At a glance
DECU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $50.2M in assets, the 8th largest of that group. Over the past year it returned +7.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF (DECU) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to aim for a buffer against the first 15% of SPY's price losses over each December-to-November outcome period. It does not cap gains. Instead it subtracts a "spread": SPY had to rise 3.98% (4.72% after fees) before the fund shared in gains in the period ending November 30, 2026. At 0.74%, it ranked cheapest among eight buffer funds compared.
Price history
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DECU +7.7% 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 | |
|---|---|---|---|---|---|---|
| DECU official prospectus, to Dec 31, 2025 | — | +8.63% | — | — | — | — |
| DECU price data to Oct 27, 2026 | +8.5% | +7.7% | — | — | — | +9.4% |
- Over the year to Oct 27, 2026, DECU returned +7.7%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.5%); its best was 2025 (+11.5%).
- The deepest fall in its price history was 10.7% (Jan 30, 2025 to Apr 8, 2025), recovered by Jul 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.5% | — |
| 2025 | +11.5% | +11.32% |
| 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 withdrew a net $258.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.06%, -1.29%, -0.28%.
How it works
DECU does not own stocks directly. Almost all of its money goes into FLEX Options on SPY, which holds the S&P 500 stocks weighted by market value. FLEX Options are customized exchange-traded options, and the Options Clearing Corporation (OCC) guarantees their settlement. As of July 31, 2026, the fund held three positions, all expiring November 30, 2026: a deep in-the-money SPY call (strike $32.32, about 98.6% of assets), which moves with SPY's price, plus a purchased put at $710.59 (1.8%) and a sold put at $580.88 (-0.4%). The two puts work together to provide the buffer.
Allianz Investment Management sets the terms when each one-year outcome period starts. For December 1, 2025 to November 30, 2026, the buffer was 15% before fees, or 14.26% after the 0.74% fee. The spread was 3.98% before fees and 4.72% after. Gains above the spread are not capped. The spread resets every period and may change a lot. The fund does not receive SPY's dividends, so outcomes are based on SPY's price alone.
The buffer and spread apply only to someone who holds for the full period. Before expiry, option prices move with volatility and interest rates, so if you buy or sell partway through, the result can be very different. Portfolio turnover was 0%. The fund is non-diversified, meaning it can hold very few positions.
What it really costs
- DECU 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 |
|---|---|---|---|---|
| DECU | $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 US large-company stock exposure but aims to absorb the first 15% of SPY's price losses over each outcome period, in exchange for giving up part of the upside through the spread.
DECU launched in late 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.32% according to the prospectus. Its deepest drop was 10.7%, from January 30 to April 8, 2025. It recovered by July 28, 2025, about 3.6 months later. That drop is a reminder that the buffer counts only at the end of the period. Anyone who needs to sell shares in the middle of a bad stretch gets the market price, not the buffered outcome. The fund recorded no distributions, so it provides no income. Costs are 0.74% a year, against an average of 0.86% for similar buffer funds. In the SEC's standard $10,000 example, that comes to $76 after one year and $918 after ten. Past results don't predict future ones, and a retirement plan works best when it looks at the whole portfolio rather than one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a buffer against the first 15% of SPY price losses, held through each full December-to-November period.
- Those who would rather give up a fixed spread (3.98% before fees for the period ending November 2026) than accept a hard cap on gains.
- Cost-conscious buffer buyers: at 0.74%, it ranked cheapest among eight buffer funds compared, against a peer average of 0.86%.
Look elsewhere if
- Anyone who needs income: DECU recorded no distributions and gets none of SPY's dividends.
- Investors who may buy or sell mid-period, since the buffer and spread apply only over the full outcome period and results can differ widely.
- Those who prefer larger, longer-tested funds: with about $50.2 million in 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 |
|---|---|---|---|---|
| DECU this fund | 0.74% | $50.2M | +7.7% | — |
| 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 DECU pay dividends?
No. The fund recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and the prospectus says it does not receive or benefit from SPY's dividends. Its outcomes are based only on SPY's share price. Over time, that missing dividend income is one reason a buffer fund like DECU can trail a plain S&P 500 fund in rising markets, on top of the spread and the 0.74% fee.
Is DECU really uncapped, and what is the spread?
Yes, DECU has no cap on gains. Instead it uses a spread, which is the amount SPY's price must rise over the outcome period before the fund shares in any gain. For December 1, 2025 to November 30, 2026, the spread was 3.98% before fees and 4.72% after the 0.74% fee. The spread pays for the 15% buffer. It is reset each December based on interest rates, volatility and option prices, and it can change significantly.
What happens if I buy DECU in the middle of the outcome period?
Your results will probably differ from the stated buffer and spread. Those terms apply only to someone who buys on December 1 and holds to November 30. If SPY has already fallen when you buy, you may get less of the buffer, or none of it. If it has already risen, you may face more downside before the buffer starts. Option values also move with volatility in the meantime, which is how the fund fell 10.7% in early 2025.
DECU vs PDEC: what's the difference?
Both are buffer ETFs that reset in December, but they come from different issuers and have their own outcome terms. DECU, from Allianz, costs 0.74% a year. Innovator's PDEC costs 0.79%. PDEC is much larger, at about $984 million in assets as of July 31, 2026, against DECU's $50.2 million. As of October 27, 2026, PDEC returned 11.6% over one year and DECU returned 7.7%. Each fund's prospectus shows its buffer and upside limits, which are worth comparing side by side.
Can you lose more than 15% in DECU?
Yes. The buffer covers only the first 15% of SPY's price losses over a full outcome period, or 14.26% after fees. Beyond that, losses pass through, and the prospectus warns that a shareholder could lose their entire investment. The buffer is not guaranteed. It also depends on the Options Clearing Corporation meeting its obligations. The fund is not a bank deposit and is not FDIC-insured. Buying or selling mid-period can also leave you with less protection than the stated buffer.