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Launched

AllianzIM Buffer15 Uncapped Allocation ETF

SPBUCboeAllianzIMD

$30.09−0.10 (−0.33%)

As of Nov 2, 2026, 3:59 PM ET

D38/ 100

Rank 56 of 61 in S&P 500 Buffer 15%

D38/100Rank 56 of 61inS&P 500 Buffer 15%
Intraday session: down, 79 prints from 30.19 to 30.09. Range 30.09 to 30.47. Use the arrow keys to read each point.30.3030.4010 AM12 PM2 PM4 PM
Expense ratio
0.79%*
Fund size
$202M
1Y total return
+6.7%
Yield · Last 12 months
No data
Holdings
12
Avg volume · 30D
31.9K sh
52W range
low $26.58high $33.10
Launched

*After a fee waiver that ends Feb 28, 2027. Without it: 0.84%.

The ETF.net SPBU Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
56 of 61
Six-pillar profile for SPBU. Scores out of 100: Cost 35, Risk 9, Mission not scored, Tradability 44, Holdings 87, Durability 43. Strongest: Holdings (87). Weakest: Risk (9). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 34 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F9 out of 100
    Rank 57 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C44 out of 100
    Rank 38 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A87 out of 100
    Rank 4 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C43 out of 100
    Rank 33 of 61

Our read on SPBU

ETF.net Research

In short

DMost buffer ETFs cap your upside. SPBU skips the ceiling: its twelve underlying funds take a stated spread off the S&P 500 ETF's return instead, while buffering the first 15% of losses. Laddered monthly, so no single start date defines your year.

Stated mandate

The Fund seeks to achieve its objective through a laddered portfolio of twelve AllianzIM U.S. Equity Buffer15 Uncapped ETFs. The underlying strategy seeks to track SPY market-price returns over specified one-year periods while protecting against the first 15% of SPY losses, subject to a stated spread.

Why people hold it

  • No upside cap. The underlying Buffer15 Uncapped funds subtract a stated spread from the S&P 500 ETF's one-year return rather than stopping gains at a ceiling.
  • Twelve overlapping one-year outcome periods in one ticket, so the portfolio staggers its resets instead of hanging on a single entry date.
  • The 15% buffer is written into the design: the underlying strategy absorbs the first 15% of S&P 500 ETF losses over each one-year period.
  • At 0.79%, the fee sits right at the median for its buffered S&P 500 peer group, so the uncapped twist costs no premium over standard capped 15% buffers.

Worth knowing

  • The spread is what you pay for no cap. Upside arrives as the index return minus that stated spread, so the fund trails plain S&P 500 exposure in strong years.
  • Cost isn't the edge here. Another laddered buffer fund in the same group, BUFF, charges 0.10% at the fund level.
  • Launched in 2025 and thinly traded, so the track record is short and the gap between bid and ask can matter as much as the expense ratio.

SPBU Holdings

Holdings pillarA87 out of 100Rank 4 of 34 in S&P 500 Buffer 15%
Asset class
Stocks
Holdings
12
Top-10 weight
83%
Largest holding
JNEU8.4%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1JNEUAllianzim Us BF15 Uncap Jun8.42%504,945$17M1
2MAYUAllianzim Us BF15 Uncap May8.39%488,163$16.9M1
3SEPUAllianzim Us BF15 Uncap Sep8.38%531,624$16.9M1
4JULUAllianzim Us BF15 Uncap Jul8.36%518,257$16.9M1
5AUGUAllianzim Us BF15 Uncap Aug8.36%522,902$16.8M1
6OCTUAllianzim Us BF15 Uncap Oct8.32%541,889$16.8M1
7JANUAllianzim Us BF15 Uncap Jan8.32%548,170$16.8M1
8FEBUAllianzim Us BF15 Uncap Feb8.31%555,604$16.7M1
9NVBUAllianzim Us BF15 Uncap Nov8.30%534,711$16.7M1
10MARUAllianzim Us BF15 Uncap Mar8.30%555,122$16.7M1
11DECUAllianzim Us BF15 Uncap Dec8.28%562,777$16.7M1
12ARLUAllianzim Us BF15 Uncap Apr8.26%512,128$16.7M1

Showing 1–12 of 12 holdings

SPBU Performance

Launched Mar 5, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
SPBU$10,672
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. SPBU $10,672. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SPBU. Periods over one year show the average yearly return.
PeriodSPBU
Year to date+7.2%
1 month−1.2%
3 months+0.3%
1 year+6.7%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPBU
YearReturn barSPBU
2026 YTD+7.2%
2025+13.8%

History from Mar 6, 2025

SPBU in the news

Filtered to SPBU · S&P 500 Buffer 15%

SPBU Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

SPBU Risk

Risk pillarF9 out of 100Rank 57 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
9.0%
Annualised · 19 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.13
vs 3-month T-bills · 19 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−8.3%
19 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.75
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

SPBU Cost

Compare SPBU and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPBU 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • SPBU 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPBU $15,174CAUG $6,149

Year by year

YearSPBUCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025
How the 0.79% is worked out

Full fee 0.84%− waiver 0.05%= you pay 0.79%

The waiver ends Feb 28, 2027. After that the fee is 0.84% unless AllianzIM renews it. Source: prospectus, Feb 2026.

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