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FEBW

GradeCChicago Board Options Exchange

AllianzIM U.S. Equity Buffer20 Feb ETF

Buffered · AllianzIM · Inception 2023-01-31

$36.37−0.05 (−0.15%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Feb 1, 2023.
Intraday session: down, 42 prints from 36.42 to 36.37. Range 36.34 to 36.45. Use the arrow keys to read each point.$36.35$36.40$36.42$36.4510 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$199M
1Y return
+10.1%
Yield · Last 12 months
0.00%
Holdings
5
Volume · 30D
0M sh
NAV per share
$36.39
52W range
low $32.93high $36.45

The ETF.net FEBW Grade

C

46/ 100

Rank 17 of 24 in S&P 500 Buffer 20%⁠

Confidence Medium

Six-pillar profile for FEBW. Scores out of 100: Cost 37, Risk 43, Mission not scored, Tradability 60, Holdings 56, Durability 54. Strongest: Tradability (60). Weakest: Cost (37). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 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 rank13/24 · mid-pack

  • 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 43
    Category rank15/22 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 60
    Category rank9/24 · top 38%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 56
    Category rank8/12 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 54
    Category rank14/24 · mid-pack

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

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 Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
5
Top-10 weight
104%
Largest holding
4SPY 270129C00005190103.3%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270129C00005190SPY 01/29/2027 5.19 C103.25%2,717$205M1
0024SPY 270129P00692040SPY 01/29/2027 692.04 P1.22%2,717$2M1

Showing 1–2 of 2 holdings

FEBW Performance

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

FEBW$11,008
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. FEBW $11,008. 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 FEBW. Periods over one year show the average yearly return.
PeriodFEBW
Year to date+7.2%
1 month+0.8%
3 months+2.6%
1 year+10.1%
3 years+11.5%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 FEBW
YearReturn barFEBW
2026 YTD+7.2%
2025+9.6%
2024+11.4%
2023+10.6%

History from Feb 1, 2023

FEBW in the news

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

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 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 $0.04. 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.
5.5%
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.
1.06
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%
43 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.