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Correct answer Dave Merchant

Create a circle shape layer, then duplicate it.

Keyframe-animate the scale and opacity values (you probably want to use the ease-in keyframe type)

Duplicate the animated layer, and offset the timing of the keyframes.

Then you can pre-compose and loop the animation as required.

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Dave MerchantCorrect answer
Legend
January 2, 2019

Create a circle shape layer, then duplicate it.

Keyframe-animate the scale and opacity values (you probably want to use the ease-in keyframe type)

Duplicate the animated layer, and offset the timing of the keyframes.

Then you can pre-compose and loop the animation as required.