FEBT ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The Allianz IM US Buffer10 February ETF (FEBT) is a buffer product that tracks large-cap equity gains up to a preset cap while cushioning the first tier of losses. Its key selection criteria are the 12-month outcome period starting in February, the options-based defined outcome structure, and its distribution and outlook characteristics.
SubscribeWhat Is the Allianz IM US Buffer10 February ETF?
This is a defined outcome ETF that follows the price movement of an underlying US large-cap index up to a preset upper limit (cap), while using options to cushion the first tier of losses over the outcome period. It has a 12-month outcome period that begins in February.
It suits risk-management-oriented investors who want equity exposure but also want to limit downside volatility to a certain degree.
It is an actively managed ETF run by Allianz IM.
How Does the Allianz IM US Buffer10 February ETF Invest?
| Item | Details |
|---|---|
| Underlying index | Linked to a US large-cap underlying ETF |
| Management style | Active (options-based buffer strategy) |
| Rebalancing cycle | Per outcome period (reset once a year) |
| Distribution cycle | Limited distributions |
| Issuer | Allianz IM |
| Total expense ratio | 0.74% |
The fund replicates the price movement of a US large-cap underlying ETF through a combination of options. It is designed so that investors participate in gains up to a predetermined cap, while the first tier of losses is cushioned over the outcome period. The cap and buffer levels are reset at the start of each outcome period and are applied after fees are deducted.
- A buffer structure with a predefined downside cushion tier
- A 12-month outcome period starting in February allows for timing diversification
Allianz IM US Buffer10 February ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $100.8M, and the total expense ratio is 0.74% per year.
The buffer and cap are reset at the start of the outcome period, so buying midway through the period may result in a different remaining buffer and cap.
Allianz IM US Buffer10 February ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeWhen the underlying index rises, the fund follows its performance up to the cap, but gains above the cap are not reflected in returns, which is a structural characteristic. When markets fall, losses tend to be limited within the buffer tier.
As market volatility rises and demand for downside protection grows, inflows into the defined outcome category as a whole tend to increase. Conversely, in a strong bull market, the cap constraint can weaken the fund's relative appeal.
Allianz IM US Buffer10 February ETF Pros and Cons
The downside buffer structure is its strength, but the upside cap and the shifting remaining buffer for entry midway through the outcome period are drawbacks.
💪 Key Strengths
⚠️ Points to Watch
Allianz IM US Buffer10 February ETF Alternative ETFs and Related Products
Some of the comparison ETFs shown in the table are similar in nature, either as buffer products in the same defined outcome (downside protection) family or because they manage volatility through an options collar strategy. By contrast, large-cap strategies focused on stock selection, trend following, or share buybacks differ in that they pursue active performance rather than defense. You can also consider looking at other monthly-start products in the same Allianz IM buffer series to diversify the start dates of your outcome periods.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 MOAT | VanEck Morningstar Wide Moat ETF | $117.99 | +3.4% | $11.9B | 0.46% | 1.19% | +17.5% |
 BALT | Innovator Defined Wealth Shield ETF | $35.10 | +0.4% | $3.2B | 0.69% | - | +6.4% |
 PTLC | Pacer Trendpilot US Large Cap ETF | $59.85 | +1.6% | $3.2B | 0.60% | 0.99% | +7.8% |
 ACIO | Aptus Collared Investment Opportunity ETF | $46.69 | +0.8% | $2.3B | 0.79% | 0.39% | +6.7% |
 PKW | Invesco BuyBack Achievers ETF | $153.02 | +1.8% | $1.7B | 0.63% | 0.63% | +18.9% |
Allianz IM US Buffer10 February ETF Investor Checkpoints
Here are the points to check before investing in FEBT. Because a buffer ETF has a different payoff structure from a standard index ETF, it is important to understand the cap, buffer, and outcome period in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 🛡️ Buffer tier | Confirm the range of the cushioned downside tier | Applied on an outcome period basis |
| 🧢 Upside cap | Understand the structure of participating only up to the limit | Reset at the start of each period |
| 📅 Outcome period | Entry timing relative to the 12-month period starting in February | Varies if entering midway |
| 💵 Expense ratio | Check the management fee for the options strategy | Annual fee applies |
The buffer cushions only the first tier of losses, and declines beyond that as well as gains above the cap are not reflected. If you enter midway through the outcome period, the remaining buffer and cap may differ from what you intended, so a misunderstanding of the payoff structure is the main risk.
It can be considered as one option for investors who want to limit downside volatility while maintaining equity exposure. However, it is advisable to fully understand the upside cap and outcome period structure before deciding when to enter.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 25, 2026.
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