate annual income and pay in monthly installments. In doing so, some portion of the distribution could be considered a return of capital for tax purposes.

COWS: The Fund employs a “passive management” or indexing investment approach that seeks investment results that correspond (before fees and expenses) generally to the performance of its underlying index. Differences in timing of trades and valuation as well as fees and expenses, may cause the Fund to not exactly replicate the index known as tracking error.

HCOW: The Fund is actively-managed and its performance reflects investment decisions that the Adviser makes for the Fund. The Fund’s use of derivatives may be considered aggressive and may expose the Fund to greater risks and larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives. The Fund is subject to increased counterparty risk with respect to the amount it expects to receive from counterparties to uncleared swaps. Investing in options and other instruments with option-type elements may increase the risk, volatility and/or transaction expenses of the Fund. The Fund invests in the COWS ETF which invests in large capitalization companies. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions.

Amplify Investments LLC serves as the investment adviser to the Fund.

Kelly Strategic Management, LLC and Penserra Capital Management LLC each serve as investment sub-advisers to the Fund.