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AllianzIM U.S. Equity Buffer20 Dec ETF

DECWCboeAllianzIMC

$36.48−0.06 (−0.15%)

As of Nov 2, 2026, 3:59 PM ET

C48/ 100

Rank 14 of 24 in S&P 500 Buffer 20%

C48/100Rank 14 of 24inS&P 500 Buffer 20%
Intraday session: down, 78 prints from 36.54 to 36.48. Range 36.48 to 36.77. Use the arrow keys to read each point.36.6036.6536.7036.7510 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$148M
1Y total return
+9.5%
Yield · Last 12 months
0.00%
Holdings
2
Avg volume · 30D
34.7K sh
52W range
low $32.86high $36.87
Launched

The ETF.net DECW Grade

Based on 5 of 6 pillars

C

Score 48 out of 100

Category
S&P 500 Buffer 20%⁠
Rank
14 of 24
Six-pillar profile for DECW. Scores out of 100: Cost 37, Risk 46, Mission not scored, Tradability 64, Holdings 56, Durability 59. Strongest: Tradability (64). Weakest: Cost (37). Based on 5 of 6 pillars.

Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D37 out of 100
    Rank 10 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 18 of 23

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B64 out of 100
    Rank 7 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B56 out of 100
    Rank 9 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 8 of 24

Our read on DECW

ETF.net Research

In short

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

  • Deep 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.
  • At 0.74%, it charges exactly the median fee for deep-buffer funds. You're not paying a premium for the December start date.
  • One 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.
  • No 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

  • It 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.
  • The same 20% buffer sells cheaper in the neighborhood: PSFJ and PSFM at 0.49%, BALT at 0.69%.
  • Thinly 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 Performance

Launched Nov 30, 2022

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

Not enough history yet.Not enough history yet.
DECW$10,950
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. DECW $10,950. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+7.7%
1 month+0.1%
3 months+2.0%
1 year+9.5%
3 yearsper year+12.9%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+7.7%
2025+11.6%
2024+8.6%
2023+16.2%
2022−2.8%

History from Dec 1, 2022

DECW in the news

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 Oct 30, 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

$10,000 in DECW 3 years ago paid $135 in dividends.

DECW Risk

Risk pillarC46 out of 100Rank 18 of 23 in S&P 500 Buffer 20%
How much the fund’s monthly returns vary, scaled to a year.
6.2%
Annualised · 36 months to Oct 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.
1.28
vs 3-month T-bills · to Oct 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%
46 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.

FMP measures it over up to five years of monthly returns.

DECW Cost

Compare DECW and PSFD

Overpaying vs PSFD, tied cheapest in S&P 500 Buffer 20%

$4,515

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DECW 0.74%

    $14,307

  • PSFD 0.49% Tied cheapest

    $9,792

$10,000
30 years

Cost over time

  • DECW 0.74%
  • PSFD 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530DECW $14,307PSFD $9,792

Year by year

YearDECWPSFDOverpaying
10$1,319$883$436
20$5,015$3,394$1,621
30$14,307$9,792$4,515

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