Which resets first, ARLU or FLAO?

ARLU ends its outcome period on Mar 31, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, ARLU or FLAO?

ARLU charges 0.74% a year and FLAO charges 0.74%, so ARLU is cheaper. Fees come from each fund's prospectus.

ARLU vs FLAO: which one stands where?

As of Oct 1, 2026 ARLU can fall 11.9% before its buffer engages and FLAO 5.4%. AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr and AllianzIM U.S. Equity Floor5 ETF - Apr.

11.9%

ARLU can fall this far before its buffer

5.4%

FLAO can fall this far before its buffer

uncapped

ARLU can still gain

6.7%

FLAO can still gain

ARLUNo cap

ARLU: reference +17.3% since period start, fund +12.6%; buffer 0 to −15; no cap; No cap.

FLAOFull floor

FLAO: reference 0.0% since period start, fund 0.0%; buffer −5 to floor; cap +7.1%; Full floor.

These are two different products. FLAO is a floor fund, which caps how far a holder can fall. ARLU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are AllianzIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

ARLU resets first, on Mar 31, 2027, 182 days from now; FLAO runs to Mar 31, 2027, 182 days. A fall from here reaches ARLU’s buffer after 11.9% and FLAO’s after 5.4%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	ARLU	FLAO	ARLU	FLAO
3 months	+1.5%	+1.6%	−1.0 pts	−0.9 pts
6 months	+12.3%	+5.4%	−4.7 pts	−11.6 pts
1 year	+8.7%	+2.7%	−7.1 pts	−13.0 pts

ARLU and FLAO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

ARLU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Mar 31, 2027

FLAO

AllianzIM U.S. Equity Floor5 ETF - Apr · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer AllianzIM AllianzIM

Reference index SPY SPY

Buffer 15% 5% to 100%

Outcome period Apr 1, 2026 to Mar 31, 2027 Oct 1, 2026 to Mar 31, 2027

Days left 182 182

Starting cap uncapped +7.1%

Can still gain uncapped 6.7%

Fall before buffer 11.9% 5.4%

Protection left, index points 15.0% of 15.0% 95.0% of 95.0%

Index return this period +17.3% 0.0%

Fund return this period +12.6% 0.0%

State today Uncapped Open

Expense ratio 0.74% 0.74%

Net assets $55m $9m

ARLU and FLAO on the same fields, as of Oct 1, 2026. Source: ETFIQ.

ARLU in plain words

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 11.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

FLAO in plain words

From its price on Oct 1, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 5.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.0% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, ARLU or FLAO?: ARLU ends its outcome period on Mar 31, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, ARLU or FLAO?: ARLU charges 0.74% a year and FLAO charges 0.74%, so ARLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARLU vs CPSP ARLU vs DDFA ARLU vs DDTA ARLU vs DMAR FLAO vs OCTP FLAO vs OCTT FLAO vs OCTU FLAO vs OCTW

SPDR® S&P 500® ETF Trust →ARLU on its own →FLAO on its own →How every figure is computed →Standards and sources →

Where these figures came from

ARLU and FLAO filings on SEC EDGAR ↗AllianzIM page for ARLU ↗AllianzIM page for FLAO ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, ARLU against FLAO, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/arlu-vs-flao

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.