At a glance
SIXP charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $44.2M in assets, the 8th largest of that group. Over the past year it returned +11.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds.
The short version
AllianzIM U.S. Large Cap 6 Month Buffer10 Mar/Sep ETF (SIXP) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return over six-month periods, absorb the first 10% of losses and cap gains. Many similar funds reset once a year, but SIXP resets every six months. Its 0.74% expense ratio was the lowest of eight buffer funds compared, though with $44 million in assets it was also the smallest. It pays no dividends.
Price history
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SIXP +11.6% 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 | |
|---|---|---|---|---|---|---|
| SIXP official prospectus, to Dec 31, 2025 | — | +13.26% | — | — | — | +13.47% |
| SIXP price data to Oct 27, 2026 | +10.1% | +11.6% | — | — | — | +12.9% |
- Over the year to Oct 27, 2026, SIXP returned +11.6%, 4th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.4%); its best was 2025 (+13.4%).
- The deepest fall in its price history was 11.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.1% | — |
| 2025 | +13.4% | +13.26% |
| 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 $6.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.04%, +0.30%, +0.80%.
How it works
SIXP does not own stocks. Nearly all of its money sits in FLEX options, which are exchange-traded options with custom strike prices and expiration dates. The Options Clearing Corporation guarantees them. The options reference SPY, which holds the S&P 500's stocks weighted by market value. As of July 31, 2026, the fund held four positions, all expiring August 31, 2026. A call with a strike price of $5.08 closely tracks owning SPY. A bought put at $685.92 and a sold put at $617.39 together create the 10% buffer. A sold call at $739.70 sets the cap. Selling options helps pay for the protection.
Each outcome period runs from March 1 to August 31 or from September 1 to the end of February. At the start of each period, the fund sets a new cap based on market volatility, interest rates and time to expiration, so the cap changes every time. For the March–August 2026 period, the buffer was 10% before fees and 9.63% after the 0.74% fee. Gains above the cap are lost. Losses beyond the buffer pass through to shareholders.
The stated results apply only to a holder who buys at the start of a period and holds to the end. Someone who buys mid-period may get less upside or less buffer. The fund tracks SPY's price only and does not receive SPY's dividends. It is classified as non-diversified.
What it really costs
- SIXP 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 |
|---|---|---|---|---|
| SIXP | $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 modest stock market declines in exchange for capped gains, and it provides no income.
SIXP launched on February 29, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 13.26%. Its deepest drop was 11.3%, from February 19 to April 8, 2025. That is more than the 10% buffer, because the buffer applies only at the end of an outcome period. The fund recovered by June 6, 2025, in about two months. A retiree who had to sell in the middle of a slump could lock in losses the buffer was meant to soften. The fund paid no distributions, so any withdrawals would have to come from selling shares. Its 0.74% expense ratio comes to $76 in the first year on $10,000 under the SEC's standard example, below the 0.86% average for similar buffer funds. Past results don't predict future returns, 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 a 10% buffer that resets every six months, and who can hold through full outcome periods.
- Cost-conscious buffer-fund buyers: its 0.74% expense ratio was the lowest of eight similar funds compared, against a 0.86% average.
- Those willing to give up some upside and SPY's dividends for smaller swings: one-year volatility was 6.2%, with a beta of 0.46.
Look elsewhere if
- Retirees who need regular income: the fund recorded no distributions and does not receive the dividends SPY pays.
- Investors who want a long track record or a large fund: launched in February 2024, it had $44 million, the smallest among peers compared.
- Anyone seeking protection from deep crashes: losses beyond the first 10% pass through, and buyers who enter mid-period may get less buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIXP this fund | 0.74% | $44.2M | +11.6% | — |
| 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 SIXP pay dividends?
No. The fund had recorded no distributions as of October 27, 2026. It holds options on SPY rather than SPY shares, and its prospectus says it will not receive or benefit from SPY's dividends. Its return tracks SPY's share price only. Over time, it can lag a fund that collects and reinvests S&P 500 dividends, even before the cap is counted. Investors who need cash flow would have to sell shares.
How does the SIXP 10% buffer work?
The buffer aims to absorb the first 10% of SPY's price drop over each six-month outcome period. The February 2026 prospectus put it at 9.63% after the 0.74% fee. Losses beyond the buffer pass through to shareholders. The buffer applies only at the end of a period, and only for those who bought at the start. Between those dates the fund can fall further. It dropped 11.3% between February and April 2025.
What happens if I buy SIXP in the middle of the outcome period?
A mid-period buyer's results will not match the stated cap and buffer. The prospectus warns that someone who buys after SPY has risen may have little room left before hitting the cap. Someone who buys after SPY has fallen may get less buffer, or none. Periods run from March 1 to August 31 and from September 1 to the end of February. The fund sets a new cap at the start of each period.
SIXP vs BUFR: what's the difference?
Both are buffer ETFs, but they differ in cost, size and design. SIXP charges 0.74% a year and resets a single SPY-based buffer every six months. FT Vest Laddered Buffer ETF (BUFR) charges 0.95% and uses a laddered approach, which spreads money across staggered start dates. BUFR held about $10.5 billion as of August 31, 2026, while SIXP held $44 million as of July 31, 2026. Both returned 11.6% in the year to October 27, 2026.
Is SIXP good for retirement?
It may suit retirees who want S&P 500 price exposure with a cushion against modest declines and who can hold through full six-month periods. It returned 13.26% in 2025, its first full calendar year. One-year volatility was 6.2% as of October 27, 2026. The drawbacks: no income, capped gains, no protection beyond the first 10% of losses, and a history too short to include the 2020 or 2022 sell-offs.