At a glance
SPBU charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $177.5M in assets, the 8th largest of that group. Its ten largest positions make up 83.5% of the fund, out of 12 in all.
The short version
AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) is an actively managed fund of funds. It splits its money roughly equally among twelve AllianzIM buffered ETFs that track the SPDR S&P 500 ETF Trust (SPY), and each one starts its one-year period in a different month. The underlying funds don't cap gains. Instead, they charge a "spread" before sharing in any gains. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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SPBU — 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 | |
|---|---|---|---|---|---|---|
| SPBU price data to Oct 27, 2026 | +2.7% | — | — | — | — | — |
- The deepest fall in its price history was 3.1% (Aug 13, 2026 to Sep 16, 2026), not yet recovered.
| 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 12 securities; the ten largest made up 83.5% of assets.
| Fund held | Weight | |
|---|---|---|
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED JUN ETF CL USD INC 0.00000000 | 8.46% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED MAY ETF CL USD INC 0.00000000 | 8.42% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED JUL ETF CL USD INC 0.00000000 | 8.38% | |
| ALLIANZIM U.S. EQUITY BUFFER15 UNCAPPED AUG ETF CL USD INC 0.00000000 | 8.38% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED SEP ETF 0.00000000 | 8.34% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED JAN ETF CL USD INC 0.00000000 | 8.32% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED FEB ETF 0.00000000 | 8.31% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED NOV ETF CL USD INC 0.00000000 | 8.30% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED OCT ETF CL USD INC 0.00000000 | 8.30% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED MAR ETF 0.00000000 | 8.29% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED DEC ETF CL USD INC 0.00000000 | 8.28% | |
| ALLIANZIM US EQUITY BUFFER15 UNCAPPED APR ETF CL USD INC 0.00000000 | 8.23% |
By country
United States 100%By asset type
Stocks 100%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $24.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.42%, -1.15%, -0.28%.
How it works
SPBU does not follow an index. Allianz Investment Management advises both SPBU and the funds it owns. It aims to hold about equal stakes in twelve AllianzIM U.S. Equity Buffer15 Uncapped ETFs, one for each calendar month. As of July 31, 2026, each made up between 8.2% and 8.5% of assets. The June, May and July series were the largest.
Each underlying ETF uses FLEX options on SPY. These are exchange-traded options with custom terms, and they can be exercised only on their expiration date. Over a one-year "outcome period," each fund aims to absorb the first 15% of any fall in SPY's share price. There is no cap on gains. Instead, SPY's price must rise by more than a set amount, called the spread, before the fund gains anything. The funds follow SPY's price only, so its dividends are not included. When a new period starts, the 15% buffer stays the same, but the spread is reset based on market conditions.
SPBU itself has no buffer and no spread. It often buys underlying funds partway through their periods. By then, a fund's buffer may already be partly or fully used up. Spreading money across twelve start dates lowers the risk of bad timing. The trade-off is that SPBU won't get the exact result of any single underlying fund. Its daily holdings are posted at www.AllianzIMetfs.com/SPBU.
What it really costs
- SPBU charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.1% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $1,033 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPBU | $81 | $263 | $461 | $1,033 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It holds S&P 500-linked funds that aim to soften moderate losses, and it gives up some upside in exchange.
SPBU could offer US large-company stock exposure with a partial cushion against moderate declines. Its record is very short, though. Price history starts June 9, 2026, so it has no results for the 2008, 2020 or 2022 downturns and no full calendar year. Its deepest drop in that window was 3.1%, from August 13 to September 16, 2026. It had not recovered as of October 27, 2026. Each buffer covers only the first 15% of SPY losses over a full one-year period, and SPBU itself has no buffer. A deep crash, or selling in a bad year, could still mean real losses. No distributions have been recorded, so cash would have to come from selling shares. In the SEC's $10,000 example, costs total $1,033 over 10 years. 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 cushion against the first 15% of losses, spread across twelve start dates.
- People who prefer a spread to a cap: once SPY's price clears each fund's spread, gains in strong years have no ceiling.
- Buffer-fund buyers who watch costs: its 0.79% expense ratio ties for lowest among eight buffer funds compared. BUFR charges 0.95%.
Look elsewhere if
- Investors who need regular income: no distributions have been recorded, and the underlying funds track SPY's price without dividends.
- Those who want a long track record: price history starts June 9, 2026, and net assets were $177.5 million as of July 31, 2026.
- Anyone expecting full S&P 500 gains or a firm floor: the spread reduces gains in up years, and SPBU itself has no buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SPBU this fund | 0.79% | $177.5M | — | — |
| 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 SPBU pay dividends?
No distributions have been recorded for SPBU in its price history through October 27, 2026. Its twelve underlying funds use options to track SPY's share price, which leaves out the dividends paid by S&P 500 companies. An investor who needs cash from the fund would likely have to sell shares. Funds designed to pay regular distributions may be worth comparing for that purpose.
Does SPBU protect against a 15% drop in the S&P 500?
Not directly. The 15% buffer belongs to each underlying ETF and lasts only for its own one-year outcome period. SPBU itself has no stated buffer. Its twelve funds start their periods at different times, so when markets fall, some may have little buffer left while others still have their full cushion. The prospectus warns that investors may experience significant losses.
What does 'uncapped' mean in SPBU?
It means the underlying funds set no maximum gain for each one-year period. Instead, they use a spread: SPY's share price must rise by more than the spread before the fund takes part in any gain. The spread is set by market conditions on the business day before each period starts, so it changes every year. The 15% buffer does not change. In a modest up year, the spread can take most or all of the gain.
What's the difference between SPBU and BUFR?
Both are laddered funds that spread money across a series of buffered ETFs. SPBU owns AllianzIM's uncapped Buffer15 series, and BUFR owns FT Vest buffer funds. SPBU's expense ratio is 0.79%, compared with BUFR's 0.95%. BUFR is much larger: it had $10.5 billion in net assets as of August 31, 2026, against SPBU's $177.5 million as of July 31, 2026. BUFR returned 11.6% over the year to October 27, 2026. SPBU doesn't have a one-year record yet.
How much does SPBU cost per year?
SPBU's expense ratio is 0.79%, according to its prospectus filed February 27, 2026. Its own management fee is 0.10%, with a 0.05% fee waiver. Because it is a fund of funds, the total expense ratio is well above that management fee. In the SEC's standard example of $10,000 earning 5% a year, costs come to $81 after one year, $263 after three, $461 after five and $1,033 after ten. The average for similar buffer funds is 0.86%.