IQ

Data as of Nov 4, 2026.

vsOpen in the appCompare their flowsaskIQ about these two fundsAsk the committee about these two funds
Buffer ETFs

SIXZ vs UMAY: Cap, Buffer & Days Left

Share
Share on XDownload as PDF

As of Nov 4, 2026 UMAY can fall 9.6% before its buffer engages and SIXZ 1.2%.

askIQ about this page

askIQ about SIXZ and UMAY

Net assets: $64m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - May, and $84m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - May.

SIXZ on its own →UMAY on its own →
At a glance
1.2%
SIXZ can fall this far before its buffer
9.6%
UMAY can fall this far before its buffer
7.0%
SIXZ can still gain
7.1%
UMAY can still gain
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.−10.0% floor0% start+8.3% cap10 pts of buffer+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.
UMAY Between buffer and cap
Between buffer and capUMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+6.7%−35.0% floor−5.0% buffer start0% period start+12.5% capfirst 5 pts are yours to lose+5.9% more to the capTODAY · SPY +6.7%Between buffer and capUMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+12.5% capfirst 5 pts are yours to lose+6.7% gain captured+5.9% more to the capTODAY · SPY +6.7%

UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.

UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

SIXZ costs 0.05 points a year less; their one-year returns differ by 2.9 points; UMAY is 1.3 times larger.

Points (pts) are percentage points.

SIXZ vs UMAY: Cap, Buffer & Days Left
MeasureSIXZUMAY
Return
Total return, 1 year+11.4%+8.5%
Drawdown
Index fall to the buffer1.4%10.9%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.79%
Net assets, as of Nov 3, 2026$64m$83m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · UMAY scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score38.7SIXZ46.4UMAY

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: SIXZ vs UMAY: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowSIXZUMAYSIXZUMAY
3 months+2.3%+1.2%+2.7 pts+1.5 pts
6 months+4.7%+3.7%+0.2 pts−0.8 pts
1 year+11.4%+8.5%−2.1 pts−5.1 pts
3 years–+39.4%–−37.0 pts
Since launchNot the same days: SIXZ May 2024 · UMAY May 2020+30.2%+53.3%−23.1 pts−117.8 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

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 UMAY Innovator U.S. Equity Ultra Buffer ETF - May · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.5%, over a period ending Apr 30, 2027
Issuer AllianzIM Innovator
Reference index SPY SPY
Buffer 10% 5% to 35%
Outcome period Nov 1, 2026 to Apr 30, 2027 Apr 30, 2026 to Apr 30, 2027
Days left 177 177
Starting cap +8.3% +12.5%
Can still gain 7.0% 7.1%
Fall before buffer 1.2% 9.6%
Protection left, index points 10.0% of 10.0% 30.0% of 30.0%
Index return this period +1.5% +6.7%
Fund return this period +0.9% +4.7%
State today Open Open
Expense ratio 0.74% 0.79%
Net assets, SIXZ as of Nov 3, 2026 and UMAY as of Nov 4, 2026 $64m $84m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

SIXZ resets first, on Apr 30, 2027, 177 days from now; UMAY runs to Apr 30, 2027, 177 days. SIXZ can still gain 7.0% before its cap, UMAY 7.1%. A fall from here reaches SIXZ’s buffer after 1.2% and UMAY’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

UMAY flows, by email on Sundays.

One-click unsubscribe. See Privacy.

About each fund
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. 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.

UMAY

From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, SIXZ or UMAY?
From their prices on Nov 4, 2026, SIXZ can gain about 7.0% before its cap and UMAY about 7.1%, so UMAY has more room left this period.
Which resets first, SIXZ or UMAY?
SIXZ ends its outcome period on Apr 30, 2027 and UMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, SIXZ or UMAY?
SIXZ charges 0.74% a year and UMAY charges 0.79%, so SIXZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
SIXZ vs DHDGSIXZ vs DDFYSIXZ vs DDFNSIXZ vs CPSMUMAY vs ZMAYUMAY vs CPSMUMAY vs DDFYUMAY vs XAPR
Where to next
SPDR® S&P 500® ETF Trust →SIXZ on its own →UMAY on its own →Method →Standards and sources →
Sources and dates
SIXZ filings on SEC EDGAR ↗
AllianzIM page for SIXZ ↗
UMAY filings on SEC EDGAR ↗
Innovator page for UMAY ↗

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

Open data →

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