BMAR vs SIXJ

BMARCInnovator U.S. Equity Buffer ETF

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

In short

BMAR The March vintage of Innovator's buffer lineup: it tracks SPY up to a cap set each March 1, and absorbs the first 9% of losses over the 12 months that follow. Running since 2020.

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

BMAR The fund seeks to track SPY's return up to a predetermined cap while protecting against the first 9% of losses during the outcome 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

• BMAR The 9% cushion is written into the fund's terms, not left to a manager's judgment, and it resets with a fresh cap every March 1.innovatoretfs.com
• At 0.79%, the fee sits right at the median for its shallow-buffer peer group. The March calendar slot costs no premium.
• The reference asset is SPY itself, so the exposure underneath is plain US large-cap, with no bespoke index to decode.innovatoretfs.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

• BMAR Protection runs 9% deep and no further. Losses past that come through in full, and gains stop at the cap.
• Terms are set for the full outcome period. Enter mid-period and your real cushion and remaining upside differ from the headline numbers.innovatoretfs.com
• Laddered rivals cost less: BUFB spreads buffer exposure across vintages for 0.10%, a fraction of BMAR's 0.79%.

• 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 BMAR profile⁠

Full SIXJ profile⁠