AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 3 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About JANU

The Fund pursues a bufferedstrategy that seeks to provide returns that track the share price returns of the SPDR® S&P 500® ETF Trust (the “UnderlyingETF”) (i.e., the market price returns of the Underlying ETF), at the end of a specified one-year period, from January 1to December 31, as described below (the “Outcome Period”), subject to a “Spread,” and to provide downside protectionwith a buffer against the first 15.00% of Underlying ETF losses for the Outcome Period (the “Buffer”). The Spread representsthe opportunity cost (i.e., the upside performance a shareholder forgoes) in return for the downside protection provided by the Buffer.The Fund’s intended return measured across different market conditions (e.g., rising or declining markets) is referred to as “outcomes”in this prospectus. The Underlying ETF’s share price returns reflect the price at which the Underlying ETF’s shares tradeon the secondary market (not the Underlying ETF’s net asset value).Under normal market conditions,the Fund invests at least 80% of its net assets in instruments with economic characteristics similar to U.S. equity securities. Specifically,the Fund intends to invest substantially all of its assets in FLexible EXchange Options (“FLEX Options”) that reference theUnderlying ETF. FLEX Options are customized equity or index options contracts that trade on an exchange, but provide investors with theability to customize key contract terms like exercise prices, styles and expiration dates. The Fund may purchase and sell a combinationof call option contracts and put option contracts. A call option contract is an agreement between a buyer and seller that gives the purchaserof the call option contract the right, but not the obligation, to buy, and the seller of the call option contract (or the “writer”)the obligation to sell, a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).A put option contract gives the purchaser of the put option contract the right, but not the obligation, to sell, and the writer of theput option contract the obligation to buy, a particular asset at a specified future date at the strike price. The Spread represents theminimum return the Underlying ETF’s share price must achieve in positive market environments before the Fund participates in anypositive returns, as measured at the end of the Outcome Period (i.e., the Spread must be exceeded at the end of the Outcome Period forthe Fund to participate in any positive returns). The Spread is set at or near the close of the market on the business day prior to thefirst day of the Outcome Period, based on market conditions. Specifically, the Spread is based on the market costs associated with aseries of FLEX Options that are purchased and sold in order to seek to obtain the relevant market exposure and to provide downside protectionvia the Buffer. The market conditions and other factors that influence the Spread can include risk free rates, market volatility, andtime to expiration of the FLEX Options. The Spread for the current Outcome Period is 3.73% prior to taking into account any feesor expenses charged to the Fund. When the Fund’s annualized management fee of 0.74% of the Fund’s average daily net assetsis taken into account, the Spread is 4.47%. The Buffer is 15.00% prior to taking into account any fees or expenses charged tothe Fund. When the Fund’s annualized management fee of 0.74% of the Fund’s average daily net assets is taken into account,the Buffer is reduced to 14.26%. The Fund’s returnwill be reduced by the Fund’s unitary management fee and further reduced by brokerage commissions, trading fees, taxes and non-routineor extraordinary expenses not included in the Fund’s unitary management fee. For the purpose of this prospectus, “non-routineor extraordinary expenses” are non-recurring expenses that may be incurred by the Fund outside of the ordinary course of its business,including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigationor similar proceedings, indemnification expenses and expenses in connection with holding or soliciting proxies for a meeting of Fundshareholders. The returns that the Fund seeks to provide also do not include the costs associated with purchasing Shares of the Fund.The Fund will not receive or benefit from any dividend payments made by the Underlying ETF. It is expected that the Spread will changefrom one Outcome Period to the next. There is no guarantee, and it is unlikely, that the Spread will remain the same after the end ofeach Outcome Period. The Spread may increase or decrease, and it may change significantly, depending upon the market conditions at thattime. The Fund is classifiedas “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means itgenerally may invest a greater proportion of its assets in the securities of one or more issuers and may invest overall in a smallernumber of issuers than a diversified fund. The Underlying ETF is anexchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the priceand yield performance of the S&P 500® Index (the “Underlying Index”). The Underlying Index is a large-cap,market-weighted, U.S. equities index. The Underlying ETF seeks to achieve its investment objective by holding a portfolio of the commonstocks that are included in the Underlying Index, with the weight of each stock in the Underlying ETF’s portfolio substantiallycorresponding to the weight of such stock in the Underlying Index. Although the Underlying ETF seeks to track the performance of theUnderlying Index, the Underlying ETF’s return may not match or achieve a high degree of correlation with the return of the UnderlyingIndex due to fees, expenses and transaction costs incurred by the Underlying ETF, among other factors. In addition, it is possible thatthe Underlying ETF may not always fully replicate the Underlying Index, including due to the unavailability of certain Underlying Indexsecurities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted). As ofJanuary 31, 2026, the Underlying Index was comprised of 503 constituent securities, representing 500 companies, with amarket capitalization range of between $5.8 billion and $4.6 trillion, and had