JULT vs SIXJ

JULTBAllianzIM U.S. Equity Buffer10 Jul ETF

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

In short

JULT A 10% cushion on an S&P 500 tracker, reset every July 1. JULT trades unlimited upside for a defined buffer across each 12-month window, and it has been running that trade since 2020 at a fee below the shallow-buffer norm.

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

JULT The Fund seeks to match the SPDR S&P 500 ETF Trust’s share-price returns at the end of the Outcome Period, subject to an upside Cap, while buffering the first 10% of losses in that underlying ETF.

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

• JULT The deal is written down in advance: match the S&P 500 tracker's share-price return to June 30, absorb the first 10% of its losses, and give up upside above a cap.
• 0.74% a year prices under the median fund in its shallow-buffer group and under 0.79% July rivals such as BJUL.
• Live since June 2020, so it has already rolled through multiple full July-to-June outcome periods instead of asking you to trust a fresh launch.
• Measured against dozens of dated shallow-buffer funds on the same reference, it lands among the stronger implementations in the group.

• 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

• JULT The cap is what pays for the cushion. Upside is capped, and the new level is struck from option pricing each July 1, so it differs from period to period.
• Protection stops at 10%: losses beyond that pass through. The reference is share-price return, so tracker dividends are not part of the payoff.
• Trading is thin next to the largest buffer ETFs, so bid-ask spreads weigh more, and buying mid-period means different terms than the stated cap and buffer.

• 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 JULT profile⁠

Full SIXJ profile⁠