AMPLIFY YIELDSHARES PRIME 5 DIVIDEND ETF (YESR) Exchange: BATS

DELISTED - The Fund will invest at least 80% of its total assets in the exchange-traded funds (“ETFs”) that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. Penserra Capital Management LLC (“Penserra” or the “Sub-Adviser”) serves as investment sub-adviser to the Fund. The Sub-Adviser seeks a correlation of 0.95 or better (before fees and expenses) between the Fund’s performance and the performance of the Index; a figure of 1.00 would represent perfect correlation.   The Index was created and is maintained by Level ETF Ventures LLC (“Level Ventures” or the “Index Provider”). The Index Provider is not affiliated with the Fund, Amplify Investments LLC (the “Adviser”) or the Sub-Adviser.   The Index. The Index seeks to provide targeted exposure to the five highest-ranked dividend ETFs (the “Prime 5”) based on the Prime Scoring and Selection Criteria as discussed below. The Fund believes that the Prime 5 offers the potential for increased income, diversification and reduced share price volatility.   The Selection Universe. The selection universe for the Index includes ETFs that track diversified equity indices comprised of companies incorporated in the United States or its territories that trade on BATS, the New York Stock Exchange or The NASDAQ Stock Market® LLC. As of January 31, 2017, the selection universe constituted approximately 70 ETFs. Each constituent of the Index must meet certain minimum liquidity and distribution standards. Specifically, Index constituents must: (i) exhibit 3-month average daily trading volume of at least $5 million; (ii) have assets under management of at least $250 million; and (iii) make distributions on a monthly or quarterly basis. The selection universe excludes exchange-traded notes, sector-based ETFs and ETFs that hold call options, leveraged and/or inverse ETFs, and ETFs whose portfolio, in the aggregate, consists of more than 10% exposure to the following asset types: real estate investment trusts; business development companies; and master limited partnerships.   Prime Scoring and Selection Criteria. The Index Provider selects the Prime 5 according to the following steps:     1. Begin with the selection universe for the Index.     2. Rank each Index constituent according to the following three factors: (i) Indicated Dividend Yield, in ascending order; (ii) Realized Volatility of the last 60 trading days, in descending order; and (iii) Total Expense Ratio, in descending order. “Indicated Dividend Yield” is calculated by dividing the sum of the fund’s trailing 12-month distributions paid by the NAV at the time of calculation; “Realized Volatility” is the magnitude of daily price movements, regardless of direction, over a specific period; and “Total Expense Ratio” is defined as the total annual fund operating expenses, net any waivers, expressed as a percentage of the assets under management, as publicly disclosed by the fund.     3. Multiply the individual rankings for each Index constituent by a corresponding factor representing the level of importance assigned to each ranking component. Indicated Dividend Yield is assigned a 50 percent weight; Realized Volatility of the last 60 trading days is assigned a 33.33 percent weight; Total Expense Ratio is assigned a 16.67 percent weight.     4. Sum the three factor-weighted ranks to compute a final score for each Index constituent. If two or more Index constituents receive the same final score, the Index Provider refers to higher Indicated Dividend Yield to rank such constituents.     5. Select the five highest-ranked constituents; the Index consists of the Prime 5.   If, at any quarterly rebalancing date of the Index, the Fund determines that, pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), and any rules, regulations or interpretations thereunder, a participation agreement is required in order for the Fund to own an Index constituent, and the Fund is unable to procure such participation agreement, then the Index Provider will, at the quarterly rebalancing date, exclude the constituent. The Index Provider will then select the next eligible Index constituent.   Index Weightings. The final scores for each of the Prime 5 are summed and each respective constituent’s score is divided by the summed total to determine its respective weighting in the Index. No individual constituent of the Index may exceed a 30% weighting of the Index at the time the Index is rebalanced. The Index is rebalanced quarterly, but may be adjusted more frequently for specific corporate events.   For more information on the Index, please refer to the Index Provider section later in this prospectus.   Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.