AllianzIM US Large Cap Buffer20 Jan ETF
Name
As of 07/01/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-3.5%
1 yr return
-2.5%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$80.5 M
Holdings in Top 10
N/A
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.74%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 07/01/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
AZBJ - Profile
Distributions
- YTD Total Return -7.0%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.74%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameAllianzIM U.S. Large Cap Buffer20 Jan ETF
-
Fund Family NameAllianzIM
-
Inception DateDec 31, 2020
-
Shares Outstanding3175000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerThomas Paustian
Fund Description
The Fund pursues a buffered outcome strategy that seeks to match the returns of the S&P 500 Price Return Index (“S&P 500 Price Index”), at the end of a specified one-year period, from January 1 to December 31, as described below (the “Outcome Period”), subject to an upside maximum percentage return (the “Cap”) and a downside buffer against the first 20% of losses (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.
Under normal market conditions, the Fund invests at least 80% of its net assets in instruments with economic characteristics similar to U.S. large cap equity securities. Specifically, the Fund intends to invest substantially all of its assets in FLexible EXchange Options (“FLEX Options”) that reference the S&P 500 Price Index. 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. An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right, but not the obligation, to buy (in the case of a call option), or to sell (in the case of a put option), a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).
The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).
The S&P 500 Price Index is a large-cap, market-weighted, U.S. equities index that tracks the price (excluding dividends) of the leading companies that reflect the industries of the U.S. economy and is often considered a proxy for the stock market in general. As of December 6, 2021, the S&P 500 Price Index was comprised of 505 constituent securities, representing 500 companies, with a market capitalization range of between $3.9 billion and $2.7 trillion.
The Cap is set at or near the close of the market on the business day prior to the first day of the Outcome Period, based on market conditions. Specifically, the Cap is based on the market costs associated with a series of FLEX Options that are purchased and sold in order to seek to obtain the relevant market exposure and the Buffer. The market conditions and other factors that influence the Cap can include market volatility, risk free rates, and time to expiration of the FLEX Options. The Cap for the current Outcome Period is 6.70% prior to taking into account any fees or expenses charged to the Fund. When the Fund’s annualized management fee of 0.74% of the Fund’s average daily net assets is taken into account, the Cap is reduced to 5.96%. The Fund’s return will be further reduced by brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not included in the Fund’s unitary management fee. For the purpose of this prospectus, “non-routine or 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 investigation or similar proceedings, 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. It is expected that the Cap will change from one Outcome Period 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 seeks to achieve its objective by buying and selling call and put FLEX Options that reference the S&P 500 Price Index. Generally, the Fund will enter into the FLEX Options for an Outcome Period on the business day immediately prior to the first day of the Outcome Period, and the FLEX Options of 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 FLEX Options for the next Outcome Period.
In general, the Fund seeks to achieve the following outcomes for each Outcome Period, although there can be no guarantee these results will be achieved:
• | If the S&P 500 Price Index has appreciated in value 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 S&P 500 Price Index, up to the Cap. |
• | If the S&P 500 Price Index has decreased in value as of the end of the Outcome Period, the combination of FLEX Options held by the Fund is designed to compensate for the first 20% of losses experienced by the S&P 500 Price Index. |
• | If the S&P 500 Price Index has decreased in value by more than 20% as of the end of the Outcome Period, the Fund is expected to experience all subsequent losses experienced by the S&P 500 Price Index beyond 20% on a one-to-one basis, meaning that the Fund will decrease 1% for every 1% decrease in the S&P 500 Price Index (i.e., if the S&P 500 Price Index loses 30%, the Fund is designed to lose 10%). |
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 illustrate the hypothetical returns that the Fund seeks to provide where a shareholder holds Shares for the entire Outcome Period. The Cap Level illustrated in these charts is the Fund’s Cap for the current Outcome Period 6.70%. The returns shown in the charts are based on hypothetical performance of the S&P 500 Price Index in certain illustrative scenarios and do not take into account payment by the Fund of fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not included in the Fund’s unitary management fee. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Outcome Period.
