How It Works

How the FlexShield™ 10 Annuity Works

Protect, Build, Flex 

FlexShield 10 is the next generation of accumulation-focused fixed index annuities, designed to protect premium from index volatility while maximizing the potential for growth. 

Protect: With the FlexShield 10 fixed index annuity, the premium payment is fully protected throughout the life of the contract, regardless of what happens in the market.^Guarantees are based on the financial strength and claims paying ability of American Equity and are not guaranteed by any bank or insured by the FDIC.

Build: As the performance value increases, the FlexShield 10 gives access to greater upside potential and downside risk on index-linked performance segments.

Flex: The FlexShield 10 provides options that have never been available in an American Equity fixed index annuity before — the flexibility to customize your risk and reward profile each year so your contract can be tailored to suit your needs, even if those needs change.  

Premium Allocation

The single premium payment can be allocated to the Fixed Interest Strategy or the Performance Strategy. The Fixed Interest Strategy is set at issue and guaranteed for a set period of time; funds allocated to this strategy cannot be reallocated. 

Within the Performance Strategy, contract owners can allocate money using multiple interest crediting strategies, including the fixed interest segment within the performance strategy and any of the index-linked crediting strategies, in any combination. Funds inside the Performance Strategy can be reallocated on the contract anniversary.  

Index Options

The following indices are available within the Performance Strategy:

  • BofA Destinations Index™ is a volatility control index that includes three assets with the goal of performance in various market environments: US Treasuries, US Equities, and a Gold component. (Ticker: BOFADST5)
  • UBS Tech Edge Index tracks four Exchange Traded Funds (ETFs) known for their focus on technology and innovation. This index also includes a volatility target mechanism called truVol™ that adjusts market exposure on a daily basis. (Ticker: CSEATEDG)
  • SG Global Sentiment Index is a global, multi-asset, volatility control index that is made up of global equities, treasuries and a commodities strategy. (Ticker: SGIXSENT)
  • S&P 500® Index is a market value weighted index of 500 stocks and a common benchmark for the U.S. stock market. (Ticker: SPX)
  • S&P 500® Dividend Aristocrats® Daily Risk Control 5% Excess Return (ER) Index is a volatility control index that consists of the S&P 500 Dividend Aristocrats Index and a cash component (accruing interest at a three-Month LIBOR). This index is made up of S&P 500 members that have consistently increased dividends every year for at least 25 consecutive years. (Ticker: SPXD5UE)

Calculation Method Options

The FlexShield 10 offers multiple methods for calculating how interest rates can be credited to the performance value based upon the performance of the index: 

  • Cap Rate – the maximum rate to be used in determining any performance adjustments.
  • Participation Rate – percentage that determines how much of any gain in the index will be credited to the contract.

Performance Floor 

Contract owners also select the maximum percentage of their Performance Value gains they’re willing to risk in order to give access to greater upside potential on index-linked Performance Segments. As the Performance Value begins to accumulate gains, the contract will automatically adjust to the new floor limits on each contract anniversary, up to the selected maximum. The Performance Floor Limit can be adjusted manually on each contract anniversary, as well. 

Let’s say Brenda purchased a FlexShield 10 annuity with a $100,000 premium. At contract signing, she chose to allocate her full premium to the S&P 500 index-linked segment, with an annual point-to-point with cap crediting strategy. She hasn’t received any positive performance adjustments credited to her Performance Value in her first year, so for the first 365 days, her money is allocated to the segment with a 0% Floor and a 7.50% cap. 

At her contract anniversary, Brenda discovers that her annuity’s Performance Value received the full 7.50% performance adjustment. For Year 2, she can choose to keep her funds allocated to the 0% Floor Limit with another 7.50% of possible performance adjustments. Or, she can opt into the next Floor Limit, with the possibility of up to 8.50% performance adjustments on her contract anniversary. That higher crediting rate is unlocked by accepting the potential of a negative adjustment (up to -2.5%). Brenda also has the option to go to an even lower floor limit of -5.0% with a 10% cap after the first year's indexed credit. 

   

Putting the “Flex” in FlexShield 10

This chart shows how Brenda’s options could hypothetically change. As the Performance Value increases, the Performance Value at Risk (PVAR) also increases, and new Performance floors are unlocked. You can see that Brenda goes into Year 4 with 13.79% of her performance value available to risk, meaning she could opt into any of the available segments that feel comfortable to her. 

