BOCT vs SIXJ

BOCTBInnovator U.S. Equity Buffer ETF

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

In short

BOCT One of the original defined-outcome ETFs, listed October 1, 2018. It absorbs the first 9% of an S&P 500 drop over each one-year period starting October 1, and trades that safety net for a ceiling on the upside.

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

BOCT The Fund seeks to track SPY’s return up to a predetermined cap while buffering the first 9% of losses over the October 1, 2025 through September 30, 2026 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

• BOCT Class of 2018: the October series listed on October 1, 2018, in the first wave of defined-outcome ETFs. It has run through real drawdowns since.sec.gov
• Terms in writing, not hope: a 9% buffer on the reference ETF's losses plus a preset cap, both reset every October 1. Shares can be held through resets indefinitely.innovatoretfs.com
• The shallowest of Innovator's three SPY-linked tiers (9%, 15%, 30% buffers), so it surrenders the least upside in exchange for its cushion.innovatoretfs.com
• Part of a 12-month ladder (BJAN, BAPR, BJUL and the rest), so a 9% buffer period starts every month and you are not tied to one entry date.

• 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

• BOCT At 0.79% a year it sits at the buffer-fund median, and newer rivals undercut it: ZALT at 0.69%, PGIM's AUGP and JUNP at 0.50%.
• The 9% buffer is before fees and expenses and applies over the full October-to-September period. Buy mid-period and your actual cap and cushion differ from the headline terms.innovatoretfs.com
• Upside stops at the cap and index dividends do not pass through. It also trades lighter than the category's biggest names, so spreads can widen.innovatoretfs.com

• 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 BOCT profile⁠

Full SIXJ profile⁠