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Launched

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPNasdaqPGIMB

$32.38−0.17 (−0.53%)

At close: Nov 2, 2026, 4:00 PM ET

B66/ 100

Rank 1 of 12 in Nasdaq-100 Buffer 9-12%

B66/100Rank 1 of 12inNasdaq-100 Buffer 9-12%
Intraday session: down, 79 prints from 32.56 to 32.38. Range 32.38 to 32.80. Use the arrow keys to read each point.32.5032.7032.8010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$32M
1Y total return
+15.5%
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
6.17K sh
52W range
low $25.94high $33.27
Launched

The ETF.net PQAP Grade

Based on 4 of 6 pillars

B

Score 66 out of 100

Category
Nasdaq-100 Buffer 9-12%⁠
Rank
1 of 12
Six-pillar profile for PQAP. Scores out of 100: Cost 76, Risk 93, Mission not scored, Tradability 29, Holdings not scored, Durability 49. Strongest: Risk (93). Weakest: Tradability (29). Based on 4 of 6 pillars.

Score 66 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A76 out of 100
    Rank 2 of 12

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A93 out of 100
    Rank 1 of 12

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D29 out of 100
    Rank 10 of 12

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C49 out of 100
    Rank 6 of 12

Our read on PQAP

ETF.net Research

In short

BA 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

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

  • 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

  • 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.

PQAP Holdings

Asset class
Other
Holdings
4
Top-10 weight
110%
Largest holding
4QQQ Us 03/31/27 C5.77108.5%

Geography

  • United States97.28%
  • Canada1.06%
  • Netherlands0.86%
  • Brazil0.36%
  • China0.23%
  • United Kingdom0.21%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No data4QQQ Us 03/31/27 C5.77108.49%495$35M1
2No data4QQQ Us 03/31/27 P577.181.16%495$375K1
3No data(PIPA070) PGIM Core Government Money Market Fund0.55%177,819$178K70
4No dataNet Current Assets<0.01%19$19.3136

Showing 1–4 of 4 holdings

PQAP Performance

Launched Dec 27, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
PQAP$11,552
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PQAP $11,552. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PQAP. Periods over one year show the average yearly return.
PeriodPQAP
Year to date+13.8%
1 month−1.5%
3 months+2.4%
1 year+15.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PQAP
YearReturn barPQAP
2026 YTD+13.8%
2025+14.5%

History from Jan 2, 2025

PQAP in the news

PQAP Dividends

Last payment
$0.0049 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.0049. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 2, 2026$0.0049

$10,000 in PQAP 1 year ago paid $1.75 in dividends.

PQAP Risk

Risk pillarA93 out of 100Rank 1 of 12 in Nasdaq-100 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
6.7%
Annualised · 21 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.59
vs 3-month T-bills · 21 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−10.8%
21 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.43
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

PQAP Cost

Compare PQAP and QTR

Overpaying vs QTR, cheapest in Nasdaq-100 Buffer 9-12%

$4,820

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PQAP 0.50%

    $9,979

  • QTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • PQAP 0.50%
  • QTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530PQAP $9,979QTR $5,159

Year by year

YearPQAPQTROverpaying
10$900$455$445
20$3,460$1,769$1,691
30$9,979$5,159$4,820

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