SPBW – AllianzIM Buffer20 Allocation ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide capital appreciation with downside risk mitigation. The underlying ETFs each pursue a buffered strategy and as a result seek to match the share price returns of the SPDR® S&P 500® ETF Trust at the end of specified one-year periods, subject to an upside maximum percentage return and downside protection with a buffer against the first 20% of SPY ETF losses for the Outcome Period. Under normal market conditions, the underlying ETFs invest at least 80% of their respective net assets in instruments with economic characteristics similar to U.S. large cap equity securities. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
SPBW	AllianzIM Buffer20 Allocation ETF	ETF	Open	—	—	Jan 7, 2025	$93.79M	0.790%	—	—	$44.80M

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