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DECW

GradeCChicago Board Options Exchange

AllianzIM U.S. Equity Buffer20 Dec ETF

Buffered · AllianzIM · Inception 2022-11-30

$36.54−0.06 (−0.17%)

As of Sep 23, 2026, 3:02 PM EDT

History starts Dec 1, 2022.
Intraday session: down, 47 prints from 36.60 to 36.54. Range 36.49 to 36.61. Use the arrow keys to read each point.$36.50$36.52$36.58$36.6010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$229M
1Y return
+11.2%
Yield · Last 12 months
0.00%
Holdings
5
Volume · 30D
0M sh
NAV per share
$36.59
52W range
low $32.71high $36.65

The ETF.net DECW Grade

C

49/ 100

Rank 14 of 24 in S&P 500 Buffer 20%⁠

Confidence Medium

Six-pillar profile for DECW. Scores out of 100: Cost 37, Risk 48, Mission not scored, Tradability 65, Holdings 58, Durability 63. Strongest: Tradability (65). Weakest: Cost (37). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 49 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 rank12/24 · top 50%

  • 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.
    CScore 48
    Category rank13/22 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank4/24 · top 17%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 58
    Category rank7/12 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 63
    Category rank7/24 · top 29%

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

Our read on DECW

ETF.net Research

CSPY's price move for a year, with the first 20% of losses absorbed and a ceiling on the upside. DECW is the December door in AllianzIM's Buffer20 ladder: the clock starts December 1, resets each November 30, and a fresh cap is set annually.

Stated mandate

The Fund seeks to match the SPDR S&P 500 ETF Trust’s share-price return at the end of each one-year Outcome Period, subject to an upside Cap, while buffering the first 20% of losses. It implements this strategy mainly with FLEX Options referencing that ETF.

Why people hold it

  1. 01Deep end of the buffer world: the first 20 percentage points of the reference ETF's decline over the Dec 1 to Nov 30 period are absorbed, built with FLEX options rather than manager judgment.
  2. 02At 0.74%, it charges exactly the median fee for deep-buffer funds. You're not paying a premium for the December start date.
  3. 03One of twelve AllianzIM Buffer20 funds, one per starting month (MAYW, JUNW, AUGW and the rest), so start dates can be staggered across the calendar instead of concentrated in one.
  4. 04No mystery about the terms: outcome period dates, the cap and the buffer are posted daily on the fund's own website, before you commit.sec.gov

Worth knowing

  1. 01It targets the reference ETF's share-price return, not total return. Index dividends aren't part of the payoff, and income isn't what this structure is built to produce.
  2. 02The same 20% buffer sells cheaper in the neighborhood: PSFJ and PSFM at 0.49%, BALT at 0.69%.
  3. 03Thinly traded, so entry and exit costs deserve a look. The cap and buffer apply in full only from the December start to the November finish; mid-period buyers get different math.sec.gov

DECW Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
5
Top-10 weight
103%
Largest holding
4SPY 261130C00005130102.8%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 261130C00005130SPY 11/30/2026 5.13 C102.78%3,095$234M1
0024SPY 261130P00683460SPY 11/30/2026 683.46 P0.52%3,095$1M1

Showing 1–2 of 2 holdings

DECW Performance

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

DECW$11,116
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. DECW $11,116. 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 DECW. Periods over one year show the average yearly return.
PeriodDECW
Year to date+7.9%
1 month+0.9%
3 months+2.8%
1 year+11.2%
3 years+12.0%per year
5 yearsFund is under 5 years old—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 DECW
YearReturn barDECW
2026 YTD+7.9%
2025+11.6%
2024+8.6%
2023+16.2%
2022−2.8%

History from Dec 1, 2022

DECW in the news

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

DECW 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 2024

One bar per payment. 1 payment in 2024. Jan 16, 2024 $0.36. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Jan 16, 2024Jan 19, 2024$0.36

DECW Risk

How much the fund’s monthly returns vary, scaled to a year.
7.0%
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.
0.82
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.
−8.8%
45 months · 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.
0.49
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.

DECW 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.

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