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Data as of Nov 4, 2026.

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Buffer ETFs

SIXZ vs UNOV: Cap, Buffer & Days Left

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As of Nov 4, 2026 UNOV can fall 5.7% before its buffer engages and SIXZ 1.2%, and SIXZ resets 184 days sooner.

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Net assets: $64m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - May, and $112m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Nov.

SIXZ on its own →UNOV on its own →
At a glance
1.2%
SIXZ can fall this far before its buffer
5.7%
UNOV can fall this far before its buffer
7.0%
SIXZ can still gain
13.6%
UNOV 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.
UNOV Between buffer and cap
Between buffer and capUNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+13% more to the cap−35.0% floor−5.0% buffer start0% period start+14.5% capfirst 5 pts are yours to lose+1.4% gain capturedTODAY · SPY +1.4%Between buffer and capUNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+14.5% capfirst 5 pts are yours to lose+1.4% gain captured+13% more to the capTODAY · SPY +1.4%

UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; 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 0.1 points; UNOV is 1.7 times larger.

Points (pts) are percentage points.

SIXZ vs UNOV: Cap, Buffer & Days Left
MeasureSIXZUNOV
Return
Total return, 1 year+11.4%+11.3%
Drawdown
Index fall to the buffer1.4%6.3%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.79%
Net assets, as of Nov 3, 2026$64m$107m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · UNOV scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score38.7SIXZ71.7UNOV

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 UNOV: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowSIXZUNOVSIXZUNOV
3 months+2.3%+2.6%+2.7 pts+3.0 pts
6 months+4.7%+5.7%+0.2 pts+1.2 pts
1 year+11.4%+11.3%−2.1 pts−2.2 pts
3 years–+38.3%–−38.1 pts
Since launchNot the same days: SIXZ May 2024 · UNOV Nov 2019+30.2%+63.5%−23.1 pts−87.0 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 UNOV Innovator U.S. Equity Ultra Buffer ETF - Nov · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.5%, over a period ending Oct 31, 2027
Issuer AllianzIM Innovator
Reference index SPY SPY
Buffer 10% 5% to 35%
Outcome period Nov 1, 2026 to Apr 30, 2027 Oct 31, 2026 to Oct 31, 2027
Days left 177 361
Starting cap +8.3% +14.5%
Can still gain 7.0% 13.6%
Fall before buffer 1.2% 5.7%
Protection left, index points 10.0% of 10.0% 30.0% of 30.0%
Index return this period +1.5% +1.4%
Fund return this period +0.9% +0.7%
State today Open Open
Expense ratio 0.74% 0.79%
Net assets, SIXZ as of Nov 3, 2026 and UNOV as of Nov 4, 2026 $64m $112m

As of Nov 4, 2026. Source: ETFIQ.

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

Where each one stands today

SIXZ resets first, on Apr 30, 2027, 177 days from now; UNOV runs to Oct 31, 2027, 361 days. SIXZ can still gain 7.0% before its cap, UNOV 13.6%. A fall from here reaches SIXZ’s buffer after 1.2% and UNOV’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

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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.

UNOV

From its price on Nov 4, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% 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. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, SIXZ or UNOV?
From their prices on Nov 4, 2026, SIXZ can gain about 7.0% before its cap and UNOV about 13.6%, so UNOV has more room left this period.
Which resets first, SIXZ or UNOV?
SIXZ ends its outcome period on Apr 30, 2027 and UNOV on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, SIXZ or UNOV?
SIXZ charges 0.74% a year and UNOV charges 0.79%, so SIXZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
SIXZ vs PNOVSIXZ vs NVBWSIXZ vs UMAYSIXZ vs ZNOVUNOV vs NOVPUNOV vs XOCTUNOV vs NVBUUNOV vs DDTN
Where to next
SPDR® S&P 500® ETF Trust →SIXZ on its own →UNOV on its own →Method →Standards and sources →
Sources and dates
SIXZ filings on SEC EDGAR ↗
AllianzIM page for SIXZ ↗
UNOV filings on SEC EDGAR ↗
Innovator page for UNOV ↗

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 UNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sixz-vs-unov

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