Aim for the peaks. Cushion the dips.

The Funds seek to provide returns that track, at the end of a specified one-year period (Outcome Period), the returns of the SPDR® S&P 500® ETF Trust that are in excess of the Spread in positive market environments, while providing downside protection by the amount of the specific 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 Spreads and Buffers only apply if held for stated Outcome Period and are not guaranteed. The Spread 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 beyond the Spread, an investor purchasing at that price still 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 Spread in positive market environments at the end of the Outcome Period, the Fund will participate in those gains without a 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 Spread and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund.

The buffer, which the fund seeks to provide, will be reduced and the spread will increase after taking into account the management fees, as shown in the net starting buffer and net starting spread. The spread cost represents the upside performance a shareholder forgoes in return for the downside protection provided by the buffer. Any upside performance as measured at the end of the outcome period will be reduced by the spread cost and management fee. The Fund’s performance will not reflect the entirety of any upside performance of the reference asset.

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, correlation risk, spread 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 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.