AllianzIM U.S. Equity Buffer15 Uncapped Aug ETF (AUGU)

The AllianzIM U.S. Equity Buffer15 Uncapped Aug ETF is a defined-outcome fund from Allianz Investment Management (AllianzIM). It seeks to provide exposure to U.S. large-cap equities, referencing the S&P 500, with a buffer against the first 15% of losses over a one-year outcome period that begins in August.

Unlike many buffer funds, this series does not impose a fixed cap on upside returns. Instead, the cost of downside protection is reflected in the structure of its options package, so the fund participates in market gains on different terms than a direct index investment. The strategy is built with FLEX options and resets at the start of each outcome period.

The 15% buffer is measured over the full outcome period, so shareholders who buy or sell midway may experience a different outcome. Losses beyond the buffer are borne by the fund.