FLAO
AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF
stock BATS ETF

Risk managed ETFs reduce your losses if the market goes down by specified amount, expressed as a percentage, that I understand. However I don't understand how the "Outcome Period" works. For example the AllianzIM FLAO (U.S. Equity Floor5 ETF) has a outcome period of six months. What actually happens at the end of an outcome period? Does that period have any bearing on when you can sell the ETF? Does the market price of the ETF change in some way? If the ETF is tied to an index such as the S&P 500, does the index value on that date become the new "100%" for the rest of the period? Other explanations?

Risk managed ETFs reduce your losses if the market goes down by specified amount, expressed as a percentage, that I understand. However I don't understand how the "Outcome Period" works. For example the AllianzIM FLAO (U.S. Equity Floor5 ETF) has a outcome period of six months. What actually happens at the end of an outcome period? Does that period have any bearing on when you can sell the ETF? Does the market price of the ETF change in some way? If the ETF is tied to an index such as the S&P 500, does the index value on that date become the new "100%" for the rest of the period? Other explanations?