SEPZ vs SIXJ

SEPZDTrueShares Structured Outcome (September) ETF

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

In short

SEPZ The buffered fund that skips the cap. SEPZ aims to absorb the first 8% to 12% of S&P 500 price losses over a 12-month period starting each September, and leaves the upside open instead of selling it off for a ceiling.

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

SEPZ The fund seeks returns that track the S&P 500 Price Return Index while providing protection against the first 8% to 12% of losses over a twelve-month 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

• SEPZ No upside ceiling. Most buffered funds trade away gains above a set cap; SEPZ keeps the upside open and pays for its cushion with less than full participation in a rally.true-shares.comtrue-shares.com 2
• The contract is spelled out: buffer the first 8% to 12% of S&P 500 Price Index losses over a twelve-month outcome period, with the adviser targeting 10%, then reset each September.true-shares.com
• An original. TrueShares launched the uncapped buffer format in 2020, and SEPZ has run its September-to-September series since that first year.true-shares.com
• The 0.79% expense ratio sits right at the median for shallow-buffer S&P 500 funds, so the uncapped design does not carry a premium price inside its 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

• SEPZ Uncapped is not one-for-one. Option costs mean the fund captures only part of an S&P 500 price move, and the reference is the price index, so dividends sit outside the math.true-shares.com
• The buffer is a target range, not a fixed figure, and it is measured over the full twelve months. Shares bought mid-period carry a different cushion and a different starting point.
• Thinly traded, so limit orders matter. Costs also vary widely here: laddered buffer peer BUFB charges 0.10%, versus 0.79% for this one.

• 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 SEPZ profile⁠

Full SIXJ profile⁠