When the Performance Value decreases, the options adjust to ensure that Brenda cannot lose more than her Performance Value has gained – keeping her principal protected. 

 

FlexShield 10 in Action

The chart below represents a how the pieces of the FlexShield 10 fit together over a 10-year time horizon. 

  • The gray shaded areas represent the Strategy Value (based on your initial premium amount) 
  • The blue areas show the Performance Value 

Over the 10-year time period, the Performance Value can move up or down on an annual basis, based on the index change, the applicable cap or participation rate, and the selected floor. The Strategy Value remains static until the end of the 10th contract year, at which point any gains in the Performance Value are added to the Strategy Value and that then equals the actual contract value on the contract. 

After the end of the 10th contract year, the Strategy Value is allocated to the fixed interest strategy. To continue enjoying the accumulation of the Performance Strategy, submit another FlexShield 10 application. 

 

Retirement Income Access 

Throughout the duration of the annuity contract, there are multiple ways to access money. 

  • Free Withdrawals: After the first contract year, the opportunity to take withdrawals up to 10% of the Contract Value annually without penalties is available.
  • Withdrawal and Surrender: For withdrawals in excess of the 10% free withdrawal amount, or a full surrender, the contract value is subject to a charge based on the withdrawal and surrender charge percentages. Once the withdrawal and surrender charge period expires, no charges are applied.

    – If the contract is surrendered before the end of the 10-year strategy term, a performance value enhancement will be added to the contract's surrender value. The performance value enhancement is equal to the performance value gains multiplied by the applicable performance value enhancement percentage, which ranges from 90% in year one to 99% in year 10. 
  • A Market Value Adjustment (MVA) may increase or decrease the amount of a withdrawal in excess of any free withdrawal or the surrender value. MVA does not apply to Free Withdrawals, any amounts received due to death, the minimum guaranteed surrender value or any distributions after the Surrender Charge Period has ended. 
  • Contract Maturity: Distribution from the annuity is set to begin at a maturity date established by the owner or specified in the contract.
  • Enhanced Benefit Rider: This no-fee rider is automatically included for owners age 75 and under, and includes both a Qualified Nursing Care and Terminal Illness Benefit.

    – Qualified Nursing Care Benefit: After the first contract year, a one-time free withdrawal of up to 100% of the contract value is allowed if the owner is confined to a qualified care facility for a minimum of 90 days and the confinement begins after the contract issue date.^Benefits and availability may vary by state. See brochure and disclosure for details. Not available in CA

    – Terminal Illness Benefit: After the first contract year, a one-time free withdrawal of up to 100% of the contract value is allowed if the owner is diagnosed with a terminal illness and diagnosis occurs after the contract issue date.^Benefits and availability may vary by state. See brochure and disclosure for details. Not available in CA

Death Benefit

Death benefit proceeds are paid to the surviving joint owner, and if there isn't one, to the named beneficiary(ies) with no surrender charge. The Death Benefit equals the greater of the contract value or the Minimum Guaranteed Surrender Value. If the owner's death occurs during the 10-year performance strategy term, the amount of the death benefit payable will be increased by the amount of the Performance Value gains. Proceeds are generally paid in a lump sum; however, other income options are available.

 

 

Footnotes

 

Annuity contract and riders issued under form series ICC21 BASE-IDX-SP, ICC21 IDX-12-10, ICC21 E-SC, ICC20 R-BER and state variations thereof.  Availability may vary by state.

This material is for informational purposes only, and is not a recommendation to buy, sell, hold or rollover any asset. It does not consider the specific financial circumstances, investment objectives, risk tolerance, or need of any specific person. In providing this information American Equity Investment Life Insurance Company is not acting as your fiduciary as defined by the Department of Labor. American Equity does not offer legal, investment or tax advice or make recommendations regarding insurance or investment products. Please consult a qualified professional. Guarantees are based on the financial strength and claims paying ability of American Equity and are not guaranteed by any bank or insured by the FDIC.

