ETFIQetfiq.com · independent ETF data
SPBW AllianzIM Buffer20 Allocation ETF
As of Oct 9, 2026, SPBW's 12 sleeves can still gain 5.5% on average and can fall 5.6% before their buffers.
5.5%
Can still gain, weighted
5.6%
Fall before the buffers, weighted
20.0%
Protection left, weighted, index points
21
Days to the next reset
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| Window | Total return | SPY price return | Gap to SPY |
|---|---|---|---|
| 3M | +2.5% | +3.1% | −0.6 pts |
| 6M | +6.5% | +14.6% | −8.1 pts |
| 1Y | +9.7% | +16.0% | −6.3 pts |
| Since launch | +18.1% | +32.1% | −14.0 pts |
SPY's column is its price return, dividends left out: the basis the outcome period uses. Source: ETFIQ.
In plain words
KindLaddered buffer ETF: a fund of 12 buffer ETFs
Reference indexSPY
SleevesNVBW, DECW, JANW, FEBW, MARW, APRW, MAYW, JUNW, JULW, AUGW, SEPW, OCTW
Sleeve outcome periodsabout 12 months each, ending on 12 different dates
Weights (N-PORT)its report for Jul 31, 2026
Share of net assets in the sleeves ETFIQ reads100.00%
Can still gain, weighted (ETFIQ)5.5%
Fall before the buffers, weighted (ETFIQ)5.6%
Protection left, weighted, index points (ETFIQ)20.0%
Next sleeve to resetNVBW on Oct 31, 2026, in 21 days
Days left, weighted (ETFIQ)188
Net assets (N-PORT)$84m on Jul 31, 2026
Expense ratio (485BPOS XBRL, Feb 27, 2026)0.79%
Sleeve NVBW, 8.36% of net assetsSPY, period ends Oct 31, 2026, can still gain 0.6%, fall before buffer 9.8%
Sleeve DECW, 8.42% of net assetsSPY, period ends Nov 30, 2026, can still gain 1.3%, fall before buffer 9.1%
Sleeve JANW, 8.34% of net assetsSPY, period ends Dec 31, 2026, can still gain 1.9%, fall before buffer 7.9%
Sleeve FEBW, 8.34% of net assetsSPY, period ends Jan 31, 2027, can still gain 2.7%, fall before buffer 7.2%
Sleeve MARW, 8.37% of net assetsSPY, period ends Feb 28, 2027, can still gain 3.2%, fall before buffer 7.0%
Sleeve APRW, 8.30% of net assetsSPY, period ends Mar 31, 2027, can still gain 3.3%, fall before buffer 7.8%
Sleeve MAYW, 8.22% of net assetsSPY, period ends Apr 30, 2027, can still gain 5.6%, fall before buffer 5.1%
Sleeve JUNW, 8.20% of net assetsSPY, period ends May 31, 2027, can still gain 8.5%, fall before buffer 3.2%
Sleeve JULW, 8.33% of net assetsSPY, period ends Jun 30, 2027, can still gain 8.4%, fall before buffer 3.5%
Sleeve AUGW, 8.38% of net assetsSPY, period ends Jul 31, 2027, can still gain 8.8%, fall before buffer 3.0%
Sleeve SEPW, 8.36% of net assetsSPY, period ends Aug 31, 2027, can still gain 10.4%, fall before buffer 1.8%
Sleeve OCTW, 8.36% of net assetsSPY, period ends Sep 30, 2027, can still gain 10.9%, fall before buffer 1.7%
How this is computed
Sleeve figures are each issuer’s own, as of the date shown; weights are the fund’s N-PORT; weighted figures are ETFIQ calculations, marked. How these figures are computed
Questions people ask about SPBW
- What does SPBW hold?
- SPBW holds 12 buffer ETFs: NVBW, DECW, JANW, FEBW, MARW, APRW, MAYW, JUNW, JULW, AUGW, SEPW, OCTW. Its N-PORT for Jul 31, 2026 puts 100.0% of its net assets in them.
- How much can SPBW still gain?
- Weighted by its N-PORT, SPBW's sleeves can still gain 5.5% as of Oct 9, 2026, each sleeve's issuer figure in fund-price terms.
- When does SPBW reset?
- SPBW itself does not reset. Each sleeve resets on its own date; the next is NVBW on Oct 31, 2026, in 21 days.
Sources and dates
Prices, SPBW and SPY price returnTiingo end-of-day · Oct 9, 2026
Fee, 0.79%Prospectus fee filing on SEC EDGAR ↗
Net assets, $84m on Jul 31, 2026SEC N-PORT
All fund filingsSPBW N-PORT for Jul 31, 2026 on SEC EDGAR ↗
IssuerAllianzIM website ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement.
Cite this page
ETFIQ, SPBW, buffer ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/spbw
ETFIQ. (Oct 9, 2026). SPBW, buffer ETFs. Retrieved from https://etfiq.com/funds/spbw
[SPBW, buffer ETFs (ETFIQ, Oct 9, 2026)](https://etfiq.com/funds/spbw)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Buffer
The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
The most the fund can return over the period if held from the first day to the last. Quoted gross and net of fees. Set by the option market on day one, so the same fund can have a different cap each year.
The window, usually twelve months and sometimes six or three, over which the buffer and, where there is one, the cap apply. On its last day the options expire, the fund resets, and fresh terms are struck from that day’s option prices.
Reset
The day one outcome period ends and the next begins, with a fresh buffer and fresh terms struck at that day’s level.
How much of the buffer still sits below today’s index level. All of it when the index is above its starting level; less once the index is inside the buffer range.
SPBW, Buffer ETFs, ETFIQ, data as of Oct 9, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.