SIXZ vs ZALT

SIXZBAllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

SIXZ Most buffered ETFs lock you into a 12-month cycle. SIXZ runs six-month outcome periods, so the 10% downside buffer on the S&P 500 and the upside cap both reset every May and November.

ZALT The defined-outcome trade on a three-month clock: ZALT follows SPY up to a cap and buffers the first 10% of a decline, then resets both every quarter. Four fresh caps a year, at a fee under the shallow-buffer median.

Stated mandate

SIXZ The Fund uses recurring six-month Outcome Periods and resets its upside Cap at each period. For the May 1–October 31, 2026 period, the SEC disclosed an estimated pre-fee Cap range of 6.00%–9.00%.

ZALT The fund seeks to follow SPY's return up to a predetermined cap while providing a 10% downside buffer over each three-month outcome period. It may be held indefinitely, with the defined outcomes resetting at the end of each period.

Why people hold it

• SIXZ Six-month outcome periods: the 10% buffer and the upside cap reset each May 1 and November 1 instead of sitting fixed for a full year.
• At 0.74% a year, it charges less than the median fund in its shallow-buffer peer group.
• Easy to trade for a defined-outcome fund, among the cleanest in its cohort, which matters most when you step in or out between reset dates.
• Built as a registered 1940 Act fund tied to the SPDR S&P 500 ETF Trust, so you hold an ETF rather than a bank-issued structured note.

• ZALT Resets on a quarterly clock: a new cap is set the first day of each calendar quarter and the 10% buffer starts over. Can be held indefinitely, no rolling into a new ticker.sec.govcboe.com
• At 0.69% it undercuts the going rate for 10% buffer funds on the S&P 500, where peers like SIXZ, JULT and BJUN charge 0.74% to 0.79%.
• The cushion is built from FLEX options on SPY itself, so the thing you are hedged against is the same fund most investors already watch.sec.gov
• Sits among the stronger implementations in its shallow-buffer peer group on cost and ease of trading.

Worth knowing

• SIXZ The price of the buffer is a ceiling. Strong six-month runs get trimmed, and the new cap is only set when each period opens.
• Buffer and cap are measured from the start of each outcome period. Buy midway and your own protection and upside differ from the headline terms.
• 0.74% adds up next to plain index funds, and some buffer peers ask less (ZALT 0.69%, BUFB 0.10%). It also launched in 2024, so the record is short.

• ZALT Three months of upside buys a lower ceiling. Each quarter's cap is priced off three-month options, so it lands well below what a 12-month buffer fund can offer.sec.gov
• Buy mid-quarter and you inherit whatever cap and buffer are left, not the full 10%. The prospectus says so plainly.sec.gov
• The fee comes out of the cushion: with the 0.69% fee counted, the prospectus puts the net buffer at 9.82% per period. No distributions so far, so return shows up in price.sec.gov

Full SIXZ profile⁠

Full ZALT profile⁠