At a glance
NVBW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $94.9M in assets, the 8th largest of that group. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +12.0% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Nov ETF (NVBW) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return over a one-year period that starts each November 1, with a buffer against the first 20% of losses and a cap on gains. Its 0.74% expense ratio is the lowest of eight buffer funds compared. It is also the smallest, with the lowest three-year return as of October 27, 2026.
Price history
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NVBW +10.6% 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 | |
|---|---|---|---|---|---|---|
| NVBW official prospectus, to Dec 31, 2025 | — | +9.13% | — | — | — | +10.01% |
| NVBW price data to Oct 27, 2026 | +9.4% | +10.6% | +12.0% | — | — | +10.3% |
- Over the year to Oct 27, 2026, NVBW returned +10.6%, 6th of 8 among similar funds.
- Its worst full calendar year was 2024 (+9.0%); its best was 2023 (+12.7%).
- The deepest fall in its price history was 8.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +9.3% | +9.13% |
| 2024 | +9.0% | +9.04% |
| 2023 | +12.7% | +12.72% |
| 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 $6.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.00%, +0.07%, +0.59%.
How it works
NVBW does not own stocks directly. It puts substantially all of its assets into FLEX options, which are exchange-traded options with custom strike prices and expiration dates, on SPY. SPY holds the stocks in the S&P 500, weighted by company size. As of July 31, 2026, the fund held four options, all expiring October 30, 2026. A call with a $5.12 strike tracks SPY's price moves. A put bought at $682.13 and a put sold at $545.65 create the 20% buffer. A call sold at $759.54 helps pay for that protection and sets the cap.
The terms reset every year. For the outcome period from November 1, 2025 to October 31, 2026, the cap was 11.36% before fees, or 10.62% after the 0.74% fee. The buffer was 20% before fees and 19.26% after. A new cap is set just before each period begins, based on market volatility and interest rates. It can change a lot from one year to the next. The fund does not receive SPY's dividends, and its reported portfolio turnover was 0%.
These outcomes apply only to shares held for the whole period. If you buy after SPY has risen, you get less upside. If you buy after SPY has fallen, you get less buffer. Before the options expire, their value may not move one-for-one with SPY. The Options Clearing Corporation guarantees the options, and the fund is classified as non-diversified.
What it really costs
- NVBW 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 |
|---|---|---|---|---|
| NVBW | $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 stock-market upside for a buffer against the first 20% of SPY's price losses over each November-to-October period.
NVBW launched on October 31, 2022, so it has no record from the 2008, 2020 or 2022 market drops. Its deepest price decline was 8.4%, from February 19 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. Its weakest calendar year, 2024, still gained about 9%. A smoother ride may help someone who needs to sell shares in a bad year, but the buffer fully applies only to shares held from November 1 through October 31. The fund has paid no distributions, so it offers no income, and it gives up SPY's dividends. Its 0.74% expense ratio, or about $76 in the first year on $10,000 in the SEC's standard example, is below the 0.86% average for similar buffer funds. 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, via options on the SPDR S&P 500 ETF Trust, with a buffer against the first 20% of losses before fees.
- Those wanting a smoother ride: its worst decline since launch, 8.4% from February to April 2025, took about 1.8 months to recover.
- Cost-conscious buffer investors: its 0.74% fee was the lowest of eight buffer funds compared, against a 0.86% peer average.
Look elsewhere if
- Income seekers: the fund has recorded no distributions and does not receive SPY's dividends, so it gives up that part of the S&P 500's return.
- Investors chasing full stock-market gains: the cap was 11.36% before fees for the period ending October 31, 2026, and three-year returns ranked last of eight.
- People expecting to enter or exit mid-period: their results won't match the stated buffer and cap, which apply only from November 1 to October 31.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NVBW this fund | 0.74% | $94.9M | +10.6% | +12.0% |
| 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
How does the NVBW 20% buffer work?
NVBW aims to absorb the first 20% of losses in the SPDR S&P 500 ETF Trust (SPY) over each one-year outcome period, which runs from November 1 to October 31. In exchange, it caps gains. It uses FLEX options, which are exchange-traded options with customized strike prices and expiry dates. As of July 31, 2026, it held four of them on SPY. The 0.74% fee makes the buffer slightly smaller. Investors bear any losses beyond the buffer, and those entering mid-period may get less protection.
What is NVBW's cap on gains?
For the outcome period from November 1, 2025 to October 31, 2026, NVBW's cap was 11.36% before fees. After its 0.74% management fee, it was 10.62%, according to the prospectus filed February 27, 2026. Over that period, the fund did not share in any SPY price gains above the cap. The cap resets each November 1 based on market volatility, interest rates and option prices. It can change significantly from one period to the next.
Does NVBW pay dividends?
No. NVBW has recorded no distributions, and its prospectus says the fund does not receive or benefit from dividends paid by SPY. Its target return tracks SPY's share price only. That means it gives up the dividend part of the S&P 500's total return, on top of the cap on gains. Retirees who rely on regular cash payouts from their holdings may find dividend-paying funds a closer match.
NVBW vs PDEC: what's the difference?
Both are U.S. stock buffer ETFs that give up some upside in exchange for downside protection. NVBW, from Allianz Investment Management, charges 0.74% a year, versus 0.79% for the Innovator U.S. Equity Power Buffer ETF - December (PDEC). Through October 27, 2026, PDEC returned 11.6% over one year and 14.9% a year over three years, versus 10.6% and 12% for NVBW. PDEC is also much larger, with about $984 million in net assets versus $94.9 million for NVBW, both as of July 31, 2026.
Is NVBW a good investment for retirees?
It may suit retirees who want stock exposure with a cushion and can accept limits. According to its prospectus, NVBW returned 12.72% in 2023, 9.04% in 2024 and 9.13% in 2025. Its worst drop since launch was 8.4%, from February 19 to April 8, 2025. One-year volatility, a measure of price swings, was 5.3% as of October 27, 2026. The drawbacks are no income, capped gains and a 0.74% fee. In the SEC's standard example, $10,000 would incur $76 in costs over one year and $918 over 10 years.