Which resets first, AIOO or PBJA?

AIOO ends its outcome period on Dec 31, 2026 and PBJA on Dec 31, 2026. New terms are set the day after each.

Which is cheaper, AIOO or PBJA?

AIOO charges 0.64% a year and PBJA charges 0.50%, so PBJA is cheaper. Fees come from each fund's prospectus.

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AIOO vs PBJA: Cap, Buffer & Days Left

As of Oct 13, 2026 PBJA can fall 7.7% before its buffer engages and AIOO 0.5%. Net assets: $63m on Oct 12, 2026 for AllianzIM U.S. Equity Buffer100 Protection ETF - Jan, and $67m on Oct 13, 2026 for PGIM S&P 500 Buffer 20 ETF - January.

PBJA costs 0.14 points a year less; their one-year returns differ by 6.8 points.

Points (pts) are percentage points.

AIOO vs PBJA: Cap, Buffer & Days Left
	AIOO	PBJA
Expense ratio	0.64%	0.50%
Net assets, as of Oct 12, 2026	$63m	$67m
Total return, 1 year	+4.2%	+11.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	1.9%	12.3%

0.5%

AIOO can fall this far before its buffer

7.7%

PBJA can fall this far before its buffer

uncapped

AIOO can still gain

2.0%

PBJA can still gain

AIOONo cap

AIOO: reference +1.9% since period start, fund +0.5%; buffer Floor; no cap; No cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

PBJAAt its cap

PBJA: reference +14.0% since period start, fund +7.8%; buffer 0 to −20; cap +10.4%; At its cap. Figures to Oct 13, 2026.

These are two different products. AIOO is a floor fund, which caps how far a holder can fall. PBJA is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

AIOO has no cap. It takes 30% of whatever the index does, where PBJA takes all of the rise up to 10.4% and nothing above it.

PBJA is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

AIOO resets first, on Dec 31, 2026, 79 days from now; PBJA runs to Dec 31, 2026, 79 days. A fall from here reaches AIOO’s buffer after 0.5% and PBJA’s after 7.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AIOO vs PBJA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AIOO	PBJA	AIOO	PBJA
3 months	+0.9%	+2.7%	−3.0 pts	−1.2 pts
6 months	+2.9%	+6.5%	−10.5 pts	−6.9 pts
1 year	+4.2%	+11.0%	−14.9 pts	−8.2 pts
Since launch Not the same days: AIOO Jul 2025 · PBJA Jan 2024	+6.1%	+33.2%	−19.9 pts	−31.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

AIOO

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

PBJA

PGIM S&P 500 Buffer 20 ETF - January · Absorbs the first 20% of loss on SPY and caps the gain at 10.4%, over a period ending Dec 31, 2026

Issuer AllianzIM PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Oct 1, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 79 79

Starting cap uncapped +10.4%

Can still gain uncapped 2.0%

Fall before buffer 0.5% 7.7%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +1.9% +14.0%

Fund return this period +0.5% +7.8%

State today Uncapped At cap

Expense ratio 0.64% 0.50%

Net assets, AIOO as of Oct 12, 2026 and PBJA as of Oct 13, 2026 $63m $67m

As of Oct 13, 2026. Source: ETFIQ.

About AIOO

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.9% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and new terms are set.

About PBJA

SPY had already risen past this fund's cap of +10.4% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, AIOO or PBJA?: AIOO ends its outcome period on Dec 31, 2026 and PBJA on Dec 31, 2026. New terms are set the day after each.
Which is cheaper, AIOO or PBJA?: AIOO charges 0.64% a year and PBJA charges 0.50%, so PBJA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIOO vs JANU AIOO vs AJAN AIOO vs CPST AIOO vs OCTP PBJA vs QBSF PBJA vs SQMX PBJA vs CPSD PBJA vs XBJA

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AIOO on its own →PBJA 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 ↗PBJA filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AIOO against PBJA, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aioo-vs-pbja

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.