AllianzIM Buffer15 Uncapped Allocation ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 12 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SPBU
The Fund is an actively managed exchange-traded fund(“ETF”) that seeks to achieve its investment objective by investing in a laddered portfolio of twelve AllianzIM U.S. EquityBuffer15 Uncapped ETFs (“Underlying ETFs”). The Fund’s laddered approach is designed to provide, in a single investment,diversified exposure to a set of Underlying ETFs that offer upside growth potential through increases in the value of the SPY ETF (asdefined below), while still providing a level of downside risk mitigation for at least a portion of the Fund’s portfolio at anygiven time. Exposure to a laddered portfolio can diversify the timing risk for investors in buffered ETFs.The Underlying ETFs each pursue a buffered strategyand as a result seek to provide returns that track the share price returns of the SPDR® S&P 500® ETF Trust (“SPY ETF”)(i.e., the market price returns of the SPY ETF) at the end of specified one-year periods (each, an “Outcome Period”), subjectto a stated “Spread,” and to provide downside protection with a buffer against the first 15% of SPY ETF losses (the “Buffer”)for the Outcome Period. The Spread is the minimum return that the SPY ETF’s share price must achieve in positive market environmentsbefore an Underlying ETF can participate in any positive returns. Under normal market conditions, the Underlying ETFs invest at least80% of their respective net assets in instruments with economic characteristics similar to U.S. equity securities. In addition, the UnderlyingETFs intend to invest substantially all of their respective assets in FLexible EXchange Options (“FLEX Options”) that referencethe SPY ETF. FLEX Options are customized equity or index options contracts that trade on an exchange but provide investors with the abilityto customize key contract terms like exercise prices, styles and expiration dates. Each Underlying ETF may purchase and sell a combinationof call option contracts and put option contracts. A call option contract is an agreement between a buyer and seller that gives the purchaserof the call option contract the right, but not the obligation, to buy, and the seller of the call option contract (or the “writer”)the obligation to sell, a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).A put option contract gives the purchaser of the put option contract the right, but not the obligation, to sell, and the writer of theput option contract the obligation to buy, a particular asset at a specified future date at the strike price. The FLEX Options in whichthe Underlying ETFs invest are all European style options (options that are exercisable only on the expiration date). The term “laddered portfolio” refers tothe Fund’s investment in Underlying ETFs with various Outcome Periods. The Fund’s laddered approach means it generally willseek to maintain roughly an equal allocation to twelve Underlying ETFs. The laddered approach is intended to create diversification ofexposure to Outcome Periods, compared to the exposure resulting from acquiring or disposing of any one Underlying ETF at any one time.This diversification of Outcome Periods may mitigate the risk of being unable to benefit from the Buffer, or having to achieve returnsin excess of the Spread, of a single Underlying ETF due to the timing of investment in such Underlying ETF and the Underlying ETF’sprice relative to the SPY ETF at that time. The laddered portfolio construction is also intended to provide a level of downside risk mitigationfor a portion of the Fund at any given time. However, even with a laddered approach, the Buffer of an Underlying ETF may be reached orexhausted at the time the Fund acquires shares of an Underlying ETF. The Spread of an Underlying ETF must be exceeded at the end of theOutcome Period for the Underlying ETF, and consequently, the Fund, to participate in any positive returns. Unlike the Underlying ETFs, the Fund itself doesnot pursue a buffered strategy nor is it subject to a Spread. The Buffer is only provided by the Underlying ETFs and the Fund itself doesnot provide any stated Buffer against losses. The laddered approach of the Fund may cause the Fund to not receive the full intended benefitof any individual Underlying ETF’s Buffer. An investor may experience significant losses of their investment in the Fund. The Fundwill not participate in Underlying ETF returns up to and including the amount of the stated Spread of the Underlying ETF. Under normal market conditions, the Fund will investsubstantially all of its assets in the Underlying ETFs. The Fund and each Underlying ETF are advised by Allianz Investment ManagementLLC (the “Adviser”). The chart below displays the Underlying ETFs in whichthe Fund will invest. Each