AllianzIM Buffer15 Uncapped Allocation ETF (SPBU)

AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) is an actively managed fund of funds from Allianz Investment Management. It invests in a group of AllianzIM buffered ETFs that track the S&P 500 and each offer a 15% downside buffer without a cap on upside participation, with their outcome periods starting in different months.

By holding several of these funds with staggered start dates, the allocation ETF spreads exposure across multiple outcome periods, reducing the dependence on any single entry point. The underlying funds use options to provide protection against the first 15% of S&P 500 losses over their outcome periods while participating in gains at a reduced rate rather than up to a fixed cap.