At a glance
SIXO charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $119.2M in assets, the 8th largest of that group. Over the past year it returned +7.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +11.3% a year. At its worst it fell 12.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months after the low.
The short version
AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF (SIXO) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The options aim to absorb the first 10% of SPY's price losses over each six-month outcome period, in exchange for a cap on gains. Its 0.74% fee is the lowest of eight buffer funds compared. However, as of October 27, 2026, it trailed all of them over one and three years.
Price history
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SIXO +7.0% 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 | |
|---|---|---|---|---|---|---|
| SIXO official prospectus, to Dec 31, 2025 | — | +6.94% | — | — | — | +8.01% |
| SIXO price data to Oct 27, 2026 | +6.0% | +7.0% | +11.3% | +7.5% | — | +8.0% |
- Over the year to Oct 27, 2026, SIXO returned +7.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +7.5%.
- Its worst full calendar year was 2022 (-5.7%); its best was 2023 (+17.4%).
- The deepest fall in its price history was 12% (Mar 29, 2022 to Oct 12, 2022), recovered by Apr 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.0% | — |
| 2025 | +7.2% | +6.94% |
| 2024 | +12.2% | +12.48% |
| 2023 | +17.4% | +17.42% |
| 2022 | -5.7% | -5.74% |
| 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 | Lost 11% over that stretch · deepest drop along the way 12%, back to its old high 6.2 months after the low |
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 $302.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.49%, +0.37%, +0.68%.
How it works
SIXO doesn't own stocks. Nearly all its assets go into FLEX options, which are exchange-traded options with custom strike prices and expiration dates. They reference SPY, which tracks the S&P 500. A call option gives the right to buy at a set price, and a put gives the right to sell. As of July 31, 2026, the fund held four options, all expiring September 30, 2026. A deep in-the-money call supplied the market exposure. A pair of puts formed the buffer. A sold call at a $707.05 strike set the cap.
Each outcome period runs six months, from April 1 to September 30 or from October 1 to March 31. The buffer covers the first 10% of SPY's price losses, or 9.63% after the 0.74% fee. Losses beyond that pass through. The cap is set the day before each period starts, based on volatility, interest rates and time to expiration. For October 1, 2025 to March 31, 2026, the cap was 7.22% before fees and 6.85% after. Caps change every period and can move a lot.
These outcomes apply only to shares bought on day one and held to the end of the period. Buy after a rally and less upside may remain. Buy after a drop and less of the buffer may be left. The fund tracks SPY's price only, so holders give up the S&P 500's dividends.
What it really costs
- SIXO 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 |
|---|---|---|---|---|
| SIXO | $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 some S&P 500 exposure but cushions the first 10% of losses each six months, with a one-year beta of 0.34 as of October 27, 2026.
SIXO could be a lower-volatility way to hold some stocks. It launched September 30, 2021, so it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 12% from its March 29, 2022 peak to October 12, 2022. It recovered by April 18, 2023, about six months later. Its worst calendar year was 2022, a 5.74% loss. A smaller drop matters to someone who must sell shares in a bad year. But the buffer resets every six months, and losses beyond 10% pass through. The fund pays no distributions, so drawing income means selling shares. In the SEC's standard example, $10,000 invested costs $76 in fees over one year and $918 over 10 years. Past results don't predict future ones, and a plan should weigh 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 every April 1 and October 1.
- Cost-conscious buffer buyers: at 0.74%, it was the cheapest of eight buffer funds compared, against a peer average of 0.86%.
- Retirees willing to cap gains for a smoother ride; one-year volatility was 5% and beta 0.34 as of October 27, 2026.
Look elsewhere if
- Anyone who needs income: SIXO has recorded no distributions and doesn't receive SPY's dividends.
- Investors who want fuller stock gains: it ranked last of eight buffer funds on one- and three-year returns as of October 27, 2026.
- Buyers who can't buy near April 1 or October 1; buying mid-period can leave less buffer or less upside than the fund targets.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIXO this fund | 0.74% | $119.2M | +7.0% | +11.3% |
| 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 SIXO pay dividends?
No. SIXO has recorded no distributions. It holds options on SPY rather than SPY shares, and the prospectus says it doesn't receive or benefit from SPY's dividends. Its returns follow SPY's price only, within the cap and buffer. Investors who want stock income may want to compare funds that pass dividends through. Otherwise they would need to sell shares to raise cash.
How does the SIXO 10% buffer work?
SIXO aims to absorb the first 10% of SPY's price losses over each six-month outcome period: April 1 to September 30 and October 1 to March 31. After the 0.74% fee, the buffer is 9.63%. Losses beyond that pass through in full. In return, gains are capped. For October 2025 to March 2026, the cap was 7.22% before fees and 6.85% after. The cap is reset each period.
What happens if you buy SIXO in the middle of an outcome period?
Your results will differ from the fund's stated outcome. If SPY has already risen, part of the cap may be used up, leaving less upside. If SPY has fallen, part of the buffer may already be gone, giving less protection or none. The prospectus warns about both. A new period starts each April 1 and October 1. The new cap can be much higher or lower than the last.
SIXO vs BUFR: what's the difference?
Both are buffer funds, but they differ in cost, size and results. SIXO charges 0.74% a year and FT Vest's BUFR charges 0.95%. BUFR held about $10.5 billion as of August 31, 2026. SIXO held about $119 million as of July 31, 2026. As its name says, BUFR is laddered: it spreads money across staggered start dates. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three. SIXO returned 7% and 11.3%.
Can you lose money in SIXO?
Yes. The buffer covers only the first 10% of SPY's price losses in each outcome period. The prospectus says a holder could lose their entire investment. In the 2022 bear market, SIXO fell 12% from its March 29 peak to its October 12 low. It recovered by April 18, 2023. Its weakest quarter, ending June 30, 2022, lost 8.43%. It lost 5.74% for calendar year 2022.