AllianzIM International Equity Buffer15 Uncapped Jan ETF (JANI)

AllianzIM International Equity Buffer15 Uncapped Jan ETF is a defined outcome fund from Allianz Investment Management that provides exposure to international developed-market stocks through an index ETF, with a buffer against the first 15% of losses over a one-year outcome period starting each January.

Unlike traditional buffer funds, this series seeks to avoid a fixed cap on upside gains. Instead, the cost of the buffer is paid through other features of the options structure that reduce returns relative to the reference ETF. The fund uses FLEX options, and its stated outcomes apply to investors who hold for the full outcome period, with terms reset annually.