Which has more room to gain, NAPR or PQAP?

From their prices on Oct 1, 2026, NAPR can gain about 4.7% before its cap and PQAP about 5.2%, so PQAP has more room left this period.

Which resets first, NAPR or PQAP?

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

Which is cheaper, NAPR or PQAP?

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

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NAPR vs PQAP: which one stands where?

As of Oct 1, 2026 PQAP can fall 12.2% before its buffer engages and NAPR 10.8%. Innovator Growth-100 Power Buffer ETF - Apr and PGIM Nasdaq-100 Buffer 12 ETF - April.

10.8%

NAPR can fall this far before its buffer

12.2%

PQAP can fall this far before its buffer

4.7%

NAPR can still gain

5.2%

PQAP can still gain

NAPRAt its cap

NAPR: reference +28.2% since period start, fund +11.6%; buffer 0 to −15; cap +17.2%; At its cap.

PQAPAt its cap

PQAP: reference +28.2% since period start, fund +13.3%; buffer 0 to −12; cap +19.7%; At its cap.

ETFIQ Downside Cover Score · NAPR scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

NAPR 19.6

PQAP 8.4

0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

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

Where each one stands today

NAPR resets first, on Mar 31, 2027, 182 days from now; PQAP runs to Mar 31, 2027, 182 days. NAPR can still gain 4.7% before its cap, PQAP 5.2%. A fall from here reaches NAPR’s buffer after 10.8% and PQAP’s after 12.2%. Both track QQQ, 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

	Total return		Gap to the reference
Window	NAPR	PQAP	NAPR	PQAP
3 months	+2.9%	+3.5%	+0.8 pts	+1.4 pts
6 months	+10.6%	+12.6%	−16.3 pts	−14.3 pts
1 year	+15.6%	+18.2%	−8.2 pts	−5.6 pts
3 years	+45.5%	not published	−64.5 pts	not published

NAPR and PQAP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NAPR

Innovator Growth-100 Power Buffer ETF - Apr · Absorbs the first 15% of loss on QQQ and caps the gain at 17.2%, over a period ending Mar 31, 2027

PQAP

PGIM Nasdaq-100 Buffer 12 ETF - April · Absorbs the first 12% of loss on QQQ and caps the gain at 19.7%, over a period ending Mar 31, 2027

Issuer Innovator PGIM

Reference index QQQ QQQ

Buffer 15% 12%

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

Days left 182 182

Starting cap +17.2% +19.7%

Can still gain 4.7% 5.2%

Fall before buffer 10.8% 12.2%

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

Index return this period +28.2% +28.2%

Fund return this period +11.6% +13.3%

State today At cap At cap

Expense ratio 0.79% 0.50%

Net assets $210m $31m

NAPR and PQAP on the same fields, as of Oct 1, 2026. Source: ETFIQ.

NAPR in plain words

QQQ had already risen past this fund's cap of +17.2% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.7% as the period runs out. The fund's price can fall 10.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 22.0% 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 QQQ level. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

PQAP in plain words

QQQ had already risen past this fund's cap of +19.7% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.2% as the period runs out. The fund's price can fall 12.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's QQQ level.

Questions people ask

Which has more room to gain, NAPR or PQAP?: From their prices on Oct 1, 2026, NAPR can gain about 4.7% before its cap and PQAP about 5.2%, so PQAP has more room left this period.
Which resets first, NAPR or PQAP?: NAPR ends its outcome period on Mar 31, 2027 and PQAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, NAPR or PQAP?: NAPR charges 0.79% a year and PQAP charges 0.50%, so PQAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

NAPR vs QMAR PQAP vs QMAR

QQQ →NAPR on its own →PQAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

NAPR filings on SEC EDGAR ↗Innovator page for NAPR ↗PQAP filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NAPR against PQAP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/napr-vs-pqap

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.