Allianzim U.S. Small Cap Buffer5 ETF QBKV Strategy

The investment seeks to match, at the end of the current Outcome Period, the share price returns of the iShares® Russell 2000 ETF (the “Underlying ETF”), up to a specified upside Cap, while providing a Buffer against the first 5% 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. small cap equity securities. Specifically, the Advisor intends to invest substantially all of its assets in FLexible EXchange Options (“FLEX Options”) that reference the underlying ETF. The fund is non-diversified.