On 7/19/2024, the Fund’s index change its methodology. See the prospectus for more information.

Investing involves risk, including the possible loss of principal. There is no guarantee that the fund will meet its investment objective. Because the Fund is a fund of funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. The Fund is subject to the risks associated with the Underlying Funds that comprise the Index, including risks related to derivatives, REITs, foreign securities and municipal securities. Fixed-income securities’ prices generally fall as interest rates rise. High yield securities risk includes an issuer’s inability to meet principal and interest payments and may be experience greater volatility. Preferred stock may not pay or suspend dividend payments and may call or redeem to convert it to common stock. Investments in foreign securities, especially emerging markets, involve greater volatility and political, economic, and currency risks and differences in accounting methods. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, in addition to its own fees and expenses. Certain markets segments may be out of favor and underperform. Fund’s underlying holdings may be leveraged and may cause higher volatility and impact of any losses.

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The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. YYY received 4 stars overall out of 229 funds in the Tactical Allocation category, 3 stars out of 229 funds (3-year), 3 stars out of 210 funds (5-year), and 4 stars among 140 funds (10-year) as of 9/30/24.

Amplify Investments LLC serves as the Investment Advisor and Penserra Capital Management LLC serves as sub-advisor to the Fund.