Underlying ETF resets at the beginning of each Outcome Period, as shown in the chart below, and will providea new Spread and Buffer for the new Outcome Period. This means that the Spread for each Underlying ETF is expected to change for eachOutcome Period and is determined by market conditions on the business day immediately prior to the first day of the Outcome Period. TheBuffer for each Underlying ETF is not expected to change for each Outcome Period. The Fund’s website, at www.AllianzIMetfs.com/SPBU,provides the proportion of the Fund’s assets invested in each Underlying ETF on a daily basis. Each Underlying ETF’s website,at www.AllianzIMetfs.com, provides, on a daily basis, important information, including the Underlying ETF’s position relative toits Spread and Buffer. Although this website information may be useful in understanding the investment strategies of the Underlying ETFs,it is limited in providing an investor in the Fund with all of the risks and potential outcomes associated with the Fund’s investmentin the Underlying ETFs. For example, it does not provide a direct example of an investor’s potential investment return in the Fundon a daily basis, as the Fund’s potential investment return will vary due to its laddered exposure to the Underlying ETFs and correspondingresets of their Spread and Buffer. Each Underlying ETF pursues a buffered strategy thatis based on the performance of the SPY ETF’s share price over a one-year Outcome Period that begins at the start of the month referencedin the Underlying ETF’s name. The Underlying ETFs seek to achieve their objectives by buying and selling call and put FLEX Optionsthat reference the SPY ETF. Generally, an Underlying ETF will enter into the FLEX Options for an Outcome Period on the business day immediatelyprior to the first day of the Outcome Period, and the FLEX Options of an Outcome Period will expire on the last business day of the OutcomePeriod, at which time the Underlying ETF will invest in a new set of FLEX Options for the next Outcome Period. In general, each Underlying ETF seeks to achieve thefollowing outcomes for each Outcome Period, although there can be no guarantee these results will be achieved: • If the SPY ETF’s share price has increased as of the end of the Outcome Period in excess of the Underlying ETF’s Spread, the combination of FLEX Options held by the Underlying ETF is designed to provide returns that track the positive returns of the SPY ETF’s share price that are in excess of the Underlying ETF’s Spread (i.e., if the SPY ETF returns 25% and the Spread is 3%, the Underlying ETF is designed to return 22%). • If the SPY ETF’s share price has increased as of the end of the Outcome Period but such increase is less than or equal to the Underlying ETF’s Spread, the Underlying ETF will not participate in the positive returns of the SPY ETF’s share price (i.e., if the SPY ETF returns 3% and the Underlying ETF’s Spread is 3%, the Underlying ETF is designed to return 0%). • If the SPY ETF’s share price has decreased as of the end of the Outcome Period, the combination of FLEX Options held by the Underlying ETF is designed to compensate for the first 15.00% of losses experienced by the SPY ETF’s share price. • If the SPY ETF’s share price has decreased by more than 15.00% as of the end of the Outcome Period, the Underlying ETF is expected to experience all subsequent losses experienced by the SPY ETF’s share price beyond 15.00% on a one-to-one basis, meaning that the Underlying ETF will decrease 1% for every 1% decrease in the SPY ETF’s share price (i.e., if the SPY ETF loses 20%, the Underlying ETF is designed to lose 5%). The SPY ETF is an exchange-traded unit investment trustthat seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P500® Index (the “Underlying Index”). The Underlying Index is a large-cap, market-weighted, U.S. equities index. The SPYETF seeks to achieve its investment objective byholding a portfolio of the common stocks that areincluded in the Underlying Index, with the weight of each stock in the SPY ETF’s portfolio substantially corresponding to the weightof such stock in the Underlying Index. Although the SPY ETF seeks to track the performance of the Underlying Index, the SPY ETF’sreturn may not match or achieve a high degree of correlation with the return of the Underlying Index due to fees, expenses and transactioncosts incurred by the SPY ETF, among other factors. In addition, it is possible that the SPY ETF may not always fully replicate the UnderlyingIndex, including due to the unavailability of certain Underlying Index securities in the secondary market or due to other extraordinarycircumstances (e.g., if trading in a security has been halted). As of January 31, 2026, the Underlying Index was comprised of503 constituent securities, representing 500 companies, with a market