ETFs with a built-in buffer against market drops.

The Funds seek to provide returns that track, at the end of a specified three-month, six-month, or one-year period (Outcome Period) the returns of the SPDR® S&P 500® ETF Trust subject to a cap in positive market environments, while providing downside protection by the amount of the specific Buffer. The Cap and the Buffer will be reduced after taking into account management fees and other Fund fees and expenses. 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 buffers and caps only apply if held for the stated Outcome Period and are not guaranteed. The caps may increase or decrease and may vary significantly after the end of the Outcome Period.

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, buffer and the fund’s position relative to each, should be considered before investing in the fund.

Buffers will be reduced after taking into account management fees and other Fund fees and expenses.

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, correlation risk, cap change 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.