Which resets first, AIOO or SQMX?

AIOO ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.

Which is cheaper, AIOO or SQMX?

AIOO charges 0.64% a year and SQMX charges 0.85%, so AIOO is cheaper. Fees come from each fund's prospectus.

AIOO vs SQMX: which one stands where?

As of Oct 1, 2026 SQMX can fall 0.4% before its buffer engages and AIOO 0.0%, and SQMX resets 13 days sooner. AllianzIM U.S. Equity Buffer100 ETF - Jan and FT Vest U.S. Equity Quarterly Max Buffer ETF.

0.0%

AIOO can fall this far before its buffer

0.4%

SQMX can fall this far before its buffer

uncapped

AIOO can still gain

2.6%

SQMX can still gain

AIOONo cap

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

SQMXBetween buffer and cap

SQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.

These are two different products. AIOO is a floor fund, which caps how far a holder can fall. SQMX 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 SQMX takes all of the rise up to 3.0% and nothing above it.

Where each one stands today

SQMX resets first, on Dec 18, 2026, 79 days from now; AIOO runs to Dec 31, 2026, 92 days. A fall from here reaches AIOO’s buffer after 0.0% and SQMX’s after 0.4%. 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	SQMX	AIOO	SQMX
3 months	+0.4%	+1.9%	−2.1 pts	−0.6 pts
6 months	+2.9%	+4.5%	−14.1 pts	−12.5 pts
1 year	+3.6%	+7.0%	−12.1 pts	−8.7 pts

AIOO and SQMX 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

SQMX

FT Vest U.S. Equity Quarterly Max Buffer ETF · Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 2026

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 100% 12%

Outcome period Oct 1, 2026 to Dec 31, 2026 Sep 21, 2026 to Dec 18, 2026

Days left 92 79

Starting cap uncapped +3.0%

Can still gain uncapped 2.6%

Fall before buffer 0.0% 0.4%

Protection left, index points 100.0% of 100.0% 12.5% of 12.5%

Index return this period 0.0% +0.1%

Fund return this period 0.0% +0.2%

State today Uncapped Open

Expense ratio 0.64% 0.85%

Net assets $50m $57m

AIOO and SQMX 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.

SQMX in plain words

From its price on Oct 1, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.1% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 79 days remained on Oct 1, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, AIOO or SQMX?: AIOO ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, AIOO or SQMX?: AIOO charges 0.64% a year and SQMX charges 0.85%, so AIOO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIOO vs SIXJ AIOO vs UOCT AIOO vs XBJA AIOO vs XBOC SQMX vs AJAN SQMX vs BALT SQMX vs BJAN SQMX vs CPSD

SPDR® S&P 500® ETF Trust →AIOO on its own →SQMX 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 ↗SQMX filings on SEC EDGAR ↗First Trust page for SQMX ↗

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 SQMX, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/aioo-vs-sqmx

Open data

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