At a glance
SIXZ charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $62.6M in assets, the 8th largest of that group. Over the past year it returned +11.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds.
The short version
AllianzIM U.S. Large Cap 6 Month Buffer10 May/Nov ETF (SIXZ) is a buffered ETF. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) that aim to absorb the first 10% of SPY price losses over each six-month period, in exchange for a cap on gains. Its 0.74% expense ratio is the lowest of eight buffer funds compared. It pays no dividends and is the smallest fund in that group.
Price history
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SIXZ +11.8% 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 | |
|---|---|---|---|---|---|---|
| SIXZ official prospectus, to Dec 31, 2025 | — | +7.03% | — | — | — | +10.60% |
| SIXZ price data to Oct 27, 2026 | +10.6% | +11.8% | — | — | — | +11.5% |
- Over the year to Oct 27, 2026, SIXZ returned +11.8%, 4th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.2%); its best was 2025 (+7.2%).
- The deepest fall in its price history was 10.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +7.2% | +7.03% |
| 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 | 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 $490K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.37%, +0.05%, +0.57%.
How it works
SIXZ 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. The options are on the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, an index of large U.S. companies weighted by market value. As of July 31, 2026, the fund held four SPY options, all expiring October 30, 2026. A deep-in-the-money call follows SPY's price. A bought put at $718.59 and a written put at $646.79 together form the buffer. A written call at $774.28 sets the cap.
Each outcome period lasts six months, from May 1 to October 31 or from November 1 to April 30. A new cap is set just before each period starts. It depends on market volatility, interest rates and option prices. For November 1, 2025 to April 30, 2026, the cap was 8.04% before fees and 7.67% after the 0.74% fee. After fees, the 10% buffer was 9.63%. Caps change from period to period, sometimes by a lot.
These targets apply only to someone who holds from the first day of a period to the last. Entering partway through can mean less upside, less buffer, or both. The fund earns only SPY's price return, not its dividends. It also relies on the Options Clearing Corporation to honor the option contracts.
What it really costs
- SIXZ 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 |
|---|---|---|---|---|
| SIXZ | $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 uses options to soften losses over each six-month period, giving up part of the upside in return.
SIXZ could reduce stock-market swings in a portfolio. As of October 27, 2026, its one-year volatility was 7% and its beta was 0.51. That means it moved roughly half as much as the market. It launched April 30, 2024, so it has no record from the 2008, 2020 or 2022 downturns. In 2025, its only full calendar year, it returned 7.03%. Its deepest drop was 10.3%, from February 19 to April 8, 2025. That drop happened even with the buffer, because the buffer applies only at the end of a period. The fund recovered by June 30, 2025, about 2.7 months later. A retiree who had to cash out shares in the middle of a period could have locked in a loss like that. The fund pays no income. Under the SEC's standard example, costs on $10,000 come to $76 after one year. 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 a 10% loss buffer every six months and accept a cap (7.67% after fees, Nov 2025–Apr 2026).
- Cost-conscious users of buffer funds: its 0.74% expense ratio is below the 0.86% average of the similar buffer ETFs compared.
- Holders who can enter near May 1 or November 1 and stay to the end of each period, when the stated buffer and cap apply.
Look elsewhere if
- Income seekers: SIXZ has recorded no distributions and does not receive the dividends paid by SPY, the fund its options track.
- Investors who want full stock-market gains: anything above each period's cap is given up, and the cap resets every six months.
- People who prefer large funds with a long record: net assets were $62.6 million as of July 31, 2026, with history only since April 2024.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SIXZ this fund | 0.74% | $62.6M | +11.8% | — |
| 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 SIXZ pay dividends?
No. SIXZ has recorded no distributions. Its prospectus says the fund does not receive or benefit from the dividends paid by the SPDR S&P 500 ETF Trust (SPY), the fund its options track. Its return is based only on SPY's share price, within the buffer and the cap. Missing those dividends is a cost on top of the 0.74% expense ratio. People who need regular cash from their holdings would have to cash out shares instead.
How does the SIXZ 10% buffer work?
The buffer absorbs the first 10% of SPY's price losses over each six-month outcome period, before fees. After the 0.74% fee, it was 9.63% for the November 2025 to April 2026 period. If SPY falls more than the buffer over a period, the fund takes the losses beyond it. The buffer applies only to someone who holds for a full period. In the middle of a period, the fund can still fall: it dropped 10.3% between February 19 and April 8, 2025.
What is the cap on SIXZ?
The cap is the most SIXZ can gain over one outcome period. It is reset just before each six-month period, based on volatility, interest rates and option prices. For November 1, 2025 to April 30, 2026, it was 8.04% before fees and 7.67% after fees. If SPY rises more than that, the fund does not share in the extra gain. Later caps can be higher or lower. The cap and buffer left for a new investor shrink or grow as SPY moves during a period.
SIXZ vs BUFR: what's the difference?
Both are buffer ETFs tied to large U.S. stocks, but they are built differently. SIXZ runs one six-month outcome period at a time, with a 10% buffer on SPY. FT Vest Laddered Buffer ETF (BUFR) is laddered, meaning it spreads its exposure across positions that start on different dates. A ladder like that usually makes the entry date matter less. BUFR charges 0.95%, compared with 0.74% for SIXZ. One-year returns were close as of October 27, 2026: 11.6% for BUFR and 11.8% for SIXZ.
Is SIXZ good for retirement?
It depends on the role it would play. SIXZ may suit retirees who want some stock exposure with smaller swings. Its one-year volatility was 7% as of October 27, 2026. It returned 7.03% in 2025 and 10.6% a year from its launch through December 31, 2025. The drawbacks: it pays no income, its gains are capped, and its short history misses the 2020 and 2022 declines. It also fell 10.3% in the middle of a period in early 2025. Under the SEC's standard example, costs on $10,000 total $918 over 10 years.