JULW — AllianzIM U.S. Large Cap Buffer20 Jul ETF ☆

The Fund seeks to match, at the end of the current Outcome Period, the share price returns of the SPDR ® S&P 500 ® ETF Trust (the “Underlying ETF”), up to a specified upside Cap, while providing a Buffer against the first 20% of Underlying ETF losses. The Cap and the Buffer will be reduced after taking into account management fees and other Fund fees and expenses.