AllianzIM U.S. Equity Buffer20 Apr ETF APRW Strategy

The investment seeks to match,at the end of the current Outcome Period,the share price returns of the SPDR®S&P 500®ETF Trust,up to a specified upside Cap,while providing a Buffer against the first 20% of Underlying ETF losses. Under normal market conditions, the fund invests at least 80% of its net assets in instruments with economic characteristics similar to U.S. large cap equity securities. Specifically, the manager intends to invest substantially all of the fund's assets in FLexible EXchange Options ("FLEX Options") that reference the Underlying ETF. The fund is non-diversified.