AllianzIM U.S. Equity Buffer10 Feb ETF
FEBT
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- AllianzIM U.S. Large Cap Buffer10 Feb ETF (FEBT) is an exchange-traded fund managed by Allianz Investment Management LLC (AllianzIM) that seeks to match, at the end of the specified Outcome Period, the share price returns of the SPDR S&P 500 ETF Trust (SPY) up to a predefined upside Cap, while providing a Buffer against the first 10% of SPY losses. Launched on January 31, 2023, and domiciled in the United States, the actively managed, non-diversified fund invests at least 80% of its net assets in instruments with economic characteristics similar to U.S. large-cap equity securities, primarily through FLEX Options referencing SPY performance and collateral holdings. The Outcome Period spans one year, typically from February 1 to January 31, with current values including Remaining Cap, Remaining Buffer, and Downside Before Buffer displayed for investor transparency. AllianzIM, a registered investment adviser and wholly owned subsidiary of Allianz Life Insurance Company of North America, operates from its headquarters in Minneapolis, Minnesota, as part of the Allianz Group, which traces its origins to 1890 in Munich, Germany. The firm targets retail and institutional investors seeking defined outcome strategies in the large-cap equity segment, benchmarking against the S&P 500 Price Index. FEBT trades on the NYSE Arca exchange with an expense ratio of 0.74% and assets under management approximating $96-99 million. In recent developments, AllianzIM expanded its Buffer ETF suite in March 2025 with the launch of the Buffer15 Uncapped Allocation ETF, a fund-of-funds investing in laddered AllianzIM U.S. Equity Buffer15 Uncapped ETFs to smooth market volatility and allow uncapped upside participation beyond a spread, complementing traditional capped strategies like FEBT. In June/July 2025, the firm introduced quarterly reset buffered ETFs, including the AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and AllianzIM U.S. Equity Buffer15 ETF (QBSF), to enhance risk management flexibility by refreshing upside potential and downside protection more frequently. These launches leverage AllianzIM's proprietary in-house hedging platform, managing over $155 billion in hedged assets as of late 2024, and align with ongoing ETF resets, such as FEBT's period from February 1, 2025, to January 31, 2026.