At a glance
FEBU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $50.3M in assets, the 8th largest of that group. Over the past year it returned +7.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to cushion the first 15% of SPY's price losses over a one-year outcome period that starts each February 1. Many buffer funds put a ceiling on gains. FEBU has no ceiling. Instead, SPY must first rise past a hurdle called the "spread" before the fund gains. Its 0.74% fee is the lowest among the eight buffer funds compared here.
Price history
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FEBU +7.5% 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 | |
|---|---|---|---|---|---|---|
| FEBU price data to Oct 27, 2026 | +8.9% | +7.5% | — | — | — | +11.3% |
- Over the year to Oct 27, 2026, FEBU returned +7.5%, 8th of 8 among similar funds.
- The deepest fall in its price history was 11.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.9% |
| 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 |
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 $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.16%, -1.24%, -0.26%.
How it works
FEBU does not own stocks directly. It puts almost 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 tracks the S&P 500, a market-weighted index of large US companies. As of July 31, 2026, the fund held three SPY options, all expiring January 29, 2027. About 98% of assets sat in a call with a very low strike price of 31.48, which moves much like SPY itself. The fund also bought a put at 718.26 and sold a put at 588.17. Together, the two puts create the buffer and set where the protection ends.
Each outcome period runs from February 1 to January 31. The spread is set just before the period starts, based on interest rates, market volatility and option prices. For February 1, 2026 to January 31, 2027, the spread is 3.80% before fees, or 4.54% after the 0.74% fee. The buffer is 15% before fees, or 14.26% after. The fund gains only after SPY's price rises by more than the spread. Above that point, gains have no cap.
These targets apply only to someone who holds for the whole period. Investors who get in or out partway through can see very different results. The fund does not receive SPY's dividends. The spread changes each year, and the change can be large.
What it really costs
- FEBU 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 |
|---|---|---|---|---|
| FEBU | $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 aims to cushion the first 15% of S&P 500 price losses each outcome period, and it gives up some upside in exchange.
FEBU launched on January 31, 2025, so it was not around for the 2008, 2020 or 2022 market drops, and it has no full calendar year of results. Its deepest drop was 11.7%, from February 19 to April 8, 2025. It recovered by June 27, 2025, about 2.6 months later. Over the year to October 27, 2026, its volatility was 10.2% and its beta was 0.79, meaning it moved less than the market. For someone who may need cash in a bad year, the buffer only fully applies at the end of the outcome period. Selling shares partway through a decline may not capture all of the protection. The fund has made no distributions, so it is not an income source. Fees cost about $76 in the first year and $918 over 10 years on $10,000, under the SEC's standard example. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US large-company stock exposure with a cushion against the first 15% of SPY price losses each February-to-January period.
- Holders willing to give up the first 3.80% of SPY's gain (before fees) in exchange for no ceiling on gains above that.
- Cost-conscious buyers of buffer funds: its 0.74% fee compares with a 0.86% average among similar buffer ETFs.
Look elsewhere if
- Retirees who need regular income: the fund has made no distributions and does not receive SPY's dividends.
- Investors who can't hold through a full outcome period. Getting in or out midway can change the buffer and spread a holder actually receives.
- Those who prefer larger, longer-running buffer funds: FEBU held about $50 million as of July 31, 2026, the smallest of eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FEBU this fund | 0.74% | $50.3M | +7.5% | — |
| 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 FEBU pay dividends?
No. The fund has made no distributions since it launched on January 31, 2025. It holds options on SPY, not SPY shares, so it does not receive the dividends SPY pays. That means FEBU's returns track SPY's price changes only. Over long periods, missing those dividends is a real cost compared with owning an S&P 500 fund directly. Investors who want income from this kind of holding would need to sell shares.
What does uncapped mean in FEBU?
It means FEBU has no upper limit on gains during an outcome period. Many buffer funds cap gains at a set level. FEBU uses a spread instead. SPY's price must first rise more than the spread before the fund gains anything. For February 1, 2026 to January 31, 2027, the spread is 3.80% before fees, or 4.54% after the 0.74% fee. Above that hurdle, there is no limit on gains.
What happens if you invest in FEBU in the middle of the outcome period?
Your results can differ a lot from the fund's stated targets. The 15% buffer and the spread are measured from the start of each outcome period on February 1. If SPY has already fallen when you invest, you may get less of the buffer or none of it. If SPY has already risen, you may face more downside before the buffer kicks in. The prospectus says returns match the targets only for shareholders who hold for the entire period.
FEBU vs FFEB: what's the difference?
Both are buffer ETFs tied to a February outcome period. FEBU charges 0.74%, and the FT Vest U.S. Equity Buffer Fund – February (FFEB) charges 0.85%. FFEB is far larger: about $1.42 billion in net assets as of August 31, 2026, compared with about $50 million for FEBU as of July 31, 2026. In the year to October 27, 2026, FFEB returned 12.9% and FEBU returned 7.5%. FEBU limits upside with a spread rather than a cap, so it is worth comparing the terms in each fund's prospectus.
Can you lose money in FEBU?
Yes. The buffer covers only the first 15% of SPY's price loss over a full outcome period, before fees. After the 0.74% fee, that drops to 14.26%. Losses beyond that pass through to shareholders, and the prospectus warns that a shareholder could lose their entire investment. The fund's deepest drop so far was 11.7%, from February 19 to April 8, 2025. The options are cleared through the Options Clearing Corporation, so the fund also depends on that organization meeting its obligations.