Which resets first, AIOO or AJAN?

AIOO ends its outcome period on Dec 31, 2026 and AJAN on Dec 31, 2027. A new cap is set the day after each.

Which is cheaper, AIOO or AJAN?

AIOO charges 0.64% a year and AJAN charges 0.79%, so AIOO is cheaper. Fees come from each fund's prospectus.

AIOO vs AJAN: which one stands where?

As of Oct 1, 2026 AJAN can fall 3.3% before its buffer engages and AIOO 0.0%, and AIOO resets 365 days sooner. AllianzIM U.S. Equity Buffer100 ETF - Jan and Innovator Equity Defined Protection ETF - Jan 2028.

0.0%

AIOO can fall this far before its buffer

3.3%

AJAN can fall this far before its buffer

uncapped

AIOO can still gain

9.6%

AJAN can still gain

AIOONo cap

AIOO: reference 0.0% since period start, fund 0.0%; buffer Floor; no cap; No cap.

AJANFull floor

AJAN: reference +11.8% since period start, fund +2.8%; buffer Floor; cap +13.3%; Full floor.

AIOO has no cap. It takes 30% of whatever the index does, where AJAN takes all of the rise up to 13.3% and nothing above it.

They do not reset together. AIOO has 92 days of its period left and AJAN has 457, so the two are not the same bet on the same months.

Where each one stands today

AIOO resets first, on Dec 31, 2026, 92 days from now; AJAN runs to Dec 31, 2027, 457 days. A fall from here reaches AIOO’s buffer after 0.0% and AJAN’s after 3.3%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	AIOO	AJAN	AIOO	AJAN
3 months	+0.4%	+0.7%	−2.1 pts	−1.8 pts
6 months	+2.9%	+3.3%	−14.1 pts	−13.7 pts
1 year	+3.6%	+3.9%	−12.1 pts	−11.8 pts

AIOO and AJAN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AIOO

AllianzIM U.S. Equity Buffer100 ETF - Jan · Absorbs the whole loss on SPY and does not cap the gain, over a period ending Dec 31, 2026

AJAN

Innovator Equity Defined Protection ETF - Jan 2028 · Absorbs the whole loss on SPY and caps the gain at 13.3%, over a period ending Dec 31, 2027

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 100% 100%

Outcome period Oct 1, 2026 to Dec 31, 2026 Dec 31, 2025 to Dec 31, 2027

Days left 92 457

Starting cap uncapped +13.3%

Can still gain uncapped 9.6%

Fall before buffer 0.0% 3.3%

Protection left, index points 100.0% of 100.0% 100.0% of 100.0%

Index return this period 0.0% +11.8%

Fund return this period 0.0% +2.8%

State today Uncapped Open

Expense ratio 0.64% 0.79%

Net assets $50m $42m

AIOO and AJAN on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AIOO in plain words

This fund has no cap. It takes a share of any further rise in SPY. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

AJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 9.6% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% from today's level to the point where the buffer begins. 457 days remained on Oct 1, 2026. On Dec 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AIOO or AJAN?: AIOO ends its outcome period on Dec 31, 2026 and AJAN on Dec 31, 2027. A new cap is set the day after each.
Which is cheaper, AIOO or AJAN?: AIOO charges 0.64% a year and AJAN charges 0.79%, so AIOO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIOO vs AOCT AIOO vs BALT AIOO vs BJAN AIOO vs BOCT AJAN vs BALT AJAN vs BJAN AJAN vs CPSD AJAN vs CPSY

SPDR® S&P 500® ETF Trust →AIOO on its own →AJAN on its own →How every figure is computed →Standards and sources →

Where these figures came from

AIOO filings on SEC EDGAR ↗AllianzIM page for AIOO ↗Innovator page for AJAN ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AIOO against AJAN, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/aioo-vs-ajan

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.