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PQAP

GradeBNASDAQ Global Select

PGIM Nasdaq-100 Buffer 12 ETF - April

Buffered · PGIM · Inception 2024-12-27

$32.95−0.09 (−0.26%)

As of Sep 23, 2026, 1:45 PM EDT

History starts Jan 2, 2025.
Intraday session: down, 24 prints from 33.04 to 32.95. Range 32.95 to 33.05. Use the arrow keys to read each point.$33.00$33.0410 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$30M
1Y return
+18.4%
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$33.00
52W range
low $27.79high $33.05

The ETF.net PQAP Grade

B

69/ 100

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

Confidence Medium

Six-pillar profile for PQAP. Scores out of 100: Cost 76, Risk 93, Mission not scored, Tradability 41, Holdings not scored, Durability 51. Strongest: Risk (93). Weakest: Tradability (41). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 69 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 76
    Category rank2/12 · top 17%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 93
    Category rank1/12 · top 8%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 41
    Category rank7/12 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 51
    Category rank6/12 · top 50%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PQAP

ETF.net Research

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

  1. 01The 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
  2. 020.50% 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.
  3. 03April 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
  4. 04Mechanically 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

  1. 01The upside cap is reset for each period and is unknown until it starts. Above it, QQQ's gains keep going without you.pgim.com
  2. 02The 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
  3. 03Small 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

As of Sep 20, 2026, 6:49 AM
Asset class
Other
Holdings
—
Top-10 weight
111%
Largest holding
4QQQ US 03/31/27 C5.77109.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—4QQQ US 03/31/27 C5.77109.30%464$33M1
002—4QQQ US 03/31/27 P577.181.33%464$400K1
003—(PIPA070) PGIM Core Government Money Market Fund0.78%235,712$236K60
004—Net Current Assets<0.01%479$479132

Showing 1–4 of 4 holdings

PQAP Performance

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

PQAP$11,836
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PQAP $11,836. SPY $11,723. Use the arrow keys to read each point.$9,347$10,684$12,020Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+15.4%
1 month+1.9%
3 months+3.3%
1 year+18.4%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+15.4%
2025+14.5%

History from Jan 2, 2025

PQAP in the news

ETF.net Research hasn’t filed on PQAP yet — coverage lands here as it’s written.

PQAP Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
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

PQAP Risk

How much the fund’s monthly returns vary, scaled to a year.
6.7%
Annualised · 19 months to Aug 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.
1.79
vs 3-month T-bills · 19 months to Aug 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%
20 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.
0.44
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.

PQAP Cost

Expense ratio0.50%
  • The middle half of Nasdaq-100 Buffer 9-12% funds
  • Median 0.79%

1 of the 12 Nasdaq-100 Buffer 9-12% funds charge less.

PQAP costs $50.00 a year on $10,000. The median Nasdaq-100 Buffer 9-12% fund costs $79.00.