These example are for informational purposes only and is not indicative of past performance, nor intended to predict future performance of any specific product. Withdrawal charges may apply to an annuity. Interest earnings in an annuity are not taxed until withdrawn. Annuity withdrawals and distributions may be subject to income tax and, if withdrawals or distributions are taken prior to age 59½, a 10% federal penalty tax may apply.

Market Value Adjustment (MVA) applies to partial withdrawals that exceed the free withdrawal amount allowed and surrenders occurring during the surrender charge period.

Possible interest credits for money allocated to an index-linked crediting strategy are based upon performance of the specific index; however, fixed index annuities are not an investment, but an insurance product, and do not directly invest in the stock market or the index itself.

The BofA Destinations Index™ (the “Index”) has been created and is owned by BofA Securities, Inc. and its Affiliates (collectively, “BofAS”); the Index has been licensed to American Equity Investment Life Insurance Company (“American Equity”).  Neither American Equity nor any fixed index annuity (the “Product”) is sponsored, operated, endorsed, sold or promoted by BofAS. BofAS has not passed on the legality or suitability or appropriateness of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product, nor makes any representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the Product or the advisability of purchasing the Product, particularly the ability of the Index to track performance of any market or strategy.  It is the recommendation of BofAS that individuals consult with a financial professional prior to taking an exposure to the Product and/or the Index.  BofAS’ only relationship to American Equity is the licensing of certain trademarks and trade names and the Index or components thereof.

The Index has been designed, determined, composed, calculated, maintained and sponsored by BofAS without regard to the Licensee or the Product or its holders. BofAS has no obligation to take the needs of the Licensee or the holders of the Product into consideration in designing, determining, composing, calculating, maintaining or sponsoring the Index or any decision to cease doing so.

BofAS is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be priced, sold, purchased, or redeemed. BofAS has no obligation or liability in connection with the administration, marketing, or trading of the Product. Obligations to make payments under any Product are solely the obligation of American Equity pursuant to the terms of the contract between American Equity and a purchaser and are not the responsibility of BofAS. The selection of a BofAS index as a crediting option under the Product does not obligate American Equity or BofAS to invest annuity payments in the components of the Index or in other products linked to the Index.

BOFAS DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND BOFAS SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, UNAVAILABILITY, OR INTERRUPTIONS THEREIN.  BOFAS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, HOLDERS OF THE PRODUCT OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.  BOFAS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BOFAS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL DAMAGES, OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

“BofAS”, “BofA” and the “BofA Destinations Index” are trademarks of BofA Securities, Inc. or its Affiliates and have been licensed for use by American Equity.

Attributions and Disclaimers with Respect to UBS 
The UBS Tech Edge Index (formerly known as the “Credit Suisse Tech Edge Index”) and “UBS”, and any trademarks, service marks and logos related thereto, are service marks of UBS AG or one of its affiliates (collectively, “UBS”). UBS has no relationship to the [issuer], other than certain hedging arrangements and the licensing of the UBS Tech Edge Index and its service marks for use in connection with a fixed indexed annuity (the “Products”) offered by American Equity Investment Life Insurance Company (American Equity”) and is not a party to any transaction contemplated hereby.  

The rules of the UBS Tech Edge Index may be amended by the third party index administrator in consultation with UBS as index sponsor (the “Index Sponsor”). An amendment to the rules may result from, without limitation, a change to the construction or calculation rules for the Index or from the third party index administrator determining that a change to the rules is required or desirable in order to update them or to address an error, omission or ambiguity. No assurance can be given that any such amendment would not affect parties to this document. 

The end-of-day value of the UBS Tech Edge Index is published subject to the provisions in the rules of the Index. Neither the third party index administrator, the Index Sponsor nor any of their affiliates are obliged to publish any information regarding the index other than as stipulated in the rules of these indices.  

While volatility controls may result in less fluctuation in rates of return as compared to indices without volatility controls, they may also reduce the overall rate of return as compared to products not subject to volatility controls. 

The Products are not in any way sponsored, endorsed, sold or promoted by UBS and UBS does not make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the UBS Tech Edge Index (“the Index”), the figure at which the said Index stands at any particular time on any particular day or otherwise, or the advisability of or results to be obtained by using, investing in, or trading the Products. The selection of the Index as a crediting option under the Product does not obligate American Equity or UBS to invest premium payments in the components of the Index or in other products linked to the Index. UBS shall not be liable for the results obtained by using, investing in, or trading the Products. The Index is compiled, maintained and calculated by UBS. However, UBS shall not be liable (whether in negligence or otherwise) to any person for any error in the Index and UBS shall not be under any obligation to advise any person of any error therein. 

