At a glance
SPBW charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $83.7M in assets, the 8th largest of that group. Over the past year it returned +8.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 83.6% of the fund, out of 12 in all.
The short version
AllianzIM Buffer20 Allocation ETF (SPBW) is an actively managed fund of funds. It holds 12 AllianzIM U.S. Equity Buffer20 ETFs, and each one uses options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 20% of losses over a one-year period in exchange for a cap on gains. Their start dates are staggered across the year, which spreads out timing risk. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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SPBW +8.8% 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 | |
|---|---|---|---|---|---|---|
| SPBW price data to Oct 27, 2026 | +7.6% | +8.8% | — | — | — | +9.6% |
- Over the year to Oct 27, 2026, SPBW returned +8.8%, 8th of 8 among similar funds.
- The deepest fall in its price history was 8.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.6% |
| 2025 | +9.6% |
| 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 83.58% of assets.
| Fund held | Weight | |
|---|---|---|
| ALLIANZIM US EQ BUFFER20 DEC CL USD INC 0.00000000 | 8.42% | |
| ALLIANZIM US EQ BUFFER20 AUG__ CL USD INC 0.00000000 | 8.38% | |
| ALLIANZIM US EQ BUFFER20 MAR CL USD INC 0.00000000 | 8.37% | |
| ALLIANZIM US EQ BUFFER20 SEP CL USD INC 0.00000000 | 8.36% | |
| ALLIANZIM US EQUITY BUFFER20 NOV ETF CL USD INC 0.00000000 | 8.36% | |
| ALLIANZIM US EQ BUFFER20 OCT CL USD INC 0.00000000 | 8.36% | |
| ALLIANZIM US EQ BUFFER20 JAN CL USD INC 0.00000000 | 8.34% | |
| ALLIANZIM US EQ BUFFER20 FEB CL USD INC 0.00000000 | 8.34% | |
| ALLIANZIM US EQUITY BUFFER20 JUL ETF CL USD INC 0.00000000 | 8.33% | |
| ALLIANZIM US EQ BUFFER20 APR__ CL USD INC 0.00000000 | 8.30% | |
| ALLIANZIM US EQ BUFFER20 MAY CL USD INC 0.00000000 | 8.22% | |
| ALLIANZIM US EQ BUFFER20 JUN CL USD INC 0.00000000 | 8.20% |
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 $11.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.44%, +0.16%, +0.58%.
How it works
Allianz Investment Management LLC manages SPBW and also runs every fund it owns. SPBW aims to hold roughly equal stakes in 12 AllianzIM U.S. Equity Buffer20 ETFs, one for each month of the year. As of July 31, 2026, each made up between about 8.2% and 8.4% of the portfolio. Each underlying ETF follows the share price of the SPDR S&P 500 ETF Trust (SPY) over a one-year "outcome period" that starts in the month in its name.
Each underlying fund buys and sells FLEX options on SPY. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. Over a full outcome period, the goal is to absorb the first 20% of SPY's price losses (the buffer) and limit gains to a set maximum (the cap). The buffer stays at 20%. The cap is reset at the start of each new period, based on market conditions the business day before. The target is SPY's price return, so SPY's dividends are not part of it.
Buffered funds deliver their stated outcome only to investors who buy at the start of a period. Holding all 12 spreads that timing risk. But SPBW itself has no stated buffer or cap. At any moment, some of its funds may have used up their buffer or be close to their cap, so SPBW's results will differ from any single buffered ETF's outcome.
What it really costs
- SPBW 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 |
|---|---|---|---|---|
| SPBW | $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 aims for S&P 500 growth with much smaller swings, using 20% buffers on a rolling ladder of underlying funds.
SPBW may cushion the stock part of a portfolio. Over the year to October 27, 2026, it returned 8.8%, with 4.2% volatility and a beta of 0.31. Beta measures how much a fund moves with the market, so 0.31 means it moved about a third as much. The fund launched on January 8, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 8.8%, from February 19 to April 8, 2025, and it recovered by June 3, 2025, about 1.8 months later. That is a short test. The buffers cover only the first 20% of SPY losses, and anyone who has to sell shares in a deep, long slump could still lock in losses. The fund has recorded no distributions, so any cash drawn from it would come from selling shares. 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 exposure with smaller swings. Its one-year beta was 0.31 and its volatility 4.2% as of October 27, 2026.
- People who like buffered funds but don't want to pick a start month. It spreads money across 12 monthly Buffer20 ETFs.
- Cost-conscious buffer buyers. Its 0.79% expense ratio ties for lowest among eight similar buffer funds, where the average for the others is 0.86%.
Look elsewhere if
- Income seekers. The fund has recorded no distributions, and its underlying funds track SPY's price return, which leaves out dividends.
- Investors who want full stock-market gains. Caps limit the upside, and its 8.8% one-year return trailed all seven similar buffer funds.
- Anyone who wants a long track record or a large fund. It launched January 8, 2025, and had $83.7 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SPBW this fund | 0.79% | $83.7M | +8.8% | — |
| 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 is SPBW and how does it work?
SPBW is an actively managed ETF that holds 12 AllianzIM U.S. Equity Buffer20 ETFs in roughly equal amounts, one for each month of the year. Each underlying fund uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 20% of SPY's price losses over its one-year period, with gains capped. Spreading money across staggered start dates lowers the risk of buying a single buffered fund at a bad time.
Does SPBW protect against a 20% stock market drop?
Not exactly. Only the underlying ETFs offer a 20% buffer, and only over their own one-year periods. SPBW itself has no stated buffer or cap. At any given time, some of its funds may be partway through a period or may have used up their buffer, so SPBW may not get the full protection. Losses beyond 20% are not cushioned at all. Its deepest drop so far was 8.8%, in early 2025.
Does SPBW pay dividends?
No. SPBW has recorded no distributions through October 27, 2026. Its underlying funds target the price return of the SPDR S&P 500 ETF Trust, which leaves out SPY's dividends. So the fund may suit growth with lower volatility rather than income. Investors who need regular cash from it would have to sell shares, and those sales could fall in a weak market.
SPBW vs BUFR: what's the difference?
Both are laddered buffer ETFs that spread money across funds with different start dates. SPBW costs less, with a 0.79% expense ratio against BUFR's 0.95%. BUFR, the FT Vest Laddered Buffer ETF, is far larger, with about $10.5 billion in net assets as of August 31, 2026. SPBW had $83.7 million as of July 31, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and SPBW 8.8%.
What is SPBW's expense ratio?
SPBW'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. Like other funds of funds, it passes along costs from the funds it holds. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $81 after one year, $263 after three, $461 after five and $1,033 after ten.