The AllianzIM U.S. Large Cap Buffer20 Jul ETF bases its strategy on the S&P 500 Price Index, a prominent U.S. equity benchmark. This index is composed of leading American companies, weighted by their market capitalization, and is designed to reflect the performance of various sectors within the U.S. economy. It specifically tracks the share price movements of its constituents, excluding any dividend payments, and is often considered a key indicator of the broader stock market. To achieve its stated goals, the fund actively trades a variety of call and put FLEX Options, which are directly linked to the performance of this S&P 500 Price Index. Investors should note that this fund is classified as non-diversified.