DECT vs TENJ

DECTBAllianzIM U.S. Equity Buffer10 Dec ETF

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

DECT A December-dated buffer fund built on SPY's own share price, not the index behind it. It absorbs the first 10% of a year's decline in exchange for a cap on the upside, then resets every December 1.

TENJ —No data

Stated mandate

DECT The Fund seeks to match the SPDR S&P 500 ETF Trust’s share-price return at the end of each annual outcome period, subject to an upside cap, while buffering the first 10% of losses. It uses FLEX Options referencing that ETF.

TENJ —No data

Why people hold it

• DECT The deal is written into the prospectus, not left to a manager's judgment: buffer the first 10% of the reference ETF's price loss over a one-year outcome period, capped on the upside, reset each December 1.
• A registered 1940 Act ETF holding FLEX options on SPY, so the payoff shape comes in an exchange-traded wrapper rather than a bank-issued note.
• At 0.74% a year it runs slightly under the typical shallow-buffer fund, and cost is one of its stronger suits in a crowded field where fees are the main separator.
• Part of AllianzIM's dated ladder, which lets the December series be paired with other start months. Its six-month siblings (SIXD, SIXJ, SIXZ) carry the same fee but reset twice a year.

TENJ —No data

Worth knowing

• DECT Thinly traded compared with the giants of the buffer world, so bid-ask spread and order size matter more here than with the category's household names.
• The stated 10% buffer and the cap apply to a full outcome period. Buy partway through and you inherit whatever protection and upside room are left, which can be more or less.
• The target is SPY's share-price return, so dividends from the underlying stocks are not part of the payoff, and the fund itself has not been making distributions.

TENJ —No data

Full DECT profile⁠

Full TENJ profile⁠