Effectiveness of mRNA BNT162b2 Covid-19 vaccine up to 6 months
thelancet.com
thelancet.com
So 1 of every 2 people with the vaccine are essentially unvaccinated.
More importantly, this study found that after 6 months, protection against being hospitalized was still very high (93%). So, while vaccinated people may spread it, they're very unlikely to end up in the hospital or die from it.