AllianzIM International Equity Buffer5 ETF (QBIV)

The AllianzIM International Equity Buffer5 ETF is a defined-outcome fund from Allianz Investment Management (AllianzIM), part of the Allianz insurance group.

The fund gives options-based exposure to developed markets outside the United States, referencing an ETF that tracks the MSCI EAFE Index. It seeks to absorb the first 5% of losses in that benchmark over each outcome period. Because the buffer is smaller than on AllianzIM's 15% international fund, it generally allows more participation in market gains.

The options are reset at the end of each outcome period, and the fund's returns will not match the underlying index exactly. It trades on Cboe BZX under the ticker QBIV.