At a glance
DECT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $125.2M in assets, the 8th largest of that group. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +17.2% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Dec ETF (DECT) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to follow SPY's price return over a one-year outcome period that starts each December 1. It cushions the first 10% of losses and caps gains in return. Its 0.74% fee was the lowest of eight buffer funds compared. But it pays no dividends, and it was the smallest fund in that group.
Price history
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DECT +12.5% 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 | |
|---|---|---|---|---|---|---|
| DECT official prospectus, to Dec 31, 2025 | — | +14.73% | — | — | — | +13.35% |
| DECT price data to Oct 27, 2026 | +11.0% | +12.5% | +17.2% | — | — | +13.3% |
- Over the year to Oct 27, 2026, DECT returned +12.5%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2024 (+11.9%); its best was 2023 (+19.4%).
- The deepest fall in its price history was 13.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +15.0% | +14.73% |
| 2024 | +11.9% | +12.10% |
| 2023 | +19.4% | +19.42% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.1400 |
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: +3.09%, -0.22%, +0.52%.
How it works
DECT does not own stocks directly. It puts substantially all of its assets into FLEX options on SPY, an ETF that holds the stocks of the S&P 500. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, the fund held four options, all expiring November 30, 2026. A call with a 5.06 strike tracks SPY almost share for share and made up about 100% of assets. A bought put at 683.32 and a sold put at 615.05 together form the buffer. A sold call at 796.92 helps pay for that protection and sets the cap.
Each outcome period runs from December 1 to November 30. For the period starting December 1, 2025, the cap was 16.61% before fees, or 15.87% after the 0.74% fee. The buffer is 10% before fees, or 9.26% after. Just before each new period starts, the fund sets a new cap based on volatility, interest rates and other market conditions. The cap can change significantly from one period to the next.
These outcomes apply only to someone who holds from the first day of a period to the last. If you buy after SPY has risen, less upside may remain. If you buy after a fall, less buffer may be left. The share price can move away from the targets during the period. The fund tracks SPY's price only and receives none of SPY's dividends. Portfolio turnover was 0%.
What it really costs
- DECT 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 |
|---|---|---|---|---|
| DECT | $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 holds S&P 500 exposure with a 10% loss cushion each outcome period, and its one-year beta was 0.68, so it has swung less than the broad stock market.
DECT could work as a cushioned stock position for someone who wants S&P 500 exposure with smaller swings. It launched November 30, 2022, so it has no record in the 2008, 2020 or 2022 sell-offs. Its weakest calendar year was 2024, which was still a 12.1% gain. Its deepest drop was 13.3%, from February 19 to April 8, 2025. It recovered by June 24, 2025, about 2.5 months later. That drop is a reminder that the buffer is measured at the end of the period, so shares sold partway through can show losses. The fund paid no income in the year to October 27, 2026, so any withdrawals would come from selling shares. In the SEC's standard $10,000 example, the 0.74% fee costs $76 in the first year and $918 over 10 years. Past results don't predict the future, 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 SPY's price exposure with a 10% buffer each December-to-November period and accept a cap (15.87% after fees through November 30, 2026).
- Investors focused on cost: DECT's 0.74% fee was the lowest of eight similar buffer funds, against a 0.86% peer average.
- Holders who can buy near December 1 and hold to November 30, when the stated buffer and cap fully apply.
Look elsewhere if
- Income seekers: DECT made no distributions in the year to October 27, 2026, and receives none of SPY's dividends.
- Investors who want deeper protection: losses beyond the first 10% pass through, and the fund has no record from 2008, 2020 or 2022.
- Investors who prefer larger funds: with $125.2 million in net assets (July 31, 2026), DECT 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 |
|---|---|---|---|---|
| DECT this fund | 0.74% | $125.2M | +12.5% | +17.2% |
| 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 DECT pay dividends?
No. DECT's trailing yield was 0% as of October 27, 2026, and it made no distributions in the prior year. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares, so it gets none of SPY's dividends. Its outcomes are based on SPY's price return only. That means it gives up the dividend part of the S&P 500's total return.
How does the DECT 10% buffer work?
DECT uses a pair of put options on SPY to absorb the first 10% of SPY's price loss over each December 1 to November 30 outcome period. After the 0.74% fee, the cushion is 9.26%. Losses beyond that pass through to shareholders. The buffer fully applies only if you hold for the whole period. If you buy after SPY has already fallen, less protection may remain. Midway through a period, the share price can show losses, as in the 13.3% drop in early 2025.
What is DECT's upside cap?
For the outcome period from December 1, 2025 to November 30, 2026, DECT's cap was 16.61% before fees, or 15.87% after its 0.74% management fee. If SPY's price rises more than that over the period, the fund does not share in the extra gain. A new cap is set just before each December 1, based on volatility, interest rates and other conditions. It can be higher or lower, and it can change significantly.
DECT vs FDEC: what's the difference?
Both are December-series buffer ETFs tied to large U.S. stocks. DECT is from Allianz Investment Management, and FDEC is from FT Vest. DECT costs 0.74% a year, compared with 0.85% for FDEC. As of October 27, 2026, DECT returned 12.5% over one year and 17.2% a year over three years. FDEC returned 12.9% and 18.5%. FDEC is much larger, with about $1.31 billion in net assets, against DECT's $125.2 million. Their buffer and cap terms are worth comparing in each prospectus.
Is DECT good for retirement?
It may suit retirees who want stock-market exposure with a partial cushion and are willing to accept limited upside and no income. DECT returned 14.73% in 2025 and 13.35% a year from launch through December 31, 2025. Its one-year volatility was 8.7%, compared with the full swings of the S&P 500. Drawbacks: it pays no dividends, losses beyond 10% pass through, and its history skips the 2008, 2020 and 2022 downturns.