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MARW vs PSFD

AllianzIM U.S. Equity Buffer20 Mar ETF

MARWCCboe

Pacer Swan SOS Flex (January) ETF

PSFDBCboe

Overlap

0.0%by weight

Expense ratio

PSFD −0.25pt a year

MARW0.74%PSFD0.49%

Avg volume · 30D

MARW 2.0×the volume

MARW1.85KPSFD905

3Y return · a year

PSFD +4.4pt

MARW+11.9%PSFD+16.3%

MARW vs PSFD Performance

Oct 31, 2025 – Oct 30, 2026

+9.1%MARW+11.4%PSFD

Oct 31, 2025 to Oct 30, 2026. MARW +9.1%. PSFD +11.4%. Use the arrow keys to read each point.−2.5%0%2.5%5%Oct 2025Apr 2026Oct 2026
Expense ratio
MARW 0.74%
PSFD 0.49%, better
Fund size
MARW $86M
PSFD $60M
1Y total return
MARW +9.1%
PSFD +11.4%, better
Holdings
MARW 2
PSFD 4
Avg volume (30D)
MARW 1.85K sh, better
PSFD 905 sh
NAV per share
MARW $37.11
PSFD $40.88
52W range

ETF.net Grade

MARW: Cost 37, Risk 60, Mission not scored, Tradability 26, Holdings 50, Durability 54. PSFD: Cost 85, Risk 30, Mission not scored, Tradability 45, Holdings not scored, Durability 69.
Pillar letters and Scores for MARW, PSFD, with each pillar’s weight
PillarMARWPSFD
Cost30% weightD37A85Higher
Mission25% weightNot scoredNot scored
Risk15% weightB60HigherD30
Tradability15% weightD26C45Higher
Holdings10% weightC50Not scored
Durability5% weightC54B69Higher

Rank among S&P 500 Buffer 20% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MARW and PSFD are both graded against the same 24 S&P 500 Buffer 20% funds, so their Grades compare head to head.

S&P 500 Buffer 20%⁠

Category · 24 funds
See all 24 ›

PSFD ranks 2nd and MARW 19th of 24 funds in the S&P 500 Buffer 20% Category.

  1. Rank 1BBALTInnovator Defined Wealth Shield ETFScore 66
  2. Rank 2BPSFDPacer Swan SOS Flex (January) ETFScore 61
  3. Rank 2BPSFJPacer Swan SOS Flex (July) ETFScore 61
  4. Rank 18CFEBWAllianzIM U.S. Equity Buffer20 Feb ETFScore 44
  5. Rank 19CMARWAllianzIM U.S. Equity Buffer20 Mar ETFScore 42
  6. Rank 20CPQXXPGIM S&P 500 Quarterly Buffer 20 ETFScore 40

Our read on each fund

ETF.net Research

MARWCAllianzIM U.S. Equity Buffer20 Mar ETF

PSFDBPacer Swan SOS Flex (January) ETF

In short

MARW March'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.

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

MARW 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.

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

  • MARW The 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.
  • Hedging 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
  • One 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
  • The 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
  • 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

  • MARW At 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.
  • Buffer 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
  • Trades lightly next to the category's biggest names, so the spread and a limit order matter more than usual.
  • 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 MARW profile⁠

Full PSFD profile⁠

MARW vs PSFD Holdings

As of

How MARW and PSFD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MARW and 0.0% of PSFD.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%
  • Countryby domicile100%
  • Sector11 Sectors100%

Sector

Sector weights in MARW and PSFD, widest gap first
SectorMore in MARWMore in PSFD
TechnologySame weight
FinancialsSame weight
CommunicationSame weight
Health CareSame weight
Consumer DiscretionarySame weight
IndustrialsSame weight
Consumer StaplesSame weight
EnergySame weight
UtilitiesSame weight
Real EstateSame weight
MaterialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in MARW and PSFD, widest gap first
CountryMore in MARWMore in PSFD
United StatesSame weight
SwitzerlandSame weight
ChinaSame weight
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • MARW105.5%
  • PSFD102.6%

Securities held

  • MARW2
  • PSFD3

Asset class

MARW
Equity
PSFD
Equity

Holdings

  • Only in MARW2
  • In both0
  • Only in PSFD3

Only in MARW

2 securities, 100% of MARW by weight

  • Spy 02/26/2027 5.14 C104.54%
  • Spy 02/26/2027 686.06 P0.99%

Only in PSFD

3 securities, 100% of PSFD by weight

  • Spy 12/31/2026 7.64 C101.88%
  • Spy 12/31/2026 681.92 P0.45%
  • Spy 12/31/2026 409.15 P0.03%

Weight gaps

MARW and PSFD share no securities.

All 5 MARW holdings⁠All 7 PSFD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MARW vs PSFD Cost

Overpaying MARW vs PSFD

$4,515

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MARW 0.74%

    $14,307

  • PSFD 0.49%

    $9,792

$10,000
30 years

Cost over time

  • MARW 0.74%
  • PSFD 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530MARW $14,307PSFD $9,792

Year by year

YearMARWPSFDOverpaying
10$1,319$883$436
20$5,015$3,394$1,621
30$14,307$9,792$4,515

Expense ratio

  • 0.74%MARW
  • 0.49%PSFD, cheaper
  • Middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

PSFD cheapest of 24 funds

MARW 10th cheapest of 24 funds

MARW vs PSFD Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
MARW None
PSFD None

Distribution history

MARWAll MARW payments⁠

No distribution history available.

PSFDAll PSFD payments⁠

No distribution history available.

MARW vs PSFD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MARW 4.8%, betterPSFD 7.4%
Return per unit of riskSharpe ratio, 3 years
MARW 1.46PSFD 1.50, better
Worst fallMax drawdown, 5 years
MARW −7.6%since Feb 2023PSFD −14.9%
Market sensitivityBeta, 5 years
MARW 0.36PSFD 0.56

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