Investment objective & strategy
As of March 25, 2026 · prospectusObjective. The Fund seeks to provide, at the end of the current Outcome Period, returns that track the share price returns of the SPDR S&P 500 ETF Trust (the Underlying ETF) that are in excess of the Spread in positive market environments, while providing downside protection with a Buffer against the first 15% of Underlying ETF losses. The stated Spread and Buffer are before Fund fees and expenses. The current Outcome Period is from April 1, 2025 to March 31, 2026 .
Strategy. As described in the Funds prospectus, the Fund is subject to a Spread that represents the minimum return the SPDR S&P 500 ETF Trusts share price must achieve in positive market environments before the Fund participates in any positive returns, as measured at the end of the Outcome Period. The Funds current Outcome Period will end on March 31, 2026, following which the Fund will reset and commence its new Outcome Period on April 1, 2026, as shown in the table below. The Funds Spread is not determined until after the end of the last market day prior to the new Outcome Period, or March 31, 2026. As of the date of this Supplement, the Spread for the Fund for … As described in the Funds prospectus, the Fund is subject to a Spread that represents the minimum return the SPDR S&P 500 ETF Trusts share price must achieve in positive market environments before the Fund participates in any positive returns, as measured at the end of the Outcome Period. The Funds current Outcome Period will end on March 31, 2026, following which the Fund will reset and commence its new Outcome Period on April 1, 2026, as shown in the table below. The Funds Spread is not determined until after the end of the last market day prior to the new Outcome Period, or March 31, 2026. As of the date of this Supplement, the Spread for the Fund for the new Outcome Period is expected to be within the range shown in the table below, before and after taking into account the Funds annualized unitary management fee of 0.74% of the Funds average daily net assets: Fund Name Ticker New Outcome Period Estimated Spread Range AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF ARLU April 1, 2026, to March 31, 2027 4.70% - 5.70% (before management fee) 5.44% - 6.44% (after management fee) The Funds return will be further reduced by brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not included in the Funds unitary management fee, as described in the prospectus. The expected Spread range provided here is based upon market conditions as of the date of this Supplement. The final Spread could fall outside of this range if there is a material change in market conditions between the date of this Supplement and the date on which the final Spread is established.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| SPY 03/31/2026 27.41 C 0.00000000 | 4SPY 260331C0002741 | $49.85M | 99.98% |
| SPY 03/31/2026 582.60 P 0.00000000 | 4SPY 260331P0058260 | $145.26K | 0.29% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Advisers
| Firm | Role |
|---|---|
| Allianz Investment Management LLC | Adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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