Which has more room to gain, PBAP or SIXO?

From their prices on Oct 1, 2026, PBAP can gain about 4.1% before its cap and SIXO about 7.3%, so SIXO has more room left this period.

Which resets first, PBAP or SIXO?

PBAP ends its outcome period on Mar 31, 2027 and SIXO on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, PBAP or SIXO?

PBAP charges 0.50% a year and SIXO charges 0.74%, so PBAP is cheaper. Fees come from each fund's prospectus.

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PBAP vs SIXO: which one stands where?

As of Oct 1, 2026 PBAP can fall 7.5% before its buffer engages and SIXO 0.4%. PGIM S&P 500 Buffer 20 ETF - April and AllianzIM U.S. Equity Buffer10 ETF - Apr.

7.5%

PBAP can fall this far before its buffer

0.4%

SIXO can fall this far before its buffer

4.1%

PBAP can still gain

7.3%

SIXO can still gain

PBAPAt its cap

PBAP: reference +17.2% since period start, fund +7.6%; buffer 0 to −20; cap +12.6%; At its cap.

SIXOBetween buffer and cap

SIXO: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +7.7%; Between buffer and cap.

ETFIQ Downside Cover Score · PBAP scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

PBAP 58.2

SIXO 34.3

0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

PBAP is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

PBAP resets first, on Mar 31, 2027, 182 days from now; SIXO runs to Mar 31, 2027, 182 days. PBAP can still gain 4.1% before its cap, SIXO 7.3%. A fall from here reaches PBAP’s buffer after 7.5% and SIXO’s after 0.4%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	PBAP	SIXO	PBAP	SIXO
3 months	+2.1%	+2.1%	−0.4 pts	−0.4 pts
6 months	+7.2%	+8.1%	−9.8 pts	−8.9 pts
1 year	+11.4%	+8.1%	−4.3 pts	−7.7 pts
3 years	not published	+34.5%	not published	−50.5 pts

PBAP and SIXO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PBAP

PGIM S&P 500 Buffer 20 ETF - April · Absorbs the first 20% of loss on SPY and caps the gain at 12.6%, over a period ending Mar 31, 2027

SIXO

AllianzIM U.S. Equity Buffer10 ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 7.7%, over a period ending Mar 31, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 20% 10%

Outcome period Apr 1, 2026 to Mar 31, 2027 Oct 1, 2026 to Mar 31, 2027

Days left 182 182

Starting cap +12.6% +7.7%

Can still gain 4.1% 7.3%

Fall before buffer 7.5% 0.4%

Protection left, index points 20.0% of 20.0% 10.0% of 10.0%

Index return this period +17.2% 0.0%

Fund return this period +7.6% 0.0%

State today At cap Open

Expense ratio 0.50% 0.74%

Net assets $37m $119m

PBAP and SIXO on the same fields, as of Oct 1, 2026. Source: ETFIQ.

PBAP in plain words

SPY had already risen past this fund's cap of +12.6% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.1% as the period runs out. The fund's price can fall 7.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% 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. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

SIXO in plain words

From its price on Oct 1, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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.

Questions people ask

Which has more room to gain, PBAP or SIXO?: From their prices on Oct 1, 2026, PBAP can gain about 4.1% before its cap and SIXO about 7.3%, so SIXO has more room left this period.
Which resets first, PBAP or SIXO?: PBAP ends its outcome period on Mar 31, 2027 and SIXO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PBAP or SIXO?: PBAP charges 0.50% a year and SIXO charges 0.74%, so PBAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBAP vs PMAP PBAP vs APRW PBAP vs ARLU PBAP vs BAPR SIXO vs APOC SIXO vs BALT SIXO vs CPST SIXO vs DDFO

SPDR S&P 500 ETF Trust →PBAP on its own →SIXO on its own →How every figure is computed →Standards and sources →

Where these figures came from

PBAP filings on SEC EDGAR ↗PGIM website ↗SIXO filings on SEC EDGAR ↗AllianzIM page for SIXO ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PBAP against SIXO, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pbap-vs-sixo

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.