APRW ETF — Holdings & Analysis

The AllianzIM U.S. Equity Buffer20 Apr ETF (APRW) is designed to mirror the returns of the SPDR S&P 500 ETF Trust, up to a capped amount, while buffering against the first 20% of losses.

With $0.17 billion in assets under management, APRW offers a unique risk-managed approach to equity investing. However, its expense ratio of 0.74% is higher than category averages. The fund's strategy focuses on providing downside protection with a defined outcome, making it distinct from traditional index-tracking ETFs.

AllianzIM U.S. Equity Buffer20 Apr ETF (APRW) ETF — Price, Holdings & Analysis

The AllianzIM U.S. Equity Buffer20 Apr ETF (APRW) is designed to mirror the returns of the SPDR S&P 500 ETF Trust, up to a capped amount, while buffering against the first 20% of losses. With $0.17 billion in assets under management, APRW offers a unique risk-managed approach to equity investing. However, its expense ratio of 0.74% is higher than category averages. The fund's strategy focuses on providing downside protection with a defined outcome, making it distinct from traditional index-tracking ETFs.

ETF Overview

The fund seeks to match, at the end of the outcome period, the share price returns of the SPDR S&P 500 ETF Trust (the underlying ETF), up to a specified upside cap, while providing a buffer against the first 20% of underlying ETF losses. The cap and the buffer will be reduced after taking into account management fees and other fund fees and expenses.

APRW aims to replicate the performance of the SPDR S&P 500 ETF Trust (SPY) while providing a buffer against the first 20% of potential losses. This is achieved through a defined outcome strategy, where the fund seeks to match SPY's returns up to a specified upside cap at the end of its outcome period. The fund's top sector allocations include Technology (34.1%), Financial Services (12.2%), and Communication Services (10.6%), reflecting the composition of the S&P 500. APRW is designed for investors seeking equity exposure with a degree of downside protection. Unlike traditional ETFs that simply track an index, APRW actively manages its exposure to provide a buffered return profile. The fund's holdings are concentrated in a small number of securities (5), primarily to facilitate its options-based strategy.

Risk Metrics

APRW carries several risks inherent to its strategy. Its expense ratio of 0.74% can create a drag on performance, especially compared to passively managed S&P 500 ETFs with lower fees. The fund's beta of 0.41 indicates lower volatility compared to the broader market, but the capped upside participation limits potential gains during strong market rallies. Sector concentration, particularly in Technology (34.1%), exposes the fund to sector-specific risks. The defined outcome strategy may not fully protect against losses exceeding 20%, and the buffer is reduced by fees and expenses. Investors should also be aware of the potential for tracking error relative to the SPDR S&P 500 ETF Trust.

Expense Ratio

0.74%

How Is the Fund Allocated?

Sector	Weight
Technology	34.1%
Financial Services	12.2%
Communication Services	10.6%
Consumer Cyclical	10.0%
Healthcare	9.6%
Industrials	8.5%
Consumer Defensive	5.3%
Energy	3.4%
Utilities	2.5%
Real Estate	1.9%
Basic Materials	1.9%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

AllianzIM Buffer20 Allocation ETF (SPBW) (Equity) — 0.79% expense ratio
AllianzIM U.S. Equity Buffer10 May ETF (MAYT) (Equity) — 0.74% expense ratio
AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) (Equity) — 0.74% expense ratio
AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) (Equity) — 0.74% expense ratio
AllianzIM U.S. Equity 6 Month Buffer10 Feb/Aug ETF (SIXF) (Equity) — 0.74% expense ratio

Risk Metrics

Beta: 0.41

Questions & Answers

What is APRW and what does it track?

The AllianzIM U.S.

Equity Buffer20 Apr ETF (APRW) is an exchange-traded fund that aims to provide returns that match the SPDR S&P 500 ETF Trust (SPY) up to a certain cap, while also buffering investors against the first 20% of losses. This defined outcome strategy is designed to offer a balance between equity market participation and downside risk mitigation.

What is the expense ratio for APRW?

The expense ratio for APRW is 0.74%. This means that for every $10,000 invested in the fund, $74 is used to cover annual operating expenses.

While this provides a specific risk-managed approach, the expense ratio is higher than passively managed S&P 500 index funds, which often have expense ratios below 0.10%.

What are the top holdings in APRW?

As a defined outcome ETF, APRW's holdings consist primarily of derivative contracts and options designed to achieve its investment objective, rather than direct equity holdings. As of 2026-03-15, the fund holds 5 securities.

Is APRW a good long-term investment?

Whether APRW is a suitable long-term investment depends on an investor's individual risk tolerance and investment goals. The fund's defined outcome strategy, which provides a buffer against the first 20% of losses, may appeal to risk-averse investors.

However, the capped upside participation limits potential gains during strong market rallies.

How does APRW compare to similar ETFs?

APRW differentiates itself through its defined outcome strategy, offering a specific buffer against losses and a capped upside. Compared to traditional S&P 500 ETFs, APRW provides downside protection but sacrifices some potential gains.

Other buffered ETFs may offer different buffer levels or outcome periods.

Does APRW pay dividends?

According to the latest data, APRW does not currently pay dividends. The dividend yield is reported as 0.00%. This is primarily because the fund's strategy focuses on capital appreciation and defined outcome returns rather than income generation.

Investors seeking dividend income may want to consider alternative equity ETFs that prioritize dividend payouts.