The above table and line graphs are provided to show the frequency at which the closing price of the fund was at a premium (above), discount (below), or equal to the daily net asset value ("NAV") as compared to the fund's NAV.
Content herein provides premium/discount data for the recently completed calendar year and the most recently completed calendar quarters since that year (or the life of the exchange-traded fund, if shorter).
The Funds seek to deliver returns that match, at the end of a specified one-year period (Outcome Period), the returns of the SPDR® S&P 500® ETF Trust up to a predetermined Cap, while limiting downside losses by the amount of a specified Buffer, before fees and expenses. Fees and expenses will reduce performance.
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 Caps and Buffers only apply if held for stated Outcome Period and are not guaranteed. The Cap may increase or decrease and may vary significantly.
To achieve the target outcomes sought by the Fund for an Outcome Period, an investor must hold Fund Shares for that entire Outcome Period. An investor who purchases Fund Shares after the Outcome Period has begun or sells Fund Shares prior to the end of the Outcome Period may experience results that are very different from the investment objective sought by the Fund for that Outcome Period. For example, if the Outcome Period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Alternatively, if the Outcome Period has begun and the Fund has decreased in value beyond the starting Buffer, an investor purchasing shares at that price may not benefit from the Buffer. Similarly, if the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may not benefit from the Buffer until the Fund’s value has decreased to its value at the commencement of the Outcome Period.
In the event that the SPDR® S&P 500® ETF Trust has gains in excess of the Cap for the Outcome Period, the Fund will not participate in those gains beyond the Cap. Despite the intended Buffer, a shareholder could lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses. The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund.
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, capped upside return risk, upside participation risk, correlation risk, cap change risk, outcome period risk, downside risk, counterparty risk, valuation risk, liquidity risk, tax risk, market risk, large-cap companies risk, management risk, large shareholder risk, active markets risk, operational risk, authorized participant concentration risk, derivatives risk, ETF risks, 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.
The S&P 500® Price Index is a broad measure of U.S. large-cap stocks. SPDR® S&P 500® ETF Trust is an exchange-traded fund. It is designed to track the S&P 500 stock market index. An investor cannot invest directly in an index.
Allianz Investment Management LLC serves as the ETFs’ investment adviser.
Allianz Investment Management LLC (AllianzIM) is a registered investment adviser and wholly owned subsidiary of Allianz Life Insurance Company of North America.
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.