ETF Evaluator:
AllianzIM U.S. Equity Buffer15 UncNovETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
Index
Risk
Index
ETF Details
AllianzIM U.S. Equity Buffer15 UncNovETF Overview
AllianzIM U.S. Equity Buffer15 UncNovETF (NVBU) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). AllianzIM launched the ETF in 2024.
The investment seeks to provide, at the end of the current outcome period, returns that track the share price returns of the SPDR® S&P 500® ETF Trust.
Under normal market conditions, the fund invests at least 80% of its net assets in instruments with economic characteristics similar to U.S. equity securities. Specifically, the Advisor intends to invest substantially all of its assets in FLexible EXchange Options that reference the underlying ETF. The fund is non-diversified.
About AllianzIM U.S. Equity Buffer15 UncNovETF (NVBU)
There are 2 members of the management team with an average tenure of 1.09 years: Josiah Highmark (2024) and Aric Brodie (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 PR index with a weighting of 100%. AllianzIM U.S. Equity Buffer15 UncNovETF has 4 securities in its portfolio. The top 10 holdings constitute 100.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
AllianzIM U.S. Equity Buffer15 UncNovETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. AllianzIM U.S. Equity Buffer15 UncNovETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AllianzIM U.S. Equity Buffer15 UncNovETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $34 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NVBU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AllianzIM U.S. Equity Buffer15 UncNovETF expense ratio is above average compared to funds in the Defined Outcome category. AllianzIM U.S. Equity Buffer15 UncNovETF has an expense ratio of 0.74%, which is 3% higher than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AllianzIM U.S. Equity Buffer15 UncNovETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, AllianzIM U.S. Equity Buffer15 UncNovETF returned -0.3%, which earned it a grade of F, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
AllianzIM U.S. Equity Buffer15 UncNovETF has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AllianzIM U.S. Equity Buffer15 UncNovETF Grades
Year to date, the ETF has returned 6.1%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 13.6% over the past year (grade of B).
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NVBU Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NVBU Return (NAV) | -0.3% | 2.3% | 13.6% | na | na | na |
| NVBU Return (Price) | -0.4% | 2.5% | 13.9% | na | na | na |
| NAV +/- Price Return | 0.053% | -0.129% | -0.233% | na | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| NVBU Grade (NAV) | F | C | B | na | na | na |
| +/- Category (NAV) | -0.5% | 0.2% | 2.3% | na | na | na |
| NVBU Tax-Cost Ratio | na | na | 0.0% | na | na | na |
NVBU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NVBU Return (NAV) | 6.1% | 12.9% | na | na | na | na | na | na | na | na | na |
| NVBU Return (Price) | 6.2% | 13.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.008% | 0.027% | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| NVBU Grade (NAV) | C | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | 1.6% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 35 Mil |
| Share Class Assets: | $ 35 Mil |
| Turnover: | na |
| Expense Ratio: | 0.74% |
| Index Fund: | No |
| Index Tracked: | S&P 500 PR |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.8 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Highmark Josiah (2024), Brodie Aric (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 100.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.7% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AllianzIM |
| Phone Number: | 877-429-3837 |
| Website: | |
| Inception Date: | October 31, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.74% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.72% |