UBS has not published or approved this document and accepts no responsibility for its contents or use. Obligations to make payments under the Product are solely the obligation of American Equity and are not the responsibility of UBS.

The Index is the exclusive property of and currently sponsored by the Index Sponsor. The [Product(s)] are not in any way sponsored, endorsed or promoted by UBS. UBS has no obligation to take the needs of any person into consideration in composing, determining or causing the Index to be calculated by a third party administrator. In addition, UBS makes no warranty or representation whatsoever, express or implied, as to the results to be obtained from the use of the Index and/or the level at which the Index stands at any particular time on any particular day or otherwise, and UBS shall not be liable, whether in negligence or otherwise, to any person for any errors or omissions in the Index or in the calculation of the Index or under any obligation to advise any person of any errors or omissions therein. UBS shall not be liable for the results obtained by using, investing in, or trading the Products. 

Tax Disclaimer: UBS does not provide any tax advice. Any tax statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of the transaction(s) or matter(s) to which the statement relates. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Notwithstanding anything to the contrary herein, each party (and each of their employees, representatives, or other agents) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any transaction that may described or included within the information contained herein relating to such U.S. tax treatment and U.S. tax structure. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. federal income tax treatment of the transaction, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of any transaction. 

ERISA: You understand that (i) neither UBS AG nor any of its affiliates has or exercises investment discretion with respect to any assets on behalf of any employee benefit plans or individual retirement accounts (collectively, “Plans”) that may be involved with the purchase, holding, or redemption of a security, (ii) UBS is not undertaking to provide impartial investment advice or give advice in a fiduciary capacity on behalf of such Plans within the meaning of the U.S. Department of Labor’s final regulation defining “investment advice” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 4975 of the Internal Revenue Code of 1986, as amended, (iii) UBS is not a “fiduciary” within the meaning of Section 3(21) of ERISA, and (iv) the information or communication provided herein or otherwise to the Plans or a fiduciary on behalf of any of the Plans is intended to be, and should be construed as, general information, and it does not and will not take into account your legal, regulatory, tax, business, investment, financial, accounting or other needs or priorities with respect to any Plans.

This Product is not sponsored, endorsed, sold or promoted by Salt Financial Indices LLC (“SFI”) or any affiliate of SFI. Neither SFI nor any other party makes any representation or warranty, express or implied, to the owners of this Product or any member of the public regarding the advisability of investing in funds generally or in this Product particularly or the ability of the UBS Tech Edge Index to track general stock market performance. SFI is the licensor of certain trademarks, service marks and trade names of SFI and of the UBS Tech Edge Index which is determined, composed and calculated by SFI without regard to the issuer of this Product or this Product. SFI has no obligation to take the needs of the issuer of this Product or the owners of this Product into consideration in determining, composing or calculating the UBS Tech Edge Index. SFI is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of this Product to be issued or in the determination or calculation of the equation by which this Product is redeemable for cash. Neither SFI nor any other party has any obligation or liability to owners of this Product in connection with the administration, marketing or trading of this Product.

ALTHOUGH SFI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEXES FROM SOURCES WHICH SFI CONSIDERS RELIABLE, NEITHER SFI NOR ANY OTHER PARTY GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA INCLUDED THEREIN. NEITHER SFI NOR ANY OTHER PARTY MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER SFI NOR ANY OTHER PARTY MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND SFI HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL SFI OR ANY OTHER PARTY HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The SG Global Sentiment Index (the “Index”) is the exclusive property of SG Americas Securities, LLC (SG Americas Securities, LLC, together with its affiliates, “Société Générale”).  Société Générale has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC (“S&P”) to maintain and calculate the Index.  “SG Americas Securities, LLC”, “SGAS”, “Société Générale”, “SG”, “Société Générale Indices”, “SGI”, and “SG Global Sentiment Index” (collectively, the “Société Générale Marks”) are trademarks or service marks of Société Générale. Société Générale has licensed use of the Société Générale Marks to American Equity Investment Life Insurance Company (“American Equity”) for use in a fixed indexed annuity offered by American Equity (the “Fixed Indexed Annuity”). Société Générale’s sole contractual relationship with American Equity is to license the Index and the Société Générale Marks to American Equity.  None of Société Générale, S&P, or other third party licensor (collectively, the “Index Parties”) to Société Générale is acting, or has been authorized to act, as an agent of American Equity or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any Fixed Indexed Annuity or provided investment advice to American Equity.

