Data as of Nov 4, 2026.

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Buffer ETFs

AIOO vs PQX: Cap, Buffer & Days Left

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As of Nov 4, 2026 PQX can fall 0.8% before its buffer engages and AIOO 0.3%.

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Net assets: $67m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer100 Protection ETF - Jan, and $8.7m on Nov 4, 2026 for PGIM S&P 500 Quarterly Buffer 10 ETF.

At a glance
0.3%
AIOO can fall this far before its buffer
0.8%
PQX can fall this far before its buffer
uncapped
AIOO can still gain
2.7%
PQX can still gain
AIOO No cap
No capAIOO: reference +0.5% since period start, fund +0.3%; buffer Floor; no cap; No cap. Data to Nov 4, 2026.full floor beneathfull floor0% period startno cap, 29.83% participation+0.5% gained, no capTODAY · SPY +0.5%No capAIOO: reference +0.5% since period start, fund +0.3%; buffer Floor; no cap; No cap. Data to Nov 4, 2026.full floor beneathfull floor0% startno cap+0.5% gained, no capTODAY · SPY +0.5%

AIOO: reference +0.5% since period start, fund +0.3%; buffer Floor; no cap; No cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.
PQX Between buffer and cap
Between buffer and capPQX: reference +0.6% since period start, fund +0.6%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer−10.0% floor0% period start+3.5% cap+0.6% gain captured+2.9% more to the capTODAY · SPY +0.6%Between buffer and capPQX: reference +0.6% since period start, fund +0.6%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.−10.0% floor0% start+3.5% cap10 pts of buffer+0.6% gain captured+2.9% more to the capTODAY · SPY +0.6%

PQX: reference +0.6% since period start, fund +0.6%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.

PQX: reference +0.6% since period start, fund +0.6%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PQX costs 0.14 points a year less; AIOO is 7.7 times larger.

Points (pts) are percentage points.

AIOO vs PQX: Cap, Buffer & Days Left
MeasureAIOOPQX
Return
Total return, 1 year+3.3%not published
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.64%0.50%
Net assets, as of Nov 3, 2026$67m$8.7m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: AIOO vs PQX: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowAIOOPQXAIOOPQX
3 months+0.1%+0.9%+0.5 pts+1.3 pts
6 months+1.4%–−3.1 pts–
1 year+3.3%–−10.2 pts–
Since launchNot the same days: AIOO Jul 2025 · PQX Jul 2026+5.9%+2.5%−18.3 pts−0.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 PQX PGIM S&P 500 Quarterly Buffer 10 ETF · Absorbs the first 10% of loss on SPY and caps the gain at 3.5%, over a period ending Dec 31, 2026
Reference index SPY SPY
Buffer 100% 10%
Outcome period Oct 1, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026
Days left 57 57
Starting cap uncapped +3.5%
Can still gain uncapped 2.7%
Fall before buffer 0.3% 0.8%
Protection left, index points 100.0% of 100.0% 10.0% of 10.0%
Index return this period +0.5% +0.6%
Fund return this period +0.3% +0.6%
State today Uncapped Open
Expense ratio 0.64% 0.50%
Net assets, AIOO as of Nov 3, 2026 and PQX as of Nov 4, 2026 $67m $8.7m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. AIOO is a floor fund, which caps how far a holder can fall. PQX 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 PQX takes all of the rise up to 3.5% and nothing above it.

Where each one stands today

AIOO resets first, on Dec 31, 2026, 57 days from now; PQX runs to Dec 31, 2026, 57 days. A fall from here reaches AIOO’s buffer after 0.3% and PQX’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
AIOO

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and new terms are set.

PQX

From its price on Nov 4, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 10.0% of the 10.0% 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 PQX?
AIOO ends its outcome period on Dec 31, 2026 and PQX on Dec 31, 2026. New terms are set the day after each.
Which is cheaper, AIOO or PQX?
AIOO charges 0.64% a year and PQX charges 0.50%, so PQX is cheaper. Fees come from each fund's prospectus.
Other comparisons
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Sources and dates

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, AIOO against PQX, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aioo-vs-pqx

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