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Launched

AllianzIM Buffer20 Allocation ETF

SPBWCboeAllianzIMC

$29.29−0.02 (−0.06%)

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

C53/ 100

Rank 7 of 18 in S&P 500 Laddered Buffer

C53/100Rank 7 of 18inS&P 500 Laddered Buffer
Intraday session: down, 73 prints from 29.31 to 29.29. Range 29.29 to 29.45. Use the arrow keys to read each point.29.3529.3829.4029.4329.4510 AM12 PM2 PM4 PM
Expense ratio
0.79%*
Fund size
$95M
1Y total return
+8.2%
Yield · Last 12 months
No data
Holdings
13
Avg volume · 30D
19.3K sh
52W range
low $26.74high $29.93
Launched

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

The ETF.net SPBW Grade

Based on 5 of 6 pillars

C

Score 53 out of 100

Category
S&P 500 Laddered Buffer⁠
Rank
7 of 18
Six-pillar profile for SPBW. Scores out of 100: Cost 62, Risk 76, Mission not scored, Tradability 18, Holdings 61, Durability 35. Strongest: Risk (76). Weakest: Tradability (18). Based on 5 of 6 pillars.

Score 53 of 100 falls in the C 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.
    B62 out of 100
    Rank 7 of 18

  • 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.
    A76 out of 100
    Rank 3 of 18

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F18 out of 100
    Rank 18 of 18

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B61 out of 100
    Rank 11 of 18

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D35 out of 100
    Rank 13 of 18

Our read on SPBW

ETF.net Research

In short

CTwelve AllianzIM Buffer20 funds in one ticker, one for each calendar month. Instead of picking a start date and living with its cap for a year, you hold a rolling ladder built on the S&P 500.

Stated mandate

SPBW seeks capital appreciation with downside-risk mitigation by holding a roughly equal, laddered portfolio of twelve U.S. Equity Buffer20 ETFs. The underlying funds reference SPY and seek capped upside plus protection against the first 20% of SPY losses over one-year periods; SPBW itself has no stated buffer or cap.

Why people hold it

  • One ticker holds twelve Buffer20 funds, one per month, each resetting its own buffer and cap on its own annual clock. No start-date roulette, no rolling it yourself.
  • The underlying funds are built to absorb the first 20% of the reference index's losses over each one-year period, in exchange for a capped upside.
  • A roughly equal-weight sleeve of the issuer's own monthly Buffer20 funds, all pointed at the S&P 500. What's on the tin is what's in the box.

Worth knowing

  • At 0.79% it sits above the typical fee in its buffer-ladder group, and rival ladders such as PBFR (0.50%) charge less for a similar job.
  • The fund itself has no stated buffer or cap. Downside cushioning is a blend of twelve staggered periods, not a clean 20% floor at any one moment.
  • Launched in 2025 and thinly traded, so there's little history to judge and spreads can run wider than the category's heavyweights.

SPBW Performance

Launched Jan 7, 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.
SPBW$10,823
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. SPBW $10,823. 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 SPBW. Periods over one year show the average yearly return.
PeriodSPBW
Year to date+6.9%
1 month0.0%
3 months+1.5%
1 year+8.2%
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 SPBW
YearReturn barSPBW
2026 YTD+6.9%
2025+9.6%

History from Jan 8, 2025

SPBW in the news

SPBW Dividends

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

No distributions in the last 12 months.

SPBW Risk

Risk pillarA76 out of 100Rank 3 of 18 in S&P 500 Laddered Buffer
How much the fund’s monthly returns vary, scaled to a year.
4.7%
Annualised · 21 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.
0.99
vs 3-month T-bills · 21 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.
−8.7%
21 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.
0.36
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.

SPBW Cost

Compare SPBW and ALDB

Overpaying vs ALDB, cheapest in S&P 500 Laddered Buffer

$9,025

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

  • SPBW 0.79%

    $15,174

  • ALDB 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • SPBW 0.79%
  • ALDB 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$20K051015202530SPBW $15,174ALDB $6,149

Year by year

YearSPBWALDBOverpaying
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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