AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU)

The AllianzIM U.S. Equity Buffer15 Uncapped May ETF is managed by Allianz Investment Management, part of the Allianz group. It is a defined-outcome fund that seeks to provide exposure to U.S. large-cap stocks, represented by the S&P 500, with a buffer against the first 15% of losses over a twelve-month outcome period that begins in May.

Unlike many buffer funds, this one does not impose a fixed cap on upside. Instead, the fund participates in only a portion of the index's gains, with the participation rate set at the beginning of each outcome period. The strategy is implemented with exchange-traded options on an S&P 500 tracking ETF. The buffer and participation terms apply to investors who hold shares for the entire outcome period, after which the options are rolled and new terms are set.