Which has more room to gain, APRP or DDFA?

From their prices on Nov 4, 2026, APRP can gain about 4.4% before its cap and DDFA about 3.2%, so APRP has more room left this period.

Which resets first, APRP or DDFA?

APRP ends its outcome period on Mar 31, 2027 and DDFA on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, APRP or DDFA?

APRP charges 0.50% a year and DDFA charges 0.79%, so APRP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

APRP vs DDFA: Cap, Buffer & Days Left

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As of Nov 4, 2026 APRP can fall 10.5% before its buffer engages and DDFA 9.0%.

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Net assets on Nov 4, 2026: $37m for PGIM S&P 500 Buffer 12 ETF - April and $58m for Innovator Equity Dual Directional 15 Buffer ETF - Apr.

APRP on its own →DDFA on its own →

At a glance

10.5%

APRP can fall this far before its buffer

9.0%

DDFA can fall this far before its buffer

4.4%

APRP can still gain

3.2%

DDFA can still gain

APRP At its cap

APRP: reference +17.9% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Data to Nov 4, 2026.

DDFA At its cap

DDFA: reference +17.9% since period start, fund +9.3%; buffer 0 to −15; cap +13.4%; At its cap. Data to Nov 4, 2026.

Pair scorecard

APRP costs 0.29 points a year less; DDFA is 1.6 times larger.

Points (pts) are percentage points.

APRP vs DDFA: Cap, Buffer & Days Left
Measure	APRP	DDFA
Return
Measure	APRP	DDFA
Total return, 1 year	+15.2%	not published
Drawdown
Measure	APRP	DDFA
Index fall to the buffer	15.2%
Benchmark
Measure	APRP	DDFA
What it tracks	SPY	SPY
Cost and size
Measure	APRP	DDFA
Expense ratio	0.50%	0.79%
Net assets	$37m	$58m
Holdings
Measure	APRP	DDFA
Holdings in common	not published

Method

Window by window

Window by window: APRP vs DDFA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	DDFA	APRP	DDFA
3 months	+1.7%	+1.6%	+2.1 pts	+2.0 pts
6 months	+4.6%	+3.9%	+0.1 pts	−0.6 pts
1 year	+15.2%	–	+1.7 pts	–
Since launchNot the same days: APRP Apr 2024 · DDFA Apr 2026	+34.6%	+8.0%	−12.3 pts	−9.1 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

APRP PGIM S&P 500 Buffer 12 ETF - April · Absorbs the first 12% of loss on SPY and caps the gain at 16.6%, over a period ending Mar 31, 2027 DDFA Innovator Equity Dual Directional 15 Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 13.4%, over a period ending Mar 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 12% 15%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 31, 2026 to Mar 31, 2027

Days left 147 147

Starting cap +16.6% +13.4%

Can still gain 4.4% 3.2%

Fall before buffer 10.5% 9.0%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +17.9% +17.9%

Fund return this period +11.2% +9.3%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets $37m $58m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. DDFA is a floor fund, which caps how far a holder can fall. APRP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

APRP resets first, on Mar 31, 2027, 147 days from now; DDFA runs to Mar 31, 2027, 147 days. APRP can still gain 4.4% before its cap, DDFA 3.2%. A fall from here reaches APRP’s buffer after 10.5% and DDFA’s after 9.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

APRP

SPY had already risen past this fund's cap of +16.6% 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 4.4% as the period runs out. The fund's price can fall 10.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

DDFA

SPY had already risen past this fund's cap of +13.4% 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 3.2% as the period runs out. The fund's price can fall 9.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APRP or DDFA?: From their prices on Nov 4, 2026, APRP can gain about 4.4% before its cap and DDFA about 3.2%, so APRP has more room left this period.
Which resets first, APRP or DDFA?: APRP ends its outcome period on Mar 31, 2027 and DDFA on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRP or DDFA?: APRP charges 0.50% a year and DDFA charges 0.79%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs ARLU APRP vs ZAPR APRP vs MARM APRP vs SIXO DDFA vs CPSP DDFA vs DDTA DDFA vs TAPR DDFA vs FLAO

Where to next

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

Sources and dates

APRP filings on SEC EDGAR ↗

PGIM website ↗

DDFA filings on SEC EDGAR ↗

Innovator page for DDFA ↗

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.

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ETFIQ, APRP against DDFA, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aprp-vs-ddfa

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