AllianzIM U.S Equity Buffer5 ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 4 holdings as of Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About QBSV

The Fund pursues a buffered strategy thatseeks to match the share price returns of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) (i.e., themarket price returns of the Underlying ETF), at the end of a three-month calendar quarter (i.e., from January 1 to March 31, April 1to June 30, July 1 to September 30, or October 1 to December 31), as described below (the “Outcome Period”), subject to anupside maximum percentage return (the “Cap”) and downside protection with a buffer against the first 5.00% of UnderlyingETF losses (the “Buffer”). The Fund’s intended return measured across different market conditions (e.g., rising ordeclining markets) is referred to as “outcomes” in this prospectus. The Underlying ETF’s share price returns reflectthe price at which the Underlying ETF’s shares trade on 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 the Underlying ETF. FLEX Options are customized equity or index options contracts that trade on an exchange, but provide investors with the ability 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 Cap is set at or near the close ofthe market on the business day prior to the first day of the Outcome Period, based on market conditions. Specifically, the Cap is basedon the market costs associated with a series of FLEX Options that are purchased and sold in order to seek to obtain the relevant marketexposure and to provide downside protection via the Buffer. The market conditions and other factors that influence the Cap can includemarket volatility, risk free rates, and time to expiration of the FLEX Options. The Cap for the current Outcome Period is [ ]% priorto taking into account any fees or expenses charged to the Fund. When the Fund’s annualized management fee of 0.64% of theFund’s average daily net assets is taken into account, the Cap is reduced to [ ]%. The Buffer is 5.00% prior to taking into accountany fees or expenses charged to the Fund. When the Fund’s annualized management fee of 0.64% of the Fund’s averagedaily net assets is taken into account, the Buffer is reduced to [ ]%. The Fund’s return will be reducedby the Fund’s unitary management fee and further reduced by brokerage commissions, trading fees, taxes and non-routine or extraordinaryexpenses not included in the Fund’s unitary management fee. For the purpose of this prospectus, “non-routine or extraordinaryexpenses” 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 investigation or similarproceedings, indemnification expenses and expenses in connection with holding or soliciting proxies for a meeting of Fund shareholders.The returns that the Fund seeks to provide also do not include the costs associated with purchasing Shares of the Fund. The Fund willnot receive or benefit from any dividend payments made by the Underlying ETF. It is expected that the Cap will change from one OutcomePeriod to the next. There is no guarantee, and it is unlikely, that the Cap will remain the same after the end of the Outcome Period.The Cap may increase or decrease, and it may change significantly, depending upon the market conditions at that time. The Fund is classified as “non-diversified”under the Investment Company Act of 1940, as amended (the “1940 Act”), which means it generally may invest a greater proportionof its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.Through its exposure to FLEX Options that reference the Underlying ETF, the Fund will concentrate its investments (i.e., invest 25%or more of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that theUnderlying ETF reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investmentsin securities of issuers in any one industry or group of industries. The Underlying ETF is an exchange-tradedunit investment trust that seeks to provide investment results that, before expenses, correspond generally to the price and yield performanceof 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 common stocks that areincluded in the Underlying Index, with the weight of each stock in the Underlying ETF’s portfolio substantially correspondingto the weight of such stock in the Underlying Index. Although the Underlying ETF seeks to track the performance of the Underlying Index,the Underlying ETF’s return may not match or achieve a high degree of correlation with the return of the Underlying Index dueto fees, expenses and transaction costs incurred by the Underlying ETF, among other factors. In addition, it is possible that the UnderlyingETF may not always fully replicate the Underlying Index, including due to the unavailability of certain Underlying Index securities inthe secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted). As of July31, 2025, the Underlying Index was comprised of 503 constituent securities, representing500 companies, with a market capitalization range of between $4.2 billion and $4.3trillion, and had significant exposure to the information technology sector. Accordingly, through its investments in FLEX Options thatreference the Underlying ETF, the Fund had significant exposure to the information technology sector as of July31, 2025. The Fund seeks to achieve its objectiveby buying and selling call and put FLEX Options that reference the Underlying ETF. Generally, the Fund will enter into the FLEX Optionsfor an Outcome Period on the business day immediately prior to the first day of the Outcome Period, and the FLEX Options of anOutcome 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 seeks to achievethe 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, the combination of FLEX Options held by the Fund is designed to provide positive returns that match the return of the Underlying ETF’s share price, up to the Cap.   • 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 5.00% of losses experienced by the Underlying ETF’s share price.   • If the Underlying ETF’s share price has decreased by more than 5.00% 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 5.00% 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 15%).  