significant exposure to the informationtechnology sector. Accordingly, through its investments in FLEX Options that reference the Underlying ETF, the Fund had significant exposureto the information technology sector as of January 31, 2026.The Fund seeks to achieveits objective by buying and selling call and put FLEX Options that reference the Underlying ETF. Generally, the Fund will enter intothe FLEX Options for an Outcome Period on the business day immediately prior to the first day of the Outcome Period, and the FLEX Optionsof an Outcome Period will expire on the last business day of the Outcome Period, at which time the Fund will invest in a new set of FLEXOptions for the next Outcome Period. In general, the Fund seeksto achieve the following outcomes for each Outcome Period, although there can be no guarantee these results will be achieved:  • If the Underlying ETF’s share price has increased as of the end of the Outcome Period in excess of the Spread, the combination of FLEX Options held by the Fund is designed to provide returns that track the positive returns of the Underlying ETF’s share price that are in excess of the Spread (i.e. if the Underlying ETF returns 25% and the Spread is 3%, the Fund is designed to return 22%).   • If the Underlying ETF’s share price has increased as of the end of the Outcome Period but such increase is less than or equal to the Spread, the Fund will not participate in the positive returns of the Underlying ETF’s share price up to the Spread (i.e., if the Underlying ETF returns 3% and the Spread is 3%, the Fund is designed to return 0%).   • If the Underlying ETF’s share price has decreased as of the end of the Outcome Period, the combination of FLEX Options held by the Fund is designed to compensate for the first 15% of losses experienced by the Underlying ETF’s share price.   • If the Underlying ETF’s share price has decreased by more than 15.00% as of the end of the Outcome Period, the Fund is expected to experience all subsequent losses experienced by the Underlying ETF’s share price beyond 15.00% on a one-to-one basis, meaning that the Fund will decrease 1% for every 1% decrease in the Underlying ETF’s share price (i.e., if the Underlying ETF loses 20%, the Fund is designed to lose 5%).   • The outcomes described here are before taking into account Fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not included in the Fund’s unitary management fee. An investor that purchases Shares after the Outcome Period has begun or sells Shares prior to the end of the Outcome Period may experience results that are very different from the investment objective sought by the Fund for that Outcome Period.  The following charts illustratethe hypothetical returns that the Fund seeks to provide where a shareholder holds Shares for the entire Outcome Period. The Spreadis also referred to as the “Threshold,” which represents the level of returns that the Underlying ETF’s share pricemust exceed in positive market environments for the Fund to participate in any positive returns, as measured at the end of the OutcomePeriod. The Spread and Threshold in the line graph and bar chart below are for illustration only and the actual Spread and Thresholdmay be different. The returns shown in thecharts are based on hypothetical performance of the Underlying ETF’s share price in certain illustrative scenarios and do not takeinto account payment by the Fund of fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expensesnot included in the Fund’s unitary management fee. There is no guarantee that the Fund will be successful in providing theseinvestment outcomes for any Outcome Period. To the extent an investorpurchases Shares after an Outcome Period has begun and/or at a price other than Outcome NAV, or sells Shares before the end of an OutcomePeriod and/or at a price other than the last calculated NAV of the Outcome Period, such investor’s returns will deviate from thoseillustrated in the below charts and, therefore, such investor will experience results that are very different from the outcomes soughtby the Fund for that Outcome Period. In the first graph below,the dotted line represents the Underlying ETF’s share price performance, and the solid line represents the gross returns that theFund seeks to provide relative to the Underlying ETF’s share price performance. The line graph provides broad and detail viewsof the Fund’s return profile in relation to the Threshold.   The following table containshypothetical examples designed to illustrate the outcomes the Fund seeks to provide at the end of an Outcome Period, basedupon the performance of the Underlying ETF’s share price from -100% to 100%. The table below reflects the Spread for the currentOutcome Period: 3.73%. The table is provided for illustrative purposes and does not provide every possible performance scenariofor the Fund for an Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the outcomesfor an Outcome Period. The table is not intended to predict or project the performance of the FLEX Options or the Fund. Fund shareholdersshould not take this information as an assurance of the expected performance of the Underlying ETF’s share price or return on theFund’s Shares. The actual overall performance of the Fund will vary with fluctuations in the value of the FLEX Options during theOutcome Period, among other factors. Please refer to the Fund’s website, www.AllianzIMetfs.com/JANU, which provides updatedinformation relating to this table on a daily basis throughout the Outcome Period.  