No Index Party has passed on the legality or suitability of, or the accuracy or adequacy of the descriptions and disclosures relating to, the Fixed Indexed Annuity, including those disclosures with respect to the Index.  The Index Parties make no representation whatsoever, whether express or implied, as to the advisability of purchasing, selling or holding any product linked to the Index, including the Fixed Indexed Annuity, or the ability of the Index to meet its stated objectives, including meeting its target volatility.  The Index Parties have no obligation to, and will not, take the needs of American Equity or any annuitant into consideration in determining, composing or calculating the Index. The selection of the Index as a crediting option under a Fixed Indexed Annuity does not obligate American Equity or Société Générale to invest annuity payments in the components of the Index.

THE INDEX PARTIES MAKE NO REPRESENTATION OR WARRANTY WHATSOEVER, WHETHER EXPRESS OR IMPLIED, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES (INCLUDING, WITHOUT LIMITATION, THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE), WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN OR RELATING THERETO, AND IN PARTICULAR DISCLAIM ANY GUARANTEE OR WARRANTY EITHER AS TO THE QUALITY, ACCURACY, TIMELINESS AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN, THE RESULTS OBTAINED FROM THE USE OF THE INDEX AND/OR THE CALCULATION OR COMPOSITION OF THE INDEX, OR CALCULATIONS MADE WITH RESPECT TO ANY FIXED INDEXED ANNUITY AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE OR OTHERWISE.  THE INDEX PARTIES SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR OR OMISSION IN THE INDEX OR IN THE CALCULATION OF THE INDEX, AND THE INDEX PARTIES ARE UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN, OR FOR ANY INTERRUPTION IN THE CALCULATION OF THE INDEX.  NO INDEX PARTY SHALL HAVE ANY LIABILITY TO ANY PARTY FOR ANY ACT OR FAILURE TO ACT BY THE INDEX PARTIES IN CONNECTION WITH THE DETERMINATION, ADJUSTMENT OR MAINTENANCE OF THE INDEX.  WITHOUT LIMITING THE FOREGOING, IN NO EVENT SHALL AN INDEX PARTY HAVE ANY LIABILITY FOR ANY DIRECT DAMAGES, LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.   

No Index Party is a fiduciary or agent of any purchaser, seller or holder of a Fixed Indexed Annuity. None of Société Générale, S&P, or any third party licensor shall have any liability with respect to the Fixed Indexed Annuity in which an interest crediting option is based is on the Index, nor for any loss relating to the Fixed Indexed Annuity, whether arising directly or indirectly from the use of the Index, its methodology, any Société Générale Mark or otherwise. Obligations to make payments under the Fixed Indexed Annuities are solely the obligation of American Equity.  

In calculating the performance of the Index, Société Générale deducts a maintenance fee of 0.50% per annum on the level of the Index, and fixed transaction and replication costs, each calculated and deducted on a daily basis. The transaction and replication costs cover, among other things, rebalancing and replication costs.  The total amount of transaction and replication costs is not predictable and will depend on a number of factors, including the leverage of the Index, which may be as high as 200%, the performance of the indexes underlying the Index, market conditions and the changes in the market states, among other factors. The transaction and replication costs, which are increased by the Index’s leverage, and the maintenance fee will reduce the potential positive change in the Index and increase the potential negative change in the Index. While the volatility control applied by the Index may result in less fluctuation in rates of return as compared to indices without volatility controls, it may also reduce the overall rate of return as compared to products not subject to volatility controls.

The “S&P 500®” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by American Equity Investment Life Insurance Company (“AEL”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed to SPDJI and sublicensed for certain purposes by AEL. AEL’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and such parties make no representations regarding the advisability of investing in such product(s) and have no liability for any errors, omissions, or interruptions of the S&P.