The outcomes described here are beforetaking into account Fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses notincluded in the Fund’s unitary management fee. An investor that purchases Shares after the Outcome Period has begun or sellsShares prior to the end of the Outcome Period may experience results that are very different from the investment objective sought bythe Fund for that Outcome Period. The following charts illustrate the hypotheticalreturns that the Fund seeks to provide where a shareholder holds Shares for the entire Outcome Period. The Cap Level illustrated inthese charts is for illustration only and the actual Cap may be different and will change each Outcome Period. The returns shown in the charts are basedon hypothetical performance of the Underlying ETF’s share price in certain illustrative scenarios and do not take into accountpayment by the Fund of fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not includedin the Fund’s unitary management fee. There is no guarantee that the Fund will be successful in providing these investment outcomesfor any Outcome Period. In the first graph below, the dotted linerepresents the Underlying ETF’s share price performance, and the solid line represents the gross returns that the Fund seeks toprovide relative to the Underlying ETF’s share price performance.    Despite the intended Buffer, a shareholderwho holds Shares for the entire Outcome Period could lose their entire investment. An investment in the Fund is only appropriate forshareholders willing to bear the loss of their entire investment. The outcomes may only be achieved if Sharesare held over a complete Outcome Period. An investor that purchases or sells Shares during an Outcome Period may experience resultsthat are very different from the outcomes sought by the Fund for that Outcome Period. For example, if an investor purchases Sharesduring an Outcome Period at a time when the Underlying ETF’s share price has decreased from its price at the beginning of the OutcomePeriod, that investor’s buffer will essentially be decreased by the amount of the decrease in the Underlying ETF’s shareprice. Conversely, if an investor purchases Shares during an Outcome Period at a time when the Underlying ETF’s share price hasincreased from its price at the beginning of the Outcome Period, that investor’s cap will essentially be decreased by the amountof the increase in the Underlying ETF’s share price. The strategy is designed to realize the outcomes only on the final day ofthe Outcome Period. To achieve the target outcomes sought by the Fund for an Outcome Period, an investor must hold Shares for thatentire Outcome Period. This means investors should purchase the Shares immediately prior to the beginning of the Outcome Period andhold the Shares until the end of the Outcome Period to achieve the intended results. Both the Cap and Buffer are fixed atlevels calculated in relation to the Outcome NAV and the Underlying ETF’s share price. The Outcome NAV is the Fund’s netasset value (or “NAV”, which is the per share value of the Fund’s assets) calculated at the close of the market onthe business day prior to the first day of the Outcome Period. An investor purchasing Shares on the secondary market on the first dayof the Outcome Period may pay a price that is different from the Fund’s Outcome NAV. As a result, the investor may not experiencethe same investment results as the Fund, even if the Fund is successful in achieving the outcomes. Furthermore, an investor cannot expectto purchase Shares precisely at the beginning of the Outcome Period or precisely at the price of the Outcome NAV, or sell Shares preciselyat the end of the Outcome Period or precisely at the price of the last calculated NAV of the Outcome Period, and thereby experience preciselythe investment returns sought by the Fund for the Outcome Period. The Outcome Period will be a three-monthcalendar quarter from January 1 to March 31, April 1 to June 30, July 1 to September 30, or October 1 to December 31. The Fund is designedto seek to achieve the outcomes at the end of each successive calendar quarter Outcome Period. The outcomes that the Fund achieves overmultiple calendar quarter Outcome Periods likely will be different than the outcomes achieved by a comparable fund with a longer outcomeperiod, and an investor holding Shares over multiple calendar quarter Outcome Periods likely will experience different investment resultsthan if the investor held shares in a comparable fund with a longer outcome period. For example, during a single twelve-month period,the outcomes achieved by the Fund over four successive three-month Outcome Periods likely would be different than the outcomes achievedby a comparable fund over a one-year outcome period. The Fund resets at the beginning of each Outcome Period by investing in a new set of FLEX Options that will provide a new Cap for the new Outcome Period. This means that the Cap is expected to change for each Outcome Period and is determined by market conditions on the business day immediately prior to the first day of each Outcome Period.The Cap may increase or decrease for each Outcome Period. The Buffer is not expected to change for each Outcome Period. The Cap andBuffer, and the Fund’s position relative to each, should be considered before investing in the Fund. The Fund will be indefinitelyoffered with a new Outcome Period tied to the same Underlying ETF beginning after the end of each Outcome Period; the Fund is not intendedto terminate after the current or any subsequent Outcome Period. Approximately one week prior to the endof each Outcome Period, the Fund will file a prospectus supplement that discloses the anticipated ranges for the Cap for the next OutcomePeriod. Following the close of business on the last day of the Outcome Period, the Fund will file a prospectus supplement that disclosesthe Fund’s final Cap (both before and after taking into account the Fund’s annualized management fee) for the next OutcomePeriod. There is no guarantee the final Cap will be within the anticipated range. This information also will be available on the Fund’swebsite, www.AllianzIMetfs.com/QBSV. An investor that purchases Shares afterthe Outcome Period has begun or sells Shares prior to the end of the Outcome Period may experience investment returns very differentfrom those sought by the Fund for that Outcome Period. The Fund’s website, www.AllianzIMetfs.com/QBSV, provides, on a dailybasis, important Fund information, including the Fund’s position relative to the Cap and Buffer, as well as information relatingto the potential return scenarios as a result of an investment in the Fund. Before purchasing Shares, an investor should visit the websiteto review this information and understand the possible outcomes of an investment in Shares on a particular day and held through the endof the Outcome Period.

QBSV News

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