BMAY vs SIXJ

BMAYCInnovator U.S. Equity Buffer ETF

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

In short

BMAY Innovator's May-dated buffer fund: it shadows the S&P 500 up to a preset cap and absorbs the first 9% of losses over a one-year outcome period that resets each May 1. The shallow buffer is what buys the higher cap.

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

BMAY 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

• BMAY The contract is spelled out up front: first 9% of S&P 500 losses absorbed, gains capped, over a defined period ending April 30. You know the shape of the outcome before you own it.
• 0.79% a year, right at the median for its buffer cohort. Options-built defense costs more than plain index beta, but you aren't paying above the going rate for it.
• Live since 2020, with several full outcome periods behind it rather than a launch-week track record.
• Lands in the upper half of a crowded cohort of 50-plus shallow S&P 500 buffer funds.

• 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

• BMAY The 9% buffer and the cap belong to the full outcome period. Buy mid-period and you inherit whatever protection and upside are left, not the headline terms.
• Thinly traded next to the S&P 500 giants, so spreads can be wider and limit orders earn their keep.
• Innovator's laddered sibling BUFB spreads across start months and carries a 0.10% expense ratio, a cheaper route for anyone who doesn't want a single calendar slot.

• 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 BMAY profile⁠

Full SIXJ profile⁠