At a glance
OCTU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $59.0M in assets, the 8th largest of that group. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Oct ETF (OCTU) holds options on the SPDR S&P 500 ETF Trust (SPY). It aims to absorb the first 15% of SPY's price losses over each October-to-September outcome period. Its gains aren't capped. Instead, SPY must first rise past a "spread" (3.78% before fees for the period ending September 30, 2026). Its 0.74% expense ratio is below all seven similar buffer funds compared here.
Price history
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OCTU +8.3% 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 | |
|---|---|---|---|---|---|---|
| OCTU official prospectus, to Dec 31, 2025 | — | +12.15% | — | — | — | +10.86% |
| OCTU price data to Oct 27, 2026 | +8.9% | +8.3% | — | — | — | +11.3% |
- Over the year to Oct 27, 2026, OCTU returned +8.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.4%); its best was 2025 (+12.4%).
- The deepest fall in its price history was 11.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.9% | — |
| 2025 | +12.4% | +12.15% |
| 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 withdrew a net $12.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.30%, -1.40%, -0.33%.
How it works
OCTU doesn't hold stocks or track an index. It puts substantially all its assets into FLEX options on SPY. FLEX options are exchange-traded options with customizable strike prices and expiration dates. SPY is a unit investment trust that holds the S&P 500's stocks in index weights. As of July 31, 2026, OCTU held three options expiring September 30, 2026. The first was a call on SPY with a $30.18 strike, about 99.5% of net assets, which rises and falls almost dollar for dollar with SPY. The other two were a purchased put at $691.36 and a sold put at $566.25. That pair of puts supplies the buffer. Turnover was 0% because the options are held until they expire.
The terms reset every October 1. For the October 1, 2025, to September 30, 2026, outcome period, the fund aimed to absorb the first 15% of SPY's price decline, or 14.26% after its 0.74% fee. Gains have no cap, but SPY had to rise more than the 3.78% spread (4.52% after fees) before the fund gained anything. After that, the fund aimed to track gains above that level. A new spread is set before each period, based on interest rates and market volatility.
These outcomes apply only to shares held for the full period. In between, the share price follows the options' market value. For example, it fell 11.2% from February 19 to April 8, 2025. The fund gets no SPY dividends, and it relies on the Options Clearing Corporation to honor the contracts.
What it really costs
- OCTU 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 |
|---|---|---|---|---|
| OCTU | $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 offers S&P 500 price exposure with a 15% buffer against losses over each outcome period, giving up some upside and all dividends in exchange for that cushion.
OCTU launched in September 2024, so it didn't exist during the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 12.15%. Its deepest drop was 11.2%, from February 19 to April 8, 2025, and it recovered by June 30, about 2.7 months later. That drop shows the 15% buffer is measured only at the end of each October-to-September period. Someone forced to sell in the middle of a slump may get less protection. Its one-year beta of 0.77 means it moved less than the market. It paid no distributions, so retirees drawing income from it would have to sell shares. Under the SEC's standard example, the 0.74% expense ratio comes to $918 over 10 years on a $10,000 investment. Past results don't predict future returns, and any plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 price exposure with a 15% loss buffer each October-to-September period and no cap on gains.
- Cost-conscious buffer-fund shoppers: its 0.74% expense ratio compares with a 0.86% average across seven similar buffer ETFs.
- Holders willing to buy near October 1 and hold a full outcome period, when the stated buffer and spread apply most closely.
Look elsewhere if
- Anyone needing income: the fund paid no distributions and gives up SPY's dividends because it holds options, not shares.
- Investors who prefer larger funds: OCTU had about $59 million in net assets as of July 31, 2026, and $12.6 million left over three months.
- Those wanting full stock-market upside: the spread gives up the first slice of gains, and OCTU's 8.3% one-year return trailed all seven peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OCTU this fund | 0.74% | $59.0M | +8.3% | — |
| 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
What does 'Buffer15 Uncapped' mean for OCTU?
It means the fund aims to absorb the first 15% of losses in the SPDR S&P 500 ETF Trust (SPY) over a one-year window, called the outcome period. The window runs October 1 to September 30, and there is no cap (upper limit) on gains. Instead, it uses a spread: SPY's price must rise by more than the spread before the fund earns anything. For October 1, 2025 to September 30, 2026, the spread was 3.78% before fees, or 4.52% after the 0.74% fee. The spread resets each period.
Does OCTU pay dividends?
No. OCTU holds FLEX options (customized, exchange-traded options) on the SPDR S&P 500 ETF Trust rather than the stocks themselves. So it does not receive or benefit from SPY's dividends, and it has no recorded distributions. Its return target is based on SPY's share price only. Retirees who rely on regular payouts would need to sell shares to raise cash, which makes it a different tool from a dividend or bond fund.
Can you lose money in OCTU?
Yes. The buffer covers only the first 15% of SPY's price decline over a full outcome period, and after the 0.74% fee it shrinks to 14.26%. Losses beyond that pass through to the fund, and the prospectus warns that a shareholder could lose their entire investment. Buying after a period starts changes the protection an investor receives. From launch through October 27, 2026, the fund's largest drop was 11.2%, from February 19 to April 8, 2025. It recovered by June 30, 2025.
What is OCTU's expense ratio?
OCTU's expense ratio is 0.74% a year, according to its prospectus filed February 27, 2026. That is the lowest of the eight buffer funds in our comparison group. The other seven average 0.86%, and the FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $76 over one year, $411 over five years and $918 over ten. Brokerage commissions and trading costs come on top.
What's the difference between OCTU and PJAN?
Both are buffer, or defined-outcome, ETFs, but they differ in timing, cost and size. OCTU's outcome period starts each October 1, while PJAN, as its name suggests, follows a January cycle. OCTU charges 0.74% a year versus 0.79% for PJAN. In the year to October 27, 2026, OCTU returned 8.3% versus 10.5% for PJAN. OCTU had $59.0 million in net assets as of July 31, 2026, against about $1.44 billion for PJAN. OCTU's gains depend on a spread rather than a cap, so the two funds' upside terms are worth comparing.