Summary Prospectus
AZL® Mid Cap Index Fund, Class 1 and Class 2
May 1, 2023
AZL® Mid Cap Index Fund, Class 1 and Class 2
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information (“SAI”) and other information about the Fund online at www.allianzlife.com/azlfunds. You can also get this information at no cost by calling 1-800-624-0197 or by sending an email request to contact.us@allianzlife.com. The Fund’s
Prospectus and SAI, both dated May 1, 2023, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks to match the performance of the Standard & Poor’s MidCap 400® Index (“S&P 400 Index”) as closely as possible.
Fees and Expenses
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
The Fund is offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value
of your investment)
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Class 1
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Class 2
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Management Fee
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0.25%
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0.25%
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Distribution (12b-1) Fees
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0.00%
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0.25%
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Other Expenses
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0.06%
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0.06%
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Total Annual Fund Operating Expenses
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0.31%
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0.56%
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Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in
other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would be
higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class 1
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$32
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$100
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$174
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$393
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Class 2
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$57
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$179
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$313
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$701
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.
The Allianz Variable Insurance Products Trust
1
Summary Prospectus
AZL® Mid Cap Index Fund, Class 1 and Class 2
Investments, Risks, and Performance
Principal Investment Strategies of the Fund
The Fund employs a passive management approach, investing in a portfolio of assets whose performance is
expected to match approximately the performance of the S&P 400 Index before the deduction of Fund expenses. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures
contracts.
The S&P 400 Index is a market-weighted index composed of approximately 400 common stocks of medium-sized
U.S. companies in a wide range of businesses chosen by Standard & Poor's based on a number of factors, including industry representation, market value, economic sector and operating/financial condition. As of February 28, 2023, the market capitalizations of companies in the S&P 400 Index ranged from $1.5 billion to $16.9 billion.
The Fund does not necessarily invest in all of the securities in the S&P 400 Index or in the same
weightings as the securities have in the index. The Fund's Subadviser chooses investments so that the market capitalizations, industry weightings, and other fundamental characteristics of the securities chosen are similar to the S&P 400 Index as a whole.
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total
assets) in a particular industry or group of industries to approximately the same extent that the S&P 400 Index is concentrated.
Principal Risks of Investing in the Fund
The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund.
You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective.
The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of
which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change.
Market Risk –
The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.
Issuer Risk –
The value of a security may decline for a number of reasons directly related to the issuer of the security.
Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their
securities may be less liquid or experience more volatile prices than those of large companies.
Index Fund Risk
– The Fund does not attempt to manage market volatility or reduce the effects of poor performance. In addition, factors such as fund expenses, selection of a
representative portfolio, changes in the composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the
performance of the index and the fund’s performance.
Derivatives Risk – Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing
directly in securities or other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market
risk, credit risk, counterparty risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the
value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested.
Futures Risk –
The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price
movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control
programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could
lose more than the principal amount invested.
The Allianz Variable Insurance Products Trust
2
Summary Prospectus
AZL® Mid Cap Index Fund, Class 1 and Class 2
Real Estate Investments Risk – The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate
investments trusts (REITs), and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.
Performance Information
The following bar chart and table provide an indication of the risks of an investment in the Fund by showing
changes in its performance from year to year and by showing how the Fund’s average annual returns for one year, five years, and ten years compare with those of a broad-based measure of market performance.
Both the bar chart and the table assume reinvestment of dividends and distributions.
The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of
insurance and separate account charges which are imposed under your Contract. If they were included, performance would be reduced. Past performance does not indicate how the Fund will perform in the future.
Performance Bar Chart and Table (Class 2)
Calendar Year Total Return
Highest and Lowest Quarter Returns (for periods shown in the bar chart)
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Highest (Q4, 2020)
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25.91%
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Lowest (Q1, 2020)
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-29.85%
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Average Annual Total Returns
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One Year Ended
December 31, 2022
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Five Years Ended
December 31, 2022
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Ten Years Ended
December 31, 2022
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Since Inception
(10/14/2016)
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AZL Mid Cap Index Fund (Class 1)
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-13.34%
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6.62%
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N/A
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9.36%
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AZL Mid Cap Index Fund (Class 2)
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-13.55%
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6.34%
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10.26%
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N/A
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S&P MidCap 400 Index*
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-13.06%
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6.71%
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10.78%
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9.56%
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*
Reflects no deduction for fees, expenses, or taxes.
Management
Allianz Investment Management LLC (the "Manager") serves as the investment adviser to the Fund.
BlackRock Investment Management, LLC serves as the Subadviser to the Fund.
The portfolio managers for the Fund are: Jennifer Hsui, CFA, Managing Director, since May 2018, and Paul
Whitehead, Managing Director, and Peter Sietsema, Director, since January 2022.
The Allianz Variable Insurance Products Trust
3
Summary Prospectus
AZL® Mid Cap Index Fund, Class 1 and Class 2
Tax Information
Shares of the Funds are sold exclusively to the separate accounts of certain insurance companies in
connection with particular variable annuity and variable life insurance contracts (the “Contracts”). Provided that a Fund and a separate account investing in the Fund satisfy applicable tax requirements, any distributions from the Fund to the separate account will be exempt from current federal income taxation to the extent that such distributions accumulate in the Contract. You should refer
to your Contract prospectus for further information regarding the tax treatment of the Contract and the separate accounts in which the Contract is invested.
Financial Intermediary Compensation
Shares of the Funds are sold exclusively to certain insurance companies in connection with particular
Contracts. The Trust and its related companies may pay such insurance companies (or their related companies) for the sale of shares of the Funds and related services. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) that sell the Contracts for the sale of shares of the Funds and related services. When received by an
insurance company, such payments may be a factor that the insurance companies consider in including a Fund as an investment option in the Contracts. The
prospectus or other disclosures relating to a Contract may contain additional information about these payments. When received by a broker-dealer or other
intermediary, such payments may create a conflict of interest by influencing the broker-dealer or other intermediary and salespersons to recommend the Fund over other mutual funds available as investment options in the Contracts. Ask the salesperson or visit the financial intermediary's website for more information.
The Allianz Variable Insurance Products Trust
4