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 Fund pursues a buffered strategy that seeks to provide returns that track the share price returns of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) (i.e., the market price returns of the Underlying ETF), at the end of a three-month calendar quarter (i.e., from January 1 to March 31, April 1 to June 30, July 1 to September 30, or October 1 to December 31), as described below (the “Outcome Period”), at a specific percentage rate of participation (the “Participation Rate”), and downside protection with a buffer against 100% of Underlying ETF losses (the “Buffer”).
The outcomes may only be achieved if Shares are held over a complete calendar quarter Outcome Period.
An investor who purchases or sells Shares during an Outcome Period may experience results that are very different from the outcomes sought by the Fund for that Outcome Period. For example, if an investor purchases Shares during an Outcome Period at a time when the Underlying ETF's share price has increased from its price at the beginning of the Outcome Period, the rate of that investor's gains relative to such increase could differ from the Participation Rate. The strategy is designed to realize the outcomes only on the final day of the Outcome Period.
To achieve the target outcomes sought by the Fund for an Outcome Period, an investor must hold Shares for that entire Outcome Period. This means investors should purchase the Shares immediately prior to the beginning of the Outcome Period and hold the Shares until the end of the Outcome Period to achieve the intended results.
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. 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.
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.
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, 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.