FEBW vs PSFD

FEBWCAllianzIM U.S. Equity Buffer20 Feb ETF

PSFDBPacer Swan SOS Flex (January) ETF

In short

FEBW Deep-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.

PSFD Absorbs the first 20% of a drop in the SPDR S&P 500 ETF Trust over each 12-month period, with your upside capped in exchange. One of the original 2020 Pacer/Swan buffer funds, and priced under most deep-buffer rivals.

Stated mandate

FEBW 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.

PSFD The fund seeks to match the returns of the SPDR S&P 500 ETF Trust up to a stated cap while mitigating specified downside losses through a structured buffer strategy over an approximately one-year period.

Why people hold it

• FEBW Aims 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.
• The 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.
• At 0.74%, it charges exactly the median for deep-buffer funds in its peer group. No premium for the AllianzIM name.
• A 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.

• PSFD 0.49% a year versus a 0.74% median for 20%-buffer S&P 500 funds, undercutting the AllianzIM month-series lineup (JANW, APRW, JUNW). When upside is capped, fees come straight out of the ceiling.
• Deep cushion, clean reset: FLEX options are structured to absorb the first 20% of underlying losses over the roughly one-year period, with a new cap struck at the start of each period.paceretfs.com
• Siblings run the same recipe on other calendars (PSFM in April, PSFJ in July), so start dates can be staggered instead of pinned to one January strike. Standing sits in the upper half of the deep-buffer group.

Worth knowing

• FEBW The 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.
• Buffer math runs from the period's start. Buy in mid-period and you inherit whatever protection and headroom remain, not a fresh 20 points.
• Thinly 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%.

• PSFD Thinly traded. Spreads can be wider and larger orders harder to fill than in the giants of the buffer aisle.
• No income stream: the fund holds options on an S&P 500 tracker rather than the stocks, and it has not paid a distribution.paceretfs.com
• Buffer and cap run start to finish of the period and are set before fees and expenses. Shares bought mid-period carry different remaining cushion and headroom.paceretfs.com

Full FEBW profile⁠

Full PSFD profile⁠