At a glance
MAYW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $445.9M in assets, the 8th largest of that group. Over the past year it returned +7.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.3% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 May ETF (MAYW) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return over a one-year period starting each May 1, buffering the first 20% of losses but capping gains. Its 0.74% expense ratio is the lowest among seven similar buffer ETFs. But it forgoes SPY's dividends, and it trailed all seven on one- and three-year returns as of October 27, 2026.
Price history
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MAYW +7.8% 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 | |
|---|---|---|---|---|---|---|
| MAYW official prospectus, to Dec 31, 2025 | — | +9.62% | — | — | — | +11.60% |
| MAYW price data to Oct 27, 2026 | +6.4% | +7.8% | +12.3% | — | — | +10.6% |
- Over the year to Oct 27, 2026, MAYW returned +7.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.2%); its best was 2024 (+12.1%).
- The deepest fall in its price history was 7.9% (Feb 20, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.4% | — |
| 2025 | +10.2% | +9.62% |
| 2024 | +12.1% | +12.65% |
| 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 $365.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.83%, -0.09%, +0.47%.
How it works
MAYW does not own stocks directly. It puts substantially all of its assets into FLEX options on SPY. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. SPY tracks the S&P 500, which had 503 securities from 500 companies as of January 31, 2026. As of July 31, 2026, MAYW held four options, all expiring April 30, 2027. A deep in-the-money call (strike $5.39) follows SPY's price. A bought put at $718.73 and a sold put at $574.93 create the buffer. A sold call at $799.15 sets the cap.
Each Outcome Period runs from May 1 to April 30. The cap is set the business day before the period begins, based on volatility, interest rates and option prices. For May 1, 2025 to April 30, 2026, the cap was 11.99% before fees, or 11.25% after the 0.74% management fee. The buffer was 20% before fees and 19.26% after. If SPY falls more than 20%, the fund takes the losses beyond that point. The cap changes every year, sometimes by a lot. The fund does not receive SPY's dividends.
These outcomes apply only to shares held for the full period. If you buy mid-period after SPY has risen, you get less upside. If you buy after SPY has fallen, you get less buffer, or none. The fund is non-diversified, and it relies on the Options Clearing Corporation to honor the options.
What it really costs
- MAYW 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 |
|---|---|---|---|---|
| MAYW | $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
MAYW trades away gains above a yearly cap for a buffer against the first 20% of S&P 500 price losses, which has meant much lower volatility than stocks.
MAYW could stand in for part of a stock allocation when the goal is a smaller drop in a bad year. It launched in April 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 7.9%, from February 20 to April 8, 2025. It recovered by May 12, 2025, about a month later. It has not had a losing calendar year. Its weakest was 2025, at 9.62% according to the prospectus. The buffer resets only once a year, so selling in the middle of a period after a fall may not capture the full protection. MAYW pays no distributions, so any cash would come from selling shares. The 0.74% fee works out to $76 in year one and $918 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and a retirement 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 20% loss buffer and accept a yearly cap, which was 11.99% before fees for May 2025–April 2026.
- Buyers who can buy near May 1 and hold through April 30, the window when the buffer and cap work as designed.
- Cost-conscious buffer-fund shoppers: its 0.74% expense ratio is the lowest of eight similar funds, below the 0.86% average.
Look elsewhere if
- Income seekers: MAYW has paid no distributions and does not receive the dividends SPY pays.
- Investors wanting more upside: its one- and three-year returns ranked last among eight buffer funds as of October 27, 2026.
- Those wanting a long track record: it launched in April 2023, hasn't faced a bear market, and is the smallest of its peer group at $446 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MAYW this fund | 0.74% | $445.9M | +7.8% | +12.3% |
| 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
Does MAYW pay dividends?
No. MAYW has recorded no distributions. It holds FLEX options on SPY rather than SPY shares, so it does not receive the dividends SPY pays. Its target return is based on SPY's share price alone. Over long periods, the missing dividends can add up to a meaningful gap compared with owning an S&P 500 fund directly. Investors who need cash flow from this holding would have to sell shares.
What is MAYW's cap and buffer?
For the outcome period from May 1, 2025 to April 30, 2026, MAYW's cap was 11.99% before fees. After its 0.74% management fee, it was 11.25%, according to the prospectus filed February 27, 2026. The buffer was 20% before fees and 19.26% after. A new cap is set each May 1 based on volatility, interest rates and option prices. Holdings as of July 31, 2026 show options expiring April 30, 2027, so a new period's terms now apply.
What happens if I buy MAYW in the middle of the outcome period?
Your results will not match the fund's stated cap and buffer. Those apply only to shares held from May 1 through April 30. If SPY has already risen, there may be little room left before the cap. If SPY has already fallen, part of the buffer may be used up, so you could get less protection or none. Selling before April 30 also means your return won't match the fund's target.
How has MAYW performed since launch?
MAYW returned 12.65% in 2024 and 9.62% in 2025. Its average annual return from launch on April 28, 2023 through December 31, 2025 was 11.6%, according to its prospectus. Based on share price, it returned 7.8% over one year and 12.3% a year over three years as of October 27, 2026. Its deepest drop was 7.9% in early 2025, and it recovered in about a month. Those returns trailed all seven similar buffer funds compared.
MAYW vs PJAN: what's the difference?
Both are buffer ETFs that use options to limit losses in exchange for a cap on gains. MAYW's outcome period starts in May. PJAN, from Innovator, starts in January. MAYW costs 0.74% a year, and PJAN costs 0.79%. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years, compared with 7.8% and 12.3% for MAYW. PJAN is also larger, at about $1.4 billion. Their buffer and cap terms differ, so they're worth comparing side by side.