capitalization range of between $5.8 billion and$4.6 trillion, and had significant exposure to the information technology sector. Accordingly, through their investments in FLEXOptions that reference the SPY ETF, the Underlying ETFs had significant exposure to the information technology sector as of January 31,2026. When an investor purchases shares of a single UnderlyingETF, an investor’s potential outcomes are subject to the Underlying ETF’s stated Spread in positive market environments, andlimited on the downside by the Buffer, over a stated Outcome Period (and may be further impacted depending on when the shares were purchased).The Fund’s laddered approach is designed to provide diversified exposure to a set of Underlying ETFs that offer upside growth potential,while still providing a level of downside risk mitigation. The laddered nature of the investments in the Underlying ETFs is intended tocreate diversification of investment time period and market level (meaning the share price of SPY ETF at any given time) compared to investingin any one Underlying ETF at any one time. Owning a laddered portfolio of Underlying ETFs is intended to provide diversified exposureto all of the Underlying ETFs in a single investment. With a laddered portfolio of Underlying ETFs whereone Underlying ETF will reset its Spread and Buffer every month, the Fund has the opportunity to provide a level of downside risk mitigationon at least a portion of the Fund at any given time. For example, during periods where the SPY ETF is experiencing steady decreases, theFund will have potential to experience downside risk mitigation through a Buffer, as an Underlying ETF that has just reset its OutcomePeriod will have a new Buffer based on a different Outcome NAV, compared to an Underlying ETF nearing the end of its Outcome Period thatmay have already exhausted its Buffer and may therefore experience losses. During periods where the SPY ETF is experiencing incrementalgains, the Fund will have more opportunities to exceed the Spreads of the individual Underlying ETFs and therefore to benefit from gainsin the SPY ETF. However, during such periods of incremental gains, an Underlying ETF nearing the end of its Outcome Period may not haveexceeded its Spread for that Outcome Period, and so the Fund will not be able to participate in any further increases in the SPY ETF throughthat particular Underlying ETF unless and until the Spread is exceeded. If an Underlying ETF has not exceeded its Spread at the end ofan Outcome Period and then resets its Outcome Period, it must exceed the new Spread for that Outcome Period prior to participating infurther increases of the SPY ETF. By investing in all of the Underlying ETFs, the Fund will have multiple opportunities to benefit fromgains in the SPY ETF via the Underlying ETFs, subject to the individual Spreads, and multiple opportunities to benefit from the Buffervia the Underlying ETFs. The Fund will be continuously invested in each of theUnderlying ETFs and will generally seek to maintain roughly an equal allocation to the Underlying ETFs. This means that the Fund generallywill not purchase or sell the Underlying ETFs (including if and when an Underlying ETF resets at the beginning of its Outcome Period)except to manage investment allocations to the Underlying ETFs and/or in connection with the creation and redemption process of the Fund.However, market movements in the share prices of the Underlying ETFs may result in the Fund having larger exposures to certain UnderlyingETFs compared to others. Under such circumstances, the Fund’s returns would be more greatly influenced by the returns of the UnderlyingETFs with the larger exposures. If an over-weighted Underlying ETF underperforms the other Underlying ETFs, the Fund will experience returnsthat are inferior to those that would have been achieved if the Underlying ETFs were continuously equally weighted. Although the UnderlyingETFs’ weightings may fluctuate from time to time including due to market movements, the Adviser will generally seek to manage theFund’s allocations to the Underlying ETFs to be roughly equally weighted within the Fund’s portfolio. The Fund is classified as “non-diversified”under the Investment Company Act of 1940, as amended (the “1940 Act”), which means it generally may invest a greater proportionof its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.
SPBU News
- (SPBU) Movement as an Input in Quant Signal Sets
- Core Wealth Advisors Inc. Buys 35,990 Shares of AllianzIM Buffer15 Uncapped Allocation ETF $SPBU
- (SPBU) and the Role of Price-Sensitive Allocations
- Responsive Playbooks and the SPBU Inflection
- Stonebridge Financial Group LLC MO Has $1.28 Million Stock Holdings in AllianzIM Buffer15 Uncapped Allocation ETF $SPBU
Data for SPBU is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.