DECW vs PSFO

DECWCAllianzIM U.S. Equity Buffer20 Dec ETF

PSFOBPacer Swan SOS Flex (October) ETF

In short

DECW SPY'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.

PSFO Pacer's October-dated buffer fund absorbs the first 20% of an S&P 500 drop over each 12-month period, in exchange for a ceiling on the upside. At 0.49%, it charges less than the typical fund in its buffer peer group.

Stated mandate

DECW 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.

PSFO The fund seeks to match the pre-fee and pre-expense returns of the SPDR S&P 500 ETF Trust.

Why people hold it

• DECW 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

• PSFO 0.49% a year, below the median fee in its S&P 500 buffer cohort and well under peers like PMAY (0.79%) and BUFZ (0.95%).
• Built to absorb the first 20% of a decline in the SPDR S&P 500 ETF Trust (SPY) over each outcome period before the fund itself starts taking losses.
• A 1940 Act ETF holding its own option package, not a bank-issued note, so no third-party credit sits between you and the payoff. Running since 2021.
• Rates in the upper tier of a two-dozen-fund group of S&P 500 buffer strategies, largely on price.

Worth knowing

• DECW 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

• PSFO The price of the cushion: gains stop at a cap fixed at the start of each period, and the fund hasn't been an income payer.
• Buffer and cap are engineered for the full October 1 to September 30 stretch. Buy mid-period and your real cushion and ceiling differ from the headline terms.
• Small asset base and light trading, which usually means wider spreads and more attention needed on how orders get entered.

Full DECW profile⁠

Full PSFO profile⁠