Despite the intended Buffer, a shareholder who holds Shares for the entire Outcome Period could lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear the loss of their entire investment.
The outcomes may only be achieved if Shares are held over a complete Outcome Period. An investor that purchases or sells Shares during an Outcome Period may experience results that are very different from the outcomes sought by the Fund for that Outcome Period. For example, if an investor purchases Shares during an Outcome Period at a time when the S&P 500 Price Index has decreased in value from its value at the beginning of the Outcome Period, that investor’s buffer will essentially be decreased by the amount of the decrease in the S&P 500 Price Index value. Conversely, if an investor purchases Shares during an Outcome Period at a time when the S&P 500 Price Index has increased in value from its value at the beginning of the Outcome Period, that investor’s cap will essentially be decreased by the amount of the increase in the S&P 500 Price Index value. The strategy is designed to realize the outcomes only on the final day of the Outcome Period. To achieve the target outcomes sought by the Fund for an Outcome Period, an investor must hold Shares for that entire Outcome Period. This means investors should hold or purchase the Shares prior to the beginning of the Outcome Period to achieve the intended results.
Both the Cap and Buffer are fixed at levels calculated in relation to the Outcome NAV and S&P 500 Price Index level. The Outcome NAV is the Fund’s net asset value (or “NAV”, which is the per share value of the Fund’s assets) calculated at the close of the market on the business day prior to the first day of the Outcome Period. An investor purchasing Shares on the secondary market on the first day of the Outcome Period may pay a price that is different from the Fund’s Outcome NAV. As a result, the investor may not experience the same investment results as the Fund, even if the Fund is successful in achieving the outcomes. Furthermore, an investor cannot expect to purchase Shares precisely at the beginning of the Outcome Period, or sell Shares precisely at the end of the Outcome Period, and thereby experience precisely the investment returns sought by the Fund for the Outcome Period.
Following the current Outcome Period of January 1, 2022 to December 31, 2022, each subsequent Outcome Period will be a one-year period from January 1 to December 31. The Fund resets 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. The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. The Fund will be indefinitely offered with a new Outcome Period beginning at the end of each Outcome Period; the Fund is not intended to terminate after the current or any subsequent Outcome Period.
The Fund’s website, at www.AllianzIM.com, provides information relating to the outcomes, including the Fund’s position relative to the Cap and Buffer, of an investment in the Fund on a daily basis.
AZBJ - Performance
Return Ranking - Trailing
Period | AZBJ Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.5% | -71.2% | 44.1% | N/A |
1 Yr | -2.5% | 6.4% | 91.4% | N/A |
3 Yr | N/A* | -0.6% | 25.5% | N/A |
5 Yr | N/A* | 4.5% | 26.6% | N/A |
10 Yr | N/A* | 3.0% | 16.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | AZBJ Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -94.0% | 2181.7% | N/A |
2022 | N/A | -22.7% | 41.1% | N/A |
2021 | N/A | -100.0% | 17.1% | N/A |
2020 | N/A | -100.0% | 33.2% | N/A |
2019 | N/A | -44.8% | 25.0% | N/A |
Total Return Ranking - Trailing
Period | AZBJ Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -7.0% | -71.4% | 44.1% | N/A |
1 Yr | -2.5% | 6.4% | 108.6% | N/A |
3 Yr | N/A* | -0.6% | 26.6% | N/A |
5 Yr | N/A* | 4.5% | 26.6% | N/A |
10 Yr | N/A* | 3.0% | 16.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | AZBJ Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -94.0% | 2181.7% | N/A |
2022 | N/A | -21.6% | 41.1% | N/A |
