AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU)

The AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF is a defined-outcome exchange-traded fund from Allianz Investment Management, a unit of Allianz Life Insurance Company of North America. It seeks to provide exposure to U.S. large-cap stocks through the SPDR S&P 500 ETF Trust while buffering the first 15% of losses over a one-year outcome period that starts each September.

Unlike many buffer funds, this one does not cap upside returns. Instead, it participates in gains of the reference asset at a rate that is set at the beginning of each outcome period and is typically below full participation. The strategy is implemented with options on the S&P 500 reference asset, and results for shareholders depend on when they buy relative to the start of the period.