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Launched

AllianzIM U.S. Equity Buffer20 Feb ETF

FEBWCboeC

$36.62+0.03 (+0.08%)

As of Oct 13, 2026, 3:55 PM

C43/ 100

Rank 18 of 24 in S&P 500 Buffer 20%

C43/100Rank 18 of 24inS&P 500 Buffer 20%
Intraday session: up, 49 prints from 36.59 to 36.62. Range 36.59 to 36.63. Use the arrow keys to read each point.36.5936.6036.6136.6236.6310 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$201M
1Y total return
+11.1%
Yield · Last 12 months
0.00%
Holdings
2
Avg volume · 30D
0M sh
NAV per share
$36.58
52W range
low $32.95high $36.65
Launched

The ETF.net FEBW Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
S&P 500 Buffer 20%⁠
Rank
18 of 24
Six-pillar profile for FEBW. Scores out of 100: Cost 37, Risk 43, Mission not scored, Tradability 46, Holdings 54, Durability 54. Strongest: Holdings (54). Weakest: Cost (37). Based on 5 of 6 pillars.

Score 43 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.
    C43 out of 100
    Rank 16 of 23

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C46 out of 100
    Rank 14 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C54 out of 100
    Rank 9 of 12

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 13 of 24

Our read on FEBW

ETF.net Research

CDeep-buffer S&P 500 exposure on a February clock: FLEX options absorb the first 20% of a year's losses, and a ceiling on the upside pays for that cushion. Priced at the category median, one rung in AllianzIM's monthly ladder.

Stated mandate

The Fund seeks to provide a buffer against the first 20% of losses of its underlying ETF during the applicable outcome period, using FLEX Options that reference the underlying ETF.

Why people hold it

  1. 01Aims to buffer the first 20% of losses in the SPDR S&P 500 ETF Trust over each outcome period, built from FLEX options rather than a manager's hedging hunch.
  2. 02The terms are written down in advance: 20-point buffer, SPY as the reference, a February 1 to January 31 outcome period. You know the rules before you own it.
  3. 03At 0.74%, it charges exactly the median for deep-buffer funds in its peer group. No premium for the AllianzIM name.
  4. 04A February start date in a series that runs month by month (MAYW covers May), so entry points can be staggered across the calendar instead of stacked on one reset.

Worth knowing

  1. 01The cushion is bought with a ceiling. Each period's cap is set at the start and can shift year to year, so upside in a strong market is limited by design.
  2. 02Buffer math runs from the period's start. Buy in mid-period and you inherit whatever protection and headroom remain, not a fresh 20 points.
  3. 03Thinly traded, so the spread is a real part of your cost. Cheaper deep-buffer siblings exist too: PBFR at 0.50%, PSFJ at 0.49%.

FEBW Holdings

As of Oct 12, 2026
Asset class
Stocks
Holdings
2
Top-10 weight
105%
Largest holding
4SPY 270129C00005190104.6%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270129C00005190Spy 01/29/2027 5.19 C104.61%2,729$210M1
0024SPY 270129P00692040Spy 01/29/2027 692.04 P0.77%2,729$2M1

Showing 1–2 of 2 holdings

FEBW Performance

Launched Jan 31, 2023

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.
FEBW$11,110
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. FEBW $11,110. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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 FEBW. Periods over one year show the average yearly return.
PeriodFEBW
Year to date+7.7%
1 month+1.0%
3 months+2.3%
1 year+11.1%
3 yearsper year+11.5%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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 FEBW
YearReturn barFEBW
2026 YTD+7.7%
2025+9.6%
2024+11.4%
2023+10.6%

History from Feb 1, 2023

FEBW in the news

Filtered to FEBW · S&P 500 Buffer 20%

FEBW 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 12, 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 $0.04. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Jan 16, 2024Jan 19, 2024$0.04

FEBW Risk

How much the fund’s monthly returns vary, scaled to a year.
5.2%
Annualised · 36 months to Sep 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 Sep 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%
44 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.
0.40
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.

FEBW 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.

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

Other funds in S&P 500 Buffer 20%

See others