At a glance
FEBT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $159.1M in assets, the 8th largest of that group. Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +18.8% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Feb ETF (FEBT) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return over a year running from February 1 to January 31, up to a cap, while absorbing the first 10% of losses. Its 0.74% expense ratio was the lowest in a group of eight buffer funds. With $159 million in net assets as of July 31, 2026, it was also the smallest.
Price history
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FEBT +13.1% 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 | |
|---|---|---|---|---|---|---|
| FEBT official prospectus, to Dec 31, 2025 | — | +12.66% | — | — | — | +15.72% |
| FEBT price data to Oct 27, 2026 | +11.6% | +13.1% | +18.8% | — | — | +15.1% |
- Over the year to Oct 27, 2026, FEBT returned +13.1%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.7%); its best was 2024 (+17.3%).
- The deepest fall in its price history was 13.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.6% | — |
| 2025 | +12.7% | +12.66% |
| 2024 | +17.3% | +17.52% |
| 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 | $0.1000 |
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 $50.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.72%, -0.16%, +0.58%.
How it works
FEBT does not own stocks directly. Instead, it puts substantially all of its assets into FLEX options on SPY. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. SPY is a unit investment trust that tracks the S&P 500, which had 503 securities from 500 companies as of January 31, 2026. As of July 31, 2026, FEBT held four options, all expiring January 29, 2027. The first was a deep in-the-money call (strike 5.12) that behaves much like owning SPY. The second and third were a bought put at 691.90 and a sold put at 622.77, which together create the buffer. The fourth was a sold call at 799.02, which sets the cap.
For the outcome period from February 1, 2026 to January 31, 2027, the cap is 15.47% before fees, or 14.73% after the 0.74% fee. The buffer is 10%, or 9.26% after fees. Any SPY losses beyond the buffer pass through in full. The fund gets none of SPY's dividends, so it earns price returns only. A new cap is set each year based on volatility and interest rates, and it is likely to change.
These outcomes apply only to shares held for the full period. If you buy or sell partway through, your results can differ sharply. The fund is non-diversified, and it relies on the Options Clearing Corporation to make good on its options.
What it really costs
- FEBT 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 |
|---|---|---|---|---|
| FEBT | $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
FEBT trades some stock-market upside for a buffer against the first 10% of yearly SPY losses and lower volatility.
FEBT could provide stock exposure with smaller swings. As of October 27, 2026, its one-year volatility was 7.7% and its beta was 0.59. The fund launched in January 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its weakest calendar year, 2025, still returned 12.66%. Its deepest drop was 13.2%, from February 19 to April 8, 2025, which is more than the 10% buffer. That happened because the buffer applies only at the end of the outcome period. The fund recovered by June 24, 2025, about 2.5 months later. Anyone who has to sell during a slump may not get the buffer's full protection. FEBT paid no income in the past year. In the SEC's standard $10,000 example, costs come to $76 after one year and $918 after 10 years. Past results don't predict future ones, 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 the first 10% of losses buffered each period and can hold from February 1 to January 31.
- Cost-conscious buffer-fund buyers: FEBT's 0.74% expense ratio compares with a 0.86% average among seven similar defined-outcome funds.
- Retirees willing to give up gains above the cap (14.73% after fees for the period ending January 31, 2027) in exchange for smaller swings.
Look elsewhere if
- Income seekers: FEBT paid no distributions in the past year and does not receive the dividends SPY pays.
- Investors likely to buy or sell partway through a period, when results can differ sharply from the stated cap and buffer.
- Those who want a long track record or crash protection: losses beyond 10% pass through in full, and there's no 2008, 2020 or 2022 history.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FEBT this fund | 0.74% | $159.1M | +13.1% | +18.8% |
| 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
How does the FEBT buffer ETF work?
FEBT uses options to reshape a year of S&P 500 price returns. It holds FLEX Options, which are customized exchange-traded options, on the SPDR S&P 500 ETF Trust (SPY). For the outcome period from February 1, 2026 to January 31, 2027, it aims to absorb the first 10% of SPY's price losses and track gains up to a 15.47% cap. After its 0.74% fee, those become a 9.26% buffer and a 14.73% cap. Losses beyond the buffer pass through.
Can you lose money in a buffer ETF like FEBT?
Yes. The buffer covers only the first 10% of SPY's price losses, and only for investors who hold from the start to the end of an outcome period. Losses beyond that pass through, and the prospectus warns that a shareholder could lose their entire investment. Prices can also fall further partway through a period: FEBT dropped 13.2% from its February 19, 2025 peak to its April 8, 2025 low, then recovered by June 24, 2025.
Does FEBT pay dividends?
No. FEBT made no distributions in the year to October 27, 2026, and its trailing yield was 0%. The fund owns options on SPY rather than SPY shares, and its prospectus states it will not receive or benefit from SPY's dividends. Its cap and buffer apply only to SPY's share price, so investors give up the dividend portion of S&P 500 returns. It may not suit retirees who need a fund to pay regular income.
FEBT vs FFEB: what's the difference?
The main differences are issuer, cost and size. Both are U.S. stock buffer funds built around a February outcome period. FEBT, from Allianz Investment Management, charges 0.74% a year. FT Vest's FFEB charges 0.85%. As of October 27, 2026, FEBT returned 13.1% over one year and 18.8% a year over three years, versus 12.9% and 18.6% for FFEB. FFEB held about $1.4 billion in net assets at August 31, 2026, versus $159 million for FEBT at July 31, 2026. Their caps and buffers are worth comparing.
Is FEBT good for retirement?
It may suit retirees who want S&P 500 exposure with a cushion against moderate yearly losses and who can accept capped gains. It was the cheapest of eight buffer funds compared, at 0.74% a year versus a 0.86% peer average. In the SEC's standard example, that comes to $76 in the first year on $10,000. The trade-offs: gains above the cap are given up, losses past the 10% buffer pass through, it pays no income, and investors who enter mid-period get different protection.