At a glance
SIXF charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $47.6M in assets, the 8th largest of that group. Over the past year it returned +12.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
AllianzIM U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each six-month period it aims to match SPY's price return up to a cap, and it absorbs the first 10% of losses. Its 0.74% expense ratio was the lowest of eight similar buffer funds. It resets every February and August, and it pays no dividends.
Price history
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SIXF +12.7% 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 | |
|---|---|---|---|---|---|---|
| SIXF official prospectus, to Dec 31, 2025 | — | +12.96% | — | — | — | +13.54% |
| SIXF price data to Oct 27, 2026 | +11.1% | +12.7% | — | — | — | +13.3% |
- Over the year to Oct 27, 2026, SIXF returned +12.7%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.1%); its best was 2025 (+13.1%).
- The deepest fall in its price history was 11.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.1% | — |
| 2025 | +13.1% | +12.96% |
| 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 withdrew a net $3.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.25%, +0.35%, +1.43%.
How it works
SIXF does not own stocks directly. Instead it holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates, on SPY. SPY in turn tracks the S&P 500. Each outcome period lasts six months: February 1 to July 31, or August 1 to January 31. At the end of a period, the fund aims to match SPY's share price return, up to a cap. It also aims to absorb the first 10% of any loss. Losses beyond that pass through to shareholders.
As of July 31, 2026, the fund held four SPY options that all expired that day. A call with a $5.12 strike made up about 100% of net assets and provided close to one-for-one SPY exposure. Puts at $691.90 and $622.77 formed the 10% buffer. A call at $743.52 set the cap. For the February–July 2026 period, the cap was 7.45% before fees, or 7.08% after the 0.74% fee. The buffer after fees was 9.63%. A new cap is set at the start of each period, based on volatility, interest rates and other market conditions, and it can change significantly.
Those targets apply only if you hold for the whole period. If you buy after SPY has risen, you get less upside. If you buy after it has fallen, you get less of the buffer. The fund receives no SPY dividends. It is non-diversified and depends on the Options Clearing Corporation to settle its options.
What it really costs
- SIXF 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 |
|---|---|---|---|---|
| SIXF | $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 trades away gains above a six-month cap, plus all dividends, in exchange for a buffer against the first 10% of S&P 500 price losses.
SIXF could serve as a lower-volatility slice of a stock allocation. Over the year to October 27, 2026, its volatility was 6.3% and its beta was 0.47, meaning it moved about half as much as the market. Its track record is short. The fund did not exist during the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 12.96% according to the prospectus. Its deepest drop was 11.3%, from February 19 to April 8, 2025. It recovered by June 10, about two months later. That drop was larger than the 10% buffer, because the buffer only applies at the end of a period. Anyone selling mid-period in a bad market could take a bigger loss than the buffer suggests. The fund pays no income, so drawing cash means selling shares. Under the SEC's standard example, it costs $76 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with the first 10% of losses buffered every six months, and who accept a cap set each period.
- Cost-conscious buyers of buffer funds: its 0.74% expense ratio was lower than the 0.86% average of similar funds.
- Holders who can buy near February 1 or August 1 and hold through each full six-month outcome period.
Look elsewhere if
- Investors who want dividend income: the fund receives no SPY dividends and had recorded no distributions.
- Investors who want full market gains: the cap for the February–July 2026 period was 7.08% after fees.
- Investors who prefer larger, established funds: it had $47.6 million in net assets as of July 31, 2026, the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIXF this fund | 0.74% | $47.6M | +12.7% | — |
| 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
Is SIXF good for retirement?
SIXF may suit retirees who want S&P 500 exposure with a cushion and can accept limits. It uses FLEX options (customizable exchange-traded options) on the SPDR S&P 500 ETF Trust (SPY). Over each six-month outcome period, it aims to absorb the first 10% of SPY's price losses, and in exchange its gains are capped. No distributions are on record, so it does not provide income. Prices can still fall sharply within a period. Its worst drop was 11.3%, from February 19 to April 8, 2025, and it recovered by June 10, 2025.
How does the SIXF buffer and cap work?
SIXF aims to match SPY's price return up to a cap over each six-month outcome period (February 1 to July 31, or August 1 to January 31). It also aims to absorb the first 10% of SPY losses, and losses beyond that pass through to investors. For February 1 to July 31, 2026, the prospectus set the cap at 7.45% before fees, or 7.08% after the 0.74% management fee. The buffer was 9.63% after fees. Each period gets a new cap. Investors who enter or exit mid-period get different results.
Does SIXF pay dividends?
No. No distributions are on record for SIXF. It holds options on SPY rather than SPY itself, and its prospectus states that it does not receive or benefit from SPY's dividends. Its returns follow only SPY's share price, subject to the cap and buffer. That makes it a weak fit for investors who rely on portfolio income. It also means a long-term holder gives up the dividend portion of the S&P 500's total return.
What is the SIXF expense ratio?
SIXF's expense ratio is 0.74%, according to its prospectus filed February 27, 2026. It is a single "unitary" management fee that covers routine fund costs. Under the SEC's standard example, a $10,000 investment earning 5% a year would pay about $76 in total costs after one year, $237 after three, $411 after five and $918 after ten. It ranks cheapest of eight buffer funds compared here, and the other seven average 0.86%. Brokerage commissions and trading costs come on top.
SIXF vs FFEB: what's the difference?
SIXF is cheaper but much smaller. FT Vest U.S. Equity Buffer Fund - February (FFEB), whose name ties it to February, charges 0.85% against SIXF's 0.74%. FFEB held about $1.4 billion as of August 31, 2026, while SIXF held $47.6 million as of July 31, 2026. One-year price returns through October 27, 2026 were close: 12.9% for FFEB and 12.7% for SIXF. SIXF resets its cap every six months. FFEB's buffer size and outcome period are worth checking in its own prospectus.