AllianzIM Buffer20 Allocation ETF (SPBW)

AllianzIM Buffer20 Allocation ETF (SPBW) is an actively managed fund of funds from Allianz Investment Management. It invests in a series of AllianzIM buffered ETFs that track the S&P 500 and each aim to absorb the first 20% of index losses over a defined outcome period, in exchange for a cap on upside returns.

The underlying buffered funds have outcome periods beginning in different months, and holding them together staggers their reset dates. This laddered structure reduces the importance of when an investor buys in and provides a continuously diversified buffered exposure to U.S. large-cap stocks.