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Data as of Nov 4, 2026.

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Buffer ETFs

NVBW vs SIXZ: Cap, Buffer & Days Left

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As of Nov 4, 2026 NVBW can fall 1.4% before its buffer engages and SIXZ 1.2%, and SIXZ resets 184 days sooner.

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Net assets on Nov 3, 2026: $101m for AllianzIM U.S. Equity Buffer20 ETF - Nov and $64m for AllianzIM U.S. Equity Buffer10 ETF - May.

NVBW on its own →SIXZ on its own →
At a glance
1.4%
NVBW can fall this far before its buffer
1.2%
SIXZ can fall this far before its buffer
11.2%
NVBW can still gain
7.0%
SIXZ can still gain
NVBW Between buffer and cap
Between buffer and capNVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+11.2% more to the cap−20.0% floor0% period start+12.7% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capNVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.7% cap+1.5% gain captured+11.2% more to the capTODAY · SPY +1.5%

NVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

NVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; 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% to 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.

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.

Pair scorecard

Both cost 0.74% a year; their one-year returns differ by 0.2 points; NVBW is 1.6 times larger.

Points (pts) are percentage points.

NVBW vs SIXZ: Cap, Buffer & Days Left
MeasureNVBWSIXZ
Return
Total return, 1 year+11.2%+11.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.74%
Net assets, as of Nov 3, 2026$101m$64m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · NVBW scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score96.4NVBW38.7SIXZ

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: NVBW vs SIXZ: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowNVBWSIXZNVBWSIXZ
3 months+2.7%+2.3%+3.1 pts+2.7 pts
6 months+5.8%+4.7%+1.3 pts+0.2 pts
1 year+11.2%+11.4%−2.4 pts−2.1 pts
3 years+35.7%–−40.7 pts–
Since launchNot the same days: NVBW Nov 2022 · SIXZ May 2024+48.2%+30.2%−51.2 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

NVBW AllianzIM U.S. Equity Buffer20 ETF - Nov · Absorbs the first 20% of loss on SPY and caps the gain at 12.7%, over a period ending Oct 31, 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 AllianzIM AllianzIM
Reference index SPY SPY
Buffer 20% 10%
Outcome period Nov 1, 2026 to Oct 31, 2027 Nov 1, 2026 to Apr 30, 2027
Days left 361 177
Starting cap +12.7% +8.3%
Can still gain 11.2% 7.0%
Fall before buffer 1.4% 1.2%
Protection left, index points 20.0% of 20.0% 10.0% of 10.0%
Index return this period +1.5% +1.5%
Fund return this period +0.7% +0.9%
State today Open Open
Expense ratio 0.74% 0.74%
Net assets, as of Nov 3, 2026 $101m $64m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. SIXZ has 177 days of its period left and NVBW has 361, so the two are not the same bet on the same months.

Both are AllianzIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

SIXZ resets first, on Apr 30, 2027, 177 days from now; NVBW runs to Oct 31, 2027, 361 days. NVBW can still gain 11.2% before its cap, SIXZ 7.0%. A fall from here reaches NVBW’s buffer after 1.4% 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
NVBW

From its price on Nov 4, 2026, the fund can gain about 11.2% more before it reaches its cap. The fund's price can fall 1.4% 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. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 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. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 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, NVBW or SIXZ?
From their prices on Nov 4, 2026, NVBW can gain about 11.2% before its cap and SIXZ about 7.0%, so NVBW has more room left this period.
Which resets first, NVBW or SIXZ?
NVBW ends its outcome period on Oct 31, 2027 and SIXZ on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, NVBW or SIXZ?
NVBW and SIXZ both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
NVBW vs BNOVNVBW vs DOCTNVBW vs FOCTNVBW vs DDFNSIXZ vs UNOVSIXZ vs UMAYSIXZ vs DDFYSIXZ vs DDFN
Where to next
SPDR® S&P 500® ETF Trust →NVBW on its own →SIXZ on its own →Method →Standards and sources →
Sources and dates
NVBW and SIXZ filings on SEC EDGAR ↗
AllianzIM page for NVBW ↗
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, NVBW against SIXZ, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/nvbw-vs-sixz

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