A low-power, surface-normal optically controlled optical gate that incorporates two stacked AlGaAs diodes has been tested using both picosecond and femtosecond pulses. The device opens and closes within 20 ps with a 30% reflectivity change. Repeated gating with 20 ps periods has been demonstrated – a repetition period significantly faster than the external RC time constant. A theory of the dynamics of optically induced voltage across multiple-layered structures is presented and has been incorporated into simulations, matching experimental results well. This theory also provides insight into both the form and possible improvement of the device recovery using multiple layers.