At a glance
ARLU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $54.1M in assets, the 8th largest of that group. Over the past year it returned +6.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF (ARLU) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to cushion the first 15% of SPY's price losses over each April-to-March outcome period. It has no ceiling on gains. Instead, SPY's price must first rise by more than a yearly "spread" before the fund shares in the gains. Its 0.74% fee was the lowest of the eight buffer funds compared.
Price history
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ARLU +6.4% 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 | |
|---|---|---|---|---|---|---|
| ARLU official prospectus, to Dec 31, 2025 | — | +10.93% | — | — | — | +11.49% |
| ARLU price data to Oct 27, 2026 | +7.3% | +6.4% | — | — | — | +10.8% |
- Over the year to Oct 27, 2026, ARLU returned +6.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.3%); its best was 2025 (+11.3%).
- The deepest fall in its price history was 15.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.3% | — |
| 2025 | +11.3% | +10.93% |
| 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 added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.50%, -1.29%, -0.22%.
How it works
ARLU puts almost all its money into FLEX options on SPY. FLEX options are exchange-traded options with custom strike prices and expiration dates. SPY holds the stocks in the S&P 500 Index at their index weights. As of July 31, 2026, the fund held three positions, all expiring March 31, 2027. A call option with a $38.63 strike, about 98% of assets, tracks SPY's price. A bought put at $684.09 (about 2.5%) and a sold put at $552.79 (about -0.8%) create the buffer. Portfolio turnover was 0%.
Each outcome period runs from April 1 to March 31. There is no cap. Instead there is a spread, which is the price gain SPY must beat before the fund gains anything. For the April 1, 2025 to March 31, 2026 period, the spread was 4.15% before fees and 4.89% after the 0.74% fee. The 15% buffer shrank to 14.26% after the fee. Both terms reset every period, based on factors such as market volatility and interest rates.
The stated results apply only to someone who holds for a full period. A buyer who comes in after SPY has already fallen may get less of the buffer, or none. Share prices also move during the period. The fund collects no SPY dividends, and it is legally classed as "non-diversified."
What it really costs
- ARLU 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 |
|---|---|---|---|---|
| ARLU | $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 keeps open-ended exposure to S&P 500 price gains above the spread while aiming to absorb the first 15% of SPY price losses over each April-to-March period.
ARLU launched on April 1, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 10.93%. Its deepest drop was 15.4%, from February 19 to April 8, 2025. It recovered by July 23, 2025, about 3.5 months later. That drop shows the buffer is measured only at the end of the period. Someone forced to sell in the middle of a slump could still take a sizable loss. The fund has recorded no distributions and gets no SPY dividends, so it cannot provide income on its own. Its 0.74% fee comes to about $76 in the first year on $10,000 under the SEC's standard example, below the 0.86% peer average. Past results don't predict future returns, and a plan should look at 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 a 15% buffer each April-to-March period and no cap on gains, in exchange for a yearly spread.
- Cost-conscious buffer-fund buyers: its 0.74% fee was the lowest of eight buffer funds compared, against a 0.86% peer average.
- People able to buy near April 1 and hold through March 31, when the buffer and spread apply as designed.
Look elsewhere if
- Retirees who need regular income: the fund has recorded no distributions and does not receive SPY's dividends.
- Investors who want a long, tested record: it launched in April 2024 and missed the 2008, 2020 and 2022 sell-offs.
- Those who prefer large, heavily traded funds: at about $54 million in net assets as of July 31, 2026, it was the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ARLU this fund | 0.74% | $54.1M | +6.4% | — |
| 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 ARLU pay dividends?
No. ARLU has recorded no distributions. Its prospectus says it does not receive or benefit from dividends paid by SPY, the S&P 500 fund its options are tied to. Its return comes only from the value of options linked to SPY's share price. Dividends make up part of the stock market's total return, so giving them up is a cost on top of the spread and the 0.74% fee.
What does "uncapped" mean for the ARLU buffer ETF?
It means there is no maximum gain for the outcome period. Many buffer funds limit gains with a cap. ARLU uses a spread instead: SPY's price must rise by more than the spread before the fund gains anything, and it shares in gains above that point. For the April 1, 2025 to March 31, 2026 period, the spread was 4.15% before fees and 4.89% after the 0.74% fee. It resets every April.
How does ARLU's 15% buffer work?
Over a full April-to-March period, the fund aims to absorb the first 15% of SPY's price losses. After the 0.74% fee, the buffer is 14.26%. Losses beyond that pass through, and an investor could lose their entire investment. The buffer counts only at the end of the period. The fund fell 15.4% between February 19 and April 8, 2025, during the period, before recovering by July 23, 2025.
ARLU vs BUFR: what's the difference?
Both are buffer ETFs, but they are built differently. ARLU runs one April-to-March period with no cap and a spread. BUFR, from FT Vest, uses a laddered approach that spreads money across several start dates. ARLU costs 0.74% a year and BUFR costs 0.95%. BUFR is much larger, with about $10.5 billion in net assets as of August 31, 2026, against ARLU's roughly $54 million. As of October 27, 2026, BUFR's one-year return was 11.6%, compared with 6.4% for ARLU.
How has ARLU performed since launch?
ARLU returned 10.93% in 2025, its first full calendar year, and 11.49% a year from its April 2024 launch through December 31, 2025, according to its prospectus. Based on share price, its one-year return was 6.4% as of October 27, 2026. That was the lowest of eight buffer funds compared, whose one-year returns ranged from 9.5% to 12.9%. Its record covers only about 2.6 years.