At a glance
SPBX charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $70.4M in assets, the 8th largest of that group. Over the past year it returned +10.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) is an actively managed fund of funds. It holds six Allianz buffered ETFs, each tied to the SPDR S&P 500 ETF Trust (SPY), with a cushion against the first 10% of losses and a cap on gains over six-month periods. Staggered reset dates spread out timing risk. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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SPBX +10.9% 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 | |
|---|---|---|---|---|---|---|
| SPBX price data to Oct 27, 2026 | +9.5% | +10.9% | — | — | — | +10.8% |
- Over the year to Oct 27, 2026, SPBX returned +10.9%, 6th of 8 among similar funds.
- The deepest fall in its price history was 11.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.5% |
| 2025 | +9.9% |
| 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 6 securities; the ten largest made up 100.01% of assets.
| Fund held | Weight | |
|---|---|---|
| ALLIANZIM US EQUITY 6 MONTH BUFFER10 FEB/AUG ETF CL USD INC 0.00000000 | 17.03% | |
| ALLIANZIM US EQUITY 6 MONTH BUFFER10 MAR/SEP ETF CL USD INC 0.00000000 | 16.98% | |
| ALLIANZIM US EQUITY 6 MONTH BUFFER10 JAN/JUL ETF CL USD INC 0.00000000 | 16.83% | |
| ALLIANZIM US EQUITY 6 MONTH BUFFER10 JUN/DEC ETF CL USD INC 0.00000000 | 16.57% | |
| ALLIANZIM US EQUITY 6 MONTH BUFFER10 MAY/NOV ETF CL USD INC 0.00000000 | 16.47% | |
| ALLIANZIM US EQUITY 6 MONTH BUFFER10 APR/OCT ETF CL USD INC 0.00000000 | 16.14% |
By country
United States 100.01%By asset type
Stocks 100.01%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $15.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.07%, +0.26%, +0.73%.
How it works
Each of the six underlying ETFs uses FLEX options, which are exchange-traded options with customizable strike prices and expiration dates, on the SPY ETF. Over a six-month "outcome period," each one aims to match SPY's share price return up to a maximum gain (the cap). It also aims to absorb the first 10% of SPY losses (the buffer). Price return means SPY's dividends are not included. The buffer stays at 10% each period. The cap resets at the start of every period based on market conditions the business day before.
SPBX spreads its money roughly equally across six of these funds. Their outcome periods begin in different months: Jan/Jul, Feb/Aug, Mar/Sep, Apr/Oct, May/Nov and Jun/Dec. As of July 31, 2026, each made up between 16.1% and 17.0% of assets. This "ladder" means one piece of the portfolio resets about every month, so results depend less on the date any single fund was purchased. Allianz Investment Management advises both SPBX and the underlying funds. Portfolio turnover was 0% in the latest prospectus.
SPBX itself has no buffer and no cap. At any moment, some underlying funds may have used up part of their buffer or may be close to their cap. Gains are limited by those caps, and losses can go beyond 10%. The fund fell 11.1% between February 19 and April 8, 2025. The fund's website shows its daily mix.
What it really costs
- SPBX 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 |
|---|---|---|---|---|
| SPBX | $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 exposure with options-based buffers that have kept its swings well below the market's, though gains are capped and losses are not fully blocked.
SPBX launched on January 8, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 11.1%, from February 19 to April 8, 2025. It recovered by June 24, 2025, about 2.5 months later. Over the year to October 27, 2026, volatility was 5.8% and beta was 0.44, meaning it moved less than half as much as the market. That steadiness may help someone who needs cash in a weak year. Still, the drop went past 10%, because the fund has no buffer of its own. It returned 9.86% in 2025. No distributions have been recorded, so it is not an income source. The 0.79% expense ratio costs $81 in the first year on a $10,000 investment under the SEC's standard example. Past results don't predict the future, and any 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 less volatility, and accept capped gains in exchange for buffers against the first 10% of six-month SPY losses.
- People who prefer not to time purchases of a single buffer ETF, since the six-fund ladder resets about monthly.
- Cost-conscious buffer investors: its 0.79% expense ratio ties for the lowest among eight similar funds and is below BUFR's 0.95%.
Look elsewhere if
- Investors who need regular income, since no distributions have been recorded and the underlying funds track SPY's price return without dividends.
- Anyone wanting full stock market gains; caps limit upside, and the fund's 1-year return of 10.9% trailed several buffer peers.
- Investors who prefer a long track record or a large fund; SPBX launched in January 2025 and had $70.4 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 |
|---|---|---|---|---|
| SPBX this fund | 0.79% | $70.4M | +10.9% | — |
| 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 SPBX pay dividends?
No distributions have been recorded for SPBX. The fund holds six Allianz buffered ETFs that aim to match the share price return of the SPDR S&P 500 ETF Trust, subject to caps and buffers. Price return does not include SPY's dividends, so investors give up that part of stock market returns. People looking for regular cash payouts may want to compare dividend or income-focused funds.
What's the difference between SPBX and BUFR?
Both are laddered buffer ETFs that spread money across several buffered funds tied to the S&P 500 so that reset dates are staggered. SPBX holds six Allianz funds with six-month outcome periods and a 10% buffer. It charges 0.79%, compared with 0.95% for FT Vest Laddered Buffer ETF (BUFR). BUFR is far larger, with about $10.5 billion in net assets as of August 31, 2026, against $70.4 million for SPBX. Over the year to October 27, 2026, BUFR returned 11.6% and SPBX returned 10.9%.
Is SPBX protected against a 10% loss?
No. Only the underlying ETFs have buffers. SPBX has no buffer of its own. Each underlying fund aims to absorb the first 10% of SPY losses over its six-month period. But some of those funds may have already used up part of their buffer when markets fall. SPBX dropped 11.1% between February 19 and April 8, 2025, more than 10%, and recovered by June 24, 2025.
What is the SPBX expense ratio?
The total expense ratio is 0.79%, according to the prospectus filed February 27, 2026. The fund's own management fee is 0.10%, with a 0.05% fee waiver. Under the SEC's standard example of $10,000 invested with a 5% annual return, costs would be about $81 after one year, $461 after five years and $1,033 after ten years. The average among similar buffer funds is 0.86%.
How has SPBX performed since it launched?
SPBX returned 9.86% in 2025, its first calendar year. It gained 9.46% in 2026 through October 27, which is a year-to-date figure, not a full year. Its 1-year return to that date was 10.9%. That ranks 6th of 8 among similar buffer funds, partly because caps limit upside in strong markets. The fund launched on January 8, 2025, so the prospectus does not yet report standardized long-term returns.