AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU)

The AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) is a defined-outcome fund from Allianz Investment Management, a unit of the Allianz group. Its outcome period resets each February.

The fund seeks to provide a buffer against the first 15% of losses in the SPDR S&P 500 ETF over a one-year outcome period. Unlike most buffer funds, it does not impose a hard cap on gains; instead, it participates in a portion of the upside, at a participation rate set at the start of each period.

The strategy is implemented with FLEX options on the S&P 500 ETF. Losses beyond 15% are borne by the investor, and investors who buy partway through a period may experience different outcomes than those stated.