At a glance
NVBT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $29.8M in assets, the 8th largest of that group. Over the past year it returned +12.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +15.9% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Nov ETF (NVBT) holds exchange-traded FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to absorb the first 10% of SPY's price losses over each November-to-October period, and in exchange its gains are capped. At 0.74% a year, it was the cheapest of eight buffer funds compared. But it pays no dividends and is small, with about $29.8 million in net assets as of July 31, 2026.
Price history
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NVBT +12.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NVBT official prospectus, to Dec 31, 2025 | — | +12.52% | — | — | — | +13.03% |
| NVBT price data to Oct 27, 2026 | +11.4% | +12.4% | +15.9% | — | — | +13.2% |
- Over the year to Oct 27, 2026, NVBT returned +12.4%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2024 (+12.0%); its best was 2023 (+16.3%).
- The deepest fall in its price history was 12.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.4% | — |
| 2025 | +12.8% | +12.52% |
| 2024 | +12.0% | +12.20% |
| 2023 | +16.3% | +16.62% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.31%, -0.28%, +0.41%.
How it works
NVBT works in one-year outcome periods that run from November 1 to October 31. Over each period, it aims to match the share-price return of the SPDR S&P 500 ETF Trust (SPY) up to a cap, while absorbing the first 10% of SPY's losses. SPY, a unit investment trust, holds the S&P 500's stocks, weighted by market value. Because NVBT holds options, not SPY shares, it receives no dividends.
Allianz Investment Management invests substantially all of the fund's assets in FLEX options. These are exchange-traded contracts with customized strike prices (the price at which an option starts paying off) and expiration dates. Calls gain when SPY rises; puts gain when it falls. As of July 31, 2026, NVBT held four options, all expiring October 30, 2026. A call with a very low $5.05 strike moves nearly in step with SPY. A purchased put at $681.99 and a sold put at $613.85 together form the 10% buffer. A sold call at $796.37 sets the cap.
Each period's cap depends on market conditions like volatility and interest rates. For November 1, 2025 to October 31, 2026, the cap was 16.76% before fees and 16.02% after the 0.74% fee. The fee also trimmed the buffer to 9.26%. New caps can differ significantly. Investors who enter or exit mid-period get different results. After a rise, there is less room below the cap. After a fall, there is less buffer, or none.
What it really costs
- NVBT charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVBT | $76 | $237 | $411 | $918 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It offers S&P 500 price exposure with a cushion against the first 10% of losses over each outcome period, and in exchange gives up gains above the cap and all dividends.
NVBT could make a portfolio's stock holdings less volatile. Its one-year beta, a gauge of how much it moves with the market, was 0.69 as of October 27, 2026. It launched October 31, 2022, so it has no record through the 2008, 2020 or 2022 downturns. Its weakest calendar year, 2024, still gained 12%. Its deepest drop, 12.9% from February 19 to April 8, 2025, was made back by June 12, 2025, about two months later. That drop was bigger than the 10% buffer because the buffer applies only over a full outcome period. Anyone cashing out mid-period gets that day's price, not the full buffer.
It pays no income. With no distributions recorded, spending money must come from cashing in shares. The 0.74% expense ratio comes to $76 in year one on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a 10% loss cushion each November-to-October period and smaller swings: 8.9% volatility in the year to October 2026.
- Cost-conscious investors comparing buffer funds: its 0.74% expense ratio was the lowest of eight compared, against a 0.86% average.
- Holders who can enter near the November 1 reset and stay through October 31, when the full buffer and cap apply as designed.
Look elsewhere if
- Income seekers: NVBT has recorded no distributions, and because it holds options rather than SPY shares, it misses SPY's dividends.
- Anyone needing cash mid-period: the buffer applies only at period end, and the fund fell 12.9% from February to April 2025.
- Investors wanting full S&P 500 upside: SPY gains above the cap are given up; for November 2025–October 2026, the cap was 16.02% after fees.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NVBT this fund | 0.74% | $29.8M | +12.4% | +15.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does NVBT pay dividends?
No. NVBT has no recorded distributions, so it has no yield. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than SPY shares. Its prospectus says the fund does not receive or benefit from SPY's dividends. Its returns come only from changes in SPY's share price, within the buffer and cap. Investors who rely on portfolio income would need to get it from other holdings or by cashing in shares.
How does NVBT's 10% buffer work?
It absorbs the first 10% of the price decline in the SPDR S&P 500 ETF Trust (SPY) over a full November-to-October outcome period. After the 0.74% fee, the buffer for the period ended October 31, 2026 was 9.26%. Beyond that, losses pass through in full, and a shareholder could lose everything. The buffer is not a daily floor: NVBT fell 12.9% between February 19 and April 8, 2025. Investors who enter after SPY has fallen may get less buffer, or none.
What is NVBT's cap?
For the outcome period from November 1, 2025 to October 31, 2026, NVBT's cap was 16.76% before fees. After its 0.74% management fee, it was 16.02%, according to the prospectus filed February 27, 2026. The fund gave up any SPY price gain beyond that level. A new cap is set just before each November 1. It depends on market volatility, interest rates and the time until the options expire, and it can change significantly from one period to the next.
What's the difference between NVBT and FDEC?
Both are U.S. stock buffer ETFs, but NVBT is cheaper and much smaller. NVBT's expense ratio is 0.74%, compared with 0.85% for FT Vest US Equity Buffer ETF - December (FDEC). FDEC had about $1.31 billion in net assets as of August 31, 2026, against $29.8 million for NVBT as of July 31, 2026. FDEC returned 18.5% a year over the three years to October 27, 2026, compared with 15.9% for NVBT. Each fund sets its own buffer, cap and outcome dates, so those are worth comparing too.
How has NVBT performed since it launched?
NVBT returned 13.03% a year from its October 31, 2022 launch through December 31, 2025, according to its prospectus. Calendar-year returns were 16.62% in 2023, 12.20% in 2024 and 12.52% in 2025. Its weakest quarter, ended September 30, 2023, lost 3.34%. Its strongest, ended June 30, 2025, gained 7.66%. Based on share prices, it gained 12.4% over the year to October 27, 2026. Its record is short and does not include the 2008, 2020 or 2022 downturns.