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APRW

GradeCChicago Board Options Exchange

AllianzIM U.S. Equity Buffer20 Apr ETF

Buffered · AllianzIM · Inception 2020-05-28

$37.85−0.03 (−0.07%)

As of Sep 23, 2026, 3:03 PM EDT

Intraday session: down, 46 prints from 37.88 to 37.85. Range 37.82 to 37.90. Use the arrow keys to read each point.$37.82$37.84$37.88$37.9010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$206M
1Y return
+10.7%
Yield · Last 12 months
0.00%
Holdings
5
Volume · 30D
0M sh
NAV per share
$37.88
52W range
low $33.52high $37.91

The ETF.net APRW Grade

C

51/ 100

Rank 11 of 24 in S&P 500 Buffer 20%⁠

Confidence Medium

Six-pillar profile for APRW. Scores out of 100: Cost 37, Risk 66, Mission not scored, Tradability 65, Holdings 48, Durability 68. Strongest: Durability (68). Weakest: Cost (37). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 37
    Category rank10/24 · top 42%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 66
    Category rank3/22 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank3/24 · top 13%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 48
    Category rank12/12 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 68
    Category rank6/24 · top 25%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on APRW

ETF.net Research

CThe April door in AllianzIM's buffer lineup: one year of the big S&P 500 tracker ETF's price move, cushioned against the first 20% of losses and capped on the upside, with the clock resetting every April 1.

Stated mandate

The Fund seeks to match the SPDR S&P 500 ETF Trust’s share-price return over the current one-year Outcome Period, subject to an upside Cap, while buffering the first 20% of losses.

Why people hold it

  1. 01Absorbs the first 20% of the reference S&P 500 ETF's share-price decline over each one-year outcome period, running April 1 to March 31, then resetting.
  2. 02Actively managed, but the contract is mechanical: a stated 20% buffer against one well-known reference ETF, not a manager's stock picks.
  3. 03One month in AllianzIM's rolling series (MAYW runs the May cycle), so start dates can be laddered instead of pinned to a single entry point.
  4. 04Running since 2020, and it lands in the upper half of a crowded field of deep 20% buffer funds on our review.

Worth knowing

  1. 01Upside is capped, and the cap is reset each April at whatever options cost then. Buffer and cap apply to the full period, so mid-period exits get neither intact.
  2. 020.74% is the going rate here, not a discount: PSFM and PSFJ charge 0.49% and PBFR 0.50% for 20% buffers.
  3. 03Modest assets and light trading versus the category's biggest names, so limit orders matter. The structure targets price outcomes, not income.

APRW Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
5
Top-10 weight
110%
Largest holding
4SPY 270331C00004880108.8%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270331C00004880SPY 03/31/2027 4.88 C108.83%2,965$223M1
0024SPY 270331P00650410SPY 03/31/2027 650.41 P1.22%2,965$3M1

Showing 1–2 of 2 holdings

APRW Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

APRW$11,075
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. APRW $11,075. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 APRW. Periods over one year show the average yearly return.
PeriodAPRW
Year to date+8.6%
1 month+0.7%
3 months+2.3%
1 year+10.7%
3 years+10.5%per year
5 years+7.3%per year
10 yearsFund is under 10 years old—per year

As of the close, 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 APRW
YearReturn barAPRW
2026 YTD+8.6%
2025+6.2%
2024+11.3%
2023+12.4%
2022−2.9%
2021+5.6%
2020+8.8%

History from Jun 1, 2020

APRW in the news

ETF.net Research hasn’t filed on APRW yet — coverage lands here as it’s written.

APRW Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2020

One bar per payment. 1 payment in 2020. Dec 15, 2020 $0.70. Use the arrow keys to read each point.2020
Ex-datePay dateAmount per share
Dec 15, 2020Dec 17, 2020$0.70

APRW Risk

How much the fund’s monthly returns vary, scaled to a year.
5.1%
Annualised · 36 months to Aug 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.
1.00
vs 3-month T-bills · to Aug 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.
−9.6%
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.
0.34
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.

APRW Cost

Expense ratio0.74%
  • The middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

9 of the 24 S&P 500 Buffer 20% funds charge less.

APRW costs $74.00 a year on $10,000. The median S&P 500 Buffer 20% fund costs $74.00.