FLAO vs ISWN

FLAOCAllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF

ISWNAAmplify BlackSwan ISWN ETF (International)

In short

FLAO Six-month defined-outcome exposure to the SPDR S&P 500 ETF Trust: a cap on the upside, 5 points of loss protection under it, and a fresh reset every April and October, at a fee below the protected-outcome median.

ISWN Most downside-protection funds pay for the cushion by capping your upside. ISWN skips the cap: roughly 90% sits in Treasuries while about 10% buys long-dated in-the-money calls on EFA, so developed-market exposure arrives through options.

Stated mandate

FLAO The Fund seeks to match the share-price return of the SPDR S&P 500 ETF Trust during the outcome period, subject to an upside cap and protection against losses of up to 5%.

ISWN The fund seeks to track a rules-based index combining U.S. Treasury securities with EFA options. Its strategy targets approximately 90% Treasury exposure to cushion severe, rare market disruptions while retaining some participation in EFA gains.

Why people hold it

• FLAO At 0.74% a year it sits under the median fee in its protected-outcome cohort, and below Innovator's managed-floor rival SFLR at 0.89%.
• The outcome window runs six months (April through September, then October through March), so the cap gets re-struck twice a year instead of once.
• The yardstick is the share-price return of the SPDR S&P 500 ETF Trust, a live market quote you can watch, not a model index.
• AllianzIM runs a Jan/Jul twin, FLJJ, on the same 5% protection design, so the two together cover the calendar.

• ISWN At 0.49%, it runs about half the 0.89% median of its downside-protection cohort.
• No artificial ceiling on gains. Buffer peers like IBUF hand back everything above a set cap each outcome period; ISWN's EFA calls carry no stated cap.amplifyetfs.cominnovatoretfs.com
• The rare international take on the structure: ISWN is the EAFE sibling of Amplify's SWAN, swapping SPY options for EFA options to reach developed markets outside the US.amplifyetfs.com
• Rules-based, not a judgment call. It tracks the S-Network International BlackSwan Index, which sets the Treasury and option mix on a fixed schedule.amplifyetfs.com

Worth knowing

• FLAO The upside is capped, and the cap is set at the start of each six-month period, so the ceiling isn't known in advance and strong rallies get clipped.
• The terms apply across a full outcome period. Step in or out mid-window and your effective cap and protection differ from the stated ones.
• A smaller, thinly traded fund launched in 2024, and built around price outcomes rather than payouts, so spreads and timing matter more than yield here.

• ISWN The Treasury sleeve targets the duration of the 10-year note, so interest rates steer results as much as EAFE does.amplifyetfs.com
• The cushion is indirect. It leans on Treasuries holding up when stocks fall, not a contractual buffer, so no fixed percentage of downside is defined.amplifyetfs.com
• Among the smaller and more thinly traded funds in its category, which can widen bid-ask spreads on entry and exit.

Full FLAO profile⁠

Full ISWN profile⁠