At a glance
MAYU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $43.3M in assets, the 8th largest of that group. Over the past year it returned +8.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) holds options on the SPDR S&P 500 ETF Trust (SPY). Over each May-to-April outcome period, it aims to absorb the first 15% of SPY's price losses and to pass along SPY's gains above a set "spread." Unlike many buffer funds, it has no cap on gains. Its 0.74% expense ratio was the lowest of the eight similar buffer funds compared.
Price history
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MAYU +8.9% 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 | |
|---|---|---|---|---|---|---|
| MAYU official prospectus, to Dec 31, 2025 | — | +10.56% | — | — | — | +14.77% |
| MAYU price data to Oct 27, 2026 | +10.2% | +8.9% | — | — | — | +14.1% |
- Over the year to Oct 27, 2026, MAYU returned +8.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.9%); its best was 2025 (+10.9%).
- The deepest fall in its price history was 15.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.2% | — |
| 2025 | +10.9% | +10.56% |
| 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 $12.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.25%, -1.13%, -0.23%.
How it works
MAYU does not own stocks. It puts substantially all of its assets into FLEX Options on SPY, which tracks the S&P 500. FLEX Options are exchange-traded option contracts with custom terms, and the Options Clearing Corporation guarantees that they settle. As of July 31, 2026, the fund held three positions, all expiring April 30, 2027. The largest was a call with a very low $31.19 strike, at about 96.9% of assets, which moves almost in step with SPY's price. The other two were a bought put at $744.46 (about 4.6%) and a sold put at $610.86 (about -1.5%). These puts provide the downside buffer.
Each outcome period runs from May 1 to April 30. The fund aims to absorb the first 15% of SPY's price decline over the period, or 14.26% after its 0.74% fee. There is no cap on gains. Instead there is a spread: SPY must rise by more than the spread before the fund gains anything. For the May 1, 2025 to April 30, 2026 period, the spread was 4.89% before fees and 5.63% after. A new spread is set each period based on interest rates, volatility and option prices, and it can change significantly.
These outcomes apply only if you hold for the whole period. Buying or selling partway through gives different results. The fund follows SPY's share price only, so it gives up SPY's dividends. It is also classified as non-diversified.
What it really costs
- MAYU 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 |
|---|---|---|---|---|
| MAYU | $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 price exposure but aims to absorb the first 15% of losses over each one-year period, giving up dividends and some upside in exchange.
MAYU could soften a moderate one-year drop in the stock part of a portfolio. It launched April 30, 2024, so it has not been tested in the 2008, 2020 or 2022 sell-offs. Its deepest drop was 15.4%, from February 19 to April 8, 2025. It recovered by July 25, 2025, about 3.5 months later. That drop came in the middle of an outcome period, and the buffer applies only at period end. Someone forced to sell in a bad month may not get its full protection. The fund pays no income: no distributions have been recorded, and it gives up SPY's dividends. Cash needs would have to come from selling shares. The 0.74% expense ratio, or $76 in the first year on $10,000 in the SEC's standard example, is below the 0.86% average of similar buffer funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure via SPY options, with a buffer against the first 15% of losses each May-to-April period and no gains cap.
- Cost-conscious buffer-fund buyers: its 0.74% expense ratio ranked cheapest of eight funds compared, against a 0.86% average for the seven peers.
- Patient investors able to hold from each May 1 reset to April 30, because the buffer and spread apply only over the full period.
Look elsewhere if
- Income seekers: MAYU recorded no distributions and does not receive the dividends paid by the SPDR S&P 500 ETF Trust it tracks.
- Investors expecting steady values between resets: the fund fell 15.4% from February 19 to April 8, 2025, recovering by July 25, 2025.
- Investors wanting full market upside: from May 2025 to April 2026, SPY had to gain 5.63% after fees before MAYU made money.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MAYU this fund | 0.74% | $43.3M | +8.9% | — |
| 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 MAYU buffer work?
MAYU aims to absorb the first 15% of price losses in the SPDR S&P 500 ETF Trust (SPY) over each one-year outcome period, which runs May 1 to April 30. It uses FLEX options, which are exchange-traded options with customized strike prices and expiration dates. As of July 31, 2026, its whole portfolio was three SPY options expiring April 30, 2027. The investor bears losses beyond 15%, and after the 0.74% fee the buffer is 14.26%. Investors who buy or sell mid-period may get more or less protection.
Is MAYU really uncapped?
Yes. MAYU has no cap on gains, but it has a “spread”: a hurdle SPY's share price must clear over the outcome period before the fund shares in any rise. Above that hurdle, it aims to track SPY's price gains. For May 1, 2025, to April 30, 2026, the spread was 4.89% before fees and 5.63% after the 0.74% management fee. It resets each May based on interest rates, volatility and option costs, and it may change significantly.
Does MAYU pay dividends?
No. MAYU has recorded no distributions, and its prospectus says the fund will not receive or benefit from dividends paid by SPY. Its target outcomes are based on SPY's share price return, which leaves out dividends. On top of the spread, an investor gives up the dividend income that owners of SPY or S&P 500 stocks collect. That makes it a growth-with-a-cushion holding rather than a source of income for retirees.
MAYU vs PJAN: what's the difference?
MAYU is cheaper and much smaller. It charges 0.74% a year, compared with 0.79% for the Innovator U.S. Equity Power Buffer ETF – January (PJAN) and a 0.86% average across seven buffer funds. As of July 31, 2026, PJAN held about $1.4 billion in net assets and MAYU held $43.3 million. PJAN returned 10.5% over the year to October 27, 2026, and MAYU returned 8.9%. As its name suggests, PJAN's outcome period starts in January, not May. MAYU's uncapped, spread-based design is worth comparing with PJAN's upside terms.
Is MAYU good for retirees?
It may suit retirees who want S&P 500 exposure with a cushion. But it pays no income, and the buffer applies only over the full May-to-April period: shares fell 15.4% from February 19 to April 8, 2025, and recovered by July 25, 2025. According to its prospectus, it returned 10.56% in 2025 and 14.77% a year on average from launch through December 31, 2025. The SEC's standard example assumes 5% yearly returns on $10,000 and puts costs at $76 after one year and $918 after 10 years.