FEBW vs PSFJ

FEBWCAllianzIM U.S. Equity Buffer20 Feb ETF

PSFJBPacer Swan SOS Flex (July) 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.

PSFJ A 20% cushion against the S&P 500's first losses, paid for with a ceiling on the upside, reset every July 1. Pacer runs the trade for less than most of the deep-buffer crowd charges.

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.

PSFJ The Fund seeks to match, before fees and expenses, the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while buffering the first 20% of downside losses over an approximate 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.

• PSFJ Costs 0.49% a year against a 0.74% median for 20% S&P 500 buffer funds, and undercuts the 0.74% AllianzIM month-series funds (JUNW, AUGW, DECW) built on the same reference.
• Deep cushion by design: it aims to absorb the first 20% of a decline in the SPDR S&P 500 ETF Trust over each roughly one-year period, before fees and expenses.paceretfs.com
• Live since 2021, with several annual reset cycles behind it and sibling funds (PSFM, PSFD) covering other start months. One of the stronger builds in a crowded 20% buffer field.

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%.

• PSFJ The price of the cushion is a ceiling. Upside is capped at a level set when each July outcome period begins, so a roaring market leaves gains on the table.paceretfs.com
• Buffer and cap are designed to work over the full outcome period. Buy mid-period and the cushion remaining and the room left to run differ from the stated terms.paceretfs.com
• A smaller, thinly traded fund, so spreads can run wider than in the biggest names in the group. Income is not part of the design either.

Full FEBW profile⁠

Full PSFJ profile⁠