Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in high quality U.S.-listed equity securities of companies with small- to mid- market capitalizations. For these purposes, the Fund defines a “high quality” security as a company that meets the Sub-Adviser’s evaluation process described herein and a small- to mid- market capitalization company as a company that has a market capitalization of between $400million and approximately the largest market capitalization company in the Russell 2500™ Index at the time of purchase. The Fund will primarily invest in common stocks, but may invest in other types of equity securities and/or in real estate investment trusts (“REITs”). REITs are financial vehicles that pool investors’ capital to purchase or finance real estate. Amplify Investments LLC (“Amplify Investments” or the “Adviser”) serves as the investment adviser to the Fund. Curi Capital, LLC (“Curi” or a “Sub-Adviser”) and Penserra Capital Management LLC (“Penserra” or a “Sub-Adviser”, and collectively with Curi, the “Sub-Advisers”) each serve as investment sub-advisers to the Fund. Penserra is responsible for implementing the Fund’s investment program by, among other things, trading portfolio securities and performing related services, rebalancing the Fund’s portfolio and providing cash management services in accordance with the investment advice formulated by, and model portfolios delivered by, Curi and Amplify Investments. The Sub-Advisers are not affiliated with the Fund or Amplify Investments.

Curi actively manages the Fund by applying an economic return framework that seeks to identify attractively priced small- to mid- capitalization companies at all stages of the corporate lifecycle (i.e., the progression of a business over time from its creation to termination) that allocate capital in a way that creates long-term value. Curi’s economic return framework analyzes key determinants of success, such as cash flow, capital investments, credit worthiness and sales momentum. Taking into account a company’s stage in the corporate lifecycle, Curi evaluates the sustainability of the company’s economic returns and further evaluates potential investments to determine

which stocks are most attractively priced. In managing the Fund, the Adviser seeks to construct a portfolio that is diversified across both economic sectors and corporate lifecycle. As a result of its lifecycle diversification, the Fund invests in both growth- and value-style equity securities. Curi will consider a variety of factors in its determination to sell a portfolio security, including, but not limited to, a company’s performance in relation to its investment milestones, valuation, and risk controls around sector, lifecycle or individual position size.

As part of the investment process, Curi’s investment team evaluates the general and industry-specific environmental, social, and governance (“ESG”) factors that Curi believes to be the most financially material to a company’s short-, medium, and long-term enterprise value at any given time. Curi defines materiality in terms of the impact on a company’s net income over the longer term. Specific ESG factors Curi considers at any given time vary greatly by geography and industry, and may also vary between companies within the same geographic region or industry. Such factors include, but are not limited to, board diversity, size and background, incentives, workforce diversity, cybersecurity, and environmental sustainability.

As of September30, 2025, the Fund had significant exposure to the industrials, information technology and financials sectors.

Diversification Status. The Fund is classified as a “diversified company” under the Investment Company Act of 1940, as amended (the “1940 Act”).