AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU)

The AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) is a defined-outcome fund managed by Allianz Investment Management. It seeks to track the performance of the large-cap U.S. equity market, represented by an S&P 500 reference ETF, over a one-year outcome period that begins each November.

The fund uses exchange-traded FLEX options to provide a buffer against the first 15% of losses in the reference asset over the outcome period. Unlike capped buffer funds, it does not impose a fixed ceiling on upside returns; instead, the cost of the downside buffer is reflected in reduced participation in gains. The options positions are reset at the start of each new outcome period.