AllianzIM U.S. Equity Buffer20 Apr ETF

Frequently Asked Questions About APRW

What does APRW invest in?

APRW uses options to moderate losses on shares of SPDR S&P 500 ETF Trust (ticker: SPY) over a one-year period, starting in April. In exchange for preventing realization of the first 20% of losses, the fund forgoes some upside return and the dividend component of SPY, as the options are written on the price (not total) return version of the shares. Should the shares of SPY decline greater than 20%, investors participate in the downside performance on a $1 for $1 basis. The upside cap resets annually based on SPY's closing price on the business day prior to the outcome period begins. Even if shares are held for the entire outcome period, the intended results may differ. The issuer publishes the interim levels for the cap and downside buffer daily on its website. The targeted cap and buffer dont include the fund's expense ratio. The actively managed fund uses FLEX options on SPY shares exclusively. Before October 31, 2022, the fund traded under the ticker AZBA. Prior to Dec. 22, 2025, the fund was called AllianzIM U.S. Large Cap Buffer20 Apr ETF.

What is the expense ratio of APRW?

AllianzIM U.S. Equity Buffer20 Apr ETF (APRW) charges an expense ratio of 0.74%. This is the annual fee deducted from fund assets to cover management and operations.

How big is APRW?

AllianzIM U.S. Equity Buffer20 Apr ETF (APRW) manages $202.2M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is APRW actively managed or an index fund?

APRW is actively managed — the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (APRW's is 0.74%) in exchange for the discretion to over- or under-weight positions.

When was APRW launched?

AllianzIM U.S. Equity Buffer20 Apr ETF (APRW) launched in May 2020 and is managed by AllianzIM.

How has APRW performed?

APRW's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.