AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU)

AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF is a defined outcome fund from Allianz Investment Management that provides exposure to large-cap U.S. stocks through an S&P 500 ETF, with a buffer against the first 15% of losses over a one-year outcome period starting each January.

The Uncapped series seeks to avoid a hard ceiling on gains. Instead, the buffer is financed through other features of its options structure, so returns can lag the reference ETF. The fund uses FLEX options, and its outcomes apply to investors who hold for the full period, with terms reset annually.