NVBW vs PSFD

NVBWCAllianzIM U.S. Equity Buffer20 Nov ETF

PSFDBPacer Swan SOS Flex (January) ETF

In short

NVBW An 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.

PSFD Absorbs the first 20% of a drop in the SPDR S&P 500 ETF Trust over each 12-month period, with your upside capped in exchange. One of the original 2020 Pacer/Swan buffer funds, and priced under most deep-buffer rivals.

Stated mandate

NVBW 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.

PSFD The fund seeks to match the returns of the SPDR S&P 500 ETF Trust up to a stated cap while mitigating specified downside losses through a structured buffer strategy over an approximately one-year period.

Why people hold it

• NVBW The 20% buffer is at the deep end of the buffer shelf, and it resets on a fresh one-year clock every November.allianzim.com
• AllianzIM 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
• At 0.74%, the fee sits right at the middle of its deep-buffer peer group. No premium for the Allianz name.
• Live since 2022, with multiple full outcome periods completed.

• PSFD 0.49% a year versus a 0.74% median for 20%-buffer S&P 500 funds, undercutting the AllianzIM month-series lineup (JANW, APRW, JUNW). When upside is capped, fees come straight out of the ceiling.
• Deep cushion, clean reset: FLEX options are structured to absorb the first 20% of underlying losses over the roughly one-year period, with a new cap struck at the start of each period.paceretfs.com
• Siblings run the same recipe on other calendars (PSFM in April, PSFJ in July), so start dates can be staggered instead of pinned to one January strike. Standing sits in the upper half of the deep-buffer group.

Worth knowing

• NVBW Buffer 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
• Cheaper deep-buffer alternatives exist: PSFJ and PSFM both charge 0.49%.
• You track SPY's share-price returns, so dividends aren't part of the deal, and the fund trades lightly enough that limit orders matter.

• PSFD Thinly traded. Spreads can be wider and larger orders harder to fill than in the giants of the buffer aisle.
• No income stream: the fund holds options on an S&P 500 tracker rather than the stocks, and it has not paid a distribution.paceretfs.com
• Buffer and cap run start to finish of the period and are set before fees and expenses. Shares bought mid-period carry different remaining cushion and headroom.paceretfs.com

Full NVBW profile⁠

Full PSFD profile⁠