DDNQ vs PQAP

DDNQCInnovator Growth-100 Dual Directional 5 Buffer ETF

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

In short

DDNQ Most Nasdaq-100 buffer funds only cushion small drops. DDNQ is built to get paid for them: if its Nasdaq-100 reference dips within the 5% buffer, that decline can register as a positive return, with the upside capped and the terms reset each quarter.

PQAP A one-year cushion on the Nasdaq-100, with a bit more padding than the category norm: PQAP absorbs the first 12% of a QQQ drop over each period starting April 1, and charges 0.50% to do it.

Stated mandate

DDNQ The Fund seeks capital appreciation through a defined-outcome strategy based on the Invesco QQQ Trust, Series 1. It seeks positive returns when the reference ETF rises or falls modestly, while applying an upside cap and a 5% loss buffer for larger declines.

PQAP The Fund seeks to match QQQ’s price return up to a predetermined cap while buffering the first 12% of QQQ losses over a one-year target outcome period.

Why people hold it

• DDNQ The dual directional twist: per the prospectus, a modest decline in the reference ETF can count as a positive return, up to the 5% buffer, instead of just being absorbed.innovatoretfs.com
• Outcome periods run a quarter at a time, so cap and buffer terms are reset four times a year rather than locked in annually.innovatoretfs.com
• Defined-outcome math inside a plain 1940 Act ETF on QQQ, not a bank-issued structured note.
• The 0.79% expense ratio lands right at the median for Nasdaq-100 buffer funds, so the unusual payoff shape does not come with an above-group fee.

• PQAP The buffer runs 12 percentage points deep, versus the 10% cushion on the Innovator Nasdaq-100 buffer fund (QBUF) sitting in the same peer group.pgim.com
• 0.50% a year undercuts the typical Nasdaq-100 buffer fund, including QBUF at 0.79%. In a strategy where the option budget sets your cap, fee drag matters.
• April is one of four start months PGIM runs on this same 12% QQQ recipe (January, April, July, October), so entry points can be staggered instead of bunched.pgim.com
• Mechanically clean build: FLEX options on QQQ itself, a stated one-year outcome period, and one of the stronger risk profiles among Nasdaq-100 buffer funds.

Worth knowing

• DDNQ The buffer is 5%, thin next to the 12% and full-protection options in the group. Past a 5% drop over the period, further losses pass through.
• Upside is capped every period, and the cap is set anew at each reset, so a big Nasdaq-100 run gets clipped. The stated outcomes assume you hold a full period.innovatoretfs.com
• Cheaper ways into this cohort exist (PBQQ at 0.50%, the Calamos funds at 0.69%), and DDNQ launched in 2026, so it is early in building assets and trading depth.

• PQAP The upside cap is reset for each period and is unknown until it starts. Above it, QQQ's gains keep going without you.pgim.com
• The 12% buffer is measured before fees and expenses and applies to holders across a full period. Buy mid-period and your own cushion and cap differ from the headline terms.pgim.com
• Small and lightly traded next to the buffer giants, so spreads can be wider. It also launched in late 2024, giving it a short record.

Full DDNQ profile⁠

Full PQAP profile⁠