Which resets first, AIOO or ZALT?

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

Which is cheaper, AIOO or ZALT?

AIOO charges 0.64% a year and ZALT charges 0.69%, so AIOO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

AIOO vs ZALT: Cap, Buffer & Days Left

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As of Nov 4, 2026 ZALT 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 $845m on Nov 4, 2026 for Innovator U.S. Equity 10 Buffer ETF - Quarterly.

AIOO on its own →ZALT on its own →

At a glance

0.3%

AIOO can fall this far before its buffer

0.8%

ZALT can fall this far before its buffer

uncapped

AIOO can still gain

2.8%

ZALT 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.

ZALT Between buffer and cap

ZALT: reference +0.5% since period start, fund +0.7%; buffer 0 to −10; cap +3.6%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

AIOO costs 0.05 points a year less; their one-year returns differ by 4.8 points; ZALT is 12.5 times larger.

Points (pts) are percentage points.

AIOO vs ZALT: Cap, Buffer & Days Left
Measure	AIOO	ZALT
Return
Measure	AIOO	ZALT
Total return, 1 year	+3.3%	+8.1%
Drawdown
Measure	AIOO	ZALT
Index fall to the buffer	0.5%
Benchmark
Measure	AIOO	ZALT
What it tracks	SPY	SPY
Cost and size
Measure	AIOO	ZALT
Expense ratio	0.64%	0.69%
Net assets, as of Nov 3, 2026	$67m	$840m
Holdings
Measure	AIOO	ZALT
Holdings in common	not published

Method

Window by window

Window by window: AIOO vs ZALT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AIOO	ZALT	AIOO	ZALT
3 months	+0.1%	+1.2%	+0.5 pts	+1.6 pts
6 months	+1.4%	+3.6%	−3.1 pts	−0.9 pts
1 year	+3.3%	+8.1%	−10.2 pts	−5.4 pts
3 years	–	+34.2%	–	−42.2 pts
Since launchNot the same days: AIOO Jul 2025 · ZALT Oct 2023	+5.9%	+35.9%	−18.3 pts	−43.6 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 ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly · Absorbs the first 10% of loss on SPY and caps the gain at 3.6%, over a period ending Dec 31, 2026

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 100% 10%

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

Days left 57 57

Starting cap uncapped +3.6%

Can still gain uncapped 2.8%

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% +0.5%

Fund return this period +0.3% +0.7%

State today Uncapped Open

Expense ratio 0.64% 0.69%

Net assets, AIOO as of Nov 3, 2026 and ZALT as of Nov 4, 2026 $67m $845m

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. ZALT 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 ZALT takes all of the rise up to 3.6% and nothing above it.

Where each one stands today

AIOO resets first, on Dec 31, 2026, 57 days from now; ZALT runs to Dec 31, 2026, 57 days. A fall from here reaches AIOO’s buffer after 0.3% and ZALT’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.

ZALT

From its price on Nov 4, 2026, the fund can gain about 2.8% 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 ZALT?: AIOO ends its outcome period on Dec 31, 2026 and ZALT on Dec 31, 2026. New terms are set the day after each.
Which is cheaper, AIOO or ZALT?: AIOO charges 0.64% a year and ZALT charges 0.69%, so AIOO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIOO vs POCT AIOO vs FDEC AIOO vs PJAN AIOO vs FSEP ZALT vs PBJA ZALT vs QBSF ZALT vs AOCT ZALT vs DDFJ

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 →ZALT on its own →Method →Standards and sources →

Sources and dates

AIOO filings on SEC EDGAR ↗

AllianzIM page for AIOO ↗

ZALT filings on SEC EDGAR ↗

Innovator page for ZALT ↗

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 ZALT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aioo-vs-zalt

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