Which resets first, AIOO or TOCT?

AIOO ends its outcome period on Dec 31, 2026 and TOCT on Sep 30, 2027. New terms are set the day after each.

Which is cheaper, AIOO or TOCT?

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

Data as of Nov 4, 2026.

Buffer ETFs

AIOO vs TOCT: Cap, Buffer & Days Left

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As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and AIOO 0.3%, and AIOO resets 273 days sooner.

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Net assets: $67m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer100 Protection ETF - Jan, and $14m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Oct 2027.

AIOO on its own →TOCT on its own →

At a glance

0.3%

AIOO can fall this far before its buffer

5.5%

TOCT can fall this far before its buffer

uncapped

AIOO can still gain

6.6%

TOCT can still gain

AIOO No cap

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.

TOCT At its cap

TOCT: reference +15.1% since period start, fund +4.9%; buffer Floor; cap +12.8%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

AIOO costs 0.15 points a year less; their one-year returns differ by 0.8 points; AIOO is 4.8 times larger.

Points (pts) are percentage points.

AIOO vs TOCT: Cap, Buffer & Days Left
Measure	AIOO	TOCT
Return
Measure	AIOO	TOCT
Total return, 1 year	+3.3%	+4.1%
Drawdown
Measure	AIOO	TOCT
Index fall to the buffer	0.5%	13.1%
Benchmark
Measure	AIOO	TOCT
What it tracks	SPY	SPY
Cost and size
Measure	AIOO	TOCT
Expense ratio	0.64%	0.79%
Net assets, as of Nov 3, 2026	$67m	$14m
Holdings
Measure	AIOO	TOCT
Holdings in common	not published

Method

Window by window

Window by window: AIOO vs TOCT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AIOO	TOCT	AIOO	TOCT
3 months	+0.1%	+0.7%	+0.5 pts	+1.1 pts
6 months	+1.4%	+1.9%	−3.1 pts	−2.6 pts
1 year	+3.3%	+4.1%	−10.2 pts	−9.4 pts
Since launchNot the same days: AIOO Jul 2025 · TOCT Oct 2025	+5.9%	+4.1%	−18.3 pts	−10.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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 TOCT Innovator Equity Defined Protection ETF - Oct 2027 · Absorbs the whole loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 100% 100%

Outcome period Oct 1, 2026 to Dec 31, 2026 Sep 30, 2025 to Sep 30, 2027

Days left 57 330

Starting cap uncapped +12.8%

Can still gain uncapped 6.6%

Fall before buffer 0.3% 5.5%

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

Index return this period +0.5% +15.1%

Fund return this period +0.3% +4.9%

State today Uncapped At cap

Expense ratio 0.64% 0.79%

Net assets, AIOO as of Nov 3, 2026 and TOCT as of Nov 4, 2026 $67m $14m

As of Nov 4, 2026. Source: ETFIQ.

AIOO has no cap. It takes 30% of whatever the index does, where TOCT takes all of the rise up to 12.8% and nothing above it.

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

They do not reset together. AIOO has 57 days of its period left and TOCT has 330, so the two are not the same bet on the same months.

Where each one stands today

AIOO resets first, on Dec 31, 2026, 57 days from now; TOCT runs to Sep 30, 2027, 330 days. A fall from here reaches AIOO’s buffer after 0.3% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

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.

TOCT

SPY had already risen past this fund's cap of +12.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.6% as the period runs out. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 13.1% from today's level to the point where the buffer begins. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AIOO or TOCT?: AIOO ends its outcome period on Dec 31, 2026 and TOCT on Sep 30, 2027. New terms are set the day after each.
Which is cheaper, AIOO or TOCT?: AIOO charges 0.64% a year and TOCT charges 0.79%, so AIOO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIOO vs SIXO AIOO vs DDTJ AIOO vs PQX AIOO vs FLAO TOCT vs FLAO TOCT vs PMOC TOCT vs BALT TOCT vs AOCT

Where to next

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AIOO on its own →TOCT on its own →Method →Standards and sources →

Sources and dates

AIOO filings on SEC EDGAR ↗

AllianzIM page for AIOO ↗

Innovator page for TOCT ↗

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.

Cite this pageCitation, APA and Markdown

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

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