At a glance
APRT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $46.2M in assets, the 8th largest of that group. Over the past year it returned +15.3% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +16.6% a year.
The short version
AllianzIM US Large Cap Buffer10 Apr ETF (APRT) holds no stocks. Instead it holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each April-to-March outcome period, it aims to absorb the first 10% of SPY's price losses, and in exchange it caps the gains. Its 0.74% expense ratio is the lowest of eight buffer funds compared. It is also the smallest, with $46 million in net assets as of July 31, 2026.
Price history
The interactive chart needs JavaScript.
APRT +15.3% 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 | |
|---|---|---|---|---|---|---|
| APRT official prospectus, to Dec 31, 2025 | — | +7.68% | — | +9.74% | — | +10.45% |
| APRT price data to Oct 27, 2026 | +13.6% | +15.3% | +16.6% | — | — | +14.9% |
- Over the year to Oct 27, 2026, APRT returned +15.3%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.0%); its best was 2023 (+22.1%).
- The deepest fall in its price history was 15% (Feb 19, 2025 to Apr 8, 2025), recovered by Aug 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.6% | — |
| 2025 | +8.0% | +7.68% |
| 2024 | +15.2% | +15.41% |
| 2023 | +22.1% | +21.99% |
| 2022 | — | -6.26% |
| 2021 | — | +11.98% |
| 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 | Not in the price data, which starts Oct 31, 2022 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.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 $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.02%, +0.07%, +0.67%.
How it works
Allianz Investment Management puts substantially all of the fund's assets into FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized. All of them reference SPY, which tracks the S&P 500, a market-value-weighted index of 500 large US companies. As of January 31, 2026, that index had heavy exposure to information technology. Nobody picks stocks, and portfolio turnover was 0%.
As of July 31, 2026, the fund held four options on SPY, all expiring March 31, 2027. A call with a strike price of 4.81 is so far 'in the money' that it rises and falls almost one-for-one with SPY. The fund bought a put at 650.27 and sold a put at 585.31. Together they cover roughly the first 10% of losses. A sold call at 762.78 sets the cap. The options are replaced each April 1, and a new cap is set based on volatility and interest rates. For April 1, 2025 to March 31, 2026, the cap was 15.51% before fees, or 14.77% after the 0.74% fee. The buffer after fees was 9.26%.
These outcomes apply only to shares held for a full period. Buying after a rise leaves less room to the cap. Buying after a fall leaves less buffer. Losses beyond the buffer are passed through in full. The fund gets none of SPY's dividends, and it depends on the Options Clearing Corporation to honor the contracts.
What it really costs
- APRT 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 |
|---|---|---|---|---|
| APRT | $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 aims to soften the first 10% of yearly S&P 500 losses, at the cost of capped gains and no income.
APRT could offer a smoother way to hold US large-cap stocks. It launched in May 2020, after the COVID crash, so it has no record for 2008 or 2020. It lost 6.26% in 2022, its only losing calendar year from 2021 through 2025. Its worst quarter was -11.1%, ending June 30, 2022. Its deepest price drop was 15%, from February 19 to April 8, 2025. It recovered by August 12, 2025, about four months later. Anyone who had to sell during that dip took the loss, because the buffer applies only at the end of an outcome period. The fund paid no distributions in the year to October 27, 2026, so drawing cash from it means selling shares. In the SEC's standard example, the 0.74% fee costs $918 over 10 years on $10,000. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with the first 10% of losses cushioned each period, and who accept capped gains in return.
- Cost-conscious buffer-fund buyers: its 0.74% expense ratio is below the 0.86% average of the similar buffer funds compared.
- Investors able to buy near April 1 and hold through March 31, when the stated buffer and cap apply as designed.
Look elsewhere if
- Income seekers: it paid no distributions in the year to October 27, 2026, and receives none of SPY's dividends.
- Those wanting a large fund: with $46 million as of July 31, 2026, it's the smallest of eight compared, with $2.3 million of net outflows over three months.
- Investors wanting full stock-market gains or protection against deep crashes, since losses beyond the 10% buffer pass through in full.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| APRT this fund | 0.74% | $46.2M | +15.3% | +16.6% |
| 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 APRT pay dividends?
No. APRT made no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. The fund holds options on SPY, not SPY shares, and the prospectus says it does not receive or benefit from SPY's dividends. Its targeted outcomes track SPY's price returns only. Investors who want regular income would need to sell shares or hold income-paying funds alongside it.
How does the APRT 10% buffer work?
APRT aims to absorb the first 10% of SPY's price losses over each April 1 to March 31 outcome period, while capping gains. For the April 2025 to March 2026 period, the cap was 15.51% before fees and 14.77% after. The buffer was 9.26% after fees. The buffer covers only the full period. Investors who buy after SPY has risen get less upside. Those who buy after a fall get less protection. Losses beyond 10% are not cushioned.
What's the difference between APRT and BUFR?
APRT holds a single options package that resets each April. BUFR, the FT Vest Laddered Buffer ETF, uses a laddered design, which generally spreads money across buffer positions that reset in different months. BUFR charges 0.95% against APRT's 0.74%. It is far larger: $10.5 billion as of August 31, 2026, versus $46 million for APRT as of July 31, 2026. As of October 27, 2026, APRT's one-year price return was 15.3% and BUFR's was 11.6%. Three-year annualized returns were close, at 16.6% and 16.8%.
What is APRT's expense ratio?
APRT's expense ratio is 0.74%, according to the prospectus filed February 27, 2026. It is a single management fee, with no waiver. That is the lowest among eight buffer funds compared, whose average is 0.86%. In the SEC's standard example ($10,000 invested, 5% yearly return), total costs come to $76 after one year, $411 after five years and $918 after 10 years. The fee also lowers the effective cap and buffer.
How has APRT performed?
As of December 31, 2025, APRT returned 7.68% over one year. Its average annual return was 9.74% over five years and 10.45% since its May 2020 launch, according to its prospectus. Calendar-year results ranged from 21.99% in 2023 to a loss of 6.26% in 2022. Based on share prices as of October 27, 2026, it gained 15.3% over one year and 16.6% a year over three years. Past returns don't predict future results.