At a glance
FEBW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $197.6M in assets, the 8th largest of that group. Over the past year it returned +9.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.7% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Feb ETF (FEBW) holds options on the SPDR S&P 500 ETF Trust, aiming to absorb the first 20% of that fund's losses each February-to-January period in exchange for capped gains (9.84% after fees for the period ending January 31, 2027). Its 0.74% expense ratio is the lowest among eight buffer funds compared, though its one- and three-year returns ranked last as of October 27, 2026.
Price history
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FEBW +9.3% 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 | |
|---|---|---|---|---|---|---|
| FEBW official prospectus, to Dec 31, 2025 | — | +9.42% | — | — | — | +11.12% |
| FEBW price data to Oct 27, 2026 | +7.6% | +9.3% | +12.7% | — | — | +10.5% |
- Over the year to Oct 27, 2026, FEBW returned +9.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.6%); its best was 2024 (+11.4%).
- The deepest fall in its price history was 8.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +9.6% | +9.42% |
| 2024 | +11.4% | +11.41% |
| 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 | $0.0400 |
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 $75.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.62%, +0.04%, +0.60%.
How it works
FEBW does not own stocks directly. It puts substantially all of its assets into FLEX options that reference the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. As of January 31, 2026, that index held 503 securities from 500 companies. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. The Options Clearing Corporation guarantees that they settle.
As of July 31, 2026, the fund held four options expiring January 29, 2027. A call with a strike near zero ($5.19) mimics owning SPY. A purchased put at $692.04 and a sold put at $553.58 together form the 20% buffer. A sold call at $765.18 sets the cap. The cap is set the day before each outcome period starts and depends on volatility and interest rates. For February 1, 2026 to January 31, 2027, it is 10.58% before fees and 9.84% after the 0.74% fee. After the fee, the buffer is 19.26%. The cap resets every February and is likely to change.
These outcomes apply only to someone who holds for the full period. Investors who enter partway through face a different cap and buffer. The fund follows SPY's share price only and does not receive SPY's dividends. It is classified as non-diversified, and its portfolio turnover was 0%.
What it really costs
- FEBW 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 |
|---|---|---|---|---|
| FEBW | $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
Its options are built to cushion the first 20% of SPY's price losses each outcome period, and its one-year beta (how much it tends to move with the market) was 0.34 as of October 27, 2026.
FEBW could stand in for part of a US stock allocation, for investors who care more about a smaller loss in a bad year than about full upside. It launched January 31, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 8.8%, from February 19 to April 8, 2025. It recovered by June 12, 2025, about two months later. Even its weakest calendar year was a 9.42% gain, in 2025.
The buffer works in full only for those who hold from February to January. Someone who has to raise cash mid-period after a drop may get less protection. The fund paid no income in the year to October 27, 2026, so any withdrawals would mean redeeming shares. Its 0.74% fee is below the 0.86% peer average. 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 willing to give up SPY gains above a 9.84% after-fee cap (February 2026–January 2027) in exchange for a buffer against the first 20% of losses.
- Holders who can stay invested from February 1 to January 31, the only window where the stated cap and buffer apply in full.
- Cost-conscious buffer-fund shoppers: its 0.74% expense ratio is below the 0.86% average of seven similar buffer ETFs.
Look elsewhere if
- Income seekers: FEBW does not receive SPY's dividends and paid no distributions in the year to October 27, 2026.
- Investors wanting more upside: FEBW trailed all seven similar buffer funds over one and three years as of October 27, 2026.
- Those who want a long record. FEBW launched in January 2023, missed the 2008, 2020 and 2022 downturns, and held about $198 million on July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FEBW this fund | 0.74% | $197.6M | +9.3% | +12.7% |
| 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 FEBW pay dividends?
No. FEBW made no distributions in the year to October 27, 2026, and its trailing yield was 0%. The fund holds options on the SPDR S&P 500 ETF Trust (SPY) rather than the stocks themselves. Its prospectus says it does not receive or benefit from SPY's dividends. Its returns follow SPY's share price only, so investors who need regular cash would have to redeem shares or draw on other holdings.
How does the FEBW buffer work?
FEBW uses four FLEX options on SPY. A purchased put and a sold put absorb SPY's first 20% of price losses over the outcome period, and a sold call caps the gains. For February 1, 2026 to January 31, 2027, the cap is 10.58% before fees and 9.84% after the 0.74% fee. After fees, the buffer is 19.26%. If SPY falls more than 20%, the extra losses pass through to the fund, and the protection is not guaranteed.
What happens if I invest in FEBW partway through the outcome period?
Your results will likely differ from the stated cap and buffer, which apply only to someone who holds from February 1 to January 31. If you invest after SPY has risen, there is less room left before the cap. If you invest after SPY has fallen, the prospectus warns you may get less of the buffer, or none. Before they expire, the options can be valued differently from SPY, so mid-period returns may not track SPY closely.
FEBW vs FFEB: what's the difference?
Both are February-reset buffer ETFs that use options to cushion losses and cap gains, but their terms differ. Allianz's FEBW charges 0.74%, versus 0.85% for FT Vest's FFEB. FFEB is much larger: about $1.42 billion as of August 31, 2026, against about $198 million for FEBW as of July 31, 2026. As of October 27, 2026, FFEB returned 12.9% over one year and 18.6% a year over three, compared with 9.3% and 12.7% for FEBW.
What is FEBW's expense ratio?
FEBW's expense ratio is 0.74%, all of it a unitary management fee, according to the prospectus filed February 27, 2026. That is the lowest among similar buffer ETFs and below their 0.86% average. In the SEC's standard example, with $10,000 invested and a 5% annual return, costs would total about $76 after one year, $237 after three, $411 after five and $918 after ten. Brokerage costs and any extraordinary expenses are extra.