Data as of .
AIOO vs XSEP: which one stands where?
As of Sep 21, 2026 XSEP can fall 1.2% before its buffer engages and AIOO 0.8%, and AIOO resets 351 days sooner.
These are two different products. AIOO is a floor fund, which caps how far a holder can fall. XSEP 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 24% of whatever the index does, where XSEP takes all of the rise up to 11.2% and nothing above it.
They do not reset together. AIOO has 10 days of its period left and XSEP has 361, so the two are not the same bet on the same months.
Where each one stands today
AIOO resets first, on Sep 30, 2026, 10 days from now; XSEP runs to Sep 17, 2027, 361 days. A fall from here reaches AIOO’s buffer after 0.8% and XSEP’s after 1.2%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| AIOO | XSEP | AIOO | XSEP | |
| 3 months | +0.5% | +2.0% | −1.7 pts | −0.3 pts |
| 6 months | +2.8% | +8.3% | −15.2 pts | −9.7 pts |
| 1 year | +3.9% | +8.8% | −12.7 pts | −7.7 pts |
| 3 years | not published | +31.3% | not published | −47.1 pts |
| AIOO AllianzIM U.S. Equity Buffer100 ETF - Jan Absorbs the whole loss on SPY and does not cap the gain, over a period ending Sep 30, 2026 | XSEP FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027 | |
|---|---|---|
| Issuer | AllianzIM | First Trust |
| Reference index | SPY | SPY |
| Buffer | 100% | 0% to 15% |
| Outcome period | Jul 1, 2026 to Sep 30, 2026 | Sep 21, 2026 to Sep 17, 2027 |
| Days left | 10 | 361 |
| Starting cap | uncapped | +11.2% |
| Can still gain | uncapped | 9.9% |
| Fall before buffer | 0.8% | 1.2% |
| Protection left, index points | 100.0% of 100.0% | 15.0% of 15.0% |
| Index return this period | +3.6% | +1.6% |
| Fund return this period | +0.8% | +0.4% |
| State today | Uncapped | Open |
| Expense ratio | 0.64% | 0.85% |
| Net assets | $50m | $164m |
AIOO in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% 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. 10 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
XSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 361 days remained on Sep 21, 2026. On Sep 17, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, AIOO or XSEP?
- AIOO ends its outcome period on Sep 30, 2026 and XSEP on Sep 17, 2027. A new cap is set the day after each.
- Which is cheaper, AIOO or XSEP?
- AIOO charges 0.64% a year and XSEP charges 0.85%, so AIOO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AIOO against XSEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/aioo-vs-xsep Free to use with attribution; the underlying files are at Open data.