At a glance
SIXD charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $390.3M in assets, the 8th largest of that group. Over the past year it returned +10.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
AllianzIM U.S. Large Cap 6 Month Buffer10 Jun/Dec ETF (SIXD) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return over six-month periods, up to a cap, while cushioning the first 10% of losses. Its 0.74% expense ratio is the lowest among eight buffer funds compared. In return for the cushion, it gives up SPY's dividends, and its cap on gains resets twice a year.
Price history
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SIXD +10.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SIXD official prospectus, to Dec 31, 2025 | — | +8.75% | — | — | — | +9.55% |
| SIXD price data to Oct 27, 2026 | +9.4% | +10.9% | — | — | — | +10.2% |
- Over the year to Oct 27, 2026, SIXD returned +10.9%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.8%); its best was 2025 (+8.8%).
- The deepest fall in its price history was 10.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +8.8% | +8.75% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $356.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.70%, -0.26%, +0.35%.
How it works
SIXD, run by Allianz Investment Management, does not own stocks. It puts substantially all of its assets in FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized. Its options are on the SPDR S&P 500 ETF Trust (SPY), which holds the stocks in the S&P 500 Index. As of July 31, 2026, the fund held four SPY options, all expiring November 30, 2026. A call with a very low strike price made up about 98% of assets and tracks SPY's moves. A purchased put provides the protection. Two options the fund sold help pay for it.
Each "Outcome Period" runs six months, from June 1 to November 30 or from December 1 to May 31. The buffer is meant to absorb the first 10% of SPY's price decline over a period. Losses beyond that pass through. In exchange, gains are capped. The cap is set the day before each period starts, based on market volatility and interest rates. For December 1, 2025 to May 31, 2026, the cap was 7.90%, or 7.53% after the 0.74% fee. The fee-adjusted buffer was 9.63%.
Two mechanics matter. First, the cap and buffer apply only to shares held from the first day of a period to the last. Buying or selling partway through gives a different result. Second, the fund tracks SPY's share price only, so it does not collect SPY's dividends.
What it really costs
- SIXD charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SIXD | $76 | $237 | $411 | $918 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to soften the first 10% of S&P 500 losses in each six-month period, giving up some upside and all dividends in return.
SIXD could add a calmer form of U.S. stock exposure. As of October 27, 2026, its one-year volatility (how widely returns swing) was 6.7%. Its beta was 0.5, meaning it moved about half as much as the market. It launched in May 2024, so it has no record in the 2008, 2020 or 2022 sell-offs. Its deepest drop was 10.9%, from February 19 to April 8, 2025. That drop came partway through a period, when the buffer's end-date protection had not yet applied. It recovered by June 26, 2025, about 2.6 months later. That matters for anyone who may need to sell shares in a bad stretch. Its only full calendar year, 2025, returned 8.75%. It pays no income. In the SEC's standard example, it costs $76 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 price exposure with a cushion on the first 10% of losses, who accept capped gains (7.90% for the period ending May 31, 2026).
- Cost-conscious buffer-fund buyers: its 0.74% expense ratio was the lowest of eight buffer funds compared, against a 0.86% peer average.
- Holders who can buy near a June 1 or December 1 start date and hold through the full six-month Outcome Period.
Look elsewhere if
- Income seekers: the fund has recorded no distributions and does not receive the dividends paid on SPY's stocks.
- Anyone wanting uncapped stock growth: its 10.9% one-year return to October 27, 2026, ranked sixth of eight buffer funds compared.
- Investors wanting a long record or a large fund: it launched in May 2024 and had $390 million in assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIXD this fund | 0.74% | $390.3M | +10.9% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does SIXD pay dividends?
No. No distributions have been recorded for SIXD. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its prospectus says it will not receive or benefit from SPY's dividend payments. Its returns track SPY's share price only, so over time it gives up the dividend part of S&P 500 returns. Investors who want regular income would need to get it from elsewhere in a portfolio.
How does the SIXD 10% buffer work?
Over each six-month Outcome Period, SIXD is designed to absorb the first 10% of SPY's price decline before fees, or 9.63% after its 0.74% fee. If SPY falls by less than that from the start of a period to the end, the fund aims to limit the loss to roughly its fees. Bigger drops pass through. The trade-off is a cap on gains. The cap was 7.90% before fees for December 1, 2025 to May 31, 2026, and it resets every period.
What happens if you buy SIXD in the middle of the outcome period?
Your results will differ from the stated cap and buffer. Those figures apply only from the first day of an Outcome Period (June 1 or December 1) to its last day. If SPY has already fallen, a mid-period buyer may get less of the buffer, or none. If SPY has already risen, there is less room left before the cap. Selling before a period ends means getting the options' market value, not their end-of-period payoff.
SIXD vs BUFR: what's the difference?
Both are buffer ETFs, but they differ in cost, size and design. SIXD runs a single six-month buffer on SPY and charges 0.74% a year. FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. As its name suggests, it spreads money across buffer positions that start on different dates. Over one year to October 27, 2026, BUFR returned 11.6% and SIXD returned 10.9%. BUFR held about $10.5 billion as of August 31, 2026, compared with SIXD's $390 million as of July 31, 2026.
Can you lose money in SIXD?
Yes. The buffer covers only the first 10% of SPY's price decline over a full Outcome Period. Bigger drops pass through, and the prospectus warns that a shareholder could lose their entire investment. Share prices also move during a period. SIXD's deepest decline was 10.9%, from February 19 to April 8, 2025, and it took about 2.6 months to recover. The fund also depends on the Options Clearing Corporation, which guarantees its FLEX options, meeting its obligations.