At a glance
DECW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $226.8M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +13.6% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Dec ETF (DECW) holds options on the SPDR S&P 500 ETF Trust (SPY). The options aim to absorb the first 20% of SPY's losses over each December-to-November outcome period, and in exchange the fund's gains are capped. For the period ending November 30, 2026, the cap was 10.52% after the fund's fee. At 0.74% a year, DECW was the cheapest of eight buffer funds compared, but it also had the lowest three-year return.
Price history
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DECW +10.1% 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 | |
|---|---|---|---|---|---|---|
| DECW official prospectus, to Dec 31, 2025 | — | +11.56% | — | — | — | +10.87% |
| DECW price data to Oct 27, 2026 | +8.5% | +10.1% | +13.6% | — | — | +10.7% |
- Over the year to Oct 27, 2026, DECW returned +10.1%, 7th of 8 among similar funds.
- Its worst full calendar year was 2024 (+8.7%); its best was 2023 (+16.2%).
- The deepest fall in its price history was 8.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.5% | — |
| 2025 | +11.6% | +11.56% |
| 2024 | +8.7% | +8.61% |
| 2023 | +16.2% | +16.37% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.3600 |
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 withdrew a net $10.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.84%, +0.07%, +0.62%.
How it works
DECW does not own stocks directly. It puts substantially all its assets into FLEX Options, which are exchange-traded options with custom strike prices and expiration dates. They reference SPY, a fund that holds the stocks of the S&P 500 index, weighted by market value. As of July 31, 2026, DECW held four options, all expiring November 30, 2026: a deep in-the-money SPY call (strike $5.13) worth about 102% of net assets, a bought put at $683.46, a sold put at $546.71 and a sold call at $760.37.
Together, these options aim to deliver SPY's share-price return over the outcome period of December 1, 2025 to November 30, 2026, with two limits. The pair of puts absorbs the first 20% of SPY's decline, or 19.26% after the 0.74% fee. Losses beyond that pass through to the fund. The sold call caps gains at 11.26% before fees, or 10.52% after. Because DECW tracks only SPY's price, it gives up SPY's dividends.
When a period ends, the options expire and the fund buys new ones. A new cap is set based on market conditions such as volatility and interest rates, and it may change significantly. The cap and buffer apply only to someone who holds for the full period. Buying or selling partway through can mean a smaller buffer, less upside, or both. The fund is non-diversified. It also depends on the Options Clearing Corporation, which guarantees the options.
What it really costs
- DECW 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 |
|---|---|---|---|---|
| DECW | $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 stock market's upside in exchange for a cushion against the first 20% of losses in SPY, the S&P 500 ETF it tracks, in each outcome period.
DECW launched on November 30, 2022. It has no record in the 2008, 2020 or 2022 sell-offs, and its 20% buffer has not been tested in a deep bear market. Its weakest calendar year was 2024, a gain of 8.61%. Its deepest drop was 8.8%, from February 19 to April 8, 2025, and it recovered by June 24, 2025, about 2.5 months later. For someone who may need to sell in a bad year, note that the buffer only fully applies at the end of the period, not on any given day. The fund paid no income in the year to October 27, 2026, so withdrawals would come from selling shares. Under the SEC's standard example, its 0.74% expense ratio costs about $76 in the first year on $10,000. 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 exposure with a 20% loss cushion and accept gains capped at 10.52% after fees for the period ending November 30, 2026.
- Cost-conscious buyers of buffer funds: its 0.74% expense ratio was the lowest of eight funds compared, against a 0.86% peer average.
- Holders able to buy near December 1 and hold through November 30, when the buffer and cap work as designed.
Look elsewhere if
- Income seekers: the fund receives no SPY dividends and paid nothing in the year to October 27, 2026.
- Investors wanting full stock-market gains: DECW's three-year return of 13.6% a year ranked last of eight buffer funds as of October 27, 2026.
- Anyone wanting protection beyond a 20% fall or a long track record: it launched in November 2022 and held about $227 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DECW this fund | 0.74% | $226.8M | +10.1% | +13.6% |
| 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 DECW pay dividends?
No. DECW holds options on SPY rather than SPY shares, so it does not receive the dividends SPY pays. Its return tracks only SPY's share price. Its trailing yield was 0% as of October 27, 2026, with no payouts in the prior year. Investors who need regular income from this part of a portfolio would have to sell shares, or look at funds that pass dividends through.
How does the DECW 20% buffer work?
The buffer absorbs the first 20% of SPY's price decline over a full outcome period, which runs from December 1 to November 30. After the 0.74% fee, it is 19.26%. If SPY falls more than that over the period, a full-period holder bears the losses beyond the buffer, plus fees. The fund builds the buffer from a bought put at $683.46 and a sold put at $546.71, both expiring November 30, 2026.
What's the difference between DECW and PDEC?
Both are buffer ETFs on U.S. large-cap stocks that reset each December. DECW, from Allianz Investment Management, charges 0.74% a year, and Innovator's PDEC charges 0.79%. PDEC is much larger: about $984 million in net assets against about $227 million for DECW, as of July 31, 2026. As of October 27, 2026, PDEC returned 11.6% over one year and 14.9% a year over three years, ahead of DECW's 10.1% and 13.6%. Their buffer and cap terms differ, so the prospectuses are worth comparing.
Can you lose money in DECW?
Yes. The buffer covers only the first 20% of SPY's losses over a full outcome period, or 19.26% after fees. Deeper declines pass through, and the prospectus warns that a shareholder could lose their entire investment. Its largest drop since its November 2022 launch was 8.8%, between February 19 and April 8, 2025. The fund also relies on the Options Clearing Corporation to honor its FLEX options.
What happens if you buy DECW in the middle of the outcome period?
Your results will likely differ from the stated cap and buffer, which apply only from December 1 to November 30. If SPY has risen since the period began, less upside may remain under the cap, and you could lose money before the buffer starts working. If SPY has fallen, part of the buffer may already be used up. A new cap is set each December based on market conditions. It may differ significantly from the 11.26% gross cap set for the period ending November 30, 2026.