2021 | N/A | -100.0% | 17.1% | N/A |
2020 | N/A | -100.0% | 33.2% | N/A |
2019 | N/A | -13.4% | 26.8% | N/A |
AZBJ - Holdings
Concentration Analysis
AZBJ | Category Low | Category High | AZBJ % Rank | |
---|---|---|---|---|
Net Assets | 80.5 M | 20 | 1.26 T | 83.69% |
Number of Holdings | 15 | 2 | 3910 | 96.37% |
Net Assets in Top 10 | 81 M | -472 M | 279 B | 62.83% |
Weighting of Top 10 | N/A | 2.3% | 100.0% | N/A |
Top 10 Holdings
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
- Option on S&P 500 Dec21 106.24%
Asset Allocation
Weighting | Return Low | Return High | AZBJ % Rank | |
---|---|---|---|---|
Stocks | 99.94% | 0.00% | 152.50% | 4.92% |
Cash | 0.06% | -87.42% | 100.00% | 94.52% |
Preferred Stocks | 0.00% | 0.00% | 5.20% | 68.59% |
Other | 0.00% | -15.82% | 100.00% | 67.75% |
Convertible Bonds | 0.00% | 0.00% | 8.98% | 67.08% |
Bonds | 0.00% | -0.36% | 82.68% | 67.69% |
Stock Sector Breakdown
Weighting | Return Low | Return High | AZBJ % Rank | |
---|---|---|---|---|
Technology | 24.67% | 0.00% | 77.03% | 49.35% |
Healthcare | 14.31% | 0.00% | 58.76% | 60.02% |
Financial Services | 13.18% | 0.00% | 67.99% | 40.03% |
Consumer Cyclical | 11.16% | 0.00% | 53.56% | 44.61% |
Communication Services | 8.65% | 0.00% | 36.08% | 37.38% |
Industrials | 8.27% | 0.00% | 62.09% | 60.36% |
Consumer Defense | 7.30% | 0.00% | 51.01% | 49.58% |
Energy | 4.23% | 0.00% | 19.92% | 38.06% |
Real Estate | 2.91% | 0.00% | 68.36% | 46.92% |
Utilities | 2.88% | 0.00% | 32.20% | 33.09% |
Basic Materials | 2.44% | 0.00% | 31.64% | 53.42% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | AZBJ % Rank | |
---|---|---|---|---|
US | 98.87% | 0.00% | 149.97% | 17.27% |
Non US | 1.07% | 0.00% | 63.63% | 63.95% |
AZBJ - Expenses
Operational Fees
AZBJ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.74% | 0.01% | 4.53% | 46.36% |
Management Fee | 0.74% | 0.00% | 2.00% | 80.86% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 17.31% |
Administrative Fee | N/A | 0.00% | 0.95% | N/A |
Sales Fees
AZBJ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
AZBJ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
AZBJ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 363.00% | N/A |
AZBJ - Distributions
Dividend Yield Analysis
AZBJ | Category Low | Category High | AZBJ % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 1.23% | 70.38% |
Dividend Distribution Analysis
AZBJ | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annually | Annually | Monthly | Annually |
Net Income Ratio Analysis
AZBJ | Category Low | Category High | AZBJ % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.74% | -3.04% | 2.71% | N/A |
Capital Gain Distribution Analysis
AZBJ | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
AZBJ - Fund Manager Analysis
Managers
Thomas Paustian
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Thomas Paustian, CFA, is a Hedge Portfolio Manager and Senior Vice President at Allianz Investment Management LLC. Mr. Paustian has served as Portfolio Manager for the Fund since its inception in September 2020. Mr. Paustian also serves as Hedge Portfolio Manager on other institutional strategies since 2014 and as a lead Portfolio Manager since 2016. Mr. Paustian joined Allianz Life Insurance Company of North America, parent of Allianz Investment Management LLC, in April of 2009. Mr. Paustian has 15 years of experience in derivative markets and market risk management primarily focused on interest rate, credit, and equity derivatives.
Josiah Highmark
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Josiah Highmark is an Assistant Vice President at the Adviser. Mr. Highmark has served as Portfolio Manager for the Fund since December 2020. Mr. Highmark joined the Adviser in June of 2020. Previously, Mr. Highmark managed ETF and indexed funds at Invesco from 2014 to 2020, most recently as Manager, Portfolio Management Analysts.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 38.11 | 6.49 | 1.5 |