At a glance
SIXJ charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $146.5M in assets, the 8th largest of that group. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +15.8% a year.
The short version
AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF (SIXJ) uses options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 10% of losses over each six-month period, in exchange for a cap on gains. The cap and buffer reset every January and July. Its 0.74% fee was the lowest of the eight buffer ETFs compared, though it was also the smallest, with about $147 million in assets as of July 31, 2026.
Price history
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SIXJ +11.5% 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 | |
|---|---|---|---|---|---|---|
| SIXJ official prospectus, to Dec 31, 2025 | — | +12.52% | — | — | — | +8.19% |
| SIXJ price data to Oct 27, 2026 | +9.5% | +11.5% | +15.8% | — | — | +8.7% |
- Over the year to Oct 27, 2026, SIXJ returned +11.5%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.8%); its best was 2023 (+18.1%).
- The deepest fall in its price history was 13.8% (Jan 4, 2022 to Jun 16, 2022), recovered by Jul 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.5% | — |
| 2025 | +12.8% | +12.52% |
| 2024 | +14.5% | +14.73% |
| 2023 | +18.1% | +17.97% |
| 2022 | -10.5% | -10.03% |
| 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 | Not in the price data, which starts Jan 4, 2022 |
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 $10.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.00%, +0.71%, +0.34%.
How it works
SIXJ does not own stocks. It puts nearly all its money into FLEX options, which are customized options traded on an exchange, on the SPDR S&P 500 ETF Trust (SPY). SPY holds the S&P 500, weighted by company size, and leans heavily toward information technology. The fund aims to match SPY's share price return over each outcome period (January 1 to June 30, or July 1 to December 31), up to a cap, while absorbing the first 10% of SPY's losses. It gets no SPY dividends.
The cap is set the business day before each period starts, based on market volatility and interest rates. For January 1 to June 30, 2026, the cap was 6.99% before fees and 6.62% after the 0.74% fee. The buffer was 9.63% after fees. As of July 31, 2026, the fund held four options, all expiring December 31, 2026. A deep in-the-money call, about 99% of assets, tracks SPY. A bought put and a sold put form the buffer, and a sold call sets the cap.
Timing matters. Buy partway through a period and your results will differ from the targets. Losses beyond the buffer pass straight through, and you could lose your entire investment.
What it really costs
- SIXJ 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 |
|---|---|---|---|---|
| SIXJ | $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 keeps a stake in large U.S. stocks but uses options to soften the first 10% of losses in each six-month period, giving up gains above a cap in return.
SIXJ began trading at the end of 2021, so its record misses the 2008 and 2020 crashes. In the 2022 bear market it lost 10.03% for the calendar year, its worst year through 2025. Its deepest drop was 13.8%, from January 4 to June 16, 2022, and it took about 13 months from that low to regain its peak, on July 13, 2023. Someone forced to sell in mid-2022 would have locked in that loss. The buffer helps, but it covers only the first 10% of SPY's decline in each period. The fund pays no income, so drawing money from it means selling shares. Its 0.74% fee was below the 0.86% average for the buffer funds compared. Past results don't predict future ones, and a retirement 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 a 10% loss cushion that resets each January and July, at a 0.74% fee, the lowest among peers compared.
- Holders who can buy near the start of an outcome period and hold to its end, when the cap and buffer apply as designed.
- Retirees who will trade away strong rallies for smaller drops; the cap was 6.62% after fees for the first half of 2026.
Look elsewhere if
- Income seekers: the fund recorded no distributions and does not receive SPY's dividends.
- Investors seeking protection from deep crashes: losses beyond the 10% buffer pass through, and the fund fell 13.8% from its peak in 2022.
- Those who prefer larger funds: SIXJ held about $147 million as of July 31, 2026, the smallest of eight peers, after roughly $10.8 million of three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIXJ this fund | 0.74% | $146.5M | +11.5% | +15.8% |
| 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 SIXJ pay dividends?
No. SIXJ had no recorded distributions as of October 27, 2026. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and its prospectus says it does not receive or benefit from SPY's dividend payments. Its returns follow only SPY's share price, within the cap and buffer. Anyone drawing income from SIXJ would need to sell shares to do it.
What's the difference between SIXJ and FJAN?
Both are buffer ETFs on U.S. large-cap stocks, from different issuers. SIXJ, from Allianz Investment Management, charges 0.74% a year versus 0.85% for FT Vest's FJAN, and its cap and buffer reset every six months. FJAN is much larger, with about $1.47 billion in net assets as of August 31, 2026, against SIXJ's $147 million as of July 31, 2026. As of October 27, 2026, FJAN's price return was higher over one year (12.3% vs 11.5%) and three years (17.4% vs 15.8% a year).
What happens if I buy SIXJ in the middle of the outcome period?
Your results will not match the fund's targets. The cap and buffer are measured from the start of each six-month period. If SPY has already risen, less upside is left before the cap, and you may take losses before the buffer begins to work. If SPY has already fallen, part of the buffer may be used up. The prospectus warns that investors who buy or sell during a period may get less of the buffer, or none of it.
How much does SIXJ cost?
SIXJ charges a 0.74% annual unitary management fee, according to its prospectus filed February 27, 2026. That was the lowest among the eight buffer ETFs compared, where the average was 0.86%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $76 after one year, $237 after three, $411 after five and $918 after ten. Brokerage commissions and trading costs come on top of that.
How did SIXJ do in 2022?
SIXJ lost 10.03% in 2022, its only losing calendar year through 2025, according to its prospectus. Its worst quarter was a 9.73% decline in the three months ended June 30, 2022. Measured by share price, it fell 13.8% from January 4 to June 16, 2022, and did not regain that peak until July 13, 2023. The buffer softened the losses, but it only covers the first 10% of SPY's drop in each six-month period.