SIXO

About SIXO

The Fund pursues a buffered strategy that seeks tomatch the share price returns of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) (i.e.,the market price returns of the Underlying ETF), at the end of a specified six-month period, from April 1 to September 30 or October1 to March 31, as described below (the “Outcome Period”), subject to an upside maximum percentage return (the “Cap”)and downside protection with a buffer against the first 10.00% of Underlying ETF losses (the “Buffer”). The Fund’sintended 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 itsnet assets in instruments with economic characteristics similar to U.S. large cap equity securities. Specifically, the Fund intends toinvest substantially all of its assets in FLexible EXchange Options (“FLEX Options”) that reference the Underlying ETF. FLEXOptions are customized equity or index options contracts that trade on an exchange, but provide investors with the ability to customizekey contractterms like exercise prices, styles and expiration dates. The Fund maypurchase and sell a combination of call option contracts and put option contracts. A call option contract is an agreement between a buyerand seller that gives the purchaser of the call option contract the right, but not the obligation, to buy, and the seller of the calloption contract (or the “writer”) the obligation to sell, a particular asset at a specified future date at an agreed uponprice (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 the put option contract the obligation to buy, a particular asset at a specified futuredate at the strike price. The Cap is set at or near the close of the marketon the business day prior to the first day of the Outcome Period, based on market conditions. Specifically, the Cap is based on the marketcosts associated with a series of FLEX Options that are purchased and sold in order to seek to obtain the relevant market exposure andto provide downside protection via the Buffer. The market conditions and other factors that influence the Cap can include marketvolatility, risk free rates, and time to expiration of the FLEX Options. The Cap for the current Outcome Period is 7.34% priorto taking into account any fees or expenses charged to the Fund. When the Fund’s annualized management fee of 0.74% of the Fund’saverage daily net assets is taken into account, the Cap is reduced to 6.97%. The Buffer is 10.00% prior to taking into accountany 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 istaken into account, the Buffer is reduced to 9.63%. The Fund’s return will be reduced by theFund’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 Underlying ETF is an exchange-traded unit investmenttrust that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of theS&P 500® Index (the “Underlying Index”). The Underlying Index is a large-cap, market-weighted, U.S. equitiesindex. The Underlying ETF seeks to achieve its investment objective by holding a portfolio of the common stocks that are included inthe Underlying Index, with the weight of each stock in the Underlying ETF’s portfolio substantially corresponding to the weightof such stock in the Underlying Index. Although the Underlying ETF seeks to track the performance of the Underlying Index, the UnderlyingETF’s return may not match or achieve a high degree of correlation with the return of the Underlying Index due to fees, expensesand transaction costs incurred by the Underlying ETF, among other factors. In addition, it is possible that the Underlying ETF may notalways fully replicate the Underlying Index, including due to the unavailability of certain Underlying Index securities in the secondarymarket or due to other extraordinary circumstances (e.g., if trading in a security has been halted). As of January 31, 2025, theUnderlying Index was comprised of 504 constituent securities, representing 500 companies, with a market capitalization range ofbetween $7 billion and $3.5 trillion, and had significant exposure to the information technology sector. Accordingly,through its investments in FLEX Options that reference the Underlying ETF, the Fund had significant exposure to the information technologysector as of January 31, 2025. The Fund seeks to achieve its objective by buyingand selling call and put FLEX Options that reference the Underlying ETF. Generally, the Fund will enter into the FLEX Options for anOutcome Period on the business day immediately prior to the first day of the Outcome Period, and the FLEX Options of an Outcome Periodwill 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 nextOutcome Period. In general, the Fund seeks to achieve the followingoutcomes 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 endof the Outcome Period, the combination of FLEX Options held by the Fund is designed to provide positive returns that match the returnof the Underlying ETF’s share price, up to the Cap. • If the Underlying ETF’s share price has decreased as of the endof the Outcome Period, the combination of FLEX Options held by the Fund is designed to compensate for the first 10.00% of losses experiencedby the Underlying ETF’s share price.   • If the Underlying ETF’s share price has decreased by more than10.00% as of the end of the Outcome Period, the Fund is expected to experience all subsequent losses experienced by the Underlying ETF’sshare price beyond 10.00% on a one-to-one basis, meaning that the Fund will decrease 1% for every 1% decrease in the Underlying ETF’sshare price (i.e., if the Underlying ETF loses 20%, 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-routineor extraordinary expenses not included in the Fund’s unitary management fee. An investor that purchases Shares after the OutcomePeriod has begun or sells Shares prior to the end of the Outcome Period may experience results that are very different from the investmentobjective sought by the Fund for that Outcome Period. The following charts illustrate the hypothetical returnsthat the Fund seeks to provide where a shareholder holds Shares for the entire Outcome Period. The Cap Level illustrated in thesecharts is the Fund’s Cap for the current Outcome Period: 7.34%. The returns shown in the charts are based on hypotheticalperformance of the Underlying ETF’s share price in certain illustrative scenarios and do not take into account payment by the Fundof fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not included in the Fund’sunitary management fee. There is no guarantee that the Fund will be successful in providing these investment outcomes for any OutcomePeriod. In the first graph below, the dotted line representsthe Underlying ETF’s share price performance, and the solid line represents the gross returns that the Fund seeks to provide relativeto the Underlying ETF’s share price performance.  Despite the intended Buffer, a shareholder whoholds Shares for the entire Outcome Period could lose their entire investment. An investment in the Fund is only appropriate for shareholderswilling to bear the loss of their entire investment. The outcomes may only be achieved if Shares are heldover a complete Outcome Period. An investor that purchases or sells Shares during an Outcome Period may experience results that arevery different from the outcomes sought by the Fund for that Outcome Period. For example, if an investor purchases Shares duringan 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 amount of the increase in the Underlying ETF’s share price. The strategy is designed to realize the outcomes only on the final day of the Outcome Period. To achieve the target outcomessought by the Fund for an Outcome Period, an investor must hold Shares for that entire Outcome Period. This means investors shouldpurchase the Shares immediately prior to the beginning of the Outcome Period and hold the Shares until the end of the Outcome Periodto achieve the intended results. Both the Cap and Buffer are fixed at levelscalculated in relation to the Outcome NAV and the Underlying ETF’s share price. 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 businessday prior to the first day of the Outcome Period. An investor purchasing Shares on the secondary market on the first day of the OutcomePeriod may pay a price that is different from the Fund’s Outcome NAV. As a result, the investor may not experience the same investmentresults as the Fund, even if the Fund is successful in achieving the outcomes. Furthermore, an investor cannot expect to purchase Sharesprecisely at the beginning of the Outcome Period or precisely at the price of the Outcome NAV, or sell Shares precisely at the end ofthe Outcome Period or precisely at the price of the last calculated NAV of the Outcome Period, and thereby experience precisely the investmentreturns sought by the Fund for the Outcome Period. Following the current Outcome Period of October 1,2024 to March 31, 2025, each subsequent Outcome Period will be a six-month period from April 1 to September 30 or October1 to March 31. The Fund is designed to seek to achieve the outcomes at the end of each successive six-month Outcome Period. The outcomesthat the Fund achieves over multiple six-month Outcome Periods likely will be different than the outcomes achieved by a comparable fundwith a longeroutcome period, and an investor holding Shares overmultiple six-month Outcome Periods likely will experience different investment results than if the investor held shares in a comparablefund with a longer outcome period. For example, during a single twelve-month period, the outcomes achieved by the Fund over two successivesix-month Outcome Periods likely would be different than the outcomes achieved by a comparable fund over a one-year outcome period. TheFund 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 newOutcome Period. This means that the Cap is expected to change for each Outcome Period and is determined by market conditions onthe 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 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 tied to thesame Underlying ETF beginning after the end of each Outcome Period; the Fund is not intended to terminate after the current or anysubsequent Outcome Period. Approximately one week prior to the end of each Outcome Period, theFund will file a prospectus supplement that discloses the anticipated ranges for the Cap for the next Outcome Period. Following the closeof business on the last day of the Outcome Period, the Fund will file a prospectus supplement that discloses the Fund’s final Cap(both before and after taking into account the Fund’s annualized management fee) for the next Outcome Period. There is no guarantee thefinal Cap will be within the anticipated range. This information also will be available on the Fund’s website, www.AllianzIMetfs.com/SIXO. An investor that purchases Shares after the OutcomePeriod has begun or sells Shares prior to the end of the Outcome Period may experience investment returns very different from those soughtby the Fund for that Outcome Period. The Fund’s website, www.AllianzIMetfs.com/SIXO, provides, on a daily basis, important Fundinformation, including the Fund’s position relative to the Cap and Buffer, as well as information relating to the potentialreturn scenarios as a result of an investment in the Fund. Before purchasing Shares, an investor should visit the website to review thisinformation and understand the possible outcomes of an investment in Shares on a particular day and held through the end of the OutcomePeriod.