Play through market swings with 100% downside protection.

The Funds seek to provide returns that track, at the end of a specified three-month period (Outcome Period) the returns of the SPDR S&P 500 ETF Trust subject to a participation rate in positive market environments, while providing downside protection by the amount of the specific Buffer. Fees and expenses are already taken into account. There is no guarantee the funds will achieve their investment objectives. You may lose your entire investment, regardless of when you purchase shares, and even if you hold shares for an entire Outcome Period. The Fund may not be suitable for all investors.

Full extent of spreads, buffers, floors, caps, and participation rates only apply if held for the stated Outcome Period and are not guaranteed. The spread, caps, and participation rates may increase or decrease and may vary significantly after the end of the Outcome Period.

The Buffered ETFs’ investment strategies are different from more typical investment products, and the Funds may be unsuitable for some investors. It is important that investors understand the investment strategy before making an investment. For more information regarding whether an investment in the Funds is right for you, please see the prospectus including “Investor Considerations." There is no guarantee the Funds will achieve their investment objectives.

There is no guarantee that the outcomes sought for an Outcome Period will be realized, and there is no guarantee that the buffer will limit Fund losses or that participation in the Underlying ETF's positive returns subject to the participation rate will be achieved. The outcomes that the Fund seeks to provide do not include the costs associated with purchasing shares of the Fund or the Fund's annualized management fee. The participation rate and buffer will be further reduced by brokerage commissions, trading fees, taxes, and non-routine or extraordinary expenses not included in the Fund's unitary management fee. To achieve the target outcomes sought by the Fund for an Outcome Period, an investor must hold Shares for that entire Outcome Period.

Investing involves risks. Loss of principal is possible. Investors may lose their entire investment, regardless of when they purchase shares, and even if they hold shares for an entire outcome period. Full extent of participation rates and buffers only apply if held for the stated outcome period and are not guaranteed. The participation rate may increase or decrease and may vary significantly after the end of the outcome period.

FLEX Options Risk. The fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (“OCC”). The fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the fund could suffer significant losses.

FLEX Options are customized equity or index options contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles, and expiration dates. An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right, but not the obligation, to buy (in the case of a call option), or to sell (in the case of a put option), a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).

The funds are classified as non-diversified and may invest a relatively high percentage of their assets in a limited number of issuers.

In addition to the risks listed above, the Funds also include buffered loss risk, upside participation risk, participation rate risk, participation rate change risk, correlation risk, investment objective risk, outcome period risk, downside risk, counterparty risk, non-diversification risk, valuation risk, liquidity risk, tax risk, underlying ETF risk, equity securities risk, large-capitalization companies risk, information technology sector risk, market risk, premium/discount risk, management risk, large shareholder risk, active markets risk, operational risk, authorized participant concentration risk, cash transactions risk, trading issues risk, and market maker risk.

Shares of the fund trade on the Exchange at market prices that may be below, at or above the Fund’s NAV. The market prices of the shares generally will fluctuate in accordance with changes in NAV, as well as the relative supply of and demand for shares on the Exchange. Brokerage commission will reduce returns.

Investing involves risk, including possible loss of principal. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus with this and other information about the Fund, please call 877.429.3837 or review the prospectus. Read the prospectus carefully before investing.

Allianz Investment Management LLC (AllianzIM), a wholly owned subsidiary of Allianz Life Insurance Company of North America, is a registered investment adviser and adviser to AllianzIM ETFs.

Distributed by Foreside Fund Services, LLC. Allianz Investment Management LLC and Allianz Life Insurance Company of North America are not affiliated with Foreside Fund Services, LLC.