JANZ vs SIXJ

JANZDTrueShares Structured Outcome (January) ETF

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

In short

JANZ The buffer ETF that refuses to cap you. TrueShares pioneered the uncapped format in 2020: no ceiling on gains, just a partial share of the S&P 500's price move, with the first 8% to 12% of a calendar-year drop buffered.

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

JANZ The Fund seeks returns tracking the S&P 500 Price Return Index while buffering the first 8%–12% of index losses over a 12-month period. Its current period runs from January 1 through December 31, 2026.

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

• JANZ No cap, by design. Most buffer funds trade away a ceiling on gains; this series pioneered the uncapped format in 2020 and takes a partial slice of index upside instead.true-shares.com
• The buffer is the headline: it aims to absorb the first 8% to 12% of S&P 500 price losses (the adviser targets 10%) over the January to December period, then resets.true-shares.com
• Siblings start in other months (FEBZ, MARZ, JULZ and more), so the uncapped format can be spread across staggered start dates instead of one January entry point.

• 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

• JANZ 0.80% sits near the typical buffer-fund fee, though cheaper takes exist: AUGP and PQX charge 0.50%, ZALT 0.69%.
• Uncapped is not free. Upside arrives as a share of index gains, not all of them, and option pricing sets that share each period.true-shares.comtrue-shares.com 2
• The reference is the S&P 500 Price Return Index, so dividends sit outside the math. It is also a small fund that trades thinly, which can mean wider spreads.

• 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 JANZ profile⁠

Full SIXJ profile⁠