At a glance
MARW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $87.1M in assets, the 8th largest of that group. Over the past year it returned +9.5% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +12.5% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Mar ETF (MARW) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over a one-year period that starts each March 1, it aims to match SPY's price return, with a buffer against the first 20% of losses and a cap on gains. Its 0.74% fee is below the 0.86% average of similar buffer funds. With $87.1 million in net assets as of July 31, 2026, it is also the smallest of them.
Price history
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MARW +9.5% 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 | |
|---|---|---|---|---|---|---|
| MARW official prospectus, to Dec 31, 2025 | — | +10.35% | — | — | — | +11.82% |
| MARW price data to Oct 27, 2026 | +7.9% | +9.5% | +12.5% | — | — | +11.6% |
- Over the year to Oct 27, 2026, MARW returned +9.5%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.6%); its best was 2024 (+11.1%).
- The deepest fall in its price history was 7.6% (Feb 28, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.9% | — |
| 2025 | +10.6% | +10.35% |
| 2024 | +11.1% | +11.37% |
| 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 |
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 $897K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.55%, +0.06%, +0.60%.
How it works
MARW doesn't own stocks. It holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates, on SPY. SPY holds the S&P 500 companies, weighted by market value. As of July 31, 2026, the fund held four options, all expiring February 26, 2027. A call with a very low strike (5.14), worth about 104% of assets, moves almost one-for-one with SPY. A bought put at 686.06 and a sold put at 548.79 create the buffer. A sold call at 760.01 sets the cap. Portfolio turnover was 0%, because the options are held until the period ends and then replaced.
The outcome period runs from March 1, 2026 to February 28, 2027. The buffer is 20% before fees, or 19.26% after the 0.74% fee. The cap is set the day before each period starts and depends on market volatility and interest rates. It changes every year. The prospectus filed February 27, 2026 leaves the cap rate blank. The fund tracks SPY's price only, so it gets no dividends.
These outcomes apply only to shares bought at the start of the period and held to the end. If you buy partway through, you may have less buffer or less room to the cap. Losses beyond 20% pass through in full. The Options Clearing Corporation guarantees the options, so the fund depends on it paying out. The fund is also classified as non-diversified.
What it really costs
- MARW 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 |
|---|---|---|---|---|
| MARW | $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 trades some stock-market upside for a 20% buffer and has had much smaller swings than the S&P 500, though it pays no income.
MARW launched in February 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 7.6%, from February 28 to April 8, 2025. It recovered by May 13, 2025, about a month later. It has had no losing calendar year so far: it returned 11.37% in 2024 and 10.35% in 2025. One-year volatility was 4.2% as of October 27, 2026. Smaller swings can mean less pressure to sell at a loss. But the buffer works only over the full period, so selling mid-period after a fall may not capture it. The fund pays no distributions, so any cash must come from selling shares. On $10,000, costs come to $76 in year one. 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 20% buffer and can buy near March 1 and hold through February.
- Buffer-fund shoppers focused on cost: 0.74% expense ratio versus a 0.86% average for the seven similar buffer ETFs compared.
- Retirees who want smaller swings: 4.2% one-year volatility and a deepest drop of 7.6% through October 27, 2026.
Look elsewhere if
- Investors who need income: MARW has paid no distributions and doesn't receive SPY's dividends.
- Investors who want full stock-market gains: returns above the annual cap are lost, and its three-year return ranked last of eight similar funds.
- Investors who prefer larger funds or trade at random times: MARW had $87.1 million in assets, and buying mid-period changes the buffer and cap you get.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MARW this fund | 0.74% | $87.1M | +9.5% | +12.5% |
| 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 MARW pay dividends?
No. No distributions have been recorded for MARW. The fund holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares, so it gets none of SPY's dividends. Its target return is SPY's price change only. That means its results can trail the S&P 500's total return even when the cap isn't reached. Anyone who wants cash from it would have to sell shares.
How does the MARW 20% buffer work?
The buffer covers the first 20% of SPY's price losses over a one-year outcome period, which runs from March 1, 2026 to February 28, 2027. After the 0.74% fee, it is 19.26%. If SPY falls 15% over the full period, the fund aims to lose little or nothing. If SPY falls 30%, the fund takes roughly the losses beyond 20%. The buffer isn't guaranteed and works fully only for shares held for the whole period.
What happens if I buy MARW in the middle of the outcome period?
Your results may differ a lot from what the fund advertises. If SPY has already risen, there is less room left before the cap, and you may lose money before the buffer starts to apply. If SPY has already fallen, part of the buffer may already be used up. The prospectus warns that buyers or sellers during the period will not get the stated outcome. A new cap and buffer reset each March 1.
MARW vs BUFD: what's the difference?
Both are buffer ETFs, but they are built differently. MARW runs one outcome period that resets each March 1. FT Vest Laddered Deep Buffer ETF (BUFD) is laddered: it spreads its money across buffer positions that reset at different times, so it is less tied to a single start date. MARW costs 0.74% versus BUFD's 0.95%. As of October 27, 2026, both returned 9.5% over one year. Over three years, BUFD returned 13.9% a year and MARW 12.5%. BUFD is also much larger.
What is MARW's expense ratio and how has it performed?
MARW's expense ratio is 0.74%, the lowest of the eight buffer funds compared, where the average is 0.86%. On a $10,000 investment, the SEC's standard example puts costs at $76 after one year and $918 after ten. Its official one-year return was 10.35% as of December 31, 2025, and 11.82% a year since its February 2023 launch. Its three-year market-price return was 12.5% a year as of October 27, 2026, last among the eight funds.