APRZ vs SIXJ

APRZDTrueShares Structured Outcome (April) ETF

SIXJBAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETF

In short

APRZ Most buffer ETFs cap your upside to pay for the cushion. APRZ skips the cap: options aim to mitigate the first 8% to 12% of S&P 500 price index losses over a 12-month period that resets each April, with no ceiling on gains.

SIXJ Most buffer ETFs lock you into a 12-month cycle. SIXJ runs a six-month one, resetting each January and July: it tracks SPY's share-price move, absorbs the first 10% of losses, and takes a fresh upside cap twice a year.

Stated mandate

APRZ The fund seeks exposure to the S&P 500 Price Index through options while mitigating the first 8% to 12% of index losses over the investment period.

SIXJ The Fund seeks to match the share-price return of SPDR S&P 500 ETF Trust over a six-month outcome period, subject to an upside cap and protection against the first 10% of losses.

Why people hold it

• APRZ No upside ceiling. The usual buffer bargain is inverted: a cushion against the first 8% to 12% of index losses, and whatever the upside delivers stays yours.true-shares.com
• The adviser targets a 10% buffer struck off the index reference price at each roll, built from options and sub-advised by options specialist SpiderRock.sec.gov
• A 1940 Act ETF, not a bank-issued note, so no issuer credit risk. TrueShares says it launched the first uncapped buffer ETFs, and APRZ has run since 2021.true-shares.com

• SIXJ The 10% buffer and the cap reset every January 1 and July 1, so terms refresh twice a year instead of on the usual annual clock.
• 0.74% expense ratio, on the lean side for a defined-outcome fund and below the typical fee among its shallow-buffer peers.
• The reference asset is SPY itself, the original S&P 500 ETF, so the payoff is keyed to a plain vanilla benchmark rather than a bespoke index.
• Rates among the stronger implementations in a crowded shallow-buffer field, alongside AllianzIM's other six-month siblings like SIXZ and SIXD.

Worth knowing

• APRZ The buffer is a range, not a fixed number: filings say the first 8% to 12% of losses, set at the roll. Buy mid-period and your cushion looks different.sec.gov
• The reference is the S&P 500 price index, so dividends sit outside the payoff. Fees run 0.79%, against 0.74% at April-reset rivals like APRT.
• It trades lightly next to the category's biggest buffer funds, so spreads can be wider.

• SIXJ Buffer and cap are designed to work over the full six-month period. Buy mid-period and you get whatever cushion and upside room remain at that moment.
• It tracks SPY's share-price return, so dividends aren't passed through and the fund isn't structured to pay income.
• Volume is light next to the largest buffer funds, so bid-ask spreads can run wider, especially in fast-moving markets.

Full APRZ profile⁠

Full SIXJ profile⁠