SEPT vs SIXJ

SEPTBAllianzIM U.S. Equity Buffer10 Sep ETF

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

In short

SEPT The September link in AllianzIM's buffer chain: FLEX options on the SPDR S&P 500 ETF that absorb the first 10% of a year's losses in exchange for a capped upside, with terms reset every September 1. Priced below the buffer-fund median.

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

SEPT The actively managed ETF seeks to match the share-price return of the SPDR S&P 500 ETF Trust at the end of each one-year Outcome Period, subject to an upside Cap and a buffer against the first 10% of losses. It primarily uses FLEX Options referencing that 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

• SEPT Cheaper than the typical buffer fund at 0.74% a year against a 0.79% median for its shallow-buffer cohort, and it undercuts several rival dated buffers charging 0.79%.
• The deal is spelled out before you own it: a 10% buffer against losses in the reference ETF and a stated upside cap, both fixed for a one-year outcome period that restarts each September 1.
• Part of a full AllianzIM buffer lineup priced at the same 0.74%, including six-month siblings SIXZ, SIXD and SIXJ, so a September start date can be laddered with other reset calendars.
• Running since 2023 and rated among the stronger builds in a crowded 52-fund shallow-buffer field.

• 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

• SEPT Upside is capped, and both cap and buffer apply across the full outcome period. Buy mid-period and your actual protection and ceiling differ from the headline terms.
• It targets the share-price return of the SPDR S&P 500 ETF Trust, so index dividends are not passed along, and the fund has not been paying out income.
• A small, thinly traded fund next to the category's giants, so spreads can be wider and limit orders matter more.

• 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 SEPT profile⁠

Full SIXJ profile⁠