Underlying ETF Performance Fund -100% -50% -20% -10% 0% 3.73% 10% 20% 50% 100% Fund Performance -85% -35% -5% 0% 0% 0% 6.27%* 16.27%* 46.27%* 96.27%* * The Spread is seton the business day prior to the first day of the Outcome Period and is 3.73% prior to taking into account any fees or expensescharged to shareholders. When the Fund’s annual Fund management fee of 0.74% of the Fund’s average daily net assets is takeninto account, the Spread is 4.47%. The Fund’s annual management fee of 0.74% of the Fund’s average daily net assets,any shareholder transaction fees and any extraordinary expenses incurred by the Fund will have the effect of increasing the Spread andreducing the Buffer amounts for Fund shareholders. Despite the intendedBuffer, a shareholder who holds Shares for the entire Outcome Period could lose their entire investment. An investment in the Fund isonly appropriate for shareholders willing to bear the loss of their entire investment. The outcomes may only beachieved if Shares are held over a complete Outcome Period. An investor that purchases or sells Shares during an Outcome Period mayexperience results that are very different from the outcomes sought by the Fund for that Outcome Period. For example, if an investorpurchases Shares during an Outcome Period at a time when the Underlying ETF’s share price has decreased from its price at the beginningof the Outcome Period, that investor’s buffer will essentially be decreased by the amount of the decrease in the Underlying ETF’sshare price. Conversely, if an investor purchases Shares during an Outcome Period at a time when the Underlying ETF’s share pricehas increased from its price at the beginning of the Outcome Period, that investor may experience losses prior to benefitting from theintended Buffer. The strategy is designed to realize the outcomes only on the final day of the Outcome Period. To achieve the targetoutcomes sought by the Fund for an Outcome Period, an investor must hold Shares for that entire Outcome Period. This means investorsshould purchase the Shares immediately prior to the beginning of the Outcome Period and hold the Shares until the end of the OutcomePeriod to achieve the intended results. Both the Spread andBuffer are fixed at levels calculated in relation to the Outcome NAV and the Underlying ETF’s share price. The Outcome NAV is theFund’s net asset value (or “NAV”, which is the per share value of the Fund’s assets) calculated at the closeof the market on the business day prior to the first day of the Outcome Period. An investor purchasing Shares on the secondary marketon the first day of the Outcome Period may pay a price that is different from the Fund’s Outcome NAV. As a result, the investormay not experience the same investment results as the Fund, even if the Fund is successful in achieving the outcomes. Furthermore, aninvestor cannot expect to purchase Shares precisely at the beginning of the Outcome Period or precisely at the price of the Outcome NAV,or sell Shares precisely at the end of the Outcome Period or precisely at the price of the last calculated NAV of the Outcome Period,and thereby experience precisely the investment returns sought by the Fund for the Outcome Period. Following the current OutcomePeriod of January 1, 2026 to December 31, 2026, each subsequent Outcome Period will be a one-year period from January 1to December 31. The Fund resets at the beginning of each Outcome Period by investing in a new set of FLEX Options that will provide anew Spread for the new Outcome Period. This means that the Spread is expected to change for each Outcome Period and is determined bymarket conditions on the business day immediately prior to the first day of each Outcome Period. The Spread may increase or decreasefor each Outcome Period. The Buffer is not expected to change for each Outcome Period. The Spread and Buffer, and the Fund’sposition relative to each, should be considered before investing in the Fund. The Fund will be indefinitely offered with a new OutcomePeriod tied to the same Underlying ETF beginning after the end of each Outcome Period; the Fund is not intended to terminate after thecurrent or any subsequent Outcome Period. In select market environments,the combination of FLEX Options may result in a Spread of zero and could make additional cash available to the Fund. In these situations,the total cost of the package of FLEX Options designed to produce the outcomes, including establishing the Buffer and Spread, may beless than the amount available for investment by the Fund, resulting in excess cash. The Fund may invest the excess cash in overnightcash equivalents, short-term fixed income instruments, or seek synthetic yield via options. Synthetic yield seeks to replicate the payoffof a fixed income security through the use of one or more option positions. Approximately one weekprior to the end of each Outcome Period, the Fund will file a prospectus supplement that discloses the anticipated ranges for the Spreadfor the next Outcome Period. Following the close of business on the last day of the Outcome Period, the Fund will file a prospectus supplementthat discloses the Fund’s final Spread (both before and after taking into account the Fund’s annualized management fee) forthe next Outcome Period. There is no guarantee the final Spread will be within the anticipated range. This information also will be availableon the Fund’s website, www.AllianzIMetfs.com/JANU.An investor that purchasesShares after the Outcome Period has begun or sells Shares prior to the end of the Outcome Period may experience investment returns verydifferent from those sought by the Fund for that Outcome Period. The Fund’s website, www.AllianzIMetfs.com/JANU, provides,on a daily basis, important Fund information, including the Fund’s position relative to the Spread and Buffer, as well as informationrelating to the potential return scenarios as a result of an investment in the Fund. Before purchasing Shares, an investor should visitthe website to review this information and understand the possible outcomes of an investment in Shares on a particular day and held throughthe end of the Outcome Period.

JANU News

• Behavioral Patterns of JANU and Institutional Flows
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• AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (BATS:JANU) Short Interest Down 42.8% in August
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• Why (JANU) Price Action Is Critical for Tactical Trading
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• (JANU) Movement Within Algorithmic Entry Frameworks
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• How (JANU) Movements Inform Risk Allocation Models
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• Trading Systems Reacting to (JANU) Volatility
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• AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (BATS:JANU) Short Interest Update
  thelincolnianonline.com2 months ago