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Launched

AllianzIM U.S. Equity Buffer20 Mar ETF

MARWCboeAllianzIMC

$36.87−0.03 (−0.07%)

As of Nov 2, 2026, 3:57 PM ET

C42/ 100

Rank 19 of 24 in S&P 500 Buffer 20%

C42/100Rank 19 of 24inS&P 500 Buffer 20%
Intraday session: down, 78 prints from 36.89 to 36.87. Range 36.87 to 37.03. Use the arrow keys to read each point.36.9236.9536.9837.0037.0210 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$86M
1Y total return
+9.1%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
1.85K sh
52W range
low $33.50high $37.17
Launched

The ETF.net MARW Grade

Based on 5 of 6 pillars

C

Score 42 out of 100

Category
S&P 500 Buffer 20%⁠
Rank
19 of 24
Six-pillar profile for MARW. Scores out of 100: Cost 37, Risk 60, Mission not scored, Tradability 26, Holdings 50, Durability 54. Strongest: Risk (60). Weakest: Tradability (26). Based on 5 of 6 pillars.

Score 42 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.
    B60 out of 100
    Rank 6 of 23

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D26 out of 100
    Rank 20 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C50 out of 100
    Rank 12 of 13

  • 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 14 of 24

Our read on MARW

ETF.net Research

In short

CMarch's rung in AllianzIM's monthly buffer ladder: FLEX options tracking SPY's share price for a year, with the first 20% of losses absorbed and upside capped, then reset every March. Hedging runs on Allianz Life's own platform.

Stated mandate

The Fund seeks to match the share-price return of the SPDR S&P 500 ETF Trust through FLEX Options over a one-year Outcome Period, with upside limited by a Cap and the first 20% of underlying losses buffered.

Why people hold it

  • The 20% buffer is among the deepest in defined-outcome land, and it is written into the fund's terms, not left to a manager's judgment.
  • Hedging is handled in-house on the same proprietary platform Allianz Life uses to hedge its annuity book, rather than outsourced to a sub-adviser.allianzlife.com
  • One rung in a full 12-month ladder: a same-structure AllianzIM fund opens a fresh outcome period every month, so entry and roll dates are a choice.allianzim.comallianzlife.com
  • The FLEX options are exchange-listed and settled through the Options Clearing Corporation, so the payoff isn't riding on one bank's balance sheet.allianzim.com

Worth knowing

  • At 0.74% it sits mid-pack for 20%-buffer funds, and Pacer's PSFJ and PSFM (0.49%) and PGIM's PBJA and PBJN (0.50%) deliver the same basic shape for less.
  • Buffer and cap are engineered for a full March-to-February period; buy midstream and your own downside cushion and upside room differ from the stated terms.allianzim.com
  • Trades lightly next to the category's biggest names, so the spread and a limit order matter more than usual.

MARW Performance

Launched Feb 28, 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.
MARW$10,911
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. MARW $10,911. 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 MARW. Periods over one year show the average yearly return.
PeriodMARW
Year to date+7.4%
1 month0.0%
3 months+1.5%
1 year+9.1%
3 yearsper year+11.9%
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 MARW
YearReturn barMARW
2026 YTD+7.4%
2025+10.6%
2024+11.1%
2023+11.8%

Since listing, Feb 28, 2023

MARW in the news

MARW Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

MARW Risk

Risk pillarB60 out of 100Rank 6 of 23 in S&P 500 Buffer 20%
How much the fund’s monthly returns vary, scaled to a year.
4.8%
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.
1.46
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.
−7.6%
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.
0.36
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.

MARW Cost

Compare MARW 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.

  • MARW 0.74%

    $14,307

  • PSFD 0.49% Tied cheapest

    $9,792

$10,000
30 years

Cost over time

  • MARW 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$15K051015202530MARW $14,307PSFD $9,792

Year by year

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

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