At a glance
APRW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $199.9M in assets, the 8th largest of that group. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +11.5% a year.
The short version
AllianzIM US Large Cap Buffer20 Apr ETF (APRW) holds options on the SPDR S&P 500 ETF Trust. It seeks to absorb the first 20% of that fund's price losses over each April-to-March outcome period, and in exchange it caps gains. Its expense ratio of 0.74% is lower than the seven similar buffer funds compared here, which average 0.86%. The trade-offs: it pays no dividends, and its three-year return trailed all seven as of October 27, 2026.
Price history
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APRW +10.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| APRW official prospectus, to Dec 31, 2025 | — | +6.04% | — | +6.38% | — | +6.63% |
| APRW price data to Oct 27, 2026 | +9.1% | +10.5% | +11.5% | — | — | +10.1% |
- Over the year to Oct 27, 2026, APRW returned +10.5%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.2%); its best was 2023 (+12.4%).
- The deepest fall in its price history was 9.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | — |
| 2025 | +6.2% | +6.04% |
| 2024 | +11.3% | +11.18% |
| 2023 | +12.4% | +12.44% |
| 2022 | — | -2.66% |
| 2021 | — | +5.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Oct 31, 2022 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.28%, +0.13%, +0.58%.
How it works
APRW does not own stocks. Its prospectus says it puts substantially all of its assets into FLEX Options on the SPDR S&P 500 ETF Trust (SPY). FLEX Options are exchange-traded options with custom strike prices and expiration dates. SPY holds the stocks in the S&P 500, a market-weighted index of large US companies. As of January 31, 2026, that index leaned heavily toward information technology. As of July 31, 2026, APRW held four options, all expiring March 31, 2027. A low-strike call moves with SPY's price. A bought put at 650.41 and a sold put at 520.27 together create the buffer. A sold call at 727.67 sets the cap.
Each outcome period runs from April 1 to March 31. The cap is set on the business day before a period starts, based on market volatility, interest rates and the cost of the options. For April 1, 2025 to March 31, 2026, the cap was 10.92% before fees, or 10.18% after the 0.74% fee. The fee also trims the 20% buffer to 19.26%. The cap changes every year, and the change can be large.
There are two catches. First, the fund follows SPY's share price only, so it gets none of SPY's dividends. Second, the full cap and buffer apply only to shares held for the whole period. Buying after a drop leaves less buffer, and buying after a rally leaves less room for gains.
What it really costs
- APRW charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APRW | $76 | $237 | $411 | $918 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It gives up much of the S&P 500's upside in exchange for a buffer against the first 20% of losses in each April-to-March period, which has kept its swings small.
APRW launched in May 2020, after the COVID crash, so its record doesn't cover the 2008 or 2020 market drops. Its prospectus shows one losing calendar year, 2022, when it fell 2.66% during that year's bear market. Its worst quarter lost 6.87% (quarter ended June 30, 2022). In price data starting October 2022, its deepest drop was 9.6%, from February 19 to April 8, 2025. It recovered by July 24, 2025, about 3.5 months later. The cap also limits gains: the average annual return over the five years to December 31, 2025 was 6.38%.
The fund pays no income, so withdrawals mean selling shares. Shares sold partway through a period may not get the full buffer. Costs are 0.74% a year, or $76 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a buffer against the first 20% of losses, and who can hold from April 1 to March 31.
- People comparing buffer funds on cost: its 0.74% expense ratio was the lowest of eight similar funds, which averaged 0.86%.
- Retirees more worried about a steep stock drop than about missing gains; its deepest price decline since October 2022 was 9.6%.
Look elsewhere if
- Anyone who needs income: it pays no dividends and does not receive the SPDR S&P 500 ETF Trust's dividends.
- Investors who want full stock-market growth: its cap was 10.18% after fees for April 2025 to March 2026, and its three-year return trailed seven peers.
- Investors who trade often or buy mid-period, when the remaining buffer and cap can be very different from the stated levels.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| APRW this fund | 0.74% | $199.9M | +10.5% | +11.5% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does APRW pay dividends?
No. APRW made no distributions in the year to October 27, 2026, and its trailing yield was 0%. That comes from how it is built. The fund holds options on the SPDR S&P 500 ETF Trust, not the ETF's shares, so it doesn't receive that fund's dividends. Its returns come only from changes in SPY's share price, within the cap and buffer. Investors who need regular cash would have to sell shares.
How does the APRW 20% buffer work?
The buffer seeks to absorb the first 20% of any price drop in the SPDR S&P 500 ETF Trust over an outcome period, which runs from April 1 to March 31. A drop smaller than the buffer is meant to be absorbed. In a bigger drop, losses beyond the first 20% pass through to shareholders. After the 0.74% fee, the prospectus puts the buffer at 19.26%. The full buffer applies only to shares held for the entire period.
What is the cap on APRW?
For the outcome period from April 1, 2025 to March 31, 2026, APRW's cap was 10.92% before fees and 10.18% after its 0.74% management fee, according to the prospectus filed February 27, 2026. Shareholders gave up any SPY price gain above that level. A new cap is set on the business day before each April 1, based on volatility, interest rates and option prices. It can change a lot from one year to the next.
APRW vs PJAN: what's the difference?
Both are US equity buffer ETFs with one-year outcome periods. They differ in timing, cost and size. APRW resets each April and charges 0.74%. Innovator's PJAN is the January series and charges 0.79%. As of October 27, 2026, both returned 10.5% over one year, but PJAN's three-year annualized return was 14.8%, against 11.5% for APRW. PJAN had about $1.4 billion in net assets, compared with about $200 million for APRW, as of July 31, 2026. Their buffer and cap levels are worth comparing too.
Can you lose money in APRW?
Yes. The prospectus warns that a shareholder could lose their entire investment despite the buffer. Losses beyond the first 20% of the SPDR S&P 500 ETF Trust's drop pass through, and shares bought mid-period after a fall may get less protection. APRW lost 2.66% in 2022. Its deepest price decline since October 2022 was 9.6%, from February 19 to April 8, 2025, and it had recovered by July 24, 2025.