At a glance
MAYT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $230.9M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +17.0% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) does not hold stocks. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). They aim to give SPY's price return over a one-year period starting each May 1, with a buffer against the first 10% of losses and a cap on gains. At 0.74% a year, it was the cheapest of eight buffer funds compared. It pays no dividends.
Price history
The interactive chart needs JavaScript.
MAYT +10.1% 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 | |
|---|---|---|---|---|---|---|
| MAYT official prospectus, to Dec 31, 2025 | — | +11.01% | — | — | — | +15.68% |
| MAYT price data to Oct 27, 2026 | +8.7% | +10.1% | +17.0% | — | — | +14.5% |
- Over the year to Oct 27, 2026, MAYT returned +10.1%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.3%); its best was 2024 (+18.4%).
- The deepest fall in its price history was 12% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +11.3% | +11.01% |
| 2024 | +18.4% | +18.68% |
| 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 $207.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.98%, -0.30%, +0.43%.
How it works
Nearly all of MAYT's money goes into FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized. All of them reference SPY, which holds the S&P 500's stocks in proportion to their market value. As of July 31, 2026, the fund held four option positions, all expiring April 30, 2027. A call option with a very low strike price (5.32) moves almost dollar-for-dollar with SPY. A bought put and a sold put form the buffer, and a sold call sets the cap. Portfolio turnover was 0%.
Each "outcome period" runs from May 1 to April 30. Allianz Investment Management sets the cap the business day before a period starts, based on volatility, interest rates and option prices. For May 1, 2025 to April 30, 2026, the cap was 17.50% before fees and 16.76% after the 0.74% fee. The buffer was 10% before fees and 9.26% after. The cap resets every period and can change significantly. The fund tracks only SPY's price and does not receive SPY's dividends.
Timing matters. The stated buffer and cap apply only to someone who holds from the first day of a period to the last. If you buy after SPY has fallen, you may get less of the buffer, or none. If you buy after SPY has risen, you have less room to gain before hitting the cap. Before the options expire, the fund's price can also fall further than the buffer suggests.
What it really costs
- MAYT 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 |
|---|---|---|---|---|
| MAYT | $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 trades away gains above a yearly cap in return for a buffer against the first 10% of S&P 500 price losses over each May-to-April period.
MAYT launched April 28, 2023, so it has no record in the 2008, 2020 or 2022 bear markets. Its deepest drop was 12%, from February 19 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. That drop came partway through an outcome period, before the buffer applied. Someone who had to sell in a slump could have lost more than the buffer suggests. Its worst calendar year was still a gain: 11.01% in 2025, per the prospectus. As of October 27, 2026, its one-year beta (how much it moves with the market) was 0.43.
It pays no income, so drawing money from it means selling shares. Under the SEC's standard example, $10,000 would cost about $76 in fees over one year. 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 S&P 500 price exposure with a 10% buffer and can hold each May 1 to April 30 period to its end.
- Cost-conscious buyers of buffer funds: its 0.74% expense ratio was the lowest of eight similar funds, whose average was 0.86%.
- Retirees willing to give up gains above a cap (17.50% before fees for the May 2025 to April 2026 period) for smaller losses.
Look elsewhere if
- Income seekers: the fund recorded no distributions and does not receive any of the dividends SPY pays.
- Investors who trade on their own timing: buying partway through a period changes the buffer and cap, and shares fell 12% in early 2025.
- Those who prefer a larger fund: with $230.9 million in net assets as of July 31, 2026, it was the smallest of eight buffer peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MAYT this fund | 0.74% | $230.9M | +10.1% | +17.0% |
| 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 MAYT pay dividends?
No. No distributions have been recorded for MAYT. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares, so it does not receive SPY's dividends. Its returns track only SPY's share price, within the cap and buffer. That means you give up the dividend part of the S&P 500's total return. Retirees who need cash would have to sell shares rather than collect payouts.
How does the MAYT buffer work?
MAYT aims to absorb the first 10% of SPY's price loss over each one-year outcome period, which runs from May 1 to April 30. In return, gains are capped. For May 1, 2025 to April 30, 2026, the buffer was 10% and the cap 17.50% before fees. After the 0.74% fee, they were 9.26% and 16.76%. If SPY falls more than 10%, you take the losses beyond that. The buffer applies in full only if you hold for the whole period.
What's the difference between MAYT and FJAN?
Both are buffer ETFs that reset once a year. FJAN, from FT Vest, starts its period in January, and MAYT, from Allianz, starts in May. MAYT costs less: 0.74% a year versus 0.85%. As of October 27, 2026, FJAN returned more: 12.3% over one year versus MAYT's 10.1%, and 17.4% a year over three years versus 17%. It's worth comparing each fund's current buffer and cap before choosing.
Can you lose money in MAYT?
Yes. The buffer covers only the first 10% of SPY's price losses over a full outcome period, before fees. Bigger declines pass through, and the prospectus warns you could lose your entire investment. Prices can also fall during a period. From February 19 to April 8, 2025, MAYT dropped 12%, then recovered by June 3, 2025. The fund also depends on the Options Clearing Corporation, which guarantees its options, to meet its obligations.
What happens if I buy MAYT in the middle of the outcome period?
Your results will differ from the stated cap and buffer. These apply only from May 1 to April 30. If SPY has already risen, you have less room to gain before hitting the cap. If SPY has already fallen, the prospectus says you may get less of the buffer, or none. Each new period resets the terms. Holdings as of July 31, 2026, showed options expiring April 30, 2027.