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NVBW

GradeCChicago Board Options Exchange

AllianzIM U.S. Equity Buffer20 Nov ETF

Buffered · AllianzIM · Inception 2022-10-31

$36.60−0.06 (−0.15%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Nov 1, 2022.
Intraday session: down, 36 prints from 36.66 to 36.60. Range 36.56 to 36.65. Use the arrow keys to read each point.$36.56$36.6410 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$97M
1Y return
+10.3%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$36.63
52W range
low $32.83high $36.66

The ETF.net NVBW Grade

C

43/ 100

Rank 18 of 24 in S&P 500 Buffer 20%⁠

Confidence Medium

Six-pillar profile for NVBW. Scores out of 100: Cost 37, Risk 36, Mission not scored, Tradability 47, Holdings 60, Durability 57. Strongest: Holdings (60). Weakest: Risk (36). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 37
    Category rank19/24 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 36
    Category rank20/22 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank14/24 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 60
    Category rank6/12 · top 50%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 57
    Category rank12/24 · top 50%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NVBW

ETF.net Research

CAn insurance hedging desk in ETF form: NVBW absorbs the first 20% of a year's losses in the SPDR S&P 500 ETF Trust, and in exchange your upside stops at a cap reset each November.

Stated mandate

The Fund seeks to track the share-price returns of the SPDR® S&P 500® ETF Trust over its one-year Outcome Period up to an upside cap, while buffering the first 20% of losses in the Underlying ETF.

Why people hold it

  1. 01The 20% buffer is at the deep end of the buffer shelf, and it resets on a fresh one-year clock every November.allianzim.com
  2. 02AllianzIM runs the options itself, on the same in-house hedging platform Allianz Life uses for its annuity book, instead of outsourcing the trade.allianzlife.com
  3. 03At 0.74%, the fee sits right at the middle of its deep-buffer peer group. No premium for the Allianz name.
  4. 04Live since 2022, with multiple full outcome periods completed.

Worth knowing

  1. 01Buffer and cap apply in full only if you hold from the start of the November outcome period to its end. Buy mid-period and your terms differ.allianzlife.com
  2. 02Cheaper deep-buffer alternatives exist: PSFJ and PSFM both charge 0.49%.
  3. 03You track SPY's share-price returns, so dividends aren't part of the deal, and the fund trades lightly enough that limit orders matter.

NVBW Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
5
Top-10 weight
102%
Largest holding
4SPY 261030C00005120102.1%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 261030C00005120SPY 10/30/2026 5.12 C102.14%1,305$99M1
0024SPY 261030P00682130SPY 10/30/2026 682.13 P0.24%1,305$236K1

Showing 1–2 of 2 holdings

NVBW Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NVBW$11,031
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NVBW $11,031. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NVBW. Periods over one year show the average yearly return.
PeriodNVBW
Year to date+8.4%
1 month+1.0%
3 months+3.2%
1 year+10.3%
3 years+9.9%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NVBW
YearReturn barNVBW
2026 YTD+8.4%
2025+9.2%
2024+9.0%
2023+12.7%
2022+0.5%

History from Nov 1, 2022

NVBW in the news

ETF.net Research hasn’t filed on NVBW yet — coverage lands here as it’s written.

NVBW Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

NVBW Risk

How much the fund’s monthly returns vary, scaled to a year.
5.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.74
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−8.4%
46 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.41
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NVBW Cost

Expense ratio0.74%
  • The middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

9 of the 24 S&P 500 Buffer 20% funds charge less.

NVBW costs $74.00 a year on $10,000. The median S&P 500 Buffer 20% fund costs $74.00.