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Data as of Nov 4, 2026.

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Buffer ETFs

FAPR vs SIXZ: Cap, Buffer & Days Left

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As of Nov 4, 2026 FAPR can fall 6.7% before its buffer engages and SIXZ 1.2%, and FAPR resets 14 days sooner.

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Net assets on Nov 3, 2026: $1.3bn for FT Vest U.S. Equity Buffer ETF - April and $64m for AllianzIM U.S. Equity Buffer10 ETF - May.

FAPR on its own →SIXZ on its own →
At a glance
6.7%
FAPR can fall this far before its buffer
1.2%
SIXZ can fall this far before its buffer
7.5%
FAPR can still gain
7.0%
SIXZ can still gain
FAPR Between buffer and cap
Between buffer and capFAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+8% gain captured+7.2% more to the cap−10.0% floor0% period start+15.2% capTODAY · SPY +8.0%Between buffer and capFAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.10 pts+8%−10.0% floor0% start+15.2% cap+7.2% more to the capTODAY · SPY +8.0%

FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.

FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.
SIXZ Between buffer and cap
Between buffer and capSIXZ: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +8.3%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+6.9% more to the cap−10.0% floor0% period start+8.3% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capSIXZ: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +8.3%; Between buffer and cap. Data to Nov 4, 2026.10 pts−10.0% floor0% start+8.3% cap+1.5% gain captured+6.9% more to the capTODAY · SPY +1.5%

SIXZ: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +8.3%; Between buffer and cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

SIXZ costs 0.11 points a year less; their one-year returns differ by 1.1 points; FAPR is far larger, $1.3bn against $64m.

Points (pts) are percentage points.

FAPR vs SIXZ: Cap, Buffer & Days Left
MeasureFAPRSIXZ
Return
Total return, 1 year+10.3%+11.4%
Drawdown
Index fall to the buffer7.4%1.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.74%
Net assets, as of Nov 3, 2026$1.3bn$64m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · FAPR and SIXZ score the same If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score38.7FAPR38.7SIXZ

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: FAPR vs SIXZ: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowFAPRSIXZFAPRSIXZ
3 months+1.1%+2.3%+1.5 pts+2.7 pts
6 months+4.6%+4.7%+0.1 pts+0.2 pts
1 year+10.3%+11.4%−3.3 pts−2.1 pts
3 years+47.3%–−29.1 pts–
Since launchNot the same days: FAPR Apr 2021 · SIXZ May 2024+60.4%+30.2%−24.3 pts−23.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

FAPR FT Vest U.S. Equity Buffer ETF - April · Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027 SIXZ AllianzIM U.S. Equity Buffer10 ETF - May · Absorbs the first 10% of loss on SPY and caps the gain at 8.3%, over a period ending Apr 30, 2027
Issuer First Trust AllianzIM
Reference index SPY SPY
Buffer 10% 10%
Outcome period Apr 20, 2026 to Apr 16, 2027 Nov 1, 2026 to Apr 30, 2027
Days left 163 177
Starting cap +15.2% +8.3%
Can still gain 7.5% 7.0%
Fall before buffer 6.7% 1.2%
Protection left, index points 10.0% of 10.0% 10.0% of 10.0%
Index return this period +8.0% +1.5%
Fund return this period +6.3% +0.9%
State today Open Open
Expense ratio 0.85% 0.74%
Net assets, as of Nov 3, 2026 $1.3bn $64m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

FAPR resets first, on Apr 16, 2027, 163 days from now; SIXZ runs to Apr 30, 2027, 177 days. FAPR can still gain 7.5% before its cap, SIXZ 7.0%. A fall from here reaches FAPR’s buffer after 6.7% and SIXZ’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
FAPR

From its price on Nov 4, 2026, the fund can gain about 7.5% more before it reaches its cap. The fund's price can fall 6.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

SIXZ

From its price on Nov 4, 2026, the fund can gain about 7.0% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, FAPR or SIXZ?
From their prices on Nov 4, 2026, FAPR can gain about 7.5% before its cap and SIXZ about 7.0%, so FAPR has more room left this period.
Which resets first, FAPR or SIXZ?
FAPR ends its outcome period on Apr 16, 2027 and SIXZ on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, FAPR or SIXZ?
FAPR charges 0.85% a year and SIXZ charges 0.74%, so SIXZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
FAPR vs ZMAYFAPR vs CPSMFAPR vs DDFYFAPR vs XAPRSIXZ vs GOCTSIXZ vs NVBWSIXZ vs NOVPSIXZ vs CPSN
Where to next
State Street® SPDR® S&P 500® ETF Trust →FAPR on its own →SIXZ on its own →Method →Standards and sources →
Sources and dates
FAPR filings on SEC EDGAR ↗
First Trust page for FAPR ↗
SIXZ filings on SEC EDGAR ↗
AllianzIM page for SIXZ ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FAPR against SIXZ, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fapr-vs-sixz

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.