At a glance
OCTT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $56.3M in assets, the 8th largest of that group. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +16.6% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Oct ETF (OCTT) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. It aims to absorb the first 10% of SPY's price losses over each October-to-September outcome period, and in return it caps gains. Its 0.74% annual fee was the lowest of the eight buffer ETFs in its comparison group. With about $56.3 million in net assets as of July 31, 2026, it was also the smallest.
Price history
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OCTT +12.6% 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 | |
|---|---|---|---|---|---|---|
| OCTT official prospectus, to Dec 31, 2025 | — | +13.71% | — | +10.20% | — | +11.13% |
| OCTT price data to Oct 27, 2026 | +12.1% | +12.6% | +16.6% | — | — | +14.9% |
- Over the year to Oct 27, 2026, OCTT returned +12.6%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2024 (+11.9%); its best was 2023 (+20.9%).
- The deepest fall in its price history was 13% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.2% | — |
| 2025 | +13.9% | +13.71% |
| 2024 | +11.9% | +11.95% |
| 2023 | +20.9% | +21.14% |
| 2022 | — | -7.23% |
| 2021 | — | +13.60% |
| 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 | Not in the price data, which starts Oct 31, 2022 |
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 $4.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.82%, +0.05%, +0.68%.
How it works
The fund does not own the 500 stocks in the S&P 500 Index. It puts substantially all its assets into FLEX options on SPY, the Underlying ETF, which tracks that index. FLEX options trade on an exchange, but the fund can set its own strike prices and expiration dates. The goal is to match SPY's share-price return over a one-year outcome period, October 1 to September 30, within a cap on gains and a buffer against losses. Because the fund holds options and not SPY shares, it gets none of SPY's dividends.
As of July 31, 2026, the fund held four options, all expiring September 30, 2026. A call with a $4.93 strike tracked SPY's price moves. A purchased put at $666.11 and a sold put at $599.56 together covered the first 10% of losses. A sold call at $765.24 set the cap. For October 1, 2025 to September 30, 2026, the cap was 14.87% before fees, or 14.13% after the 0.74% fee. The buffer was 10% before fees, or 9.26% after.
A new cap is set when each period starts. It depends on market volatility, interest rates and option prices, and it can change significantly. The cap and buffer work as described only for shares held from the first day of a period to the last. Losses beyond the buffer pass through in full. The Options Clearing Corporation guarantees the options, so the fund relies on it to pay.
What it really costs
- OCTT 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 |
|---|---|---|---|---|
| OCTT | $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 cushions the first 10% of losses in each outcome period, at the cost of capped gains and no dividends.
OCTT may suit retirees who want some stock exposure with smaller swings. It launched on September 30, 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In 2022 it lost 7.23%, according to its prospectus. Its weakest quarter fell 9.95%, in the quarter ended June 30, 2022. Its deepest price drop was 13%, from February 19 to April 8, 2025, and it recovered about 2.5 months later, by June 24. The drop was bigger than 10% because the buffer applies only at the end of a period. Anyone cashing out in the middle of a period gets the market price. The fund paid no distributions, so withdrawals mean cashing out shares. Under the SEC's $10,000 example, costs come to $76 for one year and $918 over ten. 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 who want S&P 500 price exposure with a 10% buffer each October-to-September, at 0.74% a year, below the 0.86% peer average.
- Holders willing to invest near October 1 and stay for the full outcome period, when the cap and buffer apply as designed.
- People who will give up some upside for a calmer ride: one-year volatility was 7.7% and beta 0.6 as of October 27, 2026.
Look elsewhere if
- Investors who need income: OCTT made no distributions and receives none of SPY's dividends.
- Anyone expecting full crash protection: losses beyond the first 10% pass through, and prices fell 13% mid-period in 2025.
- Investors who prefer larger funds: OCTT had $56.3 million as of July 31, 2026, the smallest of eight peers, and recent net outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OCTT this fund | 0.74% | $56.3M | +12.6% | +16.6% |
| 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 OCTT pay dividends?
No. The fund has no recorded distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares, so it receives none of SPY's dividends. Its return is based only on SPY's share price, within a cap and buffer. Investors who want regular income would have to cash out shares or look at other funds.
How does the OCTT buffer work?
OCTT aims to absorb the first 10% of SPY's price losses over a one-year outcome period running from October 1 to September 30. After the 0.74% fee, the buffer was 9.26% for the period ended September 30, 2026. Losses beyond the buffer pass through in full. The buffer applies only to shares held for the whole period. Someone who invests or exits mid-period may get less protection, or none.
What is the OCTT cap?
For the outcome period from October 1, 2025 to September 30, 2026, OCTT's cap was 14.87% before fees, or 14.13% after its 0.74% management fee. Gains in SPY above the cap did not count toward the fund's return. A new cap is set at the start of each period, based on volatility, interest rates and option prices. It can change significantly, so the cap for the period that started October 1, 2026 may differ.
OCTT vs FDEC: what's the difference?
Both are buffer ETFs on U.S. large-cap stocks that reset once a year. OCTT resets in October and FDEC, the FT Vest US Equity Buffer ETF, in December. OCTT costs 0.74% a year and FDEC 0.85%. As of October 27, 2026, OCTT returned 12.6% over one year and 16.6% a year over three years. FDEC returned 12.9% and 18.5%. FDEC was much larger, with about $1.31 billion in net assets as of August 31, 2026.
Can you lose money in a buffer ETF like OCTT?
Yes. The buffer covers only the first 10% of SPY's losses in an outcome period, and a shareholder could lose their entire investment. According to its prospectus, OCTT lost 7.23% in 2022 and 9.95% in the quarter ended June 30, 2022. Its price fell 13% between February 19 and April 8, 2025, before recovering by June 24, 2025. The fund also depends on the Options Clearing Corporation to honor its options.