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MARW

GradeCChicago Board Options Exchange

AllianzIM U.S. Equity Buffer20 Mar ETF

Buffered · AllianzIM · Inception 2023-02-28

$36.87−0.02 (−0.05%)

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

History starts Feb 28, 2023.
Intraday session: down, 56 prints from 36.89 to 36.87. Range 36.85 to 36.92. Use the arrow keys to read each point.$36.86$36.88$36.90$36.9210 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$86M
1Y return
+9.9%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$36.91
52W range
low $33.38high $36.89

The ETF.net MARW Grade

C

42/ 100

Rank 19 of 24 in S&P 500 Buffer 20%⁠

Confidence Medium

Six-pillar profile for MARW. Scores out of 100: Cost 37, Risk 59, Mission not scored, Tradability 31, Holdings 50, Durability 54. Strongest: Risk (59). Weakest: Tradability (31). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 42 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 rank17/24 · 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.
    BScore 59
    Category rank5/22 · top 23%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 31
    Category rank18/24 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 50
    Category rank11/12 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 54
    Category rank13/24 · mid-pack

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

Our read on MARW

ETF.net Research

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

  1. 01The 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.
  2. 02Hedging 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
  3. 03One 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
  4. 04The 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

  1. 01At 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.
  2. 02Buffer 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
  3. 03Trades lightly next to the category's biggest names, so the spread and a limit order matter more than usual.

MARW Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
5
Top-10 weight
106%
Largest holding
4SPY 270226C00005140104.4%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270226C00005140SPY 02/26/2027 5.14 C104.45%1,184$89M1
0024SPY 270226P00686060SPY 02/26/2027 686.06 P1.36%1,184$1M1

Showing 1–2 of 2 holdings

MARW Performance

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

MARW$10,986
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. MARW $10,986. 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 MARW. Periods over one year show the average yearly return.
PeriodMARW
Year to date+7.4%
1 month+0.6%
3 months+2.3%
1 year+9.9%
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 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

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

MARW Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

MARW Risk

How much the fund’s monthly returns vary, scaled to a year.
5.1%
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.
1.19
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.
−7.6%
42 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.

MARW 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.

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