At a glance
MARU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $34.0M in assets, the 8th largest of that group. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF (MARU) uses options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 15% of SPY's losses, before fees, over each one-year period starting March 1. Unlike many buffer funds, it has no cap; instead, SPY must clear a hurdle, the spread, before the fund participates. Its 0.74% fee undercuts seven similar funds, though its one-year return trailed them all as of October 27, 2026.
Price history
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MARU +7.3% 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 | |
|---|---|---|---|---|---|---|
| MARU price data to Oct 27, 2026 | +8.7% | +7.3% | — | — | — | +13.0% |
- Over the year to Oct 27, 2026, MARU returned +7.3%, 8th of 8 among similar funds.
- The deepest fall in its price history was 8.5% (Mar 3, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.7% |
| 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 $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.25%, -1.23%, -0.24%.
How it works
Instead of stocks, MARU holds FLEX Options, customized exchange-traded options, on the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. As of July 31, 2026, it held three, all expiring February 26, 2027: a call option exercisable at $32.86, about 98% of net assets, that mirrors SPY's price moves; a put at $713.70 that gains value as SPY falls, cushioning losses; and a put the fund sold at $583.09, which marks where that cushion ends.
The fund replaces its options yearly for a new outcome period starting March 1; the one that began March 1, 2026 ends February 28, 2027. If SPY's share price falls over a period, the fund aims to absorb the first 15% of the loss, or 14.26% after its 0.74% fee. Deeper losses pass through. Gains aren't capped, but SPY must first rise past the spread, a hurdle set before each period based on interest rates, volatility and time to expiration; it is likely to change each period.
These outcomes apply only to shares held for a whole period. Entering after SPY has fallen can leave less buffer, or none; entering after a rise means facing losses before the buffer applies. It gets none of SPY's dividends and depends on the Options Clearing Corporation, the options' guarantor, meeting its obligations.
What it really costs
- MARU 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 |
|---|---|---|---|---|
| MARU | $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 S&P 500 exposure through options on SPY while aiming to absorb the first 15% of losses, before fees, in each March-to-February outcome period.
MARU could soften a market fall for someone who may need to draw on savings in a bad year. Launched February 28, 2025, it missed the 2008, 2020 and 2022 downturns and lacks a full calendar-year record. Its deepest drop was 8.5%, from March 3 to April 8, 2025; it recovered by May 15, 2025, about 1.2 months after the low. The buffer applies only at each outcome period's end, so cashing out mid-period after a fall may capture less of it.
It gets none of SPY's dividends and had recorded no distributions as of October 27, 2026, so withdrawals mean cashing in shares. Its 0.74% expense ratio is below the 0.86% average for similar funds; on the SEC's $10,000 example, costs total $76 after one year and $918 after ten. Past results don't predict future ones, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a cushion against SPY's first 15% of losses, before fees, who can hold for full March-to-February periods.
- Investors comparing buffer funds who'd rather have uncapped gains and accept that SPY must first beat the spread before the fund participates.
- Cost-conscious investors: its 0.74% expense ratio ranks lowest of eight buffer funds compared, below the 0.86% average of the other seven.
Look elsewhere if
- Investors who need regular income: MARU receives none of SPY's dividends and had recorded no distributions as of October 27, 2026.
- Anyone wanting a long record: MARU launched February 2025, and its 7.3% one-year return trailed seven similar buffer funds as of October 27, 2026.
- Investors entering partway through a period, when the remaining buffer depends on SPY's move so far; laddered funds such as BUFR are worth comparing.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MARU this fund | 0.74% | $34.0M | +7.3% | — |
| 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
How does the MARU buffer work?
MARU aims to absorb the first 15% of any drop in SPY's share price over each outcome period, which runs from March 1 to the end of February. After its 0.74% management fee, the buffer shrinks to 14.26%. Losses beyond that pass through, and the prospectus warns a shareholder could lose their entire investment. The buffer works through FLEX Options on SPY and fully applies only to shares held for the whole period.
Does MARU have a cap on gains?
No, MARU is uncapped. Instead of a ceiling, it uses a spread: SPY's share price must rise by more than the spread over the outcome period before the fund shares in gains, and it then tracks SPY's price gains above that level. The spread is set the business day before each period starts, based on interest rates, volatility and time to expiration, and is likely to change each year. The prospectus filed February 27, 2026 doesn't state the spread for the period ending February 28, 2027.
Does MARU pay dividends?
No. MARU had recorded no distributions as of October 27, 2026, and because it holds options on SPY rather than SPY shares, it doesn't receive SPY's dividends. Its results follow SPY's share price, not SPY's total return with dividends reinvested, so it gives up those dividends on top of the spread and its 0.74% fee. Investors who need regular cash from this holding would have to trim the position.
What's the difference between MARU and PJAN?
Both are U.S. equity buffer ETFs, but MARU is cheaper, much smaller and newer. MARU charges 0.74% a year versus 0.79% for the Innovator U.S. Equity Power Buffer ETF – January (PJAN). As of July 31, 2026, PJAN had about $1.4 billion in net assets against MARU's roughly $34 million. Over the year to October 27, 2026, PJAN returned 10.5% and MARU 7.3%. MARU's periods start in March and have no cap; PJAN's buffer and upside terms are set out in its own prospectus.
What happens if I invest in MARU in the middle of the outcome period?
Your results won't match the stated 15% buffer and the spread, which apply only from the first day of a period to the last. If SPY has already fallen when you invest, less of the buffer may remain, or none. If SPY has risen, you could face losses before the buffer takes effect. Before expiry, the options' prices also won't track the end-of-period payoffs exactly. The period that began March 1, 2026 ends February 28, 2027, when the buffer resets and a new spread is set.