At a glance
NVBU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $34.5M in assets, the 8th largest of that group. Over the past year it returned +7.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Nov ETF (NVBU) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each one-year period, running November 1 to October 31, it aims to absorb the first 15% of SPY's price losses. In exchange, it gives up a first slice of gains, called the spread. Gains above the spread are not capped. Its 0.74% expense ratio was the lowest of the eight buffer funds compared here.
Price history
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NVBU +7.5% 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 | |
|---|---|---|---|---|---|---|
| NVBU official prospectus, to Dec 31, 2025 | — | +12.92% | — | — | — | +13.25% |
| NVBU price data to Oct 27, 2026 | +8.3% | +7.5% | — | — | — | +11.8% |
- Over the year to Oct 27, 2026, NVBU returned +7.5%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.3%); its best was 2025 (+13.3%).
- The deepest fall in its price history was 12% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.3% | — |
| 2025 | +13.3% | +12.92% |
| 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 $7.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.07%, -1.33%, -0.33%.
How it works
NVBU follows the share price of SPY, which holds the stocks in the S&P 500, weighted by market value. The fund works in one-year 'outcome periods' that run from November 1 to October 31. If SPY's price rises over a full period, the fund aims to earn the gain above the spread. If SPY falls, the fund aims to absorb the first 15% of the loss, which is the buffer. For the period from November 1, 2025 to October 31, 2026, the spread was 3.97%. After the 0.74% fee, the spread was 4.71% and the buffer was 14.26%. A new spread is set each period, based on interest rates and market volatility.
The fund owns almost nothing but FLEX options. These are customized options traded on an exchange and guaranteed by the Options Clearing Corporation. As of July 31, 2026, it held three positions, all expiring October 30, 2026. A deep in-the-money SPY call made up about 99% of assets and behaves much like owning SPY. A purchased put made up about 1.4%, and a sold put was about -0.3%. Turnover was 0%. The fund is classified as non-diversified.
Three mechanics matter. First, the stated outcomes apply only to shares held for the whole period. Buying or selling partway through can give quite different results. Second, the fund tracks SPY's price only and gets none of SPY's dividends. Third, losses beyond the buffer fall fully on shareholders.
What it really costs
- NVBU 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 |
|---|---|---|---|---|
| NVBU | $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 trades some of the S&P 500's upside, and all of its dividends, for a cushion against the first 15% of price losses over each November-to-October period.
NVBU launched October 31, 2024, so it was not around for the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 12.92%, according to the prospectus. Its deepest drop was about 12%, from February 19 to April 8, 2025. It recovered by June 30, 2025, roughly 2.7 months later. That drop shows the buffer applies to the result at the end of the period, not along the way. Someone forced to sell in the middle of a slump could lose more than the buffer suggests. One-year volatility was 9.8% as of October 27, 2026.
The fund recorded no distributions, so it adds nothing to income needs. In the SEC's standard $10,000 example, its 0.74% expense ratio costs $76 in the first year and $918 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors able to hold from November 1 to October 31 who want the first 15% of SPY's price losses cushioned over that period.
- Buffer-fund shoppers focused on cost: the 0.74% expense ratio is below the 0.86% average of the similar buffer funds compared here.
- Investors who prefer giving up a fixed first slice of gains (the spread) to having their gains capped at a ceiling.
Look elsewhere if
- Retirees who need income: NVBU recorded no distributions and does not receive SPY's dividends.
- Anyone likely to buy mid-period or sell before October 31, when results can differ sharply from the stated buffer and spread.
- Investors who value size and trading depth: net assets were about $34.5 million as of July 31, 2026, the smallest of eight similar funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NVBU this fund | 0.74% | $34.5M | +7.5% | — |
| 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 NVBU pay dividends?
No. NVBU recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than the stocks themselves. Its prospectus says it will not receive or benefit from SPY's dividends. Its return tracks SPY's share price only, minus the spread and fees. Over time, it will likely trail a fund that holds the S&P 500 and reinvests the dividends. It does not suit anyone who wants regular income.
What does 'uncapped' mean for NVBU?
It means NVBU puts no ceiling on gains. Instead, it gives up a first slice of SPY's price gain over each November-to-October period. This slice is called the spread. For the period ending October 31, 2026, the spread was 3.97%, or 4.71% after the fund's 0.74% fee. If SPY's price rose more than that over the full period, the fund aimed to keep the rest. The spread resets each period and can change a lot.
What happens if I buy NVBU in the middle of the outcome period?
Your results will not match the stated buffer and spread, which apply only from November 1 to October 31. If SPY has already risen, you may face more loss before any protection starts. If SPY has already fallen, you may get less of the buffer, or none of it. Value can also swing during the period. NVBU fell about 12% from February to April 2025, even though the buffer is 15%.
NVBU vs BUFR: which is cheaper?
NVBU is cheaper, with a 0.74% expense ratio against 0.95% for the FT Vest Laddered Buffer ETF (BUFR). BUFR returned 11.6% over the year to October 27, 2026, against NVBU's 7.5%. BUFR is much larger, with about $10.5 billion in net assets as of August 31, 2026. NVBU had about $34.5 million as of July 31, 2026. BUFR uses a laddered setup, unlike NVBU's single November-to-October period, so its prospectus is worth comparing.
Is NVBU good for retirement?
It can play a defensive role, but with real trade-offs. It cushions the first 15% of SPY's price losses over a full November-to-October period and has a fairly low fee for a buffer fund, at 0.74%. However, it pays no income and gives up SPY's dividends. It has only been around since October 31, 2024. It also ranked last of eight similar funds for its one-year